BlackRock ETF Trust


		JULY 31, 2023



		2023 Annual Report

BlackRock ETF Trust

BlackRock Future Climate and Sustainable Economy ETF | BECO | NYSE Arca

BlackRock Future Financial and Technology ETF | BPAY | NYSE Arca

BlackRock Future Health ETF | BMED | NYSE Arca

BlackRock Future Innovators ETF | BFTR | NYSE Arca

BlackRock Future Tech ETF | BTEK | NYSE Arca

BlackRock Future U.S. Themes ETF | BTHM | NYSE Arca

BlackRock Large Cap Value ETF | BLCV | NASDAQ

BlackRock U.S. Carbon Transition Readiness ETF | LCTU | NYSE Arca

BlackRock U.S. Equity Factor Rotation ETF | DYNF | NYSE Arca

BlackRock World ex U.S. Carbon Transition Readiness ETF | LCTD | NYSE Arca

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

Despite an uncertain economic landscape during the 12-month reporting period ended July 31, 2023, the resilience of the U.S. economy in the face of ever tighter financial conditions provided an encouraging backdrop for investors. While inflation was near multi-decade highs at the beginning of the period, it declined precipitously as commodity prices dropped. Labor shortages also moderated, although wages continued to grow and unemployment rates reached the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy.

Equity returns were solid, as the durability of consumer sentiment eased investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. Most major classes of equities advanced, including large- and small-capitalization U.S. stocks and equities from developed and emerging markets.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market also faced inflationary headwinds, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times during the 12-month period ended July 31, 2023. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at its June 2023 meeting, the first time it paused its tightening in the current cycle, before again raising rates in July 2023.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for a pause, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position to developed market equities in the long term, we prefer an underweight stance in the near-term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on emerging market stocks in the near-term as growth trends for emerging markets appear brighter. We also believe that stocks with an A.I. tilt should benefit from an investment cycle that is set to support revenues and margins. We are neutral on credit overall amid tightening credit and financial conditions; however, there are selective opportunities in the near term. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC



Total Returns as of July 31, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	13.52%	13.02%

U.S. small cap equities (Russell 2000^® Index)	4.51	7.91

International equities (MSCI Europe, Australasia, Far East Index)	6.65	16.79

Emerging market equities (MSCI Emerging Markets Index)	3.26	8.35

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.34	3.96

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(2.08)	(7.56)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(1.02)	(3.37)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	0.20	0.93

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.92	4.42

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

Table of Contents


	Page
The Markets in Review		2

Annual Report:

Fund Summary		4

About Fund Performance		24

Disclosure of Expenses		24

Schedules of Investments		25

Financial Statements:

Statements of Assets and Liabilities		60

Statements of Operations		63

Statements of Changes in Net Assets		66

Financial Highlights		71

Notes to Financial Statements		81

Report of Independent Registered Public Accounting Firm		95

Important Tax Information		96

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements		97

Disclosure of Investment Advisory Agreement		102

Supplemental Information		105

Trustee and Officer Information		107

Additional Information		111

Glossary of Terms Used in this Report		113


		3


Fund Summary as of July 31, 2023		BlackRock Future Climate and Sustainable Economy ETF

Investment Objective

The BlackRock Future Climate and Sustainable Economy ETF (the “Fund”) seeks to maximize total return by investing in companies that BlackRock Fund Advisors (“BFA”) believes are furthering the transition to a lower green house gas emissions economy.

On February 23, 2023, the Board approved a proposal to change the investment objective, investment strategy and investment process for BlackRock Future Climate and Sustainable Economy ETF. These changes became effective on May 2, 2023.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.31	%		(5.55	)%		8.31	%		(10.77	)%
Fund Market		8.15			(5.65	)		8.15			(10.95	)
MSCI ACWI Multiple Industries Select Index^(a)		10.12			(0.10	)		10.12			(0.20	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was August 3, 2021. The first day of secondary market trading was August 5, 2021.

^(a)

The MSCI ACWI Multiple Industries Select Index is an index that includes large- and mid-cap securities across certain Developed Markets and Emerging Markets countries. The index represents the performance of component indexes which includes securities from selected Global Industry Classification Standard (GICS^®) Sectors and Industries i.e. Chemicals, Industrials, Consumer Staples, Containers & Packaging, Electronic Equipment, Instruments & Components, Semiconductors & Semiconductor Equipment and Utilities.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 1,027.60		$ 3.52			$ 1,000.00		$ 1,021.30		$ 3.51		0.70	%

^(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 “Disclosure of Expenses” for more information.


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Fund Summary as of July 31, 2023 (continued)		BlackRock Future Climate and Sustainable Economy ETF

Portfolio Management Commentary

The Fund underperformed its benchmark, the MSCI ACWI Multiple Industries Select Index. The Fund invests in companies furthering the transition to a lower carbon economy, allocating across five climate-oriented themes: sustainable food, resource efficiency, clean power, clean transportation, and climate resilience & biodiversity.

At the individual stock level, an out-of-benchmark position in agricultural equipment company Ag Growth International, Inc. was the top contributor to relative performance. The stock appreciated on rising demand for agricultural products and strong execution by the company’s management team. An overweight in First Solar, Inc. also contributed to performance. Shares of the solar panel manufacturer rose as government incentives and falling polysilicon costs boosted demand. The Fund’s lack of a position in Nvidia Corp. was the largest detractor from relative performance. The semiconductor designer’s stock jumped on strong demand for its graphics processing units that enable artificial intelligence. An overweight position in clean energy utility company EDP Renováveis SA also detracted, as concerns about a potential energy crisis in Europe increased the risk of possible windfall taxes.

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Machinery	16.9	%
Chemicals	13.2
Food Products	13.1
Semiconductors & Semiconductor Equipment	7.9
Containers & Packaging	6.6
Electrical Equipment	6.1
Commercial Services & Supplies	5.8
Electric Utilities	5.7
Electronic Equipment, Instruments & Components	5.1
Independent Power and Renewable Electricity Producers	4.5
Software	3.9
Professional Services	2.7
Construction & Engineering	2.1
Paper & Forest Products	1.9
Building Products	1.6
Metals & Mining	1.0
Capital Markets	1.0
Ground Transportation	0.9

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
EDP Renovaveis SA	4.0	%
Deere & Co.	3.8
Xylem Inc./NY	3.4
Bunge Ltd.	3.2
Enel SpA	3.1
Kerry Group PLC, Class A	2.9
Ecolab Inc.	2.9
Cleanaway Waste Management Ltd.	2.7
Ag Growth International Inc.	2.5
SIG Group AG	2.1

^(a)

Excludes money market funds.


F U N D S U M M A R Y		5


Fund Summary as of July 31, 2023		BlackRock Future Financial and Technology ETF

Investment Objective

The BlackRock Future Financial and Technology ETF (the “Fund”) seeks to maximize total return.

Performance


	Cumulative Total Returns
	Since Inception

Fund NAV		(9.20	)%^(a)
Fund Market		(9.02	)
MSCI ACWI Index^(b)		9.08

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was August 16, 2022. The first day of secondary market trading was August 18, 2022.

^(a)

The NAV total return presented in the table for the one-year period differs from the same period return disclosed in the financial highlights. The total return in the financial highlights is calculated in the same manner but differs due to certain adjustments made for financial reporting purposes in accordance with U.S. generally accepted accounting principles.

^(b)

MSCI All Country World Index captures large- and mid-cap representation across certain developed and emerging markets.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 988.60		$ 3.45			$ 1,000.00		$ 1,021.30		$ 3.51		0.70	%

^(a)

Portfolio Management Commentary

The Fund posted a negative absolute return in the time from its inception on August 16, 2022, through the close of the period on July 31, 2023. In particular, it was hurt by its investments in three regional banks that failed in March 2023: Signature Bank, SVB Capital, and Silvergate Capital. All three have been sold from the Fund.

Network International Holdings PLC, which received multiple takeover bids, was a top contributor. The Fund sold the position in May, as the stock approached the takeover price. Kaspi.kz JSC, a Kazakhstan-based fintech company, also contributed to returns on the strength of robust earnings growth.


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Fund Summary as of July 31, 2023 (continued)		BlackRock Future Financial and Technology ETF

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Financial Services	52.2	%
Consumer Finance	15.2
Banks	14.4
Software	10.0
Capital Markets	8.2

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Black Knight Inc.	5.9	%
Kaspi.KZ JSC	5.2
Global Payments Inc.	4.9
Pagseguro Digital Ltd., Class A	4.9
Fidelity National Information Services Inc.	4.8
Nuvei Corp.	4.6
WEX Inc.	4.6
Fiserv Inc.	4.4
XP Inc., Class A	3.8
Repay Holdings Corp.	3.4

^(a)

Excludes money market funds.


F U N D S U M M A R Y		7


Fund Summary as of July 31, 2023		BlackRock Future Health ETF

Investment Objective

The BlackRock Future Health ETF (the “Fund”) seeks to maximize total return.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		6.56	%		(0.56	)%		6.56	%		(1.59	)%
Fund Market		6.33			(0.61	)		6.33			(1.71	)
MSCI ACWI Index^(a)		12.91			10.18			12.91			31.65
MSCI ACWI SMID Growth Health Care Index ^(b)		0.47			(3.53	)		0.47			(9.70	)

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was September 29, 2020. The first day of secondary market trading was October 1, 2020.

^(a)

MSCI All Country World Index captures large- and mid-cap representation across certain developed and emerging markets.

^(b)

MSCI ACWI SMID Growth Health Care Index captures mid- and small-cap securities exhibiting overall growth style characteristics across certain developed markets and emerging markets countries.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 1,031.20		$ 4.28			$ 1,000.00		$ 1,020.60		$ 4.26		0.85	%

^(a)


8		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of July 31, 2023 (continued)		BlackRock Future Health ETF

Portfolio Management Commentary

Small- to mid-sized healthcare stocks posted positive returns in the annual period, but they were unable to keep pace with broad-based measures of market performance, including the Fund’s benchmark, the MSCI ACWI Index.

At the industry level, the strongest performance came from the Fund’s positions in the biotechnology and healthcare equipment & supplies categories. Life sciences tools & services was the weakest performing area and the only segment of the Fund to finish the period with a negative total return.

On an individual security basis, an out-of-benchmark position in Penumbra, Inc. was the largest contributor to relative performance. The company continued to display strong fundamentals, and it benefitted from rumors of a potential acquisition. An out-of-benchmark holding in Reata Pharmaceuticals, Inc. was another top contributor. In March 2023, the company received FDA approval for its treatment of a rare hereditary neurological disorder. The company was acquired by Biogen in July 2023 as a result, boosting its shares.

An overweight position in Novocure was a key detractor. The U.S.-based oncology treatment provider reported weaker-than-expected clinical trial data for its electric-field based lung cancer treatment in June 2023, leading to a decline in its stock price.

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Biotechnology	38.2	%
Health Care Equipment & Supplies	36.5
Life Sciences Tools & Services	13.3
Pharmaceuticals	7.2
Health Care Providers & Services	4.5
Other (each representing less than 1%)	0.3

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Intuitive Surgical Inc.	3.3	%
Alcon Inc.	3.2
Vertex Pharmaceuticals Inc.	3.0
Boston Scientific Corp.	2.9
AmerisourceBergen Corp.	2.7
Align Technology Inc.	2.6
Argenx SE	2.6
Dexcom Inc.	2.5
West Pharmaceutical Services Inc.	2.5
Stryker Corp.	2.3

^(a)

Excludes money market funds.


F U N D S U M M A R Y		9


Fund Summary as of July 31, 2023		BlackRock Future Innovators ETF

Investment Objective

The BlackRock Future Innovators ETF (the “Fund”) seeks long-term capital appreciation.

On May 23, 2023, the Board approved the liquidation of BlackRock Future Innovators ETF. After the close of business on October 30, 2023, the Fund will no longer accept creation orders. Trading in the Fund will be halted prior to market open on October 31, 2023. Proceeds of the liquidation are expected to be sent to shareholders on or about November 2, 2023.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		7.61	%		(5.48	)%		7.61	%		(14.78	)%
Fund Market		7.29			(5.59	)		7.29			(15.07	)
Russell 2500^™ Growth Index^(a)		9.99			4.93			9.99			14.62

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was September 29, 2020. The first day of secondary market trading was October 1, 2020.

^(a)

The Russell 2500^™ Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It includes those Russell 2500^™ companies with higher growth earning potential as defined by FTSE Russell’s leading style methodology.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 1,092.90		$ 4.15			$ 1,000.00		$ 1,020.80		$ 4.01		0.80	%

^(a)


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Fund Summary as of July 31, 2023 (continued)		BlackRock Future Innovators ETF

Portfolio Management Commentary

U.S. equities performed very well in the 12-month reporting period, as investors were cheered by the combination of positive economic growth and hopes that the U.S. Federal Reserve’s long series of interest rate increases would come to an end in 2023. Growth stocks outpaced the broader market, which was a tailwind for the Fund given its emphasis on small- to mid-sized, innovative companies. Its holdings in the industrials and information technology sectors performed particularly well in this environment. On the other hand, its positions in healthcare and communication services lagged.

Axon Enterprises, Inc. was a top contributor to performance. The stock was boosted by the growing adoption of Axon VR, an immersive de-escalation training system that helps make both communities and police officers safer. The company saw $20 million in bookings in its first year, with 1,100 public safety agencies signed up so far. Saia, Inc., a major player in the less-than-truckload industry, also contributed despite the softening in the economy. Saia has executed well, leading to robust earnings.

Match Group, Inc. and Azenta, Inc. were the largest detractors at the individual stock level. Match Group, an operator of dating applications and websites, posted lower-than-expected earnings due in part to foreign exchange headwinds and weakness in the Asia Pacific region. Azenta underperformed as a corporate restructuring and business rebranding weighed on operating results and contributed to disappointing forward guidance by management. The company was also negatively impacted from a roll-off in COVID-related sales, challenges tied to a weaker macro environment, reduced customer funding caused by higher interest rates, inventory destocking, and a delayed economic reopening in China.

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Software	17.9	%
Semiconductors & Semiconductor Equipment	12.8
Life Sciences Tools & Services	9.7
Hotels, Restaurants & Leisure	7.6
Capital Markets	6.5
Aerospace & Defense	5.8
IT Services	5.0
Machinery	3.7
Health Care Equipment & Supplies	3.6
Ground Transportation	3.6
Diversified Consumer Services	3.4
Health Care Technology	2.4
Interactive Media & Services	2.3
Construction & Engineering	2.3
Automobile Components	2.0
Air Freight & Logistics	2.0
Building Products	2.0
Professional Services	2.0
Biotechnology	1.4
Health Care Providers & Services	1.3
Other (each representing less than 1%)	2.7

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Saia Inc.	3.6	%
Axon Enterprise Inc.	3.2
Entegris Inc.	3.0
Tradeweb Markets Inc., Class A	3.0
Monolithic Power Systems Inc.	2.8
Duolingo Inc, Class A	2.8
Lattice Semiconductor Corp.	2.8
HubSpot Inc.	2.7
Confluent Inc., Class A	2.6
HEICO Corp.	2.6

^(a)

Excludes money market funds.


F U N D S U M M A R Y		11


Fund Summary as of July 31, 2023		BlackRock Future Tech ETF

Investment Objective

The BlackRock Future Tech ETF (the “Fund”) seeks to maximize total return.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.35	%		(3.61	)%		8.35	%		(9.90	)%
Fund Market		8.28			(3.61	)		8.28			(9.90	)
MSCI ACWI Index^(a)		12.91			10.18			12.91			31.65
MSCI ACWI SMID Growth Information Technology Index^(b)		17.83			9.04			17.83			27.82

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was September 29, 2020. The first day of secondary market trading was October 1, 2020.

^(a)

MSCI All Country World Index captures large- and mid-cap representation across certain developed and emerging markets.

^(b)

MSCI ACWI SMID Growth Information Technology Index captures mid- and small-cap securities exhibiting overall growth style characteristics across certain Developed and Emerging Markets.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 1,163.30		$ 4.72			$ 1,000.00		$ 1,020.40		$ 4.41		0.88	%

^(a)


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Fund Summary as of July 31, 2023 (continued)		BlackRock Future Tech ETF

Portfolio Management Commentary

The Fund produced a positive absolute return in the annual period, reflecting strength in technology stocks. The strongest returns came from the Fund’s positions in the semiconductor & semiconductor equipment industry, followed by technology hardware & equipment, and IT services.

Among individual holdings, an overweight position in semiconductor designer NVIDIA, Inc. was the largest contributor to relative performance. The stock jumped on strong demand for the company’s graphics processing units (GPUs) that enable artificial intelligence (AI). An overweight position in Be Semiconductor Industries NV also contributed to relative performance. The semiconductor equipment manufacturer’s share price increased on rising demand for the tools required to produce leading-edge chips.

An overweight in the analog chip designer and manufacturer Wolfspeed, Inc. was the largest detractor. The stock fell on investor concerns about the company’s aggressive plan to ramp up production. An out-of-benchmark position in legal software provider CS Disco, Inc. also detracted from relative performance as customer usage for the company’s key product dropped sharply.

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Semiconductors & Semiconductor Equipment	36.2	%
Software	18.3
Electronic Equipment, Instruments & Components	9.6
Technology Hardware, Storage & Peripherals	4.9
Entertainment	4.7
Financial Services	4.0
Automobiles	2.9
Hotels, Restaurants & Leisure	2.8
IT Services	2.6
Media	2.3
Professional Services	2.2
Interactive Media & Services	2.1
Broadline Retail	2.1
Communications Equipment	1.3
Consumer Finance	1.1
Other (each representing less than 1%)	2.9

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Nvidia Corp.	5.7	%
Synopsys Inc.	4.2
ASM International NV	3.0
Tesla Inc.	2.9
Lattice Semiconductor Corp.	2.6
Jabil Inc.	2.4
ON Semiconductor Corp.	2.4
Informa PLC	2.3
Monolithic Power Systems Inc.	2.2
MongoDB Inc.	2.1

^(a)

Excludes money market funds.


F U N D S U M M A R Y		13


Fund Summary as of July 31, 2023		BlackRock Future U.S. Themes ETF

Investment Objective

The BlackRock Future U.S. Themes ETF (the “Fund”) seeks long-term capital appreciation.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		14.56	%		0.50	%		14.56	%		0.82	%
Fund Market		14.44			0.43			14.44			0.70
S&P 500^® Index^(a)		13.02			1.02			13.02			1.67

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was December 14, 2021. The first day of secondary market trading was December 16, 2021.

^(a)

The S&P 500^® Index covers 500 leading companies and captures approximately 80% coverage of available market capitalization.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 1,115.90		$ 3.15			$ 1,000.00		$ 1,021.80		$ 3.01		0.60	%

^(a)


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Fund Summary as of July 31, 2023 (continued)		BlackRock Future U.S. Themes ETF

Portfolio Management Commentary

U.S. equities delivered robust returns in the annual period, reflecting the backdrop of better-than-expected economic growth and hopes that the U.S. Federal Reserve would soon complete its long series of interest rate increases. The Fund posted a strong total return and outpaced the S&P 500 Index, led by the strength of its holdings in the information technology and industrials sectors.

Among individual holdings, Broadcom, Inc. and Palo Alto Networks, Inc. were the two largest contributors to performance. After challenges for technology firms in 2022, the ascendance of generative artificial intelligence (AI) in 2023 was perceived by investors as a watershed moment and quickly became a significant driver of market returns. Broadcom, as a developer of the chips and software used in AI development, benefited from this trend. Palo Alto Networks, a cybersecurity firm deploying advanced firewall solutions, also benefitted from tailwinds for technology- and AI-related stocks, as well as geopolitical tensions that could lead to higher cybersecurity demand.

An underweight position in Alphabet Inc., the parent company of Google and one of the leading technology firms by revenue and market capitalization, was the largest detractor from relative performance. Positions in Qualcomm, Inc. and Accenture PLC were also notable detractors in the annual period.

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Software	15.7	%
Financial Services	11.4
Technology Hardware, Storage & Peripherals	7.7
Specialty Retail	6.0
Oil, Gas & Consumable Fuels	5.5
Semiconductors & Semiconductor Equipment	4.7
Hotels, Restaurants & Leisure	4.4
Professional Services	4.2
Electronic Equipment, Instruments & Components	3.7
Consumer Staples Distribution & Retail	3.4
Building Products	2.8
Trading Companies & Distributors	2.7
Machinery	2.5
Commercial Services & Supplies	2.4
Health Care Providers & Services	2.4
Textiles, Apparel & Luxury Goods	1.7
Ground Transportation	1.7
Construction & Engineering	1.7
Household Durables	1.5
Construction Materials	1.4
Metals & Mining	1.3
Distributors	1.2
Interactive Media & Services	1.2
Food Products	1.2
Electrical Equipment	1.2
Broadline Retail	1.0
Insurance	1.0
Other (each representing less than 1%)	4.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Apple Inc.	7.0	%
Microsoft Corp.	3.7
Berkshire Hathaway Inc., Class B	3.7
McDonald’s Corp.	3.3
Mastercard Inc., Class A	3.0
Broadcom Inc.	2.8
Visa Inc., Class A	2.5
Check Point Software Technologies Ltd.	2.3
TJX Companies Inc. (The)	2.1
Adobe Inc.	2.1

^(a)

Excludes money market funds.


F U N D S U M M A R Y		15


Fund Summary as of July 31, 2023		BlackRock Large Cap Value ETF

Investment Objective

The BlackRock Large Cap Value ETF (the “Fund”) seeks to maximize total return.

Performance


	Cumulative Total Returns
	Since Inception

Fund NAV		8.70	%
Fund Market		8.56
Russell 1000 Value Index^(a)		8.24

For the fiscal period ended July 31, 2023, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was May 19, 2023. The first day of secondary market trading was May 23, 2023.

^(a)

The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000^® companies with lower price-to-book ratios and lower expected growth values.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (05/19/23	)^(a)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(b)		Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(b)	Annualized Expense Ratio
	$ 1,000.00		$ 1,000.00		$ 1.10			$ 1,000.00		$ 1,022.10		$ 2.76		0.55	%

^(a)

Commencement of operations.

^(b)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 73/365 for actual expenses and 181/365 for hypothetical expenses (to reflect the six month 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 “Disclosure of Expenses” for more information.


16		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of July 31, 2023 (continued)		BlackRock Large Cap Value ETF

Portfolio Information

SECTOR ALLOCATION


Industry	Percent of Total Investments	^(a)
Health Care Providers & Services	12.3	%
Banks	10.0
Professional Services	7.0
Oil, Gas & Consumable Fuels	6.8
Insurance	4.7
Capital Markets	4.7
Health Care Equipment & Supplies	4.4
Communications Equipment	4.3
Electric Utilities	4.3
Media	4.0
Financial Services	3.9
Consumer Staples Distribution & Retail	3.8
Containers & Packaging	3.1
Textiles, Apparel & Luxury Goods	3.1
Interactive Media & Services	2.6
Software	2.4
IT Services	2.0
Pharmaceuticals	1.8
Machinery	1.7
Beverages	1.7
Automobiles	1.7
Automobile Components	1.5
Food Products	1.5
Aerospace & Defense	1.4
Chemicals	1.3
Broadline Retail	1.1
Technology Hardware, Storage & Peripherals	1.0
Specialty Retail	1.0
Other (each representing less than 1%)	0.9

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Cisco Systems Inc.	3.9	%
Wells Fargo & Co.	3.9
Cardinal Health Inc.	3.5
Leidos Holdings Inc.	3.4
Ralph Lauren Corp.	3.1
Citigroup Inc.	2.9
Comcast Corp., Class A	2.9
Enterprise Products Partners LP	2.7
Cigna Group (The)	2.7
Laboratory Corp. of America Holdings	2.6

^(a)

Excludes money market funds.


F U N D S U M M A R Y		17


Fund Summary as of July 31, 2023		BlackRock U.S. Carbon Transition Readiness ETF

Investment Objective

The BlackRock U.S. Carbon Transition Readiness ETF (the “Fund”) seeks long-term capital appreciation by investing in large- and mid-capitalization U.S. equity securities that may be better positioned to benefit from the transition to a low-carbon economy.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		12.16	%		5.63	%		12.16	%		13.56	%
Fund Market		12.22			5.65			12.22			13.61
Russell 1000^® Index^(a)		12.95			5.65			12.95			13.57

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was April 6, 2021. The first day of secondary market trading was April 8, 2021.

^(a)

The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The index represents approximately 93% of the U.S. market.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 1,127.60		$ 0.74			$ 1,000.00		$ 1,024.10		$ 0.70		0.14	%

^(a)


18		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of July 31, 2023 (continued)		BlackRock U.S. Carbon Transition Readiness ETF

Portfolio Management Commentary

U.S. equities delivered robust returns in the annual period, as the combination of falling inflation and resilient economic growth raised hopes for a “soft landing.” Sustainable strategies generally underperformed in 2022, but they rebounded in the first seven months of 2023. The Fund’s exclusionary positions in fossil fuel sectors, which trailed due to the moderation in oil prices, benefited relative performance.

The Fund’s transition-readiness, model-driven investment process evaluates companies’ preparedness for the transition to a low-carbon economy across five “pillars” (Fossil Fuels, Clean Technology, Energy Management, Waste Management and Water Management). These evaluations are used to determine active portfolio weights, subject to risk and other constraints, relative to the Russell 1000 Index.

The Energy Production pillar added to performance in the annual period, while the Clean Technology Pillar detracted. Given the Fund’s tight risk constraints, Fund performance was primarily driven by individual stock selection. The Fund delivered the best results in the materials sector, while its positioning in financials detracted. Booking Holdings, Inc. and Netflix Inc. were among the top contributors at the individual company level, while Estee Lauder Inc. and Accenture Plc were among the largest detractors.

By design, the Fund remained largely sector neutral. With that said, it was slightly overweight in healthcare and modestly underweight in consumer staples, all within the risk bands employed by the portfolio management process.

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Information Technology	27.1	%
Health Care	13.4
Financials	13.1
Consumer Discretionary	10.8
Industrials	9.6
Communication Services	8.0
Consumer Staples	6.0
Energy	4.0
Real Estate	2.9
Materials	2.8
Utilities	2.3

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Apple Inc.	7.0	%
Microsoft Corp.	6.2
Amazon.com Inc.	2.8
Nvidia Corp.	2.7
Alphabet Inc., Class A	2.1
Alphabet Inc., Class C	1.8
Tesla Inc.	1.8
Meta Platforms Inc, Class A	1.8
Johnson & Johnson	1.7
Berkshire Hathaway Inc., Class B	1.4

^(a)

Excludes money market funds.


F U N D S U M M A R Y		19


Fund Summary as of July 31, 2023		BlackRock U.S. Equity Factor Rotation ETF

Investment Objective

The BlackRock U.S. Equity Factor Rotation ETF (the “Fund”) seeks to outperform the investment results of the large- and mid-capitalization U.S. equity markets by providing diversified and tactical exposure to style factors via a factor rotation model.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		20.47	%		12.42	%		20.47	%		66.78	%
Fund Market		20.41			12.39			20.41			66.58
MSCI USA Index^(a)		13.14			13.71			13.14			75.16

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was March 19, 2019. The first day of secondary market trading was March 21, 2019.

^(a)

The MSCI USA Index is designed to measure the performance of the large- and mid cap segments of the US market. The index covers approximately 85% of the free float-adjusted market capitalization in the United States.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 1,187.70		$ 1.08			$ 1,000.00		$ 1,023.80		$ 1.00		0.20	%

^(a)


20		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of July 31, 2023 (continued)		BlackRock U.S. Equity Factor Rotation ETF

Portfolio Management Commentary

The Fund’s actively managed factor rotation strategy seeks diversified exposure to five style factors: value, low size, momentum, quality, and minimum volatility. The Fund strives to outperform the broader market through the efficacy of these factors, as well as by actively emphasizing exposure to the factors that the investment adviser believes will perform best based on forward-looking insights.

The quality factor outperformed the MSCI USA Index, while value, momentum, low size, and minimum volatility lagged. An equal-weighted portfolio of five factor indexes would have underperformed the MSCI USA Index. In this environment, the Fund’s tilt toward the quality factor was the primary reason for its strong 12-month results. The investment adviser believed the defensive characteristics and relative stability of the quality factor represented positive attributes at a time of market turbulence.

At the sector level, the Fund benefited from its overweight in information technology and underweight in healthcare. On the other hand, an overweight in energy and underweight in industrials detracted. NVIDIA Corp. and Microsoft Corp. were the top individual contributors, while Intel Corp. and United Health Group, Inc. were notable detractors.

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Information Technology	33.3	%
Consumer Discretionary	17.2
Financials	14.5
Energy	11.2
Communication Services	8.1
Industrials	4.9
Real Estate	3.3
Health Care	3.0
Materials	3.0
Consumer Staples	1.5

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	9.4	%
Apple Inc.	9.2
Visa Inc., Class A	4.6
Amazon.com Inc.	4.4
Nvidia Corp.	3.9
Home Depot Inc. (The)	3.8
Chevron Corp.	3.8
Exxon Mobil Corp.	3.7
Alphabet Inc., Class A	3.5
Mastercard Inc., Class A	3.1

^(a)

Excludes money market funds.


F U N D S U M M A R Y		21


Fund Summary as of July 31, 2023		BlackRock World ex U.S. Carbon Transition Readiness ETF

Investment Objective

The BlackRock World ex U.S. Carbon Transition Readiness ETF (the “Fund”) seeks long-term capital appreciation by investing in large- and mid-capitalization World ex U.S. equity securities that may be better positioned to benefit from the transition to a low-carbon economy.

Performance


	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		12.50	%		0.51	%		12.50	%		1.19	%
Fund Market		12.71			0.58			12.71			1.35
MSCI World ex USA Index^(a)		15.47			2.04			15.47			4.78

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

LOGO

The inception date of the Fund was April 6, 2021. The first day of secondary market trading was April 8, 2021.

^(a)

The MSCI World ex USA Index captures large- and mid-cap representation across certain developed markets countries, excluding the United States. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

Expense Example


Actual							Hypothetical 5% Return


	Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)		Beginning Account Value (02/01/23	)	Ending Account Value (07/31/23	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00		$ 1,053.60		$ 1.02			$ 1,000.00		$ 1,023.80		$ 1.00		0.20	%

^(a)


22		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of July 31, 2023 (continued)		BlackRock World ex U.S. Carbon Transition Readiness ETF

Portfolio Management Commentary

Global equities delivered robust returns in the annual period, as the combination of falling inflation and resilient economic growth raised hopes for a “soft landing.” Sustainable strategies generally underperformed in 2022, but they rebounded in the first seven months of 2023. The Fund’s exclusionary positions in fossil fuel sectors, which trailed due to the moderation in oil prices, benefited relative performance.

The Energy Production pillar added to performance in the annual period, while the Clean Technology and Water Management pillars detracted. Given the Fund’s tight risk constraints, Fund performance was primarily driven by individual stock selection. The Fund delivered the best results in the information technology sector, while its positioning in communication services detracted. Advantest Corp and Abb Ltd were among the top contributors at the individual company level, while Tele2 AB and Enbridge, Inc. were among the largest detractors.

By design, the Fund remained largely sector neutral. With that said, it was slightly overweight in information technology and modestly underweight in financials, all within the risk bands employed by the portfolio management process. The Fund also keeps its geographic allocations close to that of the index.

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Financials	20.5	%
Industrials	15.4
Consumer Discretionary	11.9
Health Care	11.9
Consumer Staples	9.4
Information Technology	8.6
Materials	7.7
Energy	5.7
Communication Services	3.6
Utilities	3.4
Real Estate	1.9

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	19.7	%
United Kingdom	13.2
France	11.1
Canada	10.9
Switzerland	10.5
Germany	6.5
Australia	6.3
Netherlands	3.7
Denmark	3.1
Spain	2.8

^(a)

Excludes money market funds.


F U N D S U M M A R Y		23

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 blackrock.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.

Disclosure of 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 the 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 the 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.


24		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

July 31, 2023

BlackRock Future Climate and Sustainable Economy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Building Products — 1.5%
Kingspan Group PLC		845	$	67,823


Capital Markets — 0.9%
Agronomics Ltd.^(a)		315,629		41,114


Chemicals — 12.6%
Albemarle Corp.		99		21,016
DSM-Firmenich AG		625		69,062
Ecolab Inc.		662		121,238
FMC Corp.		777		74,771
LG Chem Ltd.		81		41,205
Nutrien Ltd.		1,017		70,061
Robertet SA		85		77,570
Symrise AG, Class A		759		82,907


				557,830

Commercial Services & Supplies — 5.6%
Cleanaway Waste Management Ltd.		61,904		114,899
Republic Services Inc., Class A		560		84,621
Waste Management Inc.		280		45,861


				245,381

Construction & Engineering — 2.0%
AECOM		498		43,326
Quanta Services Inc.^(b)		221		44,558


				87,884

Containers & Packaging — 6.3%
Avery Dennison Corp.		255		46,923
Crown Holdings Inc.		879		81,536
SIG Group AG		3,386		90,520
Smurfit Kappa Group PLC		1,490		58,961


				277,940

Electric Utilities — 5.5%
Enel SpA		18,738		129,202
NextEra Energy Inc.		548		40,169
Orsted AS^(c)		839		73,009


				242,380

Electrical Equipment — 5.8%
Canadian Solar Inc.^(a)		2,039		73,730
Contemporary Amperex Technology Co. Ltd., Class A		1,400		46,672
Schneider Electric SE		366		65,284
Vestas Wind Systems A/S^(a)		2,708		72,430


				258,116

Electronic Equipment, Instruments & Components — 4.9%
Keyence Corp.		200		89,748
Rogers Corp.^(a)		258		43,501
Samsung SDI Co. Ltd.		163		85,087


				218,336

Food Products — 12.5%
Archer-Daniels-Midland Co.		766		65,079
Bunge Ltd.		1,232		133,881
Darling Ingredients Inc.^(a)		1,186		82,131
Kerry Group PLC, Class A		1,243		123,493
Maple Leaf Foods Inc.		2,345		48,940
Salmar ASA		1,593		73,594
SunOpta Inc.^(a)		3,850		25,526


				552,644

Independent Power and Renewable Electricity Producers — 4.3%
EDP Renovaveis SA		8,866		169,349


Security	Shares		Value

Independent Power and Renewable Electricity Producers (continued)
Orron Energy AB^(a)		19,020	$	21,987


				191,336

Machinery — 16.2%
Ag Growth International Inc.		2,564		105,951
AGCO Corp.		547		72,807
Deere & Co.		374		160,670
Ingersoll Rand Inc.		1,009		65,858
John Bean Technologies Corp.		518		64,030
Kurita Water Industries Ltd.		1,000		40,215
Marel HF^(c)		5,648		18,630
Spirax-Sarco Engineering PLC		314		44,845
Xylem Inc./NY		1,277		143,982


				716,988

Metals & Mining — 0.9%
Sims Ltd.		4,074		41,558


Paper & Forest Products — 1.8%
UPM-Kymmene OYJ		2,380		78,796


Professional Services — 2.6%
Bureau Veritas SA		2,976		81,732
SGS SA		341		33,110


				114,842

Ground Transportation — 0.9%
Union Pacific Corp.		163		37,819


Semiconductors & Semiconductor Equipment — 7.6%
Analog Devices Inc.		396		79,014
First Solar Inc.^(a)		423		87,730
Infineon Technologies AG		1,913		84,049
STMicroelectronics NV		1,563		83,599


				334,392

Software — 3.8%
Ansys Inc.^(a)		253		86,551
Dassault Systemes SE		1,859		79,451


				166,002


Total Common Stocks — 95.7% (Cost: $4,111,453)				4,231,181


Warrants

Capital Markets — 0.0%
Agronomics Ltd., (Issued 06/01/21, Exercisable at calendar quarter end, 1 Share for 1 Warrant, Expires 12/08/23, Strike Price GBP 0.30)^(a)		329,052		4


Total Warrants — 0.0% (Cost: $—)				4


Total Long-Term Investments — 95.7% (Cost: $4,111,453)				4,231,185


Short-Term Securities

Money Market Funds — 5.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		44,587		44,600


S C H E D U L E O F I N V E S T M E N T S		25

Schedule of Investments (continued)

July 31, 2023

BlackRock Future Climate and Sustainable Economy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		190,000	$	190,000


Total Short-Term Securities — 5.3% (Cost: $234,595)				234,600


Total Investments — 101.0% (Cost: $4,346,048)				4,465,785

Liabilities in Excess of Other Assets — (1.0)%				(42,646	)


Net Assets — 100.0%			$	4,423,139

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(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.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	127,650	$	—	$	(83,135	)^(a)	$	80	$	5	$	44,600		44,587	$	396	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		—		(120,000	)^(a)		—		—		190,000		190,000		9,935			—

								$	80	$	5	$	234,600			$	10,331		$	—

^(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.

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
Assets
Investments
Long-Term Investments
Common Stocks	$	2,507,933	$	1,723,248	$	—	$	4,231,181
Warrants		—		4		—		4
Short-Term Securities
Money Market Funds		234,600		—		—		234,600

	$	2,742,533	$	1,723,252	$	—	$	4,465,785

See notes to financial statements.


26		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

July 31, 2023

BlackRock Future Financial and Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 13.8%
Coastal Financial Corp./WA^(a)		2,158	$	97,477
FinecoBank Banca Fineco SpA		4,819		74,826
Inter & Co. Inc., NVS^(a)		33,074		130,792
Inter & Co. Inc., Class A, NVS^(a)		16,104		63,611
JPMorgan Chase & Co.		287		45,334
Live Oak Bancshares Inc.		3,309		125,312
Rakuten Bank Ltd., NVS^(a)		5,800		83,710


				621,062

Capital Markets — 7.8%
Assetmark Financial Holdings Inc.^(a)		2,507		74,959
KIWOOM Securities Co. Ltd.		1,458		111,167
XP Inc., Class A^(a)		6,119		165,274


				351,400

Consumer Finance — 14.5%
American Express Co.		518		87,480
Capital One Financial Corp.		762		89,169
Discover Financial Services		599		63,225
Kaspi.KZ JSC^(b)		2,439		223,569
Oportun Financial Corp.^(a)		9,162		56,346
Synchrony Financial		3,939		136,053


				655,842

Financial Services — 49.7%
Adyen NV^(a)(c)		26		48,256
Block Inc.^(a)		529		42,600
Cab Payments Holdings PLC^(a)		37,634		138,614
Fidelity National Information Services Inc.		3,415		206,198
Fiserv Inc.^(a)		1,485		187,422
Global Payments Inc.		1,916		211,239
Illimity Bank SpA		11,632		79,549
Mastercard Inc., Class A		107		42,188
Nexi SpA^(a)(c)		13,460		116,564
Nuvei Corp.^(a)(c)		5,864		199,980
Pagseguro Digital Ltd., Class A^(a)		18,377		208,763
Payoneer Global Inc.^(a)		22,080		117,466
PayPal Holdings Inc.^(a)(d)		1,861		141,101
Repay Holdings Corp.^(a)(d)		17,447		145,682
Shift4 Payments Inc., Class A^(a)(d)		551		38,013


Security	Shares		Value

Financial Services (continued)
Visa Inc., Class A		171	$	40,652
WEX Inc.^(a)		1,050		198,818
Worldline SA/France^(a)(c)		2,127		84,313


				2,247,418

Software — 9.5%
Black Knight Inc.^(a)		3,633		255,472
NCR Corp.^(a)		4,138		111,229
Temenos AG, Registered		739		63,556


				430,257


Total Long-Term Investments — 95.3% (Cost: $4,005,616)				4,305,979


Short-Term Securities

Money Market Funds — 9.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(e)(f)(g)		244,093		244,167
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(e)(f)		200,000		200,000


Total Short-Term Securities — 9.8% (Cost: $444,147)				444,167


Total Investments — 105.1% (Cost: $4,449,763)				4,750,146

Liabilities in Excess of Other Assets — (5.1)%				(231,682	)


Net Assets — 100.0%			$	4,518,464

^(a)	Non-income producing security.

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

^(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.

^(d)	All or a portion of this security is on loan.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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

Affiliates



Affiliated Issuer	Value at 08/16/22^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	244,170	^(b)	$	—	$	(23	)	$	20	$	244,167		244,093	$	10,601	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—		200,000	^(b)		—		—			—		200,000		200,000		9,585			—

								$	(23	)	$	20	$	444,167			$	20,186		$	—

^(a)

Commencement of operations.

^(b)

Represents net amount purchased (sold).

^(c)


S C H E D U L E O F I N V E S T M E N T S		27

Schedule of Investments (continued)

July 31, 2023

BlackRock Future Financial and Technology ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	3,420,469	$	885,510	$	—	$	4,305,979
Short-Term Securities
Money Market Funds		444,167		—		—		444,167

	$	3,864,636	$	885,510	$	—	$	4,750,146

See notes to financial statements.


28		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

July 31, 2023

BlackRock Future Health ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 36.4%
4D Molecular Therapeutics Inc.^(a)		265	$	4,849
Abcam PLC, SP ADR^(a)		3,650		85,556
ACADIA Pharmaceuticals Inc.^(a)		250		7,310
Alkermes PLC^(a)		2,934		85,907
Allakos Inc.^(a)(b)		370		1,991
Alnylam Pharmaceuticals Inc.^(a)		446		87,148
Apellis Pharmaceuticals Inc.^(a)		150		3,862
Apogee Therapeutics Inc., NVS		784		16,778
Arcus Biosciences Inc.^(a)		480		9,552
Arcutis Biotherapeutics Inc.^(a)		900		9,819
Argenx SE, ADR^(a)		286		144,281
Arrowhead Pharmaceuticals Inc.^(a)		230		7,940
Aura Biosciences Inc.^(a)		465		5,533
Bavarian Nordic A/S^(a)		210		4,506
BeiGene Ltd., ADR^(a)		245		52,484
Biogen Inc.^(a)(b)		235		63,495
Biohaven Ltd., NVS^(a)		225		4,473
BioMarin Pharmaceutical Inc.^(a)		805		70,784
Biomea Fusion Inc.^(a)(b)		421		9,367
Black Diamond Therapeutics Inc.^(a)		2,425		9,045
Blueprint Medicines Corp.^(a)		907		59,862
Bridgebio Pharma Inc.^(a)		180		6,302
Cerevel Therapeutics Holdings Inc.^(a)		732		22,392
CRISPR Therapeutics AG^(a)(b)		135		7,739
CureVac NV^(a)		700		6,496
Decibel Therapeutics Inc.^(a)		353		1,059
Design Therapeutics Inc.^(a)		183		1,490
Exact Sciences Corp.^(a)		644		62,816
Exelixis Inc.^(a)		1,434		28,264
Frequency Therapeutics Inc.^(a)		630		322
Galapagos NV, ADR^(a)(b)		442		18,719
Galecto Inc.^(a)		610		1,879
Genmab A/S^(a)		84		34,625
Genmab A/S, ADR^(a)(b)		272		11,250
Gilead Sciences Inc.		1,298		98,830
Halozyme Therapeutics Inc.^(a)		615		26,420
Horizon Therapeutics PLC^(a)		200		20,054
Immunocore Holdings PLC^(a)(b)		930		61,361
ImmunoGen Inc.^(a)		973		17,339
Incyte Corp.^(a)		829		52,824
Ionis Pharmaceuticals Inc.^(a)		1,391		57,629
Iovance Biotherapeutics Inc.^(a)		460		3,340
Karuna Therapeutics Inc.^(a)		129		25,770
Keros Therapeutics Inc.^(a)		343		14,365
Kinnate Biopharma Inc.^(a)		553		1,642
Legend Biotech Corp., ADR^(a)		1,177		88,887
MacroGenics Inc.^(a)(b)		520		2,480
Merus NV^(a)		995		26,109
Mirati Therapeutics Inc.^(a)		500		15,135
Monte Rosa Therapeutics Inc.^(a)		344		2,432
MoonLake Immunotherapeutics, NVS^(a)(b)		879		53,452
Morphic Holding Inc.^(a)		430		24,394
MorphoSys AG^(a)		145		4,245
Neurocrine Biosciences Inc.^(a)		542		55,224
Nuvalent Inc., Class A^(a)(b)		693		34,546
PMV Pharmaceuticals Inc.^(a)		723		4,728
Prime Medicine Inc., NVS^(a)		1,056		15,914
Protagonist Therapeutics Inc.^(a)(b)		1,170		22,698


Security	Shares		Value

Biotechnology (continued)
Prothena Corp. PLC^(a)		210	$	14,463
PTC Therapeutics Inc.^(a)		640		25,818
Recursion Pharmaceuticals Inc., Class A^(a)		405		5,719
Relay Therapeutics Inc.^(a)		95		1,197
REVOLUTION Medicines Inc.^(a)		931		24,439
Rhythm Pharmaceuticals Inc.^(a)(b)		1,725		30,774
Rocket Pharmaceuticals Inc.^(a)		684		12,346
Sarepta Therapeutics Inc.^(a)		311		33,709
Seagen Inc.^(a)		304		58,301
Tenaya Therapeutics Inc.^(a)		354		1,713
TScan Therapeutics Inc.^(a)		3,403		7,623
Twist Bioscience Corp.^(a)(b)		377		9,176
Ultragenyx Pharmaceutical Inc.^(a)		222		9,573
United Therapeutics Corp.^(a)		161		39,078
Vaxcyte Inc.^(a)(b)		412		19,801
Vertex Pharmaceuticals Inc.^(a)		481		169,475
Viking Therapeutics Inc.^(a)(b)		650		9,425
Viridian Therapeutics Inc.^(a)		231		4,334
Voyager Therapeutics Inc.^(a)		465		4,334


				2,159,011

Electronic Equipment, Instruments & Components — 0.1%
908 Devices Inc.^(a)		648		4,510


Health Care Equipment & Supplies — 34.7%
Abiomed Inc., CVR^(c)		246		686
Alcon Inc.		2,110		179,181
Align Technology Inc.^(a)		392		148,133
Bausch + Lomb Corp.^(a)		1,238		24,599
Baxter International Inc.		1,015		45,908
Becton Dickinson and Co.		225		62,690
Boston Scientific Corp.^(a)		3,138		162,705
CONMED Corp.		270		32,684
ConvaTec Group PLC^(d)		11,764		31,517
Cooper Companies Inc. (The)		312		122,073
Dexcom Inc.^(a)		1,131		140,877
GE Healthcare Inc., NVS^(a)		545		42,510
Glaukos Corp.^(a)		298		22,988
Hologic Inc.^(a)		548		43,522
Inspire Medical Systems Inc.^(a)		135		38,854
Insulet Corp.^(a)		257		71,125
Intuitive Surgical Inc.^(a)		568		184,259
iRhythm Technologies Inc.^(a)		120		12,607
Masimo Corp.^(a)		675		82,553
Novocure Ltd.^(a)(b)		577		18,833
Nyxoah SA^(a)(b)		1,368		11,218
Omnicell Inc.^(a)		454		28,670
Penumbra Inc.^(a)		306		92,828
Pulmonx Corp.^(a)		879		12,306
ResMed Inc.		194		43,136
Shockwave Medical Inc.^(a)		139		36,223
SI-BONE Inc.^(a)		448		11,540
STAAR Surgical Co.^(a)(b)		188		10,297
STERIS PLC		465		104,881
Straumann Holding AG		300		49,642
Stryker Corp.		455		128,952
Tandem Diabetes Care Inc.^(a)(b)		468		16,343
Zimmer Biomet Holdings Inc.		340		46,971


				2,061,311

Health Care Providers & Services — 4.3%
AmerisourceBergen Corp.		804		150,268


S C H E D U L E O F I N V E S T M E N T S		29

Schedule of Investments (continued)

July 31, 2023

BlackRock Future Health ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
Encompass Health Corp.		310	$	20,469
Guardant Health Inc.^(a)		561		21,890
McKesson Corp.		110		44,264
R1 RCM Inc.^(a)		894		15,448


				252,339

Health Care Technology — 0.0%
Sophia Genetics SA^(a)(b)		619		2,352


Life Sciences Tools & Services — 12.0%
10X Genomics Inc., Class A^(a)		537		33,820
Avantor Inc.^(a)		1,805		37,129
Bio-Rad Laboratories Inc., Class A^(a)		55		22,295
Bio-Techne Corp.		747		62,300
Bruker Corp.		523		35,941
Gerresheimer AG		660		78,173
IQVIA Holdings Inc.^(a)(b)		380		85,029
Mettler-Toledo International Inc.^(a)		33		41,496
Pacific Biosciences of California Inc.^(a)		1,170		15,456
QIAGEN NV^(a)		1,720		80,530
Repligen Corp.^(a)(b)		200		34,312
Waters Corp.^(a)(b)		166		45,851
West Pharmaceutical Services Inc.		377		138,751


				711,083

Personal Care Products — 0.2%
Haleon PLC, ADR, NVS^(b)		1,213		10,687


Pharmaceuticals — 6.8%
Arvinas Inc.^(a)		641		15,846
Catalent Inc.^(a)		928		45,027
Elanco Animal Health Inc.^(a)		2,525		30,477
Merck & Co. Inc.		402		42,873
Novo Nordisk A/S, Class B		175		28,219
Pliant Therapeutics Inc.^(a)(b)		367		6,547
Reata Pharmaceuticals Inc., Class A^(a)		578		95,705
Roche Holding AG, NVS		115		35,656
Structure Therapeutics Inc.^(a)(b)		447		16,463
UCB SA		969		85,802
Ventyx Biosciences Inc.^(a)		80		2,964


				405,579


Total Common Stocks — 94.5% (Cost: $5,261,951)				5,606,872


Security	Shares		Value

Preferred Stocks

Life Sciences Tools & Services — 0.6%
Sartorius AG, Preference Shares, NVS		95	$	39,195


Total Preferred Stocks — 0.6% (Cost: $43,183)				39,195


Total Long-Term Investments — 95.1% (Cost: $5,305,134)				5,646,067


Short-Term Securities

Money Market Funds — 13.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(e)(f)(g)		519,317		519,473
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(e)(f)		260,000		260,000


Total Short-Term Securities — 13.2% (Cost: $779,371)				779,473


Total Investments — 108.3% (Cost: $6,084,505)				6,425,540

Liabilities in Excess of Other Assets — (8.3)%				(490,260	)


Net Assets — 100.0%			$	5,935,280

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	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.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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


30		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock Future Health ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended July 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	133,820	$	385,474	^(a)	$	—	$	103	$	76	$	519,473		519,317	$	4,419	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		80,000	^(a)		—		—		—		260,000		260,000		8,085			—


								$	103	$	76	$	779,473			$	12,504		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Forward Foreign Currency Exchange Contracts



Currency Purchased		Currency Sold			Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
CHF	36,000		USD	39,941	BNP Paribas SA	09/14/23	$	1,526
EUR	103,500		USD	111,301	BNP Paribas SA	09/14/23		2,734

								4,260

JPY	12,584,000		USD	91,172	Bank of America N.A.	09/14/23		(2,125	)

							$	2,135

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized appreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	4,260	$	—	$	—	$	4,260


Liabilities — Derivative Financial Instruments
Forward foreign currency exchange contracts
Unrealized depreciation on forward foreign currency exchange contracts	$	—	$	—	$	—	$	2,125	$	—	$	—	$	2,125

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	4,989	$	—	$	—	$	4,989


Net Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	2,135	$	—	$	—	$	2,135


S C H E D U L E O F I N V E S T M E N T S		31

Schedule of Investments (continued)

July 31, 2023

BlackRock Future Health ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts:
Average amounts purchased — in USD	$	252,185
Average amounts sold — in USD	$	8,094

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

Derivative Financial Instruments - Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities
Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	4,260	$	2,125

Total derivative assets and liabilities in the Statement of Assets and Liabilities		4,260		2,125
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA		4,260		2,125

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



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)(c)
BNP Paribas SA	$	4,260	$	—		$	—	$	—	$	4,260



Counterparty		Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount of Derivative Liabilities	^(c)(d)
Bank of America N.A	$	2,125	$	—		$	—	$	—	$	2,125

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

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

^(c)

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

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	5,253,801	$	352,385	$	686	$	5,606,872
Preferred Stocks		—		39,195		—		39,195
Short-Term Securities
Money Market Funds		779,473		—		—		779,473


	$	6,033,274	$	391,580	$	686	$	6,425,540

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	4,260	$	—	$	4,260


32		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock Future Health ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2			Level 3		Total

Liabilities
Foreign Currency Exchange Contracts	$	—	$	(2,125	)	$	—	$	(2,125	)


	$	—	$	2,135		$	—		2,135

^(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.


S C H E D U L E O F I N V E S T M E N T S		33

Schedule of Investments

July 31, 2023

BlackRock Future Innovators ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Industrial REITs — 0.6%
Innovative Industrial Properties Inc.		204	$	16,163
Rexford Industrial Realty Inc.		519		28,592


				44,755

Aerospace & Defense — 5.8%
Axon Enterprise Inc.^(a)		1,247		231,855
HEICO Corp.		1,051		184,955


				416,810

Air Freight & Logistics — 2.0%
GXO Logistics Inc.^(a)		2,148		144,066


Automobile Components — 2.0%
Fox Factory Holding Corp.^(a)		1,304		145,918


Biotechnology — 1.4%
Halozyme Therapeutics Inc.^(a)		2,387		102,545


Building Products — 2.0%
AZEK Co. Inc. (The)^(a)		4,613		143,926


Capital Markets — 6.5%
MarketAxess Holdings Inc.		441		118,726
TPG Inc.		4,639		136,526
Tradeweb Markets Inc., Class A		2,595		212,245


				467,497

Construction & Engineering — 2.2%
Comfort Systems USA Inc.		926		161,096


Diversified Consumer Services — 3.3%
Bright Horizons Family Solutions Inc.^(a)(b)		409		39,685
Duolingo Inc, Class A^(a)		1,294		200,816


				240,501

Electronic Equipment, Instruments & Components — 0.4%
Halma PLC		1,105		31,732


Food Products — 0.5%
Freshpet Inc.^(a)(b)		519		38,167


Health Care Equipment & Supplies — 3.6%
Inmode Ltd.^(a)		951		40,807
Inspire Medical Systems Inc.^(a)		381		109,656
Insulet Corp.^(a)		385		106,549


				257,012

Health Care Providers & Services — 1.3%
Surgery Partners Inc.^(a)(b)		2,360		91,167


Health Care Technology — 2.4%
Certara Inc.^(a)(b)		3,761		73,227
Doximity Inc., Class A^(a)(b)		1,602		57,240
Phreesia Inc.^(a)		1,377		43,678


				174,145

Hotels, Restaurants & Leisure — 7.6%
Domino’s Pizza Inc.		100		39,674
Evolution AB^(c)		1,116		137,617
Penn Entertainment Inc.^(a)(b)		3,358		88,282
Planet Fitness Inc., Class A^(a)		2,188		147,777
Wingstop Inc.		772		130,144


				543,494

Interactive Media & Services — 2.3%
Match Group Inc.^(a)		3,577		166,366


Security	Shares		Value

IT Services — 5.0%
DigitalOcean Holdings Inc.^(a)		2,083	$	103,150
Globant SA^(a)		920		160,752
MongoDB Inc.^(a)		225		95,265


				359,167

Life Sciences Tools & Services — 9.7%
10X Genomics Inc., Class A^(a)		460		28,971
Azenta Inc.^(a)		1,091		51,255
Bio-Techne Corp.		2,035		169,719
Charles River Laboratories International Inc.^(a)		687		143,954
Olink Holding AB, ADR^(a)		627		11,913
Repligen Corp.^(a)		959		164,526
West Pharmaceutical Services Inc.		345		126,974


				697,312

Machinery — 3.7%
AutoStore Holdings Ltd.^(a)(b)(c)		44,398		110,723
Chart Industries Inc.^(a)		836		152,286


				263,009

Broadline Retail — 0.4%
Etsy Inc.^(a)		293		29,783


Professional Services — 2.0%
Fiverr International Ltd.^(a)		1,288		38,820
Paylocity Holding Corp.^(a)		462		104,805


				143,625

Ground Transportation — 3.6%
Saia Inc.^(a)		606		256,423


Semiconductors & Semiconductor Equipment — 12.8%
Ambarella Inc.^(a)		1,556		129,801
ASM International NV		309		146,800
Entegris Inc.		1,950		213,934
Lattice Semiconductor Corp.^(a)(b)		2,202		200,250
Monolithic Power Systems Inc		361		201,976
SolarEdge Technologies Inc.^(a)		115		27,768


				920,529

Software — 17.8%
Aspen Technology Inc.^(a)		602		107,457
Bentley Systems Inc., Class B		2,579		138,957
Bill.com Holdings Inc.^(a)		1,104		138,375
Confluent Inc., Class A^(a)(b)		5,450		188,243
Five9 Inc.^(a)		1,034		90,734
Gitlab Inc., Class A^(a)		998		49,531
HubSpot Inc.^(a)		328		190,421
JFrog Ltd.^(a)		2,920		89,848
PagerDuty Inc.^(a)		2,097		54,354
SiteMinder Ltd.^(a)		28,836		81,709
Zscaler Inc.^(a)		951		152,521


				1,282,150

Specialty Retail — 0.1%
Leslie’s Inc.^(a)(b)		987		6,287


Textiles, Apparel & Luxury Goods — 0.7%
Figs Inc., Class A^(a)		6,744		49,636


Total Long-Term Investments — 99.7% (Cost: $7,513,383)				7,177,118


34		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock Future Innovators ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 11.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		796,874	$	797,113
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		20,000		20,000


Total Short-Term Securities — 11.4% (Cost: $816,804)				817,113


Total Investments — 111.1% (Cost: $8,330,187)				7,994,231

Liabilities in Excess of Other Assets — (11.1)%				(798,925	)


Net Assets — 100.0%			$	7,195,306

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(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.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

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

Affiliates



Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	979,979	$	—	$	(183,431	)^(a)	$	448	$	117	$	797,113		796,874	$	4,577	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		210,000		—		(190,000	)^(a)		—		—		20,000		20,000		6,688			—

								$	448	$	117	$	817,113			$	11,265		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	6,668,537	$	508,581	$	—	$	7,177,118
Short-Term Securities
Money Market Funds		817,113		—		—		817,113

	$	7,485,650	$	508,581	$	—	$	7,994,231


S C H E D U L E O F I N V E S T M E N T S		35

Schedule of Investments

July 31, 2023

BlackRock Future Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Automobiles — 2.9%
Tesla Inc.^(a)		1,560	$	417,191


Chemicals — 0.5%
Fujimi Inc.		3,300		80,024


Communications Equipment — 1.3%
Accton Technology Corp.		15,000		183,005


Consumer Finance — 1.1%
Kaspi.KZ JSC^(b)		1,691		155,004


Financial Services — 3.9%
Adyen NV^(a)(c)		119		220,866
GMO Payment Gateway Inc.		1,900		144,949
Shift4 Payments Inc., Class A^(a)(d)		1,580		109,004
Wise PLC, Class A^(a)		9,720		96,946


				571,765

Electronic Equipment, Instruments & Components — 9.4%
Delta Electronics Inc.		16,000		186,779
Ibiden Co. Ltd.		2,700		164,104
Jabil Inc.		3,093		342,302
Lotes Co. Ltd.		4,051		96,524
Samsung SDI Co. Ltd.		415		216,632
Unimicron Technology Corp.		27,000		159,403
Yageo Corp.		11,000		161,264
Zhejiang Supcon Technology Co. Ltd.		6,153		46,633


				1,373,641

Entertainment — 4.6%
CTS Eventim AG & Co. KGaA		1,530		104,416
Nexon Co. Ltd.		4,100		78,226
Roku Inc.^(a)(d)		1,162		111,866
Spotify Technology SA^(a)		893		133,423
Take-Two Interactive Software Inc.^(a)		1,626		248,680


				676,611

Health Care Technology — 0.5%
M3 Inc.		2,900		67,059


Hotels, Restaurants & Leisure — 2.7%
Amadeus IT Group SA		1,762		126,399
Expedia Group Inc.^(a)		680		83,320
Trip.com Group Ltd., ADR^(a)		4,501		184,721


				394,440

Household Durables — 0.7%
Nikon Corp.		7,400		97,812


Interactive Media & Services — 2.1%
NAVER Corp.		696		124,004
Pinterest Inc., Class A^(a)		3,546		102,799
Snap Inc., Class A, NVS^(a)		6,728		76,430


				303,233

IT Services — 2.5%
MongoDB Inc.^(a)		696		294,687
Squarespace Inc., Class A^(a)		2,274		75,360


				370,047

Machinery — 0.5%
Shenzhen Inovance Technology Co. Ltd., Class A		7,700		76,594


Media — 2.3%
Informa PLC		34,471		335,398


Security	Shares		Value

Broadline Retail — 2.1%
Coupang Inc.^(a)		6,039	$	109,608
MercadoLibre Inc.^(a)		156		193,136


				302,744

Professional Services — 2.2%
Legalzoomcom Inc.^(a)		7,533		115,104
Wolters Kluwer NV		1,601		201,047


				316,151

Semiconductors & Semiconductor Equipment — 35.6%
Alchip Technologies Ltd.		2,000		127,302
Alphawave IP Group PLC^(a)		56,624		117,141
Amkor Technology Inc.		3,308		96,230
ASM International NV		890		422,822
ASPEED Technology Inc.		2,000		147,986
Axcelis Technologies Inc.^(a)		584		117,080
BE Semiconductor Industries NV		2,333		278,557
Credo Technology Group Holdings Ltd.^(a)		8,748		148,454
eMemory Technology Inc.		1,000		59,258
Entegris Inc.		1,384		151,839
First Solar Inc.^(a)		443		91,878
KLA Corp.		390		200,441
Lasertec Corp.		1,100		166,520
Lattice Semiconductor Corp.^(a)		4,028		366,306
Marvell Technology Inc.		3,566		232,254
Monolithic Power Systems Inc.		568		317,790
Nvidia Corp.		1,742		814,019
ON Semiconductor Corp.^(a)		3,174		341,999
Rambus Inc.^(a)(d)		3,112		194,842
Silergy Corp.		6,000		63,464
SK Hynix Inc.		1,825		176,742
SMA Solar Technology AG^(a)(d)		471		44,904
SOITEC^(a)		1,456		286,147
Wolfspeed Inc.^(a)(d)		3,359		221,358


				5,185,333

Software — 18.0%
Altium Ltd.		7,917		203,723
Appier Group Inc.^(a)		6,500		77,341
Aspen Technology Inc.^(a)		514		91,749
Atlassian Corp., NVS^(a)		291		52,944
Bill.com Holdings Inc.^(a)		644		80,719
Freee KK^(a)		4,300		94,729
Glodon Co. Ltd., Class A		13,999		63,364
Kinaxis Inc.^(a)		932		126,550
Manhattan Associates Inc.^(a)(d)		594		113,228
Nemetschek SE		1,030		74,952
Palo Alto Networks Inc.^(a)		1,103		275,706
Rapid7 Inc.^(a)		1,590		72,997
Sage Group PLC (The)		7,866		94,617
Samsara Inc.^(a)		2,420		67,615
SiteMinder Ltd.^(a)		33,964		96,240
Synopsys Inc.^(a)		1,340		605,412
TOTVS SA		11,998		75,026
Unity Software Inc.^(a)		3,268		149,805
Xero Ltd.^(a)		2,461		202,298


				2,619,015

Specialty Retail — 0.6%
Farfetch Ltd., Class A^(a)(d)		14,045		81,180


Technology Hardware, Storage & Peripherals — 4.8%
Pure Storage Inc., Class A^(a)		7,531		278,572


36		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock Future Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals (continued)
Super Micro Computer Inc.^(a)		288	$	95,118
Wistron Corp.		48,000		216,659
Wiwynn Corp.		2,000		113,578


				703,927


Total Long-Term Investments — 98.3% (Cost: $11,340,600)				14,310,174


Short-Term Securities

Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(e)(f)(g)		703,423		703,634
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(e)(f)		250,000		250,000


Total Short-Term Securities — 6.5% (Cost: $953,434)				953,634


Total Investments — 104.8% (Cost: $12,294,034)				15,263,808

Liabilities in Excess of Other Assets — (4.8)%				(703,801	)


Net Assets — 100.0%			$	14,560,007

^(a)	Non-income producing security.

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

^(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.

^(d)	All or a portion of this security is on loan.

^(e)	Affiliate of the Fund.

^(f)	Annualized 7-day yield as of period end.

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

Affiliates



Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,737,915	$	—	$	(1,034,933	)^(a)	$	732	$	(80	)	$	703,634		703,423	$	4,085	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		830,000		—		(580,000	)^(a)		—		—			250,000		250,000		19,069			—

								$	732	$	(80	)	$	953,634			$	23,154		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	8,175,883	$	6,134,291	$	—	$	14,310,174


S C H E D U L E O F I N V E S T M E N T S		37

Schedule of Investments (continued)

July 31, 2023

BlackRock Future Tech ETF

Fair Value Hierarchy as of Period End (continued)



	Level 1		Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	953,634	$	—	$	—	$	953,634

	$	9,129,517	$	6,134,291	$	—	$	15,263,808

See notes to financial statements.


38		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

July 31, 2023

BlackRock Future U.S. Themes ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.1%
United Parcel Service Inc., Class B		25	$	4,678


Beverages — 0.8%
Coca-Cola Co. (The)		434		26,878
PepsiCo Inc.		77		14,434


				41,312

Building Products — 2.8%
Builders FirstSource Inc.^(a)		230		33,219
Johnson Controls International PLC		739		51,397
Owens Corning		107		14,979
Trane Technologies PLC		200		39,888


				139,483

Capital Markets — 0.9%
Affiliated Managers Group Inc.		207		28,698
Ameriprise Financial Inc.		42		14,635


				43,333

Chemicals — 0.4%
Chemours Co. (The)		296		10,946
Olin Corp.		185		10,671


				21,617

Commercial Services & Supplies — 2.4%
Clean Harbors Inc.^(a)		168		27,932
Copart Inc.^(a)		190		16,794
Republic Services Inc., Class A		182		27,502
Waste Connections Inc.^(b)		288		40,657
Waste Management Inc.		25		4,095


				116,980

Construction & Engineering — 1.6%
AECOM		485		42,195
EMCOR Group Inc.		145		31,181
Quanta Services Inc.		17		3,428
Valmont Industries Inc.		18		4,765


				81,569

Construction Materials — 1.3%
Eagle Materials Inc.		101		18,621
Martin Marietta Materials Inc.		27		12,054
Vulcan Materials Co.		163		35,942


				66,617

Distributors — 1.2%
Genuine Parts Co.		269		41,889
LKQ Corp.		362		19,834


				61,723

Financial Services — 11.3%
Berkshire Hathaway Inc., Class B^(a)		510		179,500
Fiserv Inc.^(a)		621		78,376
Mastercard Inc., Class A		371		146,278
Shift4 Payments Inc., Class A^(a)		454		31,321
Visa Inc., Class A		509		121,005


				556,480

Electrical Equipment — 1.1%
Acuity Brands Inc.		7		1,157
AMETEK Inc.		186		29,499
Hubbell Inc., Class B		84		26,208


				56,864

Electronic Equipment, Instruments & Components — 3.7%
Amphenol Corp., Class A		1,050		92,725


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Arrow Electronics Inc.^(a)		166	$	23,662
CDW Corp./DE		5		935
Jabil Inc.		515		56,995
Keysight Technologies Inc.^(a)		59		9,504


				183,821

Energy Equipment & Services — 0.2%
ChampionX Corp.		244		8,686


Consumer Staples Distribution & Retail — 3.4%
BJ’s Wholesale Club Holdings Inc.^(a)(b)		385		25,529
Costco Wholesale Corp.		59		33,080
Dollar General Corp.		20		3,377
Dollar Tree Inc.^(a)		16		2,469
Kroger Co. (The)		1,488		72,376
Walmart Inc.		189		30,214


				167,045

Food Products — 1.1%
General Mills Inc.		343		25,636
Hershey Co. (The)		69		15,960
JM Smucker Co. (The)		7		1,055
Kellogg Co.		192		12,843
Lamb Weston Holdings Inc.		14		1,451


				56,945

Health Care Providers & Services — 2.4%
Humana Inc.		32		14,618
McKesson Corp.		27		10,865
UnitedHealth Group Inc.		180		91,147


				116,630

Hotels, Restaurants & Leisure — 4.4%
Boyd Gaming Corp.		75		5,124
Chipotle Mexican Grill Inc., Class A^(a)		1		1,962
Darden Restaurants Inc.		49		8,277
Hilton Worldwide Holdings Inc.		105		16,327
Las Vegas Sands Corp.^(a)		68		4,067
Marriott International Inc./MD, Class A		67		13,521
McDonald’s Corp.		548		160,674
Starbucks Corp.		20		2,031
Yum! Brands Inc.		36		4,956


				216,939

Household Durables — 1.5%
DR Horton Inc.		57		7,240
PulteGroup Inc.		517		43,630
Taylor Morrison Home Corp.^(a)		493		23,871


				74,741

Household Products — 0.5%
Procter & Gamble Co. (The)		148		23,132


Insurance — 0.9%
Arch Capital Group Ltd.^(a)		434		33,717
Marsh & McLennan Companies Inc.		55		10,363
Progressive Corp. (The)		25		3,150


				47,230

Interactive Media & Services — 1.2%
Meta Platforms Inc, Class A^(a)		186		59,260


IT Services — 0.9%
Accenture PLC, Class A		129		40,809
Okta Inc.^(a)		24		1,845


				42,654


S C H E D U L E O F I N V E S T M E N T S		39

Schedule of Investments (continued)

July 31, 2023

BlackRock Future U.S. Themes ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Leisure Products — 0.1%
Brunswick Corp./DE		53	$	4,575


Machinery — 2.4%
Dover Corp.		40		5,839
Graco Inc.		221		17,532
Lincoln Electric Holdings Inc.		173		34,723
Toro Co. (The)		34		3,456
Xylem Inc./NY		525		59,193


				120,743

Marine Transportation — 0.2%
Matson Inc.		86		8,038


Metals & Mining — 1.3%
Commercial Metals Co.		71		4,063
Nucor Corp.		98		16,865
Reliance Steel & Aluminum Co.		13		3,807
Steel Dynamics Inc.		280		29,842
U.S. Steel Corp.		347		8,849


				63,426

Broadline Retail — 1.0%
Amazon.com Inc.^(a)		55		7,353
Dillard’s Inc., Class A		109		37,391
Nordstrom Inc.		125		2,889


				47,633

Oil, Gas & Consumable Fuels — 5.5%
Chevron Corp.		318		52,044
Chord Energy Corp.		7		1,098
Civitas Resources Inc.		38		2,845
ConocoPhillips		260		30,607
Denbury Inc.^(a)		46		4,044
Devon Energy Corp.		47		2,538
Diamondback Energy Inc.		114		16,794
EOG Resources Inc.		38		5,036
Exxon Mobil Corp.		449		48,151
Hess Corp.		10		1,517
Matador Resources Co.		445		24,755
Murphy Oil Corp.		53		2,293
Occidental Petroleum Corp.		320		20,202
Ovintiv Inc.		87		4,010
PDC Energy Inc.		564		42,802
Pioneer Natural Resources Co.		49		11,058


				269,794

Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		47		3,578


Professional Services — 4.1%
Automatic Data Processing Inc.		60		14,836
Booz Allen Hamilton Holding Corp., Class A		347		42,015
CACI International Inc., Class A^(a)		21		7,359
FTI Consulting Inc.^(a)		62		10,860
Genpact Ltd.		530		19,128
Paychex Inc.		135		16,938
SS&C Technologies Holdings Inc.		1,382		80,501
Verisk Analytics Inc., Class A		54		12,363


				204,000

Ground Transportation — 1.7%
JB Hunt Transport Services Inc.		50		10,197
Old Dominion Freight Line Inc.		128		53,695


Security	Shares		Value

Ground Transportation (continued)
Ryder System Inc.		185	$	18,898


				82,790

Semiconductors & Semiconductor Equipment — 4.7%
Broadcom Inc.		154		138,392
Nvidia Corp.		92		42,991
ON Semiconductor Corp.^(a)		18		1,939
Texas Instruments Inc.		266		47,880


				231,202

Software — 15.6%
Adobe Inc.^(a)		184		100,495
Cadence Design Systems Inc.^(a)		352		82,372
Check Point Software Technologies Ltd.^(a)(b)		840		111,056
Crowdstrike Holdings Inc., Class A^(a)		149		24,087
Fortinet Inc.^(a)		783		60,855
Microsoft Corp.		535		179,717
Oracle Corp.		803		94,136
Palo Alto Networks Inc.^(a)(b)		286		71,489
Salesforce Inc.^(a)		17		3,825
Synopsys Inc.^(a)		75		33,885
Tenable Holdings Inc.^(a)		106		5,158
Zscaler Inc.^(a)		11		1,764


				768,839

Specialty Retail — 5.9%
AutoNation Inc.^(a)		72		11,591
AutoZone Inc.^(a)		3		7,445
Home Depot Inc. (The)		160		53,414
Lowe’s Companies Inc.		276		64,658
Murphy USA Inc.		26		7,983
O’Reilly Automotive Inc.^(a)		10		9,258
Penske Automotive Group Inc.^(b)		119		19,209
Ross Stores Inc.		39		4,471
TJX Companies Inc. (The)		1,168		101,067
Ulta Beauty Inc.^(a)		30		13,344


				292,440

Technology Hardware, Storage & Peripherals — 7.6%
Apple Inc.		1,741		342,019
Dell Technologies Inc., Class C		614		32,493


				374,512

Textiles, Apparel & Luxury Goods — 1.7%
Capri Holdings Ltd.^(a)		44		1,624
Carter’s Inc.		31		2,325
Crocs Inc.^(a)		315		34,130
Deckers Outdoor Corp.^(a)		11		5,981
Nike Inc., Class B		318		35,104
Skechers U.S.A. Inc., Class A^(a)		114		6,336


				85,500

Tobacco — 0.2%
Philip Morris International Inc.		81		8,077


Trading Companies & Distributors — 2.7%
Fastenal Co.		170		9,964
MSC Industrial Direct Co. Inc., Class A		172		17,358
United Rentals Inc.		66		30,669
WESCO International Inc.		341		59,870
WW Grainger Inc.		19		14,031


				131,892


Total Long-Term Investments — 98.9% (Cost: $4,337,977)				4,884,778


40		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock Future U.S. Themes ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Securities

Money Market Funds — 5.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(c)(d)(e)		220,700	$	220,766
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(c)(d)		40,000		40,000


Total Short-Term Securities — 5.3% (Cost: $260,750)				260,766


Total Investments — 104.2% (Cost: $4,598,727)				5,145,544

Liabilities in Excess of Other Assets — (4.2)%				(207,786	)


Net Assets — 100.0%			$	4,937,758

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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

Affiliates




Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$ 220,792	^(a)	$	—		$	(42	)	$	16	$	220,766		220,700	$	318	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		70,000		—			(30,000	)^(a)		—			—		40,000		40,000		1,771			—


									$	(42	)	$	16	$	260,766			$	2,089		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 Micro E-Mini Index

09/15/23

2,646


S C H E D U L E O F I N V E S T M E N T S		41

Schedule of Investments (continued)

July 31, 2023

BlackRock Future U.S. Themes ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	2,646	$	—	$	—	$	—	$	2,646

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	4,372		$	—	$	—	$	—	$	4,372


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(531	)	$	—	$	—	$	—	$	(531	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	41,940

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	4,884,778	$	—	$	—	$	4,884,778
Short-Term Securities
Money Market Funds		260,766		—		—		260,766

	$	5,145,544	$	—	$	—	$	5,145,544

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	2,646	$	—	$	—	$	2,646

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


42		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

July 31, 2023

BlackRock Large Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.4%
L3Harris Technologies Inc.		492	$	93,229


Automobile Components — 1.5%
Lear Corp.		638		98,737


Automobiles — 1.7%
General Motors Co.		2,830		108,587


Banks — 9.9%
Citigroup Inc.		3,912		186,446
First Citizens BancShares Inc./NC, Class A		42		60,115
JPMorgan Chase & Co.		948		149,746
Wells Fargo & Co.		5,400		249,264


				645,571

Beverages — 1.7%
Constellation Brands Inc., Class A		408		111,302


Capital Markets — 4.6%
Carlyle Group Inc. (The)		1,986		70,801
Intercontinental Exchange Inc.		828		95,054
Raymond James Financial Inc.		1,242		136,707


				302,562

Chemicals — 1.3%
PPG Industries Inc.		594		85,477


Communications Equipment — 4.3%
Ciena Corp.^(a)		660		27,852
Cisco Systems Inc.		4,818		250,729


				278,581

Containers & Packaging — 3.1%
Crown Holdings Inc.		1,098		101,851
Sealed Air Corp.		2,160		98,539


				200,390

Financial Services — 3.9%
Apollo Global Management Inc.		436		35,625
Equitable Holdings Inc.		3,071		88,107
Fidelity National Information Services Inc.		2,142		129,334


				253,066

Diversified Telecommunication Services — 0.5%
AT&T Inc.		2,240		32,525


Electric Utilities — 4.3%
American Electric Power Co. Inc.		1,684		142,702
Exelon Corp.		3,228		135,124


				277,826

Consumer Staples Distribution & Retail — 3.8%
Dollar General Corp.		186		31,408
Dollar Tree Inc.^(a)		456		70,374
Walmart Inc.		910		145,473


				247,255

Food Products — 1.5%
Kraft Heinz Co. (The)		1,622		58,684
Mondelez International Inc., Class A		536		39,734


				98,418

Health Care Equipment & Supplies — 4.4%
Baxter International Inc.		2,730		123,478
Medtronic PLC		1,842		161,654


				285,132


Security	Shares		Value

Health Care Providers & Services — 12.2%
AmerisourceBergen Corp.		528	$	98,683
Cardinal Health Inc.		2,490		227,760
Cigna Group (The)		586		172,929
Elevance Health Inc.		142		66,971
Laboratory Corp. of America Holdings		792		169,433
Tenet Healthcare Corp.^(a)		768		57,393


				793,169

Insurance — 4.6%
Allstate Corp. (The)		140		15,775
American International Group Inc.		1,797		108,323
Fidelity National Financial Inc.		2,523		98,826
Willis Towers Watson PLC		377		79,672


				302,596

Interactive Media & Services — 2.6%
Alphabet Inc., Class A^(a)		748		99,274
Meta Platforms Inc, Class A^(a)		216		68,818


				168,092

IT Services — 2.0%
Cognizant Technology Solutions Corp., Class A		1,930		127,438


Life Sciences Tools & Services — 0.4%
Fortrea Holdings Inc.^(a)		792		25,312


Machinery — 1.7%
Fortive Corp.		1,426		111,727


Media — 4.0%
Comcast Corp., Class A		4,088		185,023
Fox Corp., Class A, NVS		2,304		77,069


				262,092

Broadline Retail — 1.0%
Amazon.com Inc.^(a)		510		68,177


Oil, Gas & Consumable Fuels — 6.8%
ConocoPhillips		744		87,584
Enterprise Products Partners LP		6,702		177,670
EQT Corp.		2,028		85,541
Hess Corp.		594		90,127


				440,922

Pharmaceuticals — 1.8%
Catalent Inc.^(a)		390		18,923
Eli Lilly & Co.		210		95,455


				114,378

Professional Services — 6.9%
Dun & Bradstreet Holdings Inc.		6,102		72,126
Leidos Holdings Inc.		2,376		222,227
SS&C Technologies Holdings Inc.		2,676		155,877


				450,230

Software — 2.4%
Microsoft Corp.		468		157,210


Specialty Retail — 1.0%
Ross Stores Inc.		540		61,906


Technology Hardware, Storage & Peripherals — 1.0%
Western Digital Corp.^(a)		1,536		65,372


S C H E D U L E O F I N V E S T M E N T S		43

Schedule of Investments (continued)

July 31, 2023

BlackRock Large Cap Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Textiles, Apparel & Luxury Goods — 3.0%
Ralph Lauren Corp.		1,512	$	198,571


Total Long-Term Investments — 99.3% (Cost: $5,923,915)				6,465,850


Short-Term Securities

Money Market Funds — 0.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(b)(c)		40,000		40,000


Total Short-Term Securities — 0.6% (Cost: $40,000)				40,000


Total Investments — 99.9% (Cost: $5,963,915)				6,505,850

Other Assets Less Liabilities — 0.1%				3,765


Net Assets — 100.0%			$	6,509,615

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period end.

Affiliates



Affiliated Issuer		Value at 05/19/23	^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)				Value at 07/31/23	Shares Held at 07/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—		$	40,000	^(b)	$	—	$	—		$	—	$	40,000	40,000	$	241	$	—

^(a)

Commencement of operations.

^(b)

Represents net amount purchased (sold).

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	6,465,850	$	—	$	—	$	6,465,850

Short-Term Securities
Money Market Funds		40,000		—		—		40,000

	$	6,505,850	$	—	$	—	$	6,505,850

See notes to financial statements.


44		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments

July 31, 2023

BlackRock U.S. Carbon Transition Readiness ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Industrial REITs — 0.4%
Prologis Inc.		49,320	$	6,152,670
Rexford Industrial Realty Inc.		24,504		1,349,925


				7,502,595

Aerospace & Defense — 0.4%
Hexcel Corp.		7,378		521,477
Howmet Aerospace Inc.		61,308		3,135,291
RTX Corp.		27,485		2,416,756


				6,073,524

Air Freight & Logistics — 0.8%
CH Robinson Worldwide Inc.		20,507		2,054,391
Expeditors International of Washington Inc.		38,952		4,958,589
FedEx Corp.		6,987		1,886,141
United Parcel Service Inc., Class B		21,706		4,061,844


				12,960,965

Passenger Airlines — 0.1%
American Airlines Group Inc.^(a)		82,397		1,380,150


Automobile Components — 0.0%
Aptiv PLC^(a)		2,727		298,579
Phinia Inc.^(a)		1,171		33,222


				331,801

Automobiles — 2.1%
Ford Motor Co.		29,484		389,484
General Motors Co.		126,052		4,836,615
Lucid Group Inc.^(a)(b)		40,169		305,686
Rivian Automotive Inc., Class A^(a)(b)		15,832		437,597
Tesla Inc.^(a)		111,510		29,821,119


				35,790,501

Banks — 3.1%
Bank OZK		14,371		628,444
Citigroup Inc.		146,785		6,995,773
Citizens Financial Group Inc.		116,161		3,747,354
Commerce Bancshares Inc.		8,821		469,101
East West Bancorp. Inc.		13,281		826,211
Fifth Third Bancorp.		109,004		3,172,016
FNB Corp.		147,553		1,887,203
Huntington Bancshares Inc./OH		199,582		2,442,884
JPMorgan Chase & Co.		129,442		20,446,658
KeyCorp.		299,707		3,689,393
M&T Bank Corp.		25,271		3,534,402
NU Holdings Ltd.^(a)		41,355		329,186
U.S. Bancorp.		50,155		1,990,150
Wells Fargo & Co.		33,630		1,552,361


				51,711,136

Beverages — 2.2%
Coca-Cola Co. (The)		319,999		19,817,538
Keurig Dr Pepper Inc.		98,867		3,362,466
Molson Coors Beverage Co., Class B		31,113		2,170,754
Monster Beverage Corp.^(a)		26,083		1,499,512
PepsiCo Inc.		54,976		10,305,801


				37,156,071

Biotechnology — 2.2%
AbbVie Inc.		109,372		16,359,864
Amgen Inc.		24,070		5,635,990
Biogen Inc.^(a)		4,474		1,208,830
Gilead Sciences Inc.		35,970		2,738,756
Moderna Inc.^(a)		10,241		1,204,956


Security	Shares		Value

Biotechnology (continued)
Regeneron Pharmaceuticals Inc.^(a)		8,498	$	6,304,751
Seagen Inc.^(a)		4,069		780,353
Vertex Pharmaceuticals Inc.^(a)		9,630		3,393,034


				37,626,534

Building Products — 1.7%
A O Smith Corp.		37,088		2,693,701
Builders FirstSource Inc.^(a)		21,654		3,127,487
Carrier Global Corp.		35,733		2,127,900
Fortune Brands Home & Security Inc., NVS		8,004		568,844
Johnson Controls International PLC		93,799		6,523,721
Masco Corp.		29,548		1,792,973
Owens Corning		11,434		1,600,646
Trane Technologies PLC		48,185		9,610,016


				28,045,288

Capital Markets — 3.3%
Bank of New York Mellon Corp. (The)		106,534		4,832,382
Blackstone Inc., NVS		15,256		1,598,676
Cboe Global Markets Inc.		4,352		607,887
Charles Schwab Corp. (The)		81,349		5,377,169
CME Group Inc.		14,562		2,897,256
Coinbase Global Inc., Class A^(a)(b)		7,019		692,144
FactSet Research Systems Inc.		5,891		2,562,821
Goldman Sachs Group Inc. (The)		33,398		11,885,346
Interactive Brokers Group Inc., Class A		9,645		842,298
Janus Henderson Group PLC		26,106		766,211
KKR & Co. Inc.		11,252		668,144
LPL Financial Holdings Inc.		18,782		4,307,839
Moody’s Corp.		1,256		443,054
Morgan Stanley		2,489		227,893
MSCI Inc., Class A		7,603		4,167,052
Nasdaq Inc.		70,443		3,556,667
Raymond James Financial Inc.		13,755		1,514,013
S&P Global Inc.		7,135		2,814,829
State Street Corp.		67,800		4,911,432
XP Inc., Class A^(a)		11,500		310,615


				54,983,728

Chemicals — 1.8%
Air Products and Chemicals Inc.		5,245		1,601,456
Albemarle Corp.		2,330		494,612
Axalta Coating Systems Ltd.^(a)		11,947		382,304
CF Industries Holdings Inc.		2,452		201,260
Ecolab Inc.		48,134		8,815,261
Element Solutions Inc.		66,537		1,394,616
FMC Corp.		2,997		288,401
Linde PLC		22,698		8,867,428
PPG Industries Inc.		18,552		2,669,633
RPM International Inc.		14,107		1,457,394
Sherwin-Williams Co. (The)		11,924		3,296,986


				29,469,351

Hotel & Resort REITs — 0.0%
Host Hotels & Resorts Inc.		17,241		317,234


Commercial Services & Supplies — 0.6%
Republic Services Inc., Class A		12,314		1,860,769
Tetra Tech Inc.		1,115		188,669
Waste Management Inc.		52,265		8,560,484


				10,609,922

Communications Equipment — 1.0%
Arista Networks Inc.^(a)		7,474		1,159,143


S C H E D U L E O F I N V E S T M E N T S		45

Schedule of Investments (continued)

July 31, 2023

BlackRock U.S. Carbon Transition Readiness ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Communications Equipment (continued)
Cisco Systems Inc.		302,028	$	15,717,537
Motorola Solutions Inc.		2,512		720,014


				17,596,694

Construction & Engineering — 0.2%
AECOM		25,429		2,212,323
MasTec Inc.^(a)		8,781		1,033,963


				3,246,286

Consumer Finance — 0.2%
Ally Financial Inc.		39,582		1,208,835
American Express Co.		5,808		980,855
Capital One Financial Corp.		3,411		399,155


				2,588,845

Containers & Packaging — 0.4%
Avery Dennison Corp.		11,830		2,176,838
Ball Corp.		47,455		2,785,134
Berry Global Group Inc.		13,482		884,015
Crown Holdings Inc.		10,557		979,267
Graphic Packaging Holding Co.		29,047		702,938


				7,528,192

Diversified Consumer Services — 0.3%
Bright Horizons Family Solutions Inc.^(a)(b)		5,876		570,148
Grand Canyon Education Inc.^(a)		7,935		861,344
H&R Block Inc.		33,286		1,118,743
Service Corp. International		28,123		1,874,398


				4,424,633

Financial Services — 4.1%
Berkshire Hathaway Inc., Class B^(a)		66,349		23,352,194
Block Inc.^(a)		12,147		978,198
Mastercard Inc., Class A		56,735		22,369,476
MGIC Investment Corp.		11,319		189,480
PayPal Holdings Inc.^(a)		83,827		6,355,763
Visa Inc., Class A		67,899		16,141,629


				69,386,740

Diversified Telecommunication Services — 0.6%
AT&T Inc.		278,033		4,037,039
Frontier Communications Parent Inc.^(a)		7,566		137,777
Iridium Communications Inc.		7,152		375,838
Verizon Communications Inc.		155,794		5,309,459


				9,860,113

Electric Utilities — 1.4%
Avangrid Inc.		63,213		2,343,938
Edison International		86,304		6,210,436
Eversource Energy		90,835		6,570,096
Exelon Corp.		60,425		2,529,390
Hawaiian Electric Industries Inc.		4,096		157,245
NextEra Energy Inc.		79,422		5,821,633


				23,632,738

Electrical Equipment — 1.5%
Acuity Brands Inc.		22,317		3,687,661
AMETEK Inc.		22,345		3,543,917
Eaton Corp. PLC		34,913		7,168,337
Emerson Electric Co.		7,424		678,183
Rockwell Automation Inc.		27,256		9,165,920
Sunrun Inc.^(a)(b)		42,784		812,041
Vertiv Holdings Co.		9,324		242,517


				25,298,576

Electronic Equipment, Instruments & Components — 0.1%
National Instruments Corp.		27,155		1,602,145


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Trimble Inc.^(a)		11,035	$	593,683


				2,195,828

Energy Equipment & Services — 0.3%
Baker Hughes Co., Class A		129,315		4,628,184
Halliburton Co.		10,134		396,037


				5,024,221

Entertainment — 1.1%
AMC Entertainment Holdings Inc., Class A^(a)(b)		40,939		203,467
Atlanta Braves Holdings Inc., NVS^(a)		762		31,028
Liberty Media Corp.-Liberty Formula One, Class A^(a)		3,810		244,907
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		22,277		1,617,310
Live Nation Entertainment Inc.^(a)(b)		14,951		1,311,950
Madison Square Garden Sports Corp.		5,537		1,177,997
Netflix Inc.^(a)		14,576		6,398,427
Spotify Technology SA^(a)		9,324		1,393,099
Walt Disney Co. (The)^(a)		58,502		5,200,243
Warner Bros. Discovery Inc.^(a)		101,741		1,329,755


				18,908,183

Consumer Staples Distribution & Retail — 1.7%
Costco Wholesale Corp.		17,045		9,556,620
Kroger Co. (The)		34,080		1,657,651
Target Corp.		32,892		4,488,771
Walgreens Boots Alliance Inc.		103,876		3,113,164
Walmart Inc.		65,150		10,414,879


				29,231,085

Food Products — 0.9%
Archer-Daniels-Midland Co.		21,604		1,835,476
Darling Ingredients Inc.^(a)		28,778		1,992,877
General Mills Inc.		17,638		1,318,264
Kellogg Co.		38,834		2,597,606
Lamb Weston Holdings Inc.		13,719		1,421,700
McCormick & Co. Inc./MD, NVS		11,975		1,071,523
Mondelez International Inc., Class A		51,526		3,819,622
Tyson Foods Inc., Class A		4,290		239,039


				14,296,107

Gas Utilities — 0.0%
UGI Corp.		4,593		123,965


Specialized REITs — 1.1%
American Tower Corp.		24,966		4,751,279
Crown Castle Inc.		12,476		1,351,026
Digital Realty Trust Inc.		18,845		2,348,464
Equinix Inc.		4,786		3,876,277
Iron Mountain Inc.		16,089		987,865
Weyerhaeuser Co.		141,491		4,819,184


				18,134,095

Health Care Equipment & Supplies — 3.3%
Abbott Laboratories		153,518		17,091,159
Baxter International Inc.		23,248		1,051,507
Becton Dickinson and Co.		21,870		6,093,419
Boston Scientific Corp.^(a)		7,836		406,297
DENTSPLY SIRONA Inc.		86,751		3,601,902
Dexcom Inc.^(a)		10,472		1,304,392
Edwards Lifesciences Corp.^(a)		47,580		3,904,891
Hologic Inc.^(a)		48,743		3,871,169
ICU Medical Inc.^(a)		2,491		443,846
IDEXX Laboratories Inc.^(a)		3,630		2,013,670
Insulet Corp.^(a)		8,784		2,430,972


46		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock U.S. Carbon Transition Readiness ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Intuitive Surgical Inc.^(a)		19,815	$	6,427,986
Medtronic PLC		57,761		5,069,105
ResMed Inc.		7,502		1,668,070


				55,378,385

Health Care Providers & Services — 2.3%
Cardinal Health Inc.		44,020		4,026,510
Centene Corp.^(a)		39,858		2,713,931
Cigna Group (The)		15,110		4,458,961
CVS Health Corp.		55,083		4,114,149
Elevance Health Inc.		15,543		7,330,545
HCA Healthcare Inc.		5,743		1,566,748
McKesson Corp.		3,258		1,311,019
UnitedHealth Group Inc.		27,219		13,782,885


				39,304,748

Hotels, Restaurants & Leisure — 2.0%
Airbnb Inc., Class A^(a)(b)		15,746		2,396,384
Booking Holdings Inc.^(a)		3,624		10,766,179
Boyd Gaming Corp.		58,083		3,968,231
Caesars Entertainment Inc.^(a)		15,508		915,282
Chipotle Mexican Grill Inc., Class A^(a)		858		1,683,636
Choice Hotels International Inc.		1,570		205,278
DoorDash Inc., Class A^(a)(b)		2,324		210,996
Expedia Group Inc.^(a)		25,880		3,171,076
Las Vegas Sands Corp.^(a)		8,967		536,316
McDonald’s Corp.		9,779		2,867,203
Norwegian Cruise Line Holdings Ltd.^(a)		22,064		486,952
Planet Fitness Inc., Class A^(a)		7,139		482,168
Royal Caribbean Cruises Ltd.^(a)		18,065		1,971,072
Starbucks Corp.		24,343		2,472,519
Wendy’s Co. (The)		32,072		689,227
Wynn Resorts Ltd.		5,607		611,051


				33,433,570

Household Durables — 0.3%
Mohawk Industries Inc.^(a)		1,755		186,627
Whirlpool Corp.		31,695		4,572,320


				4,758,947

Household Products — 0.8%
Church & Dwight Co. Inc.		30,918		2,957,925
Colgate-Palmolive Co.		7,751		591,091
Kimberly-Clark Corp.		2,990		386,009
Procter & Gamble Co. (The)		64,936		10,149,497


				14,084,522

Independent Power and Renewable Electricity Producers — 0.1%
Brookfield Renewable Corp., Class A		29,149		908,574


Industrial Conglomerates — 0.7%
3M Co.		56,445		6,293,617
General Electric Co.		42,561		4,862,169


				11,155,786

Health Care REITs — 0.1%
Ventas Inc.		44,758		2,171,658


Insurance — 2.3%
Aflac Inc.		86,988		6,292,712
Allstate Corp. (The)		14,636		1,649,184
American Financial Group Inc./OH		4,316		524,869
Aon PLC, Class A		12,261		3,905,129
Arch Capital Group Ltd.^(a)		52,770		4,099,701
Assurant Inc.		1,132		152,265


Security	Shares		Value

Insurance (continued)
Assured Guaranty Ltd.		12,052	$	720,469
Axis Capital Holdings Ltd.		17,930		988,302
Cincinnati Financial Corp.		8,905		958,000
Everest Group Ltd.		476		171,603
Globe Life Inc.		13,213		1,482,102
Hartford Financial Services Group Inc. (The)		12,455		895,265
Marsh & McLennan Companies Inc.		18,712		3,525,715
Principal Financial Group Inc.		70,652		5,642,975
Prudential Financial Inc.		56,145		5,417,431
Reinsurance Group of America Inc.		2,779		390,033
RenaissanceRe Holdings Ltd.		2,864		534,881
Travelers Companies Inc. (The)		2,963		511,443


				37,862,079

Interactive Media & Services — 5.6%
Alphabet Inc., Class A^(a)		259,227		34,404,608
Alphabet Inc., Class C, NVS^(a)		227,564		30,291,044
IAC/InterActiveCorp.^(a)		8,169		568,562
Meta Platforms Inc, Class A^(a)		91,803		29,248,436


				94,512,650

Retail REITs — 0.6%
Brixmor Property Group Inc.		42,317		962,289
Federal Realty Investment Trust		47,556		4,827,885
Realty Income Corp.		10,156		619,211
Regency Centers Corp.		29,304		1,920,291
Simon Property Group Inc.		18,594		2,316,813


				10,646,489

IT Services — 1.9%
Accenture PLC, Class A		60,655		19,188,209
Akamai Technologies Inc.^(a)		2,556		241,542
Cloudflare Inc., Class A^(a)(b)		10,656		732,813
Cognizant Technology Solutions Corp., Class A		21,565		1,423,937
DXC Technology Co.^(a)		31,890		881,759
EPAM Systems Inc.^(a)		1,205		285,356
Gartner Inc.^(a)		2,329		823,511
International Business Machines Corp.		43,721		6,303,694
Okta Inc.^(a)		11,512		884,812
Snowflake Inc., Class A^(a)		5,352		951,104


				31,716,737

Leisure Products — 0.1%
Hasbro Inc.		20,800		1,342,848
Polaris Inc.		4,752		645,512
YETI Holdings Inc.^(a)		7,597		323,632


				2,311,992

Life Sciences Tools & Services — 1.2%
Agilent Technologies Inc.		14,977		1,823,749
Illumina Inc.^(a)		12,412		2,384,966
Mettler-Toledo International Inc.^(a)		2,759		3,469,360
QIAGEN NV^(a)		36,262		1,697,787
Revvity Inc.		14,761		1,814,865
Thermo Fisher Scientific Inc.		17,084		9,373,307


				20,564,034

Machinery — 1.7%
AGCO Corp.		3,934		523,615
Caterpillar Inc.		20,283		5,378,443
CNH Industrial NV		83,402		1,197,653
Cummins Inc.		15,898		4,146,198
Deere & Co.		7,806		3,353,458
IDEX Corp.		2,070		467,427


S C H E D U L E O F I N V E S T M E N T S		47

Schedule of Investments (continued)

July 31, 2023

BlackRock U.S. Carbon Transition Readiness ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Illinois Tool Works Inc.		3,046	$	802,073
Ingersoll Rand Inc.^(b)		14,965		976,765
Middleby Corp. (The)^(a)		1,940		294,589
Otis Worldwide Corp.		8,534		776,253
Stanley Black & Decker Inc.		2,422		240,432
Toro Co. (The)		1,348		137,024
Westinghouse Air Brake Technologies Corp.		14,712		1,742,489
Xylem Inc./NY		71,848		8,100,862


				28,137,281

Marine Transportation — 0.1%
Kirby Corp.^(a)		29,381		2,393,964


Media — 0.6%
Comcast Corp., Class A		117,781		5,330,768
Liberty Media Corp.-Liberty SiriusXM, Class A, NVS^(a)		32,209		1,021,025
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		33,027		1,051,249
New York Times Co. (The), Class A		10,656		434,339
Omnicom Group Inc.		3,243		274,423
Paramount Global, Class B, NVS		50,616		811,375
Trade Desk Inc. (The), Class A^(a)		3,996		364,675


				9,287,854

Metals & Mining — 0.6%
Freeport-McMoRan Inc.		81,260		3,628,259
Newmont Corp.		24,451		1,049,437
Nucor Corp.		15,954		2,745,524
Reliance Steel & Aluminum Co.		1,849		541,498
Royal Gold Inc.		5,717		686,840
Steel Dynamics Inc.		9,117		971,690


				9,623,248

Residential REITs — 0.1%
AvalonBay Communities Inc.		4,364		823,268
Equity LifeStyle Properties Inc.		5,288		376,400
UDR Inc.		29,277		1,196,844


				2,396,512

Mortgage Real Estate Investment — 0.0%
AGNC Investment Corp.		14,297		145,686
Annaly Capital Management Inc.		28,816		578,914


				724,600

Multi-Utilities — 0.8%
Consolidated Edison Inc.		73,832		7,003,703
Public Service Enterprise Group Inc.		68,055		4,295,632
Sempra Energy		19,165		2,855,968


				14,155,303

Broadline Retail — 2.9%
Amazon.com Inc.^(a)		350,723		46,884,650
Etsy Inc.^(a)		18,721		1,902,990


				48,787,640

Oil, Gas & Consumable Fuels — 3.7%
Antero Midstream Corp.		15,605		186,324
Antero Resources Corp.^(a)		27,092		724,711
Cheniere Energy Inc.		9,324		1,509,183
Chevron Corp.		72,190		11,814,615
ConocoPhillips		88,309		10,395,735
Diamondback Energy Inc.		14,716		2,167,961
EOG Resources Inc.		38,416		5,091,272
Exxon Mobil Corp.		107,300		11,506,852


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Hess Corp.		1,930	$	292,839
Marathon Oil Corp.		89,711		2,356,708
Marathon Petroleum Corp.		36,243		4,821,044
Occidental Petroleum Corp.		10,850		684,961
ONEOK Inc.		53,777		3,605,210
Ovintiv Inc.		15,079		694,991
Phillips 66		33,496		3,736,479
Range Resources Corp.		8,819		277,181
Targa Resources Corp.		7,992		655,264
Valero Energy Corp.		3,689		475,549
Williams Companies Inc. (The)		24,889		857,426


				61,854,305

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		5,275		401,586


Personal Care Products — 0.3%
Estee Lauder Companies Inc. (The), Class A		29,737		5,352,660


Pharmaceuticals — 4.1%
Bristol-Myers Squibb Co.		10,598		659,090
Catalent Inc.^(a)		11,420		554,098
Eli Lilly & Co.		34,295		15,588,792
Johnson & Johnson		169,912		28,465,357
Merck & Co. Inc.		121,738		12,983,358
Pfizer Inc.		313,628		11,309,426


				69,560,121

Professional Services — 1.0%
Automatic Data Processing Inc.		22,924		5,668,188
Broadridge Financial Solutions Inc.		19,009		3,191,991
FTI Consulting Inc.^(a)		5,404		946,565
Jacobs Solutions Inc., NVS		3,406		427,146
Leidos Holdings Inc.		9,175		858,138
Verisk Analytics Inc., Class A		23,787		5,445,796


				16,537,824

Office REITs — 0.4%
Boston Properties Inc.		38,612		2,572,718
Cousins Properties Inc.		12,062		294,675
Highwoods Properties Inc.		17,042		430,651
Kilroy Realty Corp.		80,780		2,883,846
Vornado Realty Trust		4,961		111,523


				6,293,413

Ground Transportation — 0.7%
CSX Corp.		124,989		4,164,633
JB Hunt Transport Services Inc.		15,169		3,093,566
Landstar System Inc.		1,295		263,649
Norfolk Southern Corp.		9,776		2,283,576
Uber Technologies Inc.^(a)		28,985		1,433,598


				11,239,022

Semiconductors & Semiconductor Equipment — 6.6%
Advanced Micro Devices Inc.^(a)		56,382		6,450,101
Analog Devices Inc.		6,832		1,363,189
Applied Materials Inc.		23,364		3,541,749
Broadcom Inc.		17,595		15,811,747
Cirrus Logic Inc.^(a)		2,336		188,749
Enphase Energy Inc.^(a)		8,519		1,293,440
First Solar Inc.^(a)		13,081		2,712,999
GLOBALFOUNDRIES Inc.^(a)(b)		7,033		447,932
Intel Corp.		92,249		3,299,747
KLA Corp.		9,433		4,848,090


48		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock U.S. Carbon Transition Readiness ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Lam Research Corp.		1,551	$	1,114,378
Marvell Technology Inc.		32,393		2,109,756
Microchip Technology Inc.		24,333		2,285,842
Nvidia Corp.		95,841		44,785,541
ON Semiconductor Corp.^(a)		46,225		4,980,744
Qorvo Inc.^(a)		20,872		2,296,337
Qualcomm Inc.		9,663		1,277,159
Skyworks Solutions Inc.		23,231		2,656,929
Texas Instruments Inc.		33,773		6,079,140
Universal Display Corp.		26,453		3,858,964
Wolfspeed Inc.^(a)(b)		2,925		192,757


				111,595,290

Software — 9.7%
Adobe Inc.^(a)		16,980		9,273,967
Autodesk Inc.^(a)		25,627		5,432,668
Cadence Design Systems Inc.^(a)		6,830		1,598,288
Crowdstrike Holdings Inc., Class A^(a)		5,193		839,500
DocuSign Inc., Class A^(a)		6,391		343,964
Dolby Laboratories Inc., Class A		2,160		191,398
Fortinet Inc.^(a)		78,621		6,110,424
Gen Digital Inc.		89,104		1,733,073
Intuit Inc.		10,931		5,593,393
Microsoft Corp.		305,949		102,774,388
Oracle Corp.		71,029		8,326,730
Palo Alto Networks Inc.^(a)		21,533		5,382,389
Roper Technologies Inc.		1,239		610,889
Salesforce Inc.^(a)		36,447		8,200,940
SentinelOne Inc., Class A^(a)(b)		10,772		179,569
Splunk Inc.^(a)		11,692		1,266,594
Synopsys Inc.^(a)		794		358,729
Teradata Corp.^(a)		5,117		290,901
UiPath Inc., Class A^(a)(b)		10,817		195,571
VMware Inc., Class A^(a)		8,916		1,405,429
Workday Inc., Class A^(a)(b)		14,110		3,345,904
Zscaler Inc.^(a)		2,590		415,384


				163,870,092

Specialty Retail — 2.3%
Bath & Body Works Inc.		15,984		592,367
Best Buy Co. Inc.		3,032		251,808
Burlington Stores Inc.^(a)		4,874		865,720
CarMax Inc.^(a)(b)		23,841		1,969,505
Dick’s Sporting Goods Inc.		3,851		542,991
Home Depot Inc. (The)		50,841		16,972,759
Lithia Motors Inc.		5,136		1,594,882
Lowe’s Companies Inc.		27,166		6,364,179
Murphy USA Inc.		956		293,521
O’Reilly Automotive Inc.^(a)		271		250,889
Ross Stores Inc.		2,340		268,258


Security	Shares		Value

Specialty Retail (continued)
TJX Companies Inc. (The)		18,227	$	1,577,182
Tractor Supply Co.		18,059		4,045,035
Wayfair Inc., Class A^(a)		9,190		715,625
Williams-Sonoma Inc.		13,065		1,811,332


				38,116,053

Technology Hardware, Storage & Peripherals — 7.4%
Apple Inc.		588,340		115,579,393
Hewlett Packard Enterprise Co.		257,396		4,473,542
HP Inc.		58,990		1,936,642
NetApp Inc.		18,460		1,440,065
Western Digital Corp.^(a)		23,976		1,020,418


				124,450,060

Textiles, Apparel & Luxury Goods — 0.7%
Deckers Outdoor Corp.^(a)		5,389		2,929,945
Nike Inc., Class B		66,212		7,309,143
PVH Corp.		9,365		839,479
VF Corp.		29,793		590,199


				11,668,766

Trading Companies & Distributors — 0.2%
MSC Industrial Direct Co. Inc., Class A		3,401		343,229
WW Grainger Inc.		3,411		2,518,989


				2,862,218


Total Long-Term Investments — 98.8% (Cost: $1,507,847,277)				1,663,553,084


Short-Term Securities

Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(c)(d)(e)		9,484,892		9,487,737
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(c)(d)		18,240,000		18,240,000


Total Short-Term Securities — 1.6% (Cost: $27,725,824)				27,727,737


Total Investments — 100.4% (Cost: $1,535,573,101)				1,691,280,821

Liabilities in Excess of Other Assets — (0.4)%				(7,302,110	)


Net Assets — 100.0%			$	1,683,978,711

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Annualized 7-day yield as of period end.

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


S C H E D U L E O F I N V E S T M E N T S		49

Schedule of Investments (continued)

July 31, 2023

BlackRock U.S. Carbon Transition Readiness ETF

Affiliates




Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	8,867,997	$	611,208	^(a)	$	—		$	7,283		$	1,249	$	9,487,737		9,484,892	$	187,787	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,910,000		3,330,000	^(a)		—			—			—		18,240,000		18,240,000		585,276			—
BlackRock Inc.^(c)		4,055,900		7,116			(4,572,262	)		(200,060	)		709,306		—		—		—			—


									$	(192,777	)	$	710,555	$	27,727,737			$	773,063		$	—

^(a)

Represents net amount purchased (sold).

^(b)

^(c)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

09/15/23

19,381

879,857

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	879,857	$	—	$	—	$	—	$	879,857

^(a)

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	156,773	$	—	$	—	$	—	$	156,773


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	422,359	$	—	$	—	$	—	$	422,359


50		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock U.S. Carbon Transition Readiness ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	14,533,044

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

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,663,553,084	$	—	$	—	$	1,663,553,084
Short-Term Securities
Money Market Funds		27,727,737		—		—		27,727,737

	$	1,691,280,821	$	—	$	—	$	1,691,280,821

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	879,857	$	—	$	—	$	879,857

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		51

Schedule of Investments

July 31, 2023

BlackRock U.S. Equity Factor Rotation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Communication Services — 8.1%
Alphabet Inc., Class A^(a)		8,695	$	1,154,001
Alphabet Inc., Class C, NVS^(a)		3,417		454,837
Meta Platforms Inc, Class A^(a)		2,322		739,789
Netflix Inc.^(a)		671		294,549
Walt Disney Co. (The)^(a)		79		7,022


				2,650,198

Consumer Discretionary — 17.2%
Airbnb Inc., Class A^(a)		3,476		529,012
Amazon.com Inc.^(a)		10,870		1,453,102
Booking Holdings Inc.^(a)		160		475,328
Chewy Inc., Class A^(a)(b)		443		15,018
Expedia Group Inc.^(a)		720		88,222
Ford Motor Co.		11,295		149,207
General Motors Co.		3,064		117,566
Home Depot Inc. (The)		3,729		1,244,889
MercadoLibre Inc.^(a)		109		134,947
Nike Inc., Class B		3,306		364,949
Rivian Automotive Inc., Class A^(a)		2,168		59,924
Tesla Inc.^(a)		3,759		1,005,269


				5,637,433

Consumer Staples — 1.5%
Costco Wholesale Corp.		507		284,260
PepsiCo Inc.		1,028		192,709


				476,969

Energy — 11.1%
Baker Hughes Co., Class A		1,651		59,089
Chevron Corp.		7,595		1,242,998
ConocoPhillips		5,455		642,163
Devon Energy Corp.		2,976		160,704
EOG Resources Inc.		525		69,578
Exxon Mobil Corp.		11,300		1,211,812
Halliburton Co.		5,191		202,864
Occidental Petroleum Corp.		931		58,774


				3,647,982

Financials — 14.5%
Bank of America Corp.		18,199		582,368
Berkshire Hathaway Inc., Class B^(a)		772		271,713
Blackstone Inc., NVS		1,570		164,520
Block Inc.^(a)		350		28,186
Cboe Global Markets Inc.		246		34,361
Goldman Sachs Group Inc. (The)		298		106,049
JPMorgan Chase & Co.		6,006		948,708
Mastercard Inc., Class A		2,558		1,008,568
PayPal Holdings Inc.^(a)		1,111		84,236
Visa Inc., Class A		6,272		1,491,043
Willis Towers Watson PLC		187		39,519


				4,759,271

Health Care — 3.0%
AbbVie Inc.		744		111,286
Abiomed Inc., CVR^(c)		53		148
Elevance Health Inc.		179		84,422
Johnson & Johnson		1,347		225,663
UnitedHealth Group Inc.		1,118		566,122


				987,641


Security	Shares		Value

Industrials — 4.9%
Automatic Data Processing Inc.		283	$	69,975
Caterpillar Inc.		1,470		389,800
Union Pacific Corp.		928		215,314
United Parcel Service Inc., Class B		4,895		916,001


				1,591,090

Information Technology — 33.3%
Accenture PLC, Class A		1,060		335,331
Adobe Inc.^(a)		1,088		594,233
Advanced Micro Devices Inc.^(a)		3,091		353,610
Apple Inc.		15,299		3,005,489
Applied Materials Inc.		1,098		166,446
Broadcom Inc.		1,121		1,007,387
Intuit Inc.		335		171,419
Microsoft Corp.		9,198		3,089,792
Nvidia Corp.		2,747		1,283,646
Qualcomm Inc.		1,454		192,175
Salesforce Inc.^(a)		1,034		232,660
ServiceNow Inc.^(a)		402		234,366
Texas Instruments Inc.		1,310		235,800


				10,902,354

Materials — 3.0%
Freeport-McMoRan Inc.		644		28,755
Linde PLC		1,402		547,719
Nucor Corp.		2,335		401,830


				978,304

Real Estate — 3.2%
Prologis Inc.		5,617		700,721
Public Storage		1,295		364,866


				1,065,587


Total Long-Term Investments — 99.8% (Cost: $28,895,453)				32,696,829


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		13,794		13,799
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		50,000		50,000


Total Short-Term Securities — 0.2% (Cost: $63,799)				63,799


Total Investments — 100.0% (Cost: $28,959,252)				32,760,628

Liabilities in Excess of Other Assets — (.00)%				(6,775	)


Net Assets — 100.0%			$	32,753,853

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

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


52		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock U.S. Equity Factor Rotation ETF

Affiliates



Affiliated Issuer	Value at 07/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,425,099	$	—	$	(1,411,513	)^(a)	$	361	$	(148	)	$	13,799		13,794	$	502	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		240,000		—		(190,000	)^(a)		—		—			50,000		50,000		2,628			—

								$	361	$	(148	)	$	63,799			$	3,130		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Hierarchy as of Period End


	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	32,696,681	$	—	$	148	$	32,696,829
Short-Term Securities
Money Market Funds		63,799		—		—		63,799

	$	32,760,480	$	—	$	148	$	32,760,628

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		53

Schedule of Investments

July 31, 2023

BlackRock World ex U.S. Carbon Transition Readiness ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 6.2%
Aristocrat Leisure Ltd.		94,699	$	2,508,124
Australia & New Zealand Banking Group Ltd.		22,670		393,305
BlueScope Steel Ltd.		16,815		247,971
Brambles Ltd.		61,207		579,065
Cochlear Ltd.		7,991		1,285,531
Commonwealth Bank of Australia		8,963		637,706
CSL Ltd.		16,882		3,040,721
Fortescue Metals Group Ltd.		133,756		1,966,310
GPT Group (The)		318,066		929,662
IDP Education Ltd.		4,420		74,072
IGO Ltd.		117,413		1,097,138
Insurance Australia Group Ltd.		25,299		100,994
Lottery Corp. Ltd. (The)		208,087		724,121
Macquarie Group Ltd.		58,894		6,945,364
Medibank Pvt Ltd.		259,125		611,770
Mineral Resources Ltd.		8,519		411,611
Mirvac Group		134,935		212,698
National Australia Bank Ltd.		123,539		2,366,519
Pilbara Minerals Ltd.		146,663		479,814
Qantas Airways Ltd.^(a)		366,672		1,611,073
QBE Insurance Group Ltd.		35,723		379,267
REA Group Ltd.		7,479		792,874
Rio Tinto Ltd.		13,554		1,073,271
Santos Ltd.		17,946		96,567
Stockland		483,069		1,372,897
Suncorp Group Ltd.		42,955		411,596
Transurban Group		52,187		503,868
Vicinity Ltd.		406,527		540,520
Wesfarmers Ltd.		63,855		2,133,532
Westpac Banking Corp.		74,973		1,126,909
Woodside Energy Group Ltd.		40,785		1,051,241


				35,706,111

Austria — 0.2%
Erste Group Bank AG		6,071		229,459
Verbund AG		12,617		1,045,406


				1,274,865

Belgium — 0.8%
Anheuser-Busch InBev SA/NV		37,055		2,119,755
KBC Group NV		6,666		501,715
Umicore SA		70,951		2,101,223
Warehouses De Pauw CVA		5,765		170,340


				4,893,033

Canada — 10.7%
Algonquin Power & Utilities Corp.		81,174		669,755
Alimentation Couche-Tard Inc.		14,122		714,962
ARC Resources Ltd.		43,195		652,519
Bank of Nova Scotia (The)		115,651		5,823,552
BCE Inc.		44,401		1,917,932
Brookfield Asset Management Ltd.		8,894		300,008
Brookfield Corp., Class A		62,338		2,176,027
Canadian Pacific Kansas City Ltd.		20,357		1,674,997
CCL Industries Inc., Class B, NVS		3,079		147,616
CGI Inc.^(a)		15,609		1,586,172
Empire Co. Ltd., Class A, NVS		36,284		985,349
Enbridge Inc.		149,792		5,507,084
First Quantum Minerals Ltd.		10,401		308,484
Fortis Inc.		16,037		683,608
Franco-Nevada Corp.		40,046		5,843,591


Security	Shares		Value

Canada (continued)
Gildan Activewear Inc.		4,959	$	154,225
iA Financial Corp. Inc.		1,176		81,477
IGM Financial Inc.		3,573		111,337
Loblaw Companies Ltd.		7,249		643,183
Manulife Financial Corp.		19,932		398,443
Metro Inc.		1,947		104,788
Northland Power Inc.		69,433		1,343,219
Nutrien Ltd.		11,277		777,114
Parkland Corp.		45,896		1,253,339
Pembina Pipeline Corp.		5,982		189,397
Restaurant Brands International Inc.		49,866		3,817,520
Royal Bank of Canada		101,885		10,100,805
Shopify Inc., Class A^(a)		55,383		3,741,340
Sun Life Financial Inc.		74,910		3,942,482
TELUS Corp.		95,167		1,694,552
Toronto-Dominion Bank (The)		58,894		3,883,837
West Fraser Timber Co. Ltd.		2,365		199,258


				61,427,972

Denmark — 3.0%
Chr Hansen Holding A/S		3,692		278,981
Danske Bank A/S		98,005		2,327,135
DSV A/S		22,271		4,457,317
Novo Nordisk A/S, Class B		51,337		8,278,204
Novozymes A/S, Class B		5,020		251,770
Vestas Wind Systems A/S^(a)		60,111		1,607,756


				17,201,163

Finland — 0.7%
Fortum OYJ		32,168		435,466
Neste OYJ		29,084		1,070,729
Stora Enso OYJ, Class R		8,443		103,505
Wartsila OYJ Abp		204,039		2,563,311


				4,173,011

France — 10.8%
Airbus SE		4,284		631,033
Alstom SA		9,497		290,800
Amundi SA^(b)		20,733		1,272,289
Arkema SA		2,622		282,754
AXA SA		47,801		1,469,348
BioMerieux		11,668		1,252,552
Bollore SE		91,325		577,422
Capgemini SE		12,148		2,201,443
Carrefour SA		78,451		1,568,324
Cie. de Saint-Gobain		18,276		1,236,031
Danone SA		3,318		202,619
Dassault Systemes SE		20,471		874,903
Engie SA		47,847		784,945
EssilorLuxottica SA		10,872		2,187,177
Gecina SA		1,713		185,197
Hermes International		535		1,184,097
Ipsen SA		6,549		825,350
Kering SA		154		88,421
Klepierre SA		28,017		743,674
La Francaise des Jeux SAEM^(b)		3,354		128,047
Legrand SA		42,834		4,294,310
L’Oreal SA		11,842		5,507,826
LVMH Moet Hennessy Louis Vuitton SE		11,450		10,634,388
Publicis Groupe SA		3,354		270,417
Remy Cointreau SA		708		121,534
Renault SA		12,917		567,336


54		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock World ex U.S. Carbon Transition Readiness ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

France (continued)
Sanofi		44,073	$	4,701,907
Sartorius Stedim Biotech		1,569		490,895
Schneider Electric SE		44,787		7,988,748
SEB SA		1,947		217,959
Societe Generale SA		4,646		126,356
Sodexo SA		13,407		1,375,255
Teleperformance		5,487		795,828
TotalEnergies SE		87,492		5,315,708
Vinci SA		3,187		374,305
Vivendi SE		55,769		497,925
Wendel SE		2,000		197,429
Worldline SA/France^(a)(b)		23,750		941,436


				62,405,988

Germany — 5.5%
adidas AG		700		141,320
Allianz SE, Registered		19,445		4,647,342
BASF SE		18,201		975,774
Commerzbank AG		17,343		207,448
Covestro AG^(a)(b)		7,741		415,838
Deutsche Bank AG, Registered		64,768		717,962
Deutsche Post AG, Registered		20,693		1,064,100
Deutsche Telekom AG, Registered		90,137		1,965,098
E.ON SE		27,401		346,631
HeidelbergCement AG		11,864		961,552
HelloFresh SE^(a)		3,050		86,971
Henkel AG & Co. KGaA		1,817		126,976
Mercedes-Benz Group AG		20,852		1,665,302
Merck KGaA		10,401		1,827,715
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		7,538		2,837,649
Puma SE		7,229		488,545
Rational AG		177		132,495
SAP SE		37,301		5,088,287
Siemens AG, Registered		31,269		5,329,555
Siemens Healthineers AG^(b)		31,616		1,836,994
Telefonica Deutschland Holding AG		103,570		279,057
Vonovia SE		8,893		207,207
Zalando SE^(a)(b)		16,210		559,645


				31,909,463

Hong Kong — 2.1%
AIA Group Ltd.		559,200		5,594,648
Budweiser Brewing Co. APAC Ltd.^(b)		619,500		1,511,033
Hang Lung Properties Ltd.		243,000		379,213
Hang Seng Bank Ltd.		68,200		1,042,475
Hong Kong Exchanges & Clearing Ltd.		24,200		1,020,321
MTR Corp. Ltd.		273,500		1,260,370
Sands China Ltd.^(a)		56,800		218,823
Swire Pacific Ltd., Class A		143,500		1,199,550
WH Group Ltd.^(b)		190,500		103,973


				12,330,406

Ireland — 0.8%
Bank of Ireland Group PLC		48,552		512,263
CRH PLC		55,066		3,280,333
Flutter Entertainment PLC, Class DI^(a)		1,553		308,891
Smurfit Kappa Group PLC		11,805		467,136


				4,568,623

Israel — 0.2%
Bank Leumi Le-Israel BM		44,499		355,218
CyberArk Software Ltd.^(a)(c)		1,397		231,916


Security	Shares		Value

Israel (continued)
Nice Ltd.^(a)		1,209	$	263,164
Wix.com Ltd.^(a)		3,525		332,478


				1,182,776

Italy — 2.0%
Amplifon SpA		10,291		348,166
Enel SpA		600,005		4,137,152
FinecoBank Banca Fineco SpA		97,590		1,515,303
Intesa Sanpaolo SpA		821,428		2,375,297
Telecom Italia SpA/Milano^(a)		511,590		147,477
Terna - Rete Elettrica Nazionale		8,068		68,167
UniCredit SpA		109,942		2,783,758


				11,375,320

Japan — 19.3%
Advantest Corp.		17,800		2,461,915
Ajinomoto Co. Inc.		10,700		416,924
Asahi Group Holdings Ltd.		23,500		923,768
Astellas Pharma Inc.		53,800		786,682
Azbil Corp.		2,100		66,266
BayCurrent Consulting Inc.		1,900		61,360
Chugai Pharmaceutical Co. Ltd.		20,100		598,201
CyberAgent Inc.		195,900		1,238,431
Dai Nippon Printing Co. Ltd.		64,500		1,833,475
Daifuku Co. Ltd.		37,700		806,295
Daiichi Sankyo Co. Ltd.		41,100		1,265,864
Daikin Industries Ltd.		15,300		3,093,640
Denso Corp.		56,300		3,920,028
ENEOS Holdings Inc.		586,400		2,127,540
Fast Retailing Co. Ltd.		2,400		601,231
Fuji Electric Co. Ltd.		31,300		1,415,060
FUJIFILM Holdings Corp.		6,100		354,200
Fujitsu Ltd.		13,700		1,774,010
Hankyu Hanshin Holdings Inc.		49,000		1,627,921
Hitachi Ltd.		42,100		2,756,055
Honda Motor Co. Ltd.		230,900		7,361,412
Ibiden Co. Ltd.		20,900		1,270,287
Inpex Corp.		99,600		1,286,057
Japan Real Estate Investment Corp.		67		269,481
JFE Holdings Inc.		5,700		92,203
JSR Corp.		4,900		140,565
Keyence Corp.		800		358,994
Kirin Holdings Co. Ltd.		177,000		2,614,367
Komatsu Ltd.		39,000		1,092,563
Kubota Corp.		111,000		1,676,763
Kurita Water Industries Ltd.		34,000		1,367,316
Kyocera Corp.		53,900		2,900,470
Kyowa Kirin Co. Ltd.		6,200		118,393
MatsukiyoCocokara & Co.		1,000		58,522
Mazda Motor Corp.		22,300		221,227
Mitsubishi Corp.		5,700		291,649
Mitsubishi Electric Corp.		370,800		5,351,063
Mitsubishi Estate Co. Ltd.		51,800		634,845
Mitsubishi Heavy Industries Ltd.		31,100		1,475,509
Mitsui & Co. Ltd.		28,900		1,127,969
Mitsui OSK Lines Ltd.		34,300		886,717
Mizuho Financial Group Inc.		71,600		1,214,720
Murata Manufacturing Co. Ltd.		47,000		2,791,880
NGK Insulators Ltd.		154,100		1,889,923
Nidec Corp.		1,100		65,697
Nintendo Co. Ltd.		68,900		3,116,673


S C H E D U L E O F I N V E S T M E N T S		55

Schedule of Investments (continued)

July 31, 2023

BlackRock World ex U.S. Carbon Transition Readiness ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Japan (continued)
Nippon Building Fund Inc.		194	$	813,211
Nippon Express Holdings Inc.		24,300		1,424,738
Nippon Paint Holdings Co. Ltd.		53,100		486,516
Nippon Prologis REIT Inc.		414		846,592
Nippon Steel Corp.		84,000		1,919,935
Nippon Yusen KK		15,000		364,892
Nissan Motor Co. Ltd.		28,000		123,344
Nitori Holdings Co. Ltd.		900		110,207
Nitto Denko Corp.		7,400		526,221
Nomura Holdings Inc.		494,900		2,047,387
Nomura Research Institute Ltd.		42,300		1,201,951
NTT Data Group Corp.		57,000		792,938
Olympus Corp.		36,300		592,304
Omron Corp.		47,700		2,560,358
Panasonic Holdings Corp.		377,200		4,655,924
Renesas Electronics Corp.^(a)		30,700		592,321
Ricoh Co. Ltd.		12,300		109,417
Secom Co. Ltd.		14,100		946,178
Sekisui Chemical Co. Ltd.		188,600		2,864,740
Seven & i Holdings Co. Ltd.		3,200		132,752
Shin-Etsu Chemical Co. Ltd.		48,500		1,597,825
SoftBank Corp.		45,800		508,586
SoftBank Group Corp.		18,100		920,609
Sony Group Corp.		32,300		3,025,419
Sumitomo Chemical Co. Ltd.		51,400		158,526
Sumitomo Metal Mining Co. Ltd.		22,300		770,135
Sumitomo Mitsui Trust Holdings Inc.		21,900		851,947
Sysmex Corp.		6,500		440,148
TDK Corp.		28,800		1,103,278
Terumo Corp.		51,800		1,696,402
Tokyo Electron Ltd.		3,500		525,304
Toray Industries Inc.		339,700		1,902,120
Toshiba Corp.		23,400		755,498
TOTO Ltd.		18,400		565,655
Toyota Industries Corp.		13,600		982,833
Toyota Motor Corp.		200,300		3,367,794
Trend Micro Inc./Japan		2,000		94,491
USS Co. Ltd.		47,100		816,718
Yamaha Corp		1,700		65,872
Yamaha Motor Co. Ltd.		5,200		152,510
ZOZO Inc.		4,600		89,801


				111,307,528

Netherlands — 3.6%
ABN AMRO Bank NV, CVA^(b)		24,109		409,930
Aegon NV		21,952		119,162
Akzo Nobel NV		6,609		565,387
ASML Holding NV		15,089		10,807,780
ING Groep NV		166,618		2,432,067
Koninklijke Philips NV^(a)		63,855		1,326,500
NN Group NV		60,187		2,307,264
OCI NV		2,168		61,787
Prosus NV		21,906		1,732,926
Wolters Kluwer NV		6,936		870,995


				20,633,798

New Zealand — 0.1%
Mercury NZ Ltd.		80,204		328,443


Norway — 1.3%
Aker BP ASA		68,539		1,919,954
Equinor ASA		106,896		3,269,786


Security	Shares		Value

Norway (continued)
Norsk Hydro ASA		177,188	$	1,160,478
Orkla ASA		130,402		1,028,979


				7,379,197

Portugal — 0.3%
EDP - Energias de Portugal SA		55,564		259,586
Galp Energia SGPS SA		101,801		1,352,896
Jeronimo Martins SGPS SA		10,635		289,546


				1,902,028

Singapore — 0.9%
City Developments Ltd.		155,900		867,472
DBS Group Holdings Ltd.		117,000		3,018,254
Keppel Corp. Ltd.		46,792		259,847
United Overseas Bank Ltd.		40,000		907,339


				5,052,912

Spain — 2.7%
Acciona SA		2,703		405,176
Amadeus IT Group SA		17,831		1,279,126
Banco Bilbao Vizcaya Argentaria SA		27,276		216,200
Banco Santander SA		644,956		2,613,543
Cellnex Telecom SA^(b)		7,944		324,426
Endesa SA		58,729		1,258,730
Grifols SA^(a)		31,922		468,944
Iberdrola SA		590,102		7,365,371
Industria de Diseno Textil SA		31,792		1,216,928
Telefonica SA		108,449		462,075


				15,610,519

Sweden — 2.6%
Atlas Copco AB, Class A		31,152		442,542
Atlas Copco AB, Class B		30,017		370,677
Boliden AB		60,384		1,775,848
EQT AB		54,232		1,295,444
Evolution AB^(b)		4,839		596,710
Fastighets AB Balder, Class B^(a)		51,818		241,807
H & M Hennes & Mauritz AB, Class B		53,910		906,754
Nibe Industrier AB, Class B		116,260		1,047,242
Nordea Bank Abp		226,771		2,566,670
Skandinaviska Enskilda Banken AB, Class A		70,838		858,715
Swedbank AB, Class A		25,497		467,658
Tele2 AB, Class B		512,996		3,860,065
Telefonaktiebolaget LM Ericsson, Class B		80,367		404,284


				14,834,416

Switzerland — 10.3%
ABB Ltd., Registered		196,620		7,889,872
Barry Callebaut AG, Registered		53		99,375
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		115		1,406,477
Coca-Cola HBC AG, Class DI		4,919		144,731
Dufry AG, Registered^(a)		5,091		263,044
Kuehne + Nagel International AG, Registered		1,299		406,452
Lonza Group AG, Registered		3,119		1,812,251
Nestle SA, Registered		95,989		11,760,489
Novartis AG, Registered		81,909		8,575,637
Partners Group Holding AG		1,928		2,164,438
Roche Holding AG, Bearer		4,786		1,586,899
Roche Holding AG, NVS		21,236		6,584,250
Schindler Holding AG, Participation Certificates, NVS		2,418		587,131
SGS SA		6,236		605,484
Siemens Energy AG^(a)		7,566		128,180
SIG Group AG		4,368		116,773


56		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock World ex U.S. Carbon Transition Readiness ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
Sika AG, Registered		9,958	$	3,099,303
Sonova Holding AG, Registered		8,733		2,434,280
STMicroelectronics NV		75,693		4,048,543
Swiss Life Holding AG, Registered		2,414		1,534,952
Swiss Re AG		20,996		2,190,708
Swisscom AG, Registered		230		147,903
Temenos AG, Registered		2,324		199,870
Zurich Insurance Group AG		3,348		1,618,753


				59,405,795

United Kingdom — 13.0%
3i Group PLC		77,352		1,962,510
Anglo American PLC		83,424		2,565,436
Antofagasta PLC		12,728		273,776
AstraZeneca PLC		58,551		8,412,385
Auto Trader Group PLC^(b)		59,826		496,171
Aviva PLC		128,194		638,683
BAE Systems PLC		64,305		769,026
Barclays PLC		761,462		1,510,977
Berkeley Group Holdings PLC		29,595		1,650,149
BP PLC		482,897		2,996,109
BT Group PLC		706,938		1,107,761
CNH Industrial NV		76,320		1,102,288
Coca-Cola Europacific Partners PLC		24,891		1,577,840
Compass Group PLC		10,136		263,715
Diageo PLC		127,627		5,569,931
Entain PLC		7,986		142,242
Glencore PLC		255,064		1,551,155
GSK PLC		227,331		4,046,754
HSBC Holdings PLC		826,546		6,865,632
Intertek Group PLC		2,832		158,644
J Sainsbury PLC		602,720		2,145,975
JD Sports Fashion PLC		401,196		812,676
Johnson Matthey PLC		27,429		634,360
Land Securities Group PLC		12,530		104,059
Lloyds Banking Group PLC		2,683,143		1,550,178
London Stock Exchange Group PLC		4,364		473,907
Mondi PLC		4,053		71,092
NatWest Group PLC, NVS		246,708		774,426
Ocado Group PLC^(a)		12,567		151,289
Pearson PLC		13,122		145,150
Prudential PLC		120,317		1,670,761
Reckitt Benckiser Group PLC		28,248		2,116,116
RELX PLC		123,890		4,169,729
Rio Tinto PLC		37,112		2,453,018
Segro PLC		75,037		735,329
Shell PLC		124,966		3,787,439
Standard Chartered PLC		96,950		931,258


Security	Shares		Value

United Kingdom (continued)
Tesco PLC		416,610	$	1,379,842
Unilever PLC		128,004		6,878,025


				74,645,813


Total Common Stocks — 97.1% (Cost: $544,774,367)				559,549,180


Preferred Stocks

Germany — 0.8%
Bayerische Motoren Werke AG, Preference Shares, NVS		13,098		1,471,574
Dr Ing hc F Porsche AG, Preference Shares, NVS^(b)		1,606		196,386
Henkel AG & Co. KGaA, Preference Shares, NVS		3,347		258,276
Sartorius AG, Preference Shares, NVS		600		247,548
Volkswagen AG, Preference Shares, NVS		17,374		2,301,630


				4,475,414


Total Preferred Stocks — 0.8% (Cost: $5,228,175)				4,475,414


Total Long-Term Investments — 97.9% (Cost: $550,002,542)				564,024,594


Short-Term Securities

Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%^(d)(e)(f)		198,723		198,782
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.22%^(d)(e)		9,720,000		9,720,000


Total Short-Term Securities — 1.7% (Cost: $9,918,782)				9,918,782


Total Investments — 99.6% (Cost: $559,921,324)				573,943,376

Other Assets Less Liabilities — 0.4%				2,318,355


Net Assets — 100.0%			$	576,261,731

^(a)	Non-income producing security.

^(b)	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)	All or a portion of this security is on loan.

^(d)	Affiliate of the Fund.

^(e)	Annualized 7-day yield as of period end.

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


S C H E D U L E O F I N V E S T M E N T S		57

Schedule of Investments (continued)

July 31, 2023

BlackRock World ex U.S. Carbon Transition Readiness ETF

Affiliates



Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)				Value at 07/31/23		Shares Held at 07/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	652,247	$	—		$	(453,693	)(a)	$	282		$	(54	)	$	198,782		198,723	$	8,110	^(b)	$	—

BlackRock Cash Funds: Treasury, SL Agency Shares		4,860,000		4,860,000	^(a)		—			—			—			9,720,000		9,720,000		212,143			—

									$	282		$	(54	)	$	9,918,782			$	220,253		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

MSCI EAFE Index

103

09/15/23

11,360

368,087

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	368,087	$	—	$	—	$	—	$	368,087

^(a)

For the period ended July 31, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	857,615	$	—	$	—	$	—	$	857,615


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	290,569	$	—	$	—	$	—	$	290,569

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts:
Average notional value of contracts — long	$	8,875,118

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


58		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued)

July 31, 2023

BlackRock World ex U.S. Carbon Transition Readiness ETF

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	68,138,829	$	491,410,351	$	—	$	559,549,180

Preferred Stocks		—		4,475,414		—		4,475,414

Short-Term Securities
Money Market Funds		9,918,782		—		—		9,918,782

	$	78,057,611	$	495,885,765	$	—	$	573,943,376

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	368,087	$	—	$	—	$	368,087

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		59

Statements of Assets and Liabilities

July 31, 2023


	BlackRock Future Climate and Sustainable Economy ETF			BlackRock Future Financial and Technology ETF			BlackRock Future Health ETF			BlackRock Future Innovators ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	4,231,185		$	4,305,979		$	5,646,067		$	7,177,118
Investments, at value — affiliated^(c)		234,600			444,167			779,473			817,113
Cash		2,175			5,189			6,563			1,504
Foreign currency, at value^(d)		—			—			—			1,149
Receivables:
Investments sold		—			—			32,823			—
Securities lending income — affiliated		35			1,931			428			157
Dividends — unaffiliated		793			1,695			97			241
Dividends — affiliated		940			667			1,155			72
From the Manager		—			5,367			—			—
Tax reclaims		560			174			806			—
Unrealized appreciation on forward foreign currency exchange contracts		—			—			4,260			—


Total assets		4,470,288			4,765,169			6,471,672			7,997,354


LIABILITIES
Collateral on securities loaned, at value		44,581			244,169			519,568			797,317
Payables:
Investments purchased		—			—			10,450			—
Investment advisory fees		2,568			2,536			4,249			4,731
Unrealized depreciation on forward foreign currency exchange contracts		—			—			2,125			—


Total liabilities		47,149			246,705			536,392			802,048


Commitments and contingent liabilities
NET ASSETS	$	4,423,139		$	4,518,464		$	5,935,280		$	7,195,306


NET ASSETS CONSIST OF
Paid-in capital	$	5,027,754		$	4,998,389		$	6,508,864		$	14,161,270
Accumulated loss		(604,615	)		(479,925	)		(573,584	)		(6,965,964	)


NET ASSETS	$	4,423,139		$	4,518,464		$	5,935,280		$	7,195,306


NET ASSET VALUE
Shares outstanding		200,000			200,000			240,000			240,000


Net asset value	$	22.12		$	22.59		$	24.73		$	29.98


Shares authorized		Unlimited			Unlimited			Unlimited			Unlimited


Par value		None			None			None			None


^(a)Investments, at cost — unaffiliated	$	4,111,453		$	4,005,616		$	5,305,134		$	7,513,383
^(b)Securities loaned, at value	$	43,953		$	243,888		$	502,803		$	763,488
^(c)Investments, at cost — affiliated	$	234,595		$	444,147		$	779,371		$	816,804
^(d)Foreign currency, at cost	$	—		$	—		$	—		$	1,206

See notes to financial statements.


60		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Assets and Liabilities (continued)

July 31, 2023


	BlackRock Future Tech ETF			BlackRock Future U.S. Themes ETF			BlackRock Large Cap Value ETF		BlackRock U.S. Carbon Transition Readiness ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	14,310,174		$	4,884,778		$	6,465,850	$	1,663,553,084
Investments, at value — affiliated^(c)		953,634			260,766			40,000		27,727,737
Cash		2,222			10,279			1,886		181,608
Cash pledged for futures contracts		—			3,000			—		951,000
Foreign currency, at value^(d)		1			—			—		—
Receivables:
Securities lending income — affiliated		202			32			—		25,958
Dividends — unaffiliated		7,010			1,879			4,721		1,102,415
Dividends — affiliated		1,108			207			139		77,902
Tax reclaims		346			—			—		—
Variation margin on futures contracts		—			83			—		33,555


Total assets		15,274,697			5,161,024			6,512,596		1,693,653,259


LIABILITIES
Collateral on securities loaned, at value		704,151			220,797			—		9,487,987
Payables:
Investment advisory fees		10,539			2,469			2,981		186,561


Total liabilities		714,690			223,266			2,981		9,674,548


Commitments and contingent liabilities
NET ASSETS	$	14,560,007		$	4,937,758		$	6,509,615	$	1,683,978,711


NET ASSETS CONSIST OF
Paid-in capital	$	20,156,233		$	4,956,026		$	5,965,456	$	1,601,518,197
Accumulated earnings (loss)		(5,596,226	)		(18,268	)		544,159		82,460,514


NET ASSETS	$	14,560,007		$	4,937,758		$	6,509,615	$	1,683,978,711


NET ASSET VALUE
Shares outstanding		640,000			200,000			240,000		33,300,000


Net asset value	$	22.75		$	24.69		$	27.12	$	50.57


Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited


Par value		None			None			None		None


^(a)Investments, at cost — unaffiliated	$	11,340,600		$	4,337,977		$	5,923,915	$	1,507,847,277
^(b)Securities loaned, at value	$	707,952		$	211,909		$	—	$	9,391,995
^(c)Investments, at cost — affiliated	$	953,434		$	260,750		$	40,000	$	27,725,824
^(d)Foreign currency, at cost	$	1		$	—		$	—	$	—

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		61

Statements of Assets and Liabilities (continued)

July 31, 2023


	BlackRock U.S. Equity Factor Rotation ETF			BlackRock World ex U.S. Carbon Transition Readiness ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	32,696,829		$	564,024,594
Investments, at value — affiliated^(c)		63,799			9,918,782
Cash		2,285			84,322
Cash pledged for futures contracts		—			360,000
Foreign currency, at value^(d)		—			787,923
Receivables:
Securities lending income — affiliated		5			27
Capital shares sold		—			226,240
Dividends — unaffiliated		9,855			286,234
Dividends — affiliated		237			28,019
Tax reclaims		—			1,066,539


Total assets		32,773,010			576,782,680


LIABILITIES
Collateral on securities loaned, at value		13,799			198,783
Payables:
Investments purchased		—			226,239
Investment advisory fees		5,358			84,570
Variation margin on futures contracts		—			11,357


Total liabilities		19,157			520,949


Commitments and contingent liabilities
NET ASSETS	$	32,753,853		$	576,261,731


NET ASSETS CONSIST OF
Paid-in capital	$	45,266,746		$	611,291,566
Accumulated loss		(12,512,893	)		(35,029,835	)


NET ASSETS	$	32,753,853		$	576,261,731


NET ASSET VALUE
Shares outstanding		875,000			13,275,000


Net asset value	$	37.43		$	43.41


Shares authorized		Unlimited			Unlimited


Par value		None			None


^(a)Investments, at cost — unaffiliated	$	28,895,453		$	550,002,542
^(b)Securities loaned, at value	$	13,560		$	196,722
^(c)Investments, at cost — affiliated	$	63,799		$	9,918,782
^(d)Foreign currency, at cost	$	—		$	786,292

See notes to financial statements.


62		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations

Year Ended July 31, 2023


		BlackRock Future Climate and Sustainable Economy ETF			BlackRock Future Financial and Technology ETF	^(a)		BlackRock Future Health ETF			BlackRock Future Innovators ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	66,019		$	42,772		$	21,471		$	16,792
Dividends — affiliated		9,935			9,585			8,085			6,688
Interest — unaffiliated		—			1,640			—			—
Securities lending income — affiliated — net		396			10,601			4,419			4,577
Foreign taxes withheld		(6,411	)		(849	)		(774	)		(411	)


Total investment income		69,939			63,749			33,201			27,646


EXPENSES
Investment advisory		29,013			28,062			50,239			56,627
Commitment costs		16			11			21			27


Total expenses		29,029			28,073			50,260			56,654

Less:
Investment advisory fees waived		(224	)		(209	)		(180	)		(177	)


Total expenses after fees waived		28,805			27,864			50,080			56,477


Net investment income (loss)		41,134			35,885			(16,879	)		(28,831	)


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(234,262	)		(792,277	)		(288,121	)		(1,544,308	)
Investments — affiliated		80			(23	)		103			448
Forward foreign currency exchange contracts		—			—			4,989			—
Foreign currency transactions		(1,360	)		(567	)		(632	)		(250	)
In-kind redemptions — unaffiliated^(b)		—			—			29,776			110,965


		(235,542	)		(792,867	)		(253,885	)		(1,433,145	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		534,934			300,363			530,746			1,937,230
Investments — affiliated		5			20			76			117
Forward foreign currency exchange contracts		—			—			2,135			—
Foreign currency translations		(2	)		4			53			(31	)


		534,937			300,387			533,010			1,937,316


Net realized and unrealized gain (loss)		299,395			(492,480	)		279,125			504,171


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	340,529		$	(456,595	)	$	262,246		$	475,340

^(a)	For the period from August 16, 2022 (commencement of operations) to July 31, 2023.

^(b)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		63

Statements of Operations (continued)

Year Ended July 31, 2023


		BlackRock Future Tech ETF			BlackRock Future U.S. Themes ETF			BlackRock Large Cap Value ETF	^(a)		BlackRock U.S. Carbon Transition Readiness ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	70,024		$	58,899		$	23,486		$	23,678,433
Dividends — affiliated		19,069			1,771			241			585,276
Interest — unaffiliated		—			—			72			—
Securities lending income — affiliated — net		4,085			318			—			187,787
Foreign taxes withheld		(9,054	)		(55	)		—			(5,122	)


Total investment income		84,124			60,933			23,799			24,446,374


EXPENSES
Investment advisory		104,431			26,211			6,638			4,137,633
Commitment costs		44			7			—			2,076


Total expenses		104,475			26,218			6,638			4,139,709

Less:
Investment advisory fees waived		(449	)		(40	)		(5	)		(2,122,711	)


Total expenses after fees waived		104,026			26,178			6,633			2,016,998


Net investment income (loss)		(19,902	)		34,755			17,166			22,429,376


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(3,512,583	)		(343,201	)		(14,942	)		(51,055,455	)
Investments — affiliated		732			(42	)		—			(204,262	)
Foreign currency transactions		(1,307	)		—			—			—
Futures contracts		—			4,372			—			156,773
In-kind redemptions — unaffiliated^(b)		—			—			—			27,565,180
In-kind redemptions — affiliated^(b)		—			—			—			11,485


		(3,513,158	)		(338,871	)		(14,942	)		(23,526,279	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		4,756,402			931,011			541,935			182,599,027
Investments — affiliated		(80	)		16			—			710,555
Foreign currency translations		(38	)		—			—			—
Futures contracts		—			(531	)		—			422,359


		4,756,284			930,496			541,935			183,731,941


Net realized and unrealized gain		1,243,126			591,625			526,993			160,205,662


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,223,224		$	626,380		$	544,159		$	182,635,038

^(a)	For the period from May 19, 2023 (commencement of operations) to July 31, 2023.

^(b)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


64		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (continued)

Year Ended July 31, 2023


		BlackRock U.S. Equity Factor Rotation ETF			BlackRock World ex U.S. Carbon Transition Readiness ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	702,369		$	15,739,699
Dividends — affiliated		2,628			212,143
Interest — unaffiliated		—			614
Securities lending income — affiliated — net		502			8,110
Foreign taxes withheld		(118	)		(1,607,273	)


Total investment income		705,381			14,353,293


EXPENSES
Investment advisory		123,416			1,574,915
Commitment costs		45			2,158


Total expenses		123,461			1,577,073

Less:
Investment advisory fees waived		(41,206	)		(679,603	)


Total expenses after fees waived		82,255			897,470


Net investment income		623,126			13,455,823


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(4,685,268	)		(35,741,739	)
Investments — affiliated		361			282
Foreign currency transactions		—			(15,714	)
Futures contracts		—			857,615
In-kind redemptions — unaffiliated^(a)		(538,928	)		(1,950,435	)


		(5,223,835	)		(36,849,991	)

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		6,667,314			81,171,880
Investments — affiliated		(148	)		(54	)
Foreign currency translations		—			72,103
Futures contracts		—			290,569


		6,667,166			81,534,498


Net realized and unrealized gain		1,443,331			44,684,507


NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,066,457		$	58,140,330

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		65

Statements of Changes in Net Assets


	BlackRock Future Climate and Sustainable Economy ETF						BlackRock Future Financial and Technology ETF


		Year Ended 07/31/23			Period From 08/03/21 to 07/31/22	^(a)		Period From 08/16/22 to 07/31/23	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	41,134		$	25,821		$	35,885
Net realized loss		(235,542	)		(494,666	)		(792,867	)
Net change in unrealized appreciation (depreciation)		534,937			(415,212	)		300,387

Net increase (decrease) in net assets resulting from operations		340,529			(884,057	)		(456,595	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		(33,795	)		(27,292	)		(23,350	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		—			5,027,754			4,998,409


NET ASSETS
Total increase in net assets		306,734			4,116,405			4,518,464
Beginning of period		4,116,405			—			—

End of period	$	4,423,139		$	4,116,405		$	4,518,464

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


66		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	BlackRock Future Health ETF						BlackRock Future Innovators ETF


		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/23			Year Ended 07/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment loss	$	(16,879	)	$	(37,054	)	$	(28,831	)	$	(90,849	)
Net realized loss		(253,885	)		(598,904	)		(1,433,145	)		(3,734,284	)
Net change in unrealized appreciation (depreciation)		533,010			(1,397,944	)		1,937,316			(4,210,914	)


Net increase (decrease) in net assets resulting from operations		262,246			(2,033,902	)		475,340			(8,036,047	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		—			—			—			—


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(1,752,750	)		2,251,107			(1,080,158	)		(7,188,608	)


NET ASSETS
Total increase (decrease) in net assets		(1,490,504	)		217,205			(604,818	)		(15,224,655	)
Beginning of year		7,425,784			7,208,579			7,800,124			23,024,779


End of year	$	5,935,280		$	7,425,784		$	7,195,306		$	7,800,124

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		67

Statements of Changes in Net Assets (continued)


	BlackRock Future Tech ETF						BlackRock Future U.S. Themes ETF


		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/23			Period From 12/14/21 to 07/31/22	^(a)


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income (loss)	$	(19,902	)	$	(93,494	)	$	34,755		$	17,164
Net realized loss		(3,513,158	)		(3,363,742	)		(338,871	)		(230,008	)
Net change in unrealized appreciation (depreciation)		4,756,284			(4,802,469	)		930,496			(381,033	)

Net increase (decrease) in net assets resulting from operations		1,223,224			(8,259,705	)		626,380			(593,877	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		—			—			(37,141	)		(13,630	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		738,698			538,970			—			4,956,026


NET ASSETS
Total increase (decrease) in net assets		1,961,922			(7,720,735	)		589,239			4,348,519
Beginning of period		12,598,085			20,318,820			4,348,519			—

End of period	$	14,560,007		$	12,598,085		$	4,937,758		$	4,348,519

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


68		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	BlackRock Large Cap Value ETF			BlackRock U.S. Carbon Transition Readiness ETF


		Period From 05/19/23 to 07/31/23	^(a)		Year Ended 07/31/23			Year Ended 07/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	17,166		$	22,429,376		$	18,767,846
Net realized gain (loss)		(14,942	)		(23,526,279	)		6,373,624
Net change in unrealized appreciation (depreciation)		541,935			183,731,941			(125,066,472	)

Net increase (decrease) in net assets resulting from operations		544,159			182,635,038			(99,925,002	)


DISTRIBUTIONS TO SHAREHOLDERS^(b)
Decrease in net assets resulting from distributions to shareholders		—			(22,379,758	)		(41,628,906	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		5,965,456			114,373,008			127,015,451


NET ASSETS
Total increase (decrease) in net assets		6,509,615			274,628,288			(14,538,457	)
Beginning of period		—			1,409,350,423			1,423,888,880

End of period	$	6,509,615		$	1,683,978,711		$	1,409,350,423

^(a)	Commencement of operations.

^(b)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		69

Statements of Changes in Net Assets (continued)


	BlackRock U.S. Equity Factor Rotation ETF						BlackRock World ex U.S. Carbon Transition Readiness ETF


		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/23			Year Ended 07/31/22


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	623,126		$	1,139,870		$	13,455,823		$	15,174,818
Net realized gain (loss)		(5,223,835	)		6,903,579			(36,849,991	)		(17,955,343	)
Net change in unrealized appreciation (depreciation)		6,667,166			(20,383,932	)		81,534,498			(83,378,484	)

Net increase (decrease) in net assets resulting from operations		2,066,457			(12,340,483	)		58,140,330			(86,159,009	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(748,865	)		(5,841,846	)		(15,105,730	)		(18,699,758	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(42,033,410	)		(4,636,185	)		90,912,171			(58,425,735	)


NET ASSETS
Total increase (decrease) in net assets		(40,715,818	)		(22,818,514	)		133,946,771			(163,284,502	)
Beginning of year		73,469,671			96,288,185			442,314,960			605,599,462

End of year	$	32,753,853		$	73,469,671		$	576,261,731		$	442,314,960

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


70		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)


		BlackRock Future Climate and Sustainable Economy ETF


		Year Ended 07/31/23			Period From 08/03/21 to 07/31/22	^(a)


Net asset value, beginning of period	$	20.58		$	25.14

Net investment income^(b)		0.21			0.13
Net realized and unrealized gain (loss)^(c)		1.50			(4.55	)


Net increase (decrease) from investment operations		1.71			(4.42	)


Distributions from net investment income^(d)		(0.17	)		(0.14	)


Net asset value, end of period	$	22.12		$	20.58


Total Return^(e)
Based on net asset value		8.31	%		(17.61	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.70	%		0.70	%^(h)


Total expenses after fees waived		0.69	%		0.70	%^(h)


Net investment income		0.99	%		0.56	%^(h)


Supplemental Data
Net assets, end of period (000)	$	4,423		$	4,116


Portfolio turnover rate⁽ⁱ⁾		40	%		55	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		71

Financial Highlights (continued)

(For a share outstanding throughout the period)


		BlackRock Future Financial and Technology ETF


		Period From 08/16/22 to 07/31/23	^(a)


Net asset value, beginning of period	$	24.99

Net investment income^(b)		0.18
Net realized and unrealized loss^(c)		(2.46	)


Net decrease from investment operations		(2.28	)


Distributions from net investment income^(d)		(0.12	)


Net asset value, end of period	$	22.59


Total Return^(e)
Based on net asset value		(9.09	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.70	%^(h)


Total expenses after fees waived		0.70	%^(h)


Net investment income		0.90	%^(h)


Supplemental Data
Net assets, end of period (000)	$	4,518


Portfolio turnover rate⁽ⁱ⁾		83	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


72		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock Future Health ETF


		Year Ended 07/31/23			Year Ended 07/31/22			Period From 09/29/20 to 07/31/21	^(a)


Net asset value, beginning of period	$	23.21		$	30.04		$	25.13

Net investment loss^(b)		(0.07	)		(0.13	)		(0.15	)
Net realized and unrealized gain (loss)^(c)		1.59			(6.70	)		5.06


Net increase (decrease) from investment operations		1.52			(6.83	)		4.91


Net asset value, end of period	$	24.73		$	23.21		$	30.04


Total Return^(d)
Based on net asset value		6.56	%		(22.72	)%^(e)		19.50%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.85	%		0.85	%		0.85%^(h)


Total expenses after fees waived		0.85	%		0.85	%		0.85%^(h)


Net investment loss		(0.29	)%		(0.49	)%		(0.64)%^(h)


Supplemental Data
Net assets, end of period (000)	$	5,935		$	7,426		$	7,209


Portfolio turnover rate⁽ⁱ⁾		74	%		103	%		39%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -22.73%.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		73

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock Future Innovators ETF


		Year Ended 07/31/23			Year Ended 07/31/22			Period From 09/29/20 to 07/31/21	^(a)


Net asset value, beginning of period	$	27.86		$	50.05		$	35.18

Net investment loss^(b)		(0.11	)		(0.25	)		(0.27	)
Net realized and unrealized gain (loss)^(c)		2.23			(21.94	)		15.14


Net increase (decrease) from investment operations		2.12			(22.19	)		14.87


Net asset value, end of period	$	29.98		$	27.86		$	50.05


Total Return^(d)
Based on net asset value		7.61	%		(44.34	)%		42.27	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.80	%		0.80	%		0.80	%^(g)


Total expenses after fees waived		0.80	%		0.80	%		0.80	%^(g)


Net investment loss		(0.41	)%		(0.62	)%		(0.67	)%^(g)


Supplemental Data
Net assets, end of period (000)	$	7,195		$	7,800		$	23,025


Portfolio turnover rate^(h)		35	%		45	%		50	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


74		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock Future Tech ETF


		Year Ended 07/31/23			Year Ended 07/31/22			Period From 09/29/20 to 07/31/21	^(a)


Net asset value, beginning of period	$	21.00		$	36.28		$	25.25

Net investment loss^(b)		(0.03	)		(0.17	)		(0.18	)
Net realized and unrealized gain (loss)^(c)		1.78			(15.11	)		11.21


Net increase (decrease) from investment operations		1.75			(15.28	)		11.03


Net asset value, end of period	$	22.75		$	21.00		$	36.28


Total Return^(d)
Based on net asset value		8.35	%		(42.12	)%		43.68	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.88	%		0.88	%		0.88	%^(g)


Total expenses after fees waived		0.88	%		0.88	%		0.88	%^(g)


Net investment loss		(0.17	)%		(0.58	)%		(0.64	)%^(g)


Supplemental Data
Net assets, end of period (000)	$	14,560		$	12,598		$	20,319


Portfolio turnover rate^(h)		68	%		51	%		38	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		75

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock Future U.S. Themes ETF


		Year Ended 07/31/23			Period From 12/14/21 to 07/31/22	^(a)


Net asset value, beginning of period	$	21.74		$	24.78

Net investment income^(b)		0.17			0.09
Net realized and unrealized gain (loss)^(c)		2.97			(3.06	)


Net increase (decrease) from investment operations		3.14			(2.97	)


Distributions from net investment income^(d)		(0.19	)		(0.07	)


Net asset value, end of period	$	24.69		$	21.74


Total Return^(e)
Based on net asset value		14.56	%		(11.99	)%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.60	%		0.60	%^(h)


Total expenses after fees waived		0.60	%		0.60	%^(h)


Net investment income		0.80	%		0.61	%^(h)


Supplemental Data
Net assets, end of period (000)	$	4,938		$	4,349


Portfolio turnover rate⁽ⁱ⁾		87	%		43	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


76		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout the period)


		BlackRock Large Cap Value ETF


		Period From 05/19/23 to 07/31/23	^(a)


Net asset value, beginning of period	$	24.95

Net investment income^(b)		0.07
Net realized and unrealized gain^(c)		2.10


Net increase from investment operations		2.17


Net asset value, end of period	$	27.12


Total Return^(d)
Based on net asset value		8.70	%^(e)


Ratios to Average Net Assets^(f)
Total expenses		0.55	%^(g)


Total expenses after fees waived		0.55	%^(g)


Net investment income		1.42	%^(g)


Supplemental Data
Net assets, end of period (000)	$	6,510


Portfolio turnover rate^(h)		12	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		77

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock U.S. Carbon Transition Readiness ETF


		Year Ended 07/31/23			Year Ended 07/31/22			Period From 04/06/21 to 07/31/21	^(a)


Net asset value, beginning of period	$	45.83		$	50.58		$	46.60

Net investment income^(b)		0.72			0.65			0.17
Net realized and unrealized gain (loss)^(c)		4.74			(4.00	)		3.90


Net increase (decrease) from investment operations		5.46			(3.35	)		4.07


Distributions^(d)
From net investment income		(0.72	)		(0.63	)		(0.09	)
From net realized gain		—			(0.77	)		—


Total distributions		(0.72	)		(1.40	)		(0.09	)


Net asset value, end of period	$	50.57		$	45.83		$	50.58


Total Return^(e)
Based on net asset value		12.16	%		(6.90	)%		8.74	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.29	%		0.29	%		0.29	%^(h)


Total expenses after fees waived		0.14	%		0.14	%		0.14	%^(h)


Net investment income		1.59	%		1.31	%		1.07	%^(h)


Supplemental Data
Net assets, end of period (000)	$	1,683,979		$	1,409,350		$	1,423,889


Portfolio turnover rate⁽ⁱ⁾		31	%		58	%		13	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


78		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock U.S. Equity Factor Rotation ETF


		Year Ended 07/31/23			Year Ended 07/31/22			Year Ended 07/31/21			Year Ended 07/31/20			Period From 03/19/19 to 07/31/19	^(a)


Net asset value, beginning of period	$	31.60		$	37.03		$	27.27		$	26.52		$	25.00

Net investment income^(b)		0.47			0.40			0.45			0.52			0.16
Net realized and unrealized gain (loss)^(c)		5.88			(3.84	)		9.78			0.67			1.48


Net increase (decrease) from investment operations		6.35			(3.44	)		10.23			1.19			1.64


Distributions^(d)
From net investment income		(0.52	)		(0.42	)		(0.47	)		(0.44	)		(0.12	)
From net realized gain		—			(1.57	)		—			—			—


Total distributions		(0.52	)		(1.99	)		(0.47	)		(0.44	)		(0.12	)


Net asset value, end of period	$	37.43		$	31.60		$	37.03		$	27.27		$	26.52


Total Return^(e)
Based on net asset value		20.47	%		(9.94	)%		37.87	%		4.61	%		6.59	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%^(h)


Total expenses after fees waived		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%^(h)


Net investment income		1.51	%		1.15	%		1.41	%		1.97	%		1.74	%^(h)


Supplemental Data
Net assets, end of period (000)	$	32,754		$	73,470		$	96,288		$	89,992		$	21,214


Portfolio turnover rate⁽ⁱ⁾		118	%		102	%		146	%		175	%		42	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		79

Financial Highlights (continued)

(For a share outstanding throughout each period)


		BlackRock World ex U.S. Carbon Transition Readiness ETF


		Year Ended 07/31/23			Year Ended 07/31/22			Period From 04/06/21 to 07/31/21	^(a)


Net asset value, beginning of period	$	39.85		$	48.06		$	46.16

Net investment income^(b)		1.20			1.23			0.39
Net realized and unrealized gain (loss)^(c)		3.69			(7.93	)		1.82


Net increase (decrease) from investment operations		4.89			(6.70	)		2.21


Distributions^(d)
From net investment income		(1.33	)		(1.30	)		(0.31	)
From net realized gain		—			(0.21	)		—


Total distributions		(1.33	)		(1.51	)		(0.31	)


Net asset value, end of period	$	43.41		$	39.85		$	48.06


Total Return^(e)
Based on net asset value		12.50	%		(14.15	)%		4.77	%^(f)


Ratios to Average Net Assets^(g)
Total expenses		0.35	%		0.35	%		0.35	%^(h)


Total expenses after fees waived		0.20	%		0.20	%		0.20	%^(h)


Net investment income		2.99	%		2.73	%		2.58	%^(h)


Supplemental Data
Net assets, end of period (000)	$	576,262		$	442,315		$	605,599


Portfolio turnover rate⁽ⁱ⁾		39	%		47	%		19	%

^(a)	Commencement of operations.

^(b)	Based on average shares outstanding.

^(c)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)	Where applicable, assumes the reinvestment of distributions.

^(f)	Not annualized.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


80		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements

1.	*ORGANIZATION*

BlackRock ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



BlackRock ETF		Diversification Classification
Future Climate and Sustainable Economy		Non-diversified
Future Financial and Technology^(a)		Non-diversified
Future Health		Non-diversified
Future Innovators		Non-diversified
Future Tech		Non-diversified
Future U.S. Themes		Non-diversified
Large Cap Value^(b)		Non-diversified
U.S. Carbon Transition Readiness		Non-diversified
U.S. Equity Factor Rotation		Diversified
World ex U.S. Carbon Transition Readiness		Non-diversified

^(a)

The Fund commenced operations on August 16, 2022.

^(b)

The Fund commenced operations on May 19, 2023.

The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, are included in a complex of open-end equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

ForeignTaxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends


N O T E S T O F I N A N C I A L S T A T E M E N T S		81

Notes to Financial Statements (continued)

are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Forward foreign currency exchange contracts are valued at the mean between the bid and ask prices and are determined as of the close of trading on the New York Stock Exchange (“NYSE”) based on that day’s prevailing forward exchange rate for the underlying currencies.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the NYSE. Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;


82		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



BlackRock ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Future Climate and Sustainable Economy
Scotia Capital (USA), Inc.	$	43,953	$	(43,953	)	$	—		$	—


Future Financial and Technology
Goldman Sachs & Co. LLC	$	33,874	$	(33,387	)	$	—		$	487	^(b)
J.P. Morgan Securities LLC		136,476		(135,897	)		—			579	^(b)
Jefferies LLC		73,538		(73,538	)		—			—

	$	243,888	$	(242,822	)	$	—		$	1,066


N O T E S T O F I N A N C I A L S T A T E M E N T S		83

Notes to Financial Statements (continued)



BlackRock ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount

Future Health
Barclays Bank PLC	$	27,620	$	(27,620	)	$	—		$	—
BNP Paribas SA		67,872		(67,872	)		—			—
Citadel Clearing LLC		54,038		(54,038	)		—			—
Goldman Sachs & Co. LLC		51,865		(51,865	)		—			—
HSBC Bank PLC		98,839		(98,839	)		—			—
J.P. Morgan Securities LLC		89,577		(89,577	)		—			—
Jefferies LLC		11,126		(11,126	)		—			—
Pershing LLC		60,702		(60,702	)		—			—
Toronto-Dominion Bank		17,180		(17,180	)		—			—
UBS AG		23,984		(23,984	)		—			—

	$	502,803	$	(502,803	)	$	—		$	—


Future Innovators
Barclays Bank PLC	$	72,487	$	(72,487	)	$	—		$	—
Citigroup Global Markets, Inc.		109,616		(109,616	)		—			—
Goldman Sachs & Co. LLC		38,784		(38,275	)		—			509	^(b)
HSBC Bank PLC		212,768		(212,768	)		—			—
J.P. Morgan Securities LLC		201,784		(201,784	)		—			—
Toronto-Dominion Bank		39,200		(39,200	)		—			—
UBS AG		88,849		(88,849	)		—			—

	$	763,488	$	(762,979	)	$	—		$	509


Future Tech
BofA Securities, Inc.	$	310,133	$	(310,133	)	$	—		$	—
Citadel Clearing LLC		95,310		(95,042	)		—			268	^(b)
Goldman Sachs & Co. LLC		126,096		(126,096	)		—			—
J.P. Morgan Securities LLC		105,897		(100,562	)		—			5,335	^(b)
Jefferies LLC		70,516		(70,088	)		—			428	^(b)

	$	707,952	$	(701,921	)	$	—		$	6,031


Future U.S. Themes
BofA Securities, Inc.	$	49,992	$	(49,992	)	$	—		$	—
Goldman Sachs & Co. LLC		105,768		(105,768	)		—			—
HSBC Bank PLC		11,999		(11,999	)		—			—
J.P. Morgan Securities LLC		25,264		(25,264	)		—			—
Morgan Stanley		18,886		(18,886	)		—			—

	$	211,909	$	(211,909	)	$	—		$	—


U.S. Carbon Transition Readiness
Barclays Bank PLC	$	2,157,357	$	(2,157,357	)	$	—		$	—
BNP Paribas SA		394,782		(392,733	)		—			2,049	^(b)
J.P. Morgan Securities LLC		3,417,140		(3,417,140	)		—			—
Jefferies LLC		137,412		(136,759	)		—			653	^(b)
National Financial Services LLC		744,984		(735,863	)		—			9,121	^(b)
RBC Capital Markets LLC		114,599		(114,599	)		—			—
Toronto-Dominion Bank		936,415		(936,415	)		—			—
UBS AG		68,690		(67,625	)		—			1,065	^(b)
UBS Securities LLC		1,420,616		(1,420,616	)		—			—

	$	9,391,995	$	(9,379,107	)	$	—		$	12,888


U.S. Equity Factor Rotation
Morgan Stanley	$	13,560	$	(13,560	)	$	—		$	—


World ex U.S. Carbon Transition Readiness
HSBC Bank PLC	$	196,722	$	(196,722	)	$	—		$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s Statements of Assets and Liabilities.

^(b)

The market value of the loaned securities is determined as of July 31, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the


84		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Forward Foreign Currency Exchange Contracts: Forward foreign currency exchange contracts are entered into to gain or reduce exposure to foreign currencies (foreign currency exchange rate risk).

A forward foreign currency exchange contract is an agreement between two parties to buy and sell a currency at a set exchange rate on a specified date. These contracts help to manage the overall exposure to the currencies in which some of the investments held by the Funds are denominated and in some cases, may be used to obtain exposure to a particular market.The contracts are traded over-the-counter (“OTC”) and not on an organized exchange.

The contract is marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the value at the time it was opened and the value at the time it was closed. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency. The use of forward foreign currency exchange contracts involves the risk that the value of a contract changes unfavorably due to movements in the value of the referenced foreign currencies, and such value may exceed the amount(s) reflected in the Statements of Assets and Liabilities. Cash amounts pledged for forward foreign currency exchange contracts are considered restricted and are included in cash pledged as collateral for OTC derivatives in the Statements of Assets and Liabilities. A fund’s risk of loss from counterparty credit risk on OTC derivatives is generally limited to the aggregate unrealized gain netted against any collateral held by the Fund.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.


N O T E S T O F I N A N C I A L S T A T E M E N T S		85

Notes to Financial Statements (continued)

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the BlackRock Future Climate and Sustainable Economy ETF and BlackRock Future Financial and Technology ETF, BFA will be paid a management fee from the Funds based on a percentage of each Fund’s average daily net assets as follows:



Average Daily Net Assets	Investment Advisory Fees
First $1 billion		0.70	%
Over $1 billion, up to and including $3 billion		0.66
Over $3 billion, up to and including $5 billion		0.63
Over $5 billion, up to and including $10 billion		0.61
Over $10 billion		0.60

For its investment advisory services to the BlackRock Future Health ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:



Average Daily Net Assets	Investment Advisory Fees
First $1 billion		0.85	%
Over $1 billion, up to and including $3 billion		0.80
Over $3 billion, up to and including $5 billion		0.77
Over $5 billion, up to and including $10 billion		0.74
Over $10 billion		0.72

For its investment advisory services to the BlackRock Future Innovators ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:



Average Daily Net Assets	Investment Advisory Fees
First $1 billion		0.80	%
Over $1 billion, up to and including $3 billion		0.75
Over $3 billion, up to and including $5 billion		0.72
Over $5 billion, up to and including $10 billion		0.70
Over $10 billion		0.68

For its investment advisory services to the BlackRock Future Tech ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:



Average Daily Net Assets	Investment Advisory Fees
First $1 billion		0.88	%
Over $1 billion, up to and including $3 billion		0.83
Over $3 billion, up to and including $5 billion		0.79
Over $5 billion, up to and including $10 billion		0.77
Over $10 billion		0.75

For its investment advisory services to the BlackRock Future U.S. Themes ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:



Average Daily Net Assets	Investment Advisory Fees
First $1 billion		0.60	%
Over $1 billion, up to and including $3 billion		0.56
Over $3 billion, up to and including $5 billion		0.54
Over $5 billion, up to and including $10 billion		0.52
Over $10 billion		0.51


86		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

For its investment advisory services to the BlackRock Large Cap Value ETF, BFAwill be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:



Average Daily Net Assets	Investment Advisory Fees
First $1 billion		0.55	%
Over $1 billion, up to and including $3 billion		0.51
Over $3 billion, up to and including $5 billion		0.48
Over $5 billion, up to and including $10 billion		0.46
Over $10 billion		0.45

For its investment advisory services to each of the BlackRock U.S. Carbon Transition Readiness ETF and BlackRock U.S. Equity Factor Rotation ETF, BFA will be paid a management fee from the Funds based on a percentage of each Fund’s average daily net assets as follows:



Average Daily Net Assets	Investment Advisory Fees
First $1 billion		0.30	%
Over $1 billion, up to and including $3 billion		0.28
Over $3 billion, up to and including $5 billion		0.27
Over $5 billion, up to and including $10 billion		0.26
Over $10 billion		0.25

For its investment advisory services to the BlackRock World ex U.S. Carbon Transition Readiness ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:



Average Daily Net Assets	Investment Advisory Fees
First $1 billion		0.35	%
Over $1 billion, up to and including $3 billion		0.33
Over $3 billion, up to and including $5 billion		0.32
Over $5 billion, up to and including $10 billion		0.30
Over $10 billion		0.29

Expense Waivers: BFA has contractually agreed to waive 0.15% of its management fee payable for each of the U.S. Carbon Transition Readiness and World ex U.S. Carbon Transition Readiness ETFs, through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

For the U.S. Equity Factor Rotation ETF, BFA has voluntarily agreed to waive its management fee payable by the U.S. Equity Factor Rotation ETF to limit the annual management fee paid by the Fund to 0.20%. BFA may also from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



BlackRock ETF	Amounts waived
U.S. Carbon Transition Readiness	$	2,109,446
U.S. Equity Factor Rotation		41,139
World ex U.S. Carbon Transition Readiness		674,964

In addition, BFA has contractually agreed to waive a portion of its management fees to each Fund, except BlackRock Large Cap Value ETF, in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2024. BFA has also contractually agreed to waive a portion of its management fees to each Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in money market funds advised by BFA or its affiliates through June 30, 2024. The agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

BFA has contractually agreed to waive a portion of its management fees to BlackRock Large Cap Value ETF in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2025. BFA has also contractually agreed to waive a portion of its management fees to the Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by the Fund in money market funds advised by BFA or its affiliates through June 30, 2025. The agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.


N O T E S T O F I N A N C I A L S T A T E M E N T S		87

Notes to Financial Statements (continued)

For the year ended July 31, 2023, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



BlackRock ETF	Amounts waived

Future Climate and Sustainable Economy	$	224
Future Financial and Technology		209
Future Health		180
Future Innovators		177
Future Tech		449
Future U.S. Themes		40
Large Cap Value		5
U.S. Carbon Transition Readiness		13,265
U.S. Equity Factor Rotation		67
World ex U.S. Carbon Transition Readiness		4,639

Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the BlackRock Future Climate and Sustainable Economy ETF and BlackRock Future Financial and Technology ETF.

Effective November 28, 2022, BFA has entered into a sub-advisory agreement with the Sub-Adviser, under which BFA pays the Sub-Adviser for services it provides to the BlackRock U.S. Carbon Transition Readiness ETF and BlackRock World ex U.S. Carbon Transition Readiness ETF.

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETFServicing Fees: BlackRock Future U.S. Themes ETF, BlackRock Large Cap Value ETF, BlackRock U.S. Carbon Transition Readiness ETF and BlackRock U.S. Equity Factor Rotation ETF have entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of BlackRock Future Health ETF, BlackRock Future Innovators ETF, BlackRock Future U.S. Themes ETF, BlackRock Large Cap Value ETF, BlackRock U.S. Carbon Transition Readiness ETF and BlackRock U.S. Equity Factor Rotation ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of BlackRock Future Climate and Sustainable Economy ETF, BlackRock Future Financial and Technology ETF, BlackRock Future Tech ETF and BlackRock World ex U.S. Carbon Transition Readiness ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.


88		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the year ended July 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:



BlackRock ETF	Amounts

Future Climate and Sustainable Economy	$	117
Future Financial and Technology		2,384
Future Health		1,182
Future Innovators		1,590
Future Tech		1,206
Future U.S. Themes		123
U.S. Carbon Transition Readiness		47,762
U.S. Equity Factor Rotation		183
World ex U.S. Carbon Transition Readiness		2,063

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended July 31, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



BlackRock ETF	Purchases		Sales		Net Realized Gain (Loss)

U.S. Carbon Transition Readiness	$	42,945,806	$	30,455,098	$	(7,240,279	)

U.S. Equity Factor Rotation		12,026,460		7,112,712		(886,708	)

World ex U.S. Carbon Transition Readiness		—		954,800		(274,993	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.

7.	*PURCHASES AND SALES*

For the year ended July 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:



BlackRock ETF	Purchases		Sales

Future Climate and Sustainable Economy	$	1,649,236	$	1,549,854

Future Financial and Technology		3,342,780		3,373,017

Future Health		4,265,183		4,383,904

Future Innovators		2,560,472		2,404,911

Future Tech		8,474,362		7,756,721

Future U.S. Themes		3,816,822		3,787,839

Large Cap Value		1,126,382		713,608

U.S. Carbon Transition Readiness		438,422,242		439,710,563

U.S. Equity Factor Rotation		49,309,356		49,209,336

World ex U.S. Carbon Transition Readiness		175,157,297		177,518,205

For the year ended July 31, 2023, in-kind transactions were as follows:



BlackRock ETF	In-kind Purchases		In-kind Sales

Future Financial and Technology	$	4,828,193	$	—

Future Health		—		1,664,874

Future Innovators		475,718		1,546,901

Future Tech		572,732		—

Large Cap Value		5,526,084		—

U.S. Carbon Transition Readiness		280,366,988		166,764,705

U.S. Equity Factor Rotation		9,887,364		51,830,772

World ex U.S. Carbon Transition Readiness		109,285,716		22,918,661


N O T E S T O F I N A N C I A L S T A T E M E N T S		89

Notes to Financial Statements (continued)

8.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2023, permanent differences attributable to nondeductible expenses, net operating loss, distributions paid in excess of taxable income, and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:



BlackRock ETF	Paid-in Capital			Accumulated Earnings (Loss)

Future Financial and Technology	$	(20)		$	20

Future Health		24,576			(24,576	)

Future Innovators		22,501			(22,501	)

Future Tech		(29,322	)		29,322

U.S. Carbon Transition Readiness		27,576,316			(27,576,316	)

U.S. Equity Factor Rotation		(1,635,756	)		1,635,756

World ex U.S. Carbon Transition Readiness		(1,982,409	)		1,982,409

The tax character of distributions paid was as follows:



BlackRock ETF	Year Ended 07/31/23		Period Ended 07/31/22

Future Climate and Sustainable Economy Ordinary income	$	33,795	$	27,292



BlackRock ETF	Period Ended 07/31/23

Future Financial and Technology Ordinary income	$	23,350



BlackRock ETF	Year Ended 07/31/23		Period Ended 07/31/22

Future U.S. Themes Ordinary income	$	37,141	$	13,630



BlackRock ETF	Year Ended 07/31/23		Year Ended 07/31/22

U.S. Carbon Transition Readiness Ordinary income	$	22,379,758	$	41,028,606
Long-term capital gains		—		600,300

	$	22,379,758	$	41,628,906


U.S. Equity Factor Rotation Ordinary income	$	748,865	$	3,211,227
Long-term capital gains		—		2,630,619

	$	748,865	$	5,841,846


World ex U.S. Carbon Transition Readiness Ordinary income	$	15,105,730	$	18,464,366
Long-term capital gains		—		235,392

	$	15,105,730	$	18,699,758


90		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

As of July 31, 2023, the tax components of accumulated net earnings (losses) were as follows:


BlackRock ETF		Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards	^(a)		Net Unrealized Gains (Losses)	^(b)		Qualified Late-Year Losses	^(c)		Total

Future Climate and Sustainable Economy	$	2,988	$	(665,846	)	$	58,243		$	—		$	(604,615	)
Future Financial and Technology		12,050		(738,342	)		246,367			—			(479,925	)
Future Health		1,153		(878,552	)		303,815			—			(573,584	)
Future Innovators		—		(6,586,576	)		(358,897	)		(20,491	)		(6,965,964	)
Future Tech		—		(8,460,713	)		2,864,487			—			(5,596,226	)
Future U.S. Themes		1,148		(566,166	)		546,750			—			(18,268	)
Large Cap Value		17,166		(6,051	)		533,044			—			544,159
U.S. Carbon Transition Readiness		2,375,198		(75,602,907	)		155,688,223			—			82,460,514
U.S. Equity Factor Rotation		—		(16,113,050	)		3,600,157			—			(12,512,893	)
World ex U.S. Carbon Transition Readiness		2,487,561		(50,087,189	)		12,569,793			—			(35,029,835	)

^(a)

Amounts available to offset future realized capital gains.

^(b)

The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain foreign currency contracts and futures contracts, the timing and recognition of partnership income, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains/losses for tax purposes.

^(c)

The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of July 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


BlackRock ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Future Climate and Sustainable Economy	$	4,407,530	$	424,533	$	(366,278	)	$	58,255
Future Financial and Technology		4,503,783		506,385		(260,022	)		246,363
Future Health		6,121,738		823,001		(519,199	)		303,802
Future Innovators		8,353,067		1,123,464		(1,482,300	)		(358,836	)
Future Tech		12,399,294		3,532,881		(668,367	)		2,864,514
Future U.S. Themes		4,598,794		629,058		(82,308	)		546,750
Large Cap Value		5,972,806		553,962		(20,918	)		533,044
U.S. Carbon Transition Readiness		1,535,592,598		223,575,125		(67,886,902	)		155,688,223
U.S. Equity Factor Rotation		29,160,471		3,966,435		(366,278	)		3,600,157

World ex U.S. Carbon Transition Readiness		561,397,626		44,173,941		(31,628,191	)		12,545,750

9.	*LINE OF CREDIT*

The Trust, on behalf of the Funds (excluding Large Cap Value), along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.50 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month Overnight Bank Fund Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum. The agreement expires in April 2024 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended July 31, 2023, the Funds did not borrow under the credit agreement.

10.

PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.


N O T E S T O F I N A N C I A L S T A T E M E N T S		91

Notes to Financial Statements (continued)

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching. In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Future Financial and Technology invests a significant portion of its assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors including, among others, changes in government regulations, economic conditions, interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in capital requirements and recent or future regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted, but may negatively impact the Fund.


92		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

11.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:



	Year Ended 07/31/23				Period Ended 07/31/22
BlackRock ETF	Shares		Amount		Shares		Amount

Future Climate and Sustainable Economy
Shares sold		—	$	—		200,000	$	5,027,754



	Period Ended 07/31/23
BlackRock ETF	Shares		Amount

Future Financial and Technology^(a) Shares sold		200,000	$	4,998,409

^(a)

The Fund commenced operations on August 16, 2022.



	Year Ended 07/31/23						Year Ended 07/31/22
BlackRock ETF	Shares			Amount			Shares			Amount

Future Health
Shares sold		—		$	—			80,000		$	2,251,107
Shares redeemed		(80,000	)		(1,752,750	)		—			—

		(80,000	)	$	(1,752,750	)		80,000		$	2,251,107


Future Innovators
Shares sold		20,000		$	510,139			—		$	—
Shares redeemed		(60,000	)		(1,590,297	)		(180,000	)		(7,188,608	)

		(40,000	)	$	(1,080,158	)		(180,000	)	$	(7,188,608	)


Future Tech
Shares sold		40,000		$	738,698			120,000		$	3,528,454
Shares redeemed		—			—			(80,000	)		(2,989,484	)

		40,000		$	738,698			40,000		$	538,970



	Year Ended 07/31/23				Period Ended 07/31/22
BlackRock ETF	Shares		Amount		Shares		Amount

Future U.S. Themes Shares sold		—	$	—		200,000	$	4,956,026



	Period Ended 07/31/23
BlackRock ETF	Shares		Amount

Large Cap Value^(a) Shares sold		240,000	$	5,965,456

^(a)

The Fund commenced operations on May 19, 2023.


N O T E S T O F I N A N C I A L S T A T E M E N T S		93

Notes to Financial Statements (continued)



	Year Ended 07/31/23						Year Ended 07/31/22
BlackRock ETF	Shares			Amount			Shares			Amount

U.S. Carbon Transition Readiness
Shares sold		6,275,000		$	285,078,971			8,200,000		$	392,432,236
Shares redeemed		(3,725,000	)		(170,705,963	)		(5,600,000	)		(265,416,785	)

		2,550,000		$	114,373,008			2,600,000		$	127,015,451


U.S. Equity Factor Rotation
Shares sold		325,000		$	9,990,719			2,775,000		$	103,256,127
Shares redeemed		(1,775,000	)		(52,024,129	)		(3,050,000	)		(107,892,312	)

		(1,450,000	)	$	(42,033,410	)		(275,000	)	$	(4,636,185	)


World ex U.S. Carbon Transition Readiness
Shares sold		2,775,000		$	114,752,294			375,000		$	16,713,118
Shares redeemed		(600,000	)		(23,840,123	)		(1,875,000	)		(75,138,853	)

		2,175,000		$	90,912,171			(1,500,000	)	$	(58,425,735	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator or BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

As of July 31, 2023, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:



BlackRock ETF	Shares
Future Climate & Sustainable Economy		5,000
Future Financial & Technology		160,000
Future U.S. Themes		160,000
Large Cap Value		200,000

12.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


94		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

BlackRock ETF Trust and Shareholders of each of the ten funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (ten of the funds constituting BlackRock ETF Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2023, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

BlackRock Future Climate and Sustainable Economy ETF⁽¹⁾

BlackRock Future Financial and Technology ETF⁽²⁾

BlackRock Future Health ETF⁽³⁾

BlackRock Future Innovators ETF⁽³⁾

BlackRock Future Tech ETF ⁽³⁾

BlackRock Future U.S. Themes ETF⁽⁴⁾

BlackRock Large Cap Value ETF⁽⁵⁾

BlackRock U.S. Carbon Transition Readiness ETF⁽³⁾

BlackRock U.S. Equity Factor Rotation ETF⁽³⁾

BlackRock World ex U.S. Carbon Transition Readiness ETF⁽³⁾

⁽¹⁾	Statement of operations for the year ended July 31, 2023, and statement of changes in net assets for the year ended July 31, 2023 and the period August 3, 2021 (commencement of operations) to July 31, 2022.

⁽²⁾	Statement of operations and statement of changes in net assets for the period August 16, 2022 (commencement of operations) to July 31, 2023.

⁽³⁾	Statement of operations for the year ended July 31, 2023 and statement of changes in net assets for each of the two years in the period ended July 31, 2023.

⁽⁴⁾	Statement of operations for the year ended July 31, 2023, and statement of changes in net assets for the year ended July 31, 2023 and the period December 14, 2021 (commencement of operations) to July 31, 2022.

⁽⁵⁾	Statement of operations and statement of changes in net assets for the period May 19, 2023 (commencement of operations) to July 31, 2023.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 26, 2023

We have served as the auditor of one or more BlackRock investment companies since 2000.


R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M		95


Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2023:



BlackRock ETF	Qualified Dividend Income
Future Climate and Sustainable Economy	$	62,774
Future Financial and Technology		42,225
Future Health		21,213
Future Innovators		12,950
Future Tech		42,162
Future U.S. Themes		59,095
Large Cap Value		19,487
U.S. Carbon Transition Readiness		22,046,150
U.S. Equity Factor Rotation		639,952
World ex U.S. Carbon Transition Readiness		14,827,543

The Funds intend to pass through to their shareholders the following amounts, or maximum amounts allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2023:



BlackRock ETF	Foreign Source Income Earned		Foreign Taxes Paid
Future Climate and Sustainable Economy	$	50,465	$	6,172
World ex U.S. Carbon Transition Readiness		15,740,205		1,492,848

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2023 qualified for the dividends-received deduction for corporate shareholders:



BlackRock ETF	Dividends-Received Deduction
Future Climate and Sustainable Economy		39.34	%
Future Financial and Technology		76.17	%
Future Health		100.00	%
Future U.S. Themes		100.00	%
Large Cap Value		100.00	%
U.S. Carbon Transition Readiness		94.48	%
U.S. Equity Factor Rotation		98.23	%

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2023:



BlackRock ETF	Qualified Business Income
U.S. Carbon Transition Readiness	$	376,678
U.S. Equity Factor Rotation		11,718


96		2 0 2 3 B L A C K R O C K A N N U A L R E P O R T T O S H A R E H O L D E R S

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock ETF Trust (the “Trust”) met on April 18, 2023 (the “April Meeting”) and May 23-24, 2023 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Advisory Agreement”) between the Trust, on behalf of BlackRock Future Health ETF (“Future Health ETF”), BlackRock Future Innovators ETF (“Future Innovators ETF”), BlackRock Future Tech ETF (“Future Tech ETF”), BlackRock U.S. Equity Factor Rotation ETF (“U.S. Equity Factor Rotation ETF”), BlackRock U.S. Carbon Transition Readiness ETF (“U.S. Carbon Transition Readiness ETF”), BlackRock World ex U.S. Carbon Transition Readiness ETF (“World ex U.S. Carbon Transition Readiness ETF”), BlackRock Future Climate and Sustainable Economy ETF (“Future Climate and Sustainable Economy ETF”) and BlackRock Future U.S. Themes ETF (“Future U.S. Themes ETF” and, together with Future Health ETF, Future Innovators ETF, Future Tech ETF, Equity Factor ETF, U.S. Carbon Transition Readiness ETF and Future Climate and Sustainable Economy ETF, the “Funds”), and BlackRock Fund Advisors (the “Manager”), each Fund’s investment advisor.

The Board also considered the approval to continue (i) the sub-advisory agreement between the Manager and BlackRock International Limited (the “Sub-Advisor”) with respect to U.S. Carbon Transition Readiness ETF (the “U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement”); (ii) the sub-advisory agreement between the Manager and the Sub-Advisor with respect to World ex U.S. Carbon Transition Readiness ETF (the “World ex U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement”); and (iii) the sub-advisory agreement between the Manager and the Sub-Advisor with respect to Future Climate and Sustainable Economy ETF (the “Future Climate and Sustainable Economy ETF Sub-Advisory Agreement” and, together with the U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement and the World ex U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement, the “Sub-Advisory Agreements”). The Manager and the Sub-Advisor are referred to herein as “BlackRock.” The Advisory Agreement and the Sub-Advisory Agreements are referred to herein as the “Agreements.”

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreements for each Fund on an annual basis. The Board members who are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to each Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each of which extended over a two-day period, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had an additional one-day meeting to consider specific information regarding the renewal of the Agreements. In considering the renewal of the Agreements, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of theAgreements, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreements. The Independent Board Members are continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding each Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of each Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreements and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Funds; (g) a summary of aggregate amounts paid by each Fund to BlackRock; (h) sales and redemption data regarding each Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and the Funds’ operations.


D I S C L O S U R E O F I N V E S T M E N T A D V I S O R Y A G R E E M E N T A N D S U B - A D V I S O R Y A G R E E M E N T S		97

Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreements and the Independent Board Members presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of each Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Funds; (d) each Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Funds; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members evaluated the information available to it on a fund-by-fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services and the resulting performance of each Fund. Throughout the year, the Board compared each Fund’s performance to the performance of a comparable group of mutual funds, relevant benchmark, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by each Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to each Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to each Fund. BlackRock and its affiliates provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third-parties) and officers and other personnel as are necessary for the operations of the Funds. In particular, BlackRock and its affiliates provide the Funds with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.

The Board noted that the engagement of the Sub-Advisor with respect to U.S. Carbon Transition Readiness ETF, World ex U.S. Carbon Transition Readiness ETF and Future Climate and Sustainable Economy ETF facilitates the provision of investment advice and trading by investment personnel out of non-U.S. jurisdictions. The Board considered that this arrangement provides additional flexibility to the portfolio management team, which may benefit the applicable Fund and its shareholders.

B. The Investment Performance of the Funds and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of each Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of each Fund’s performance as of December 31, 2022, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of each Fund as compared to its Performance Peers and the respective Morningstar Category (“Morningstar Category”). The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of each Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.


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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

The Board noted that for each of the one-year and since-inception periods reported, Future U.S. Themes ETF ranked in the first quartile against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board.

The Board noted that for the one-year and since-inception periods reported, World ex U.S. Carbon Transition Readiness ETF ranked in the third and second quartiles, respectively, against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s underperformance relative to its Morningstar Category during the applicable period.

The Board noted that for the one-year and since-inception periods reported, Future Health ETF ranked in the third and fourth quartiles, respectively, against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s underperformance relative to its Morningstar Category during the applicable periods.

The Board noted that for the one-year and since-inception periods reported, U.S. Carbon Transition Readiness ETF ranked in the fourth and third quartiles, respectively, against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s underperformance relative to its Morningstar Category during the applicable periods.

The Board noted that for each of the one-year, three-year and since-inception periods reported, U.S. Equity Factor Rotation ETF ranked in the fourth quartile against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s underperformance relative to its Morningstar Category during the applicable periods. The Board was informed that, among other things, underperformance was driven by a strong tilt to quality and to a modest position in value. Quality underperformed the other style factors over 2022 due to its exposure to growth and future earnings, which were negatively impacted in the rising rate environment experienced in 2022. The value exposure benefited from this backdrop, but not enough to offset the drag from quality. The Board and BlackRock discussed BlackRock’s strategy for improving the Fund’s investment performance. Discussions covered topics such as performance attribution, the Fund’s investment personnel, and the resources appropriate to support the Fund’s investment processes.

The Board noted that for each of the one-year and since-inception periods reported, Future Tech ETF ranked in the fourth quartile against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s underperformance relative to its Morningstar Category during the applicable periods. The Board was informed that, among other things, the Fund underperformed peers due to its higher-growth profile. The Board and BlackRock discussed BlackRock’s strategy for improving the Fund’s investment performance. Discussions covered topics such as performance attribution, the Fund’s investment personnel, and the resources appropriate to support the Fund’s investment processes.

The Board noted that for each of the one-year and since-inception periods reported, Future Innovators ETF ranked in the fourth quartile against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s underperformance relative to its Morningstar Category during the applicable periods. The Board was informed that, among other things, underperformance was driven by an unfavorable market backdrop where small-mid cap growth stocks were out of favor as well as stock specific issues. The Board and BlackRock discussed BlackRock’s strategy for improving the Fund’s investment performance. Discussions covered topics such as performance attribution, the Fund’s investment personnel, and the resources appropriate to support the Fund’s investment processes.

The Board noted that for each of the one-year and since-inception periods reported, Future Climate and Sustainable Economy ETF ranked in the fourth quartile against its Morningstar Category. The Board noted that BlackRock believes that the Morningstar Category is an appropriate performance metric for the Fund, and that BlackRock has explained its rationale for this belief to the Board. The Board and BlackRock reviewed the Fund’s underperformance relative to its Morningstar Category during the applicable periods. The Board was informed that, among other things, underperformance was driven by competitor funds with higher allocation to renewable energy stocks had stronger performance than the Fund. Renewable energy, in particular solar energy, benefitted from the passing of the Inflation Reduction Act in the U.S. and an acceleration in renewable energy investment as a result of geopolitical tensions in Europe. The Board and BlackRock discussed BlackRock’s strategy for improving the Fund’s investment performance. Discussions covered topics such as performance attribution, the Fund’s investment personnel, and the resources appropriate to support the Fund’s investment processes.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Funds

The Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered that the fee and expense information in the Broadridge report for the Fund reflected information for a specific period and that historical asset levels and expenses may differ from current levels, particularly in a period of market volatility. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).


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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to each Fund. The Board reviewed BlackRock’s estimated profitability with respect to each Fund and other funds the Board currently oversees for the year ended December 31, 2022 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing the Funds, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that each of Future Climate and Sustainable Economy ETF’s and U.S. Equity Factor Rotation ETF’s contractual management fee rate ranked in the first quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund’s Expense Peers.

The Board noted that each of World ex U.S. Carbon Transition Readiness ETF’s and U.S. Carbon Transition Readiness ETF’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund’s Expense Peers.

The Board noted that Future U.S. Themes ETF’s contractual management fee rate ranked in the third quartile, and that the actual management fee rate and total expense ratio ranked in the fourth and third quartiles, respectively, relative to the Fund’s Expense Peers.

The Board noted that each of Future Innovators ETF’s and Future Health ETF’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile relative to the Fund’s Expense Peers. The Board also noted, however, that given the comparability limitations of the Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that BlackRock believes are generally similar to the pertinent Fund. The Board noted that the pertinent Fund’s actual management fee rate and total expense ratio ranked in the third and second quartiles, respectively, relative to the pertinent Fund’s supplemental peer group.

The Board noted that Future Tech ETF’s contractual management fee rate ranked in the fourth quartile, and that the actual management fee rate and total expense ratio each ranked in the fourth quartile relative to the Fund’s Expense Peers. The Board also noted, however, that given the comparability limitations of the Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that BlackRock believes are generally similar to the Fund. The Board noted that the Fund’s actual management fee rate and total expense ratio ranked in the fourth and second quartiles, respectively, relative to the supplemental peer group.

The Board also noted that each Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board additionally noted that the breakpoints can, conversely, adjust the advisory fee rate upward as the size of the pertinent Fund decreases below certain contractually specified levels. The Board noted that, with respect to World ex U.S. Carbon Transition Readiness ETF and U.S. Carbon Transition Readiness ETF, BlackRock and the Board have contractually agreed to waive a portion of the advisory fee payable by the Fund. Additionally, the Board noted that, with respect to U.S. Equity Factor Rotation ETF, BlackRock had voluntarily agreed to waive a portion of the advisory fee payable by the Fund.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which the Funds benefit from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Funds to more fully participate in these economies of scale. The Board considered each Fund’s asset levels and whether the current fee schedule was appropriate.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, distribution, securities lending, ETF servicing and cash management services. With respect to securities lending, during the year the Board also considered information provided by independent third-party consultants related to the performance of each BlackRock affiliate as securities lending agent. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject


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Disclosure of Investment Advisory Agreement and Sub-Advisory Agreements (continued)

to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreements, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the ETF marketplace, and that shareholders are able to redeem or sell their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

At the May Meeting, in a continuation of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board, including the Independent Board Members, unanimously approved the continuation of (i) the Advisory Agreement between the Manager and the Trust, on behalf of each Fund; (ii) the U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to U.S. Carbon Transition Readiness ETF; (iii) the World ex U.S. Carbon Transition Readiness ETF Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to World ex U.S. Carbon Transition Readiness ETF; and (iv) the Future Climate and Sustainable Economy ETF Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to Future Climate and Sustainable Economy ETF, each for a one-year term ending June 30, 2024. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreements were fair and reasonable and, in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreements, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were advised by independent legal counsel throughout the deliberative process.


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Disclosure of Investment Advisory Agreement

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock ETF Trust (the “Trust”) met on April 18, 2023 (the “Organizational Meeting”) to consider the approval of the proposed investment advisory agreement (the “Agreement”) between the Trust, on behalf of BlackRock Large Cap Value ETF (the “Fund”), and BlackRock Fund Advisors (the “Manager” or “BlackRock”), the Fund’s investment advisor. The Agreement was the same agreement that had been previously approved by the Board with respect to certain series of the Trust.

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Trust is required to consider the initial approval of the Agreement. The Board members whom are not “interested persons” of the Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). In connection with this deliberative process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services.

At the Organizational Meeting, the Board received and reviewed materials relating to its consideration of the proposed Agreement. The Board considered all factors it believed relevant with respect to the Fund, including, among other things: (a) the nature, extent and quality of the services to be provided by BlackRock; (b) the investment performance of BlackRock portfolio management; (c) the advisory fee and the estimated cost of the services and estimated profits to be realized by BlackRock and its affiliates from their relationship with the Fund; (d) the existence and sharing of potential economies of scale; (e) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; (f) possible alternatives to the proposed Agreement; (g) the policies and practices of BlackRock with respect to portfolio transactions for the Fund; (h) BlackRock’s portfolio compliance systems and capabilities; and (i) other factors deemed relevant by the Board Members.

In considering approval of the Agreement, the Board met with the relevant investment advisory personnel from BlackRock and considered all information it deemed reasonably necessary to evaluate the terms of the Agreement. The Board received materials in advance of the Organizational Meeting relating to its consideration of the Agreement, including (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) regarding the Fund’s fees and estimated expense ratio as compared with a peer group of funds as determined by Broadridge (“Expense Peers”); (b) information regarding BlackRock’s economic outlook for the Fund and its general investment outlook for the markets; (c) information regarding fees paid to service providers that are affiliates of BlackRock; and (d) information outlining the legal duties of the Board under the 1940 Act with respect to the consideration and approval of the Agreement. The Board also noted information received at prior Board meetings concerning compliance records and regulatory matters relating to BlackRock.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management and BlackRock’s services related to the valuation and pricing of the portfolio holdings of the Fund. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services to be Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services to be provided by BlackRock, including the investment advisory services to be provided to the Fund. The Board received information concerning the investment philosophy and investment process to be used by BlackRock in managing the Fund, as well as a description of the capabilities, personnel and services of BlackRock. The Board considered the scope of the services provided by BlackRock to the Fund under the Agreement relative to services typically provided by third parties to other funds. The Board noted that the standard of care applicable under the Agreement was comparable to that found generally in investment company advisory agreements. The Board concluded that the scope of BlackRock’s services to be provided to the Fund was consistent with the Fund’s operational requirements, including, in addition to seeking to meet the Fund’s investment objective(s), compliance with investment restrictions, tax and reporting requirements and related shareholder services.

The Board, including the Independent Board Members, also considered the quality of the administrative and other non-investment advisory services to be provided by BlackRock and its affiliates to the Fund. The Board evaluated the procedures of BlackRock designed to fulfill its fiduciary duty to the Fund with respect to possible conflicts of interest, including BlackRock’s code of ethics (regulating the personal trading of BlackRock’s officers and employees), the procedures by which BlackRock allocates trades among its various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of BlackRock in these matters. The Board also noted information received at prior Board meetings concerning standards of BlackRock with respect to the execution of portfolio transactions.

The Board considered, among other factors, with respect to BlackRock: the experience of investment personnel generally and the Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives. The Board also considered the business reputation of BlackRock and its financial resources and concluded that BlackRock would be able to meet any reasonably foreseeable obligation under the Agreement.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services to be provided to the Fund. The Board considered that BlackRock and its affiliates will provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates will provide the Fund with administrative services, including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with


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regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Fund and BlackRock

The Board, including the Independent Board Members, previously received and considered information about BlackRock’s investment performance for other funds. The Board, however, did not consider the performance history of the Fund because the Fund was newly organized and had not yet commenced operations as of the date of the Organizational Meeting.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services to be Provided and Estimated Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Fund

In connection with the initial approval of the Agreement, the Board, including the Independent Board Members, reviewed the Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund’s estimated total expense ratio, as well as its estimated actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. Additionally, the Board noted information received at prior Board meetings concerning the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board noted that the Fund’s contractual management fee rate ranked in the third quartile, and that the estimated actual management fee rate and estimated total expense ratio would each rank in the third quartile relative to the Fund’s Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board noted that if the size of the Fund were to decrease, the Fund could lose the benefit of one or more breakpoints.

Following consideration of this information, the Board, including the independent Board Members, concluded that the fees to be paid pursuant to the Agreement were fair and reasonable in light of the services provided.

As the Fund had not commenced operations as of the date of the Organizational Meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Fund. BlackRock, however, will provide the Board with such information at future meetings.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and expense caps had been approved by the Board.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the ETF marketplace, and that shareholders are able to redeem or sell their Fund shares if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

The Board Members present at the Organizational Meeting, including the Independent Board Members, unanimously approved the Agreement between the Manager and the Trust, with respect to the Fund, for a two-year term beginning on the effective date of the Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as


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Disclosure of Investment Advisory Agreement (continued)

all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.


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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

July 31, 2023


	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
BlackRock ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Future Financial and Technology	$	0.116748	$	—	$	—	$	0.116748		100	%		—	%		—	%		100	%

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). Rather, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the BlackRock U.S. Carbon Transition Readiness ETF and BlackRock World ex U.S. Carbon Transition Readiness ETF (the “Funds”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

The Company is required under AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year.

Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of the Funds.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Funds is included in the aggregate figures disclosed.

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Funds, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.


S U P P L E M E N T A L I N F O R M A T I O N		105

Supplemental Information (unaudited) (continued)

Each of the control functions (Enterprise Risk, Legal & Compliance, and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2022 was USD 4.12 million. This figure is comprised of fixed remuneration of USD 685 thousand and variable remuneration of USD 3.43 million. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2022, to its senior management was USD 2.96 million, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 970 thousand. These figures relate to the entire Company and not to the Funds.

Disclosures Under the EU Sustainable Finance Disclosure Regulation (applicable to BlackRock U.S. Carbon Transition Readiness ETF and BlackRock World ex U.S. Carbon Transition Readiness ETF only)

Until December 29, 2022, each Fund was registered under the Alternative Investment Fund Managers Directive (“AIFMD”) to be marketed to EU investors as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”). Each Fund promotes environmental or social characteristics that met the criteria of Article 8 products under SFDR. Further detail around how each Fund has achieved these characteristics and objectives, including the extent of any investments that meet the EU criteria for environmentally sustainable economic activities, is included in the “SFDR Review” section below for the period from August 1, 2022 to the deregistration of the Funds from AIFMD on December 29, 2022.

For the reference period, 0% of each Fund’s investments was aligned with the EU Taxonomy Regulation.

SFDR Review

BlackRock U.S. Carbon Transition Readiness ETF

BlackRock World ex U.S. Carbon Transition Readiness ETF

From August 1, 2022 to the deregistration of the Funds from AIFMD on December 29, 2022, the environmental and social characteristics being promoted by each Fund were met through the application of exclusionary screens based on certain environmental and social related characteristics. In addition, each Fund utilized the Manager’s proprietary Low Carbon Economy Transition Readiness (“LCETR”) strategy to overweight, relative to the underlying index, issuers that the Manager believed were best positioned to benefit from the transition to a low-carbon economy, and to underweight issuers that it believed were poorly positioned to so benefit. The Manager’s methodology sought to maximize each Fund’s exposure to issuers with the highest LCETR scores while minimizing risk exposures. Please refer to each Fund’s prospectus for additional information regarding the Fund’s investment strategy. The Manager remained satisfied that the issuers in which each Fund invested continued to maintain the good governance criteria set out in the Fund’s prospectus.


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Trustee and Officer Information (unaudited)


Independent Trustees^(a)

Name (Year of Birth)^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years

Mark Stalnecker 1951	Chair of the Board and Trustee (Since 2019)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	28 RICs consisting of 169 Portfolios	None

Susan J. Carter 1956	Trustee (Since 2019)	Trustee, Financial Accounting Foundation from 2017 to 2021; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business from 1997 to 2021; Director, Pacific Pension Institute from 2014 to 2018; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof from 2018 to 2022; Advisory Board Member, Bridges Fund Management since 2016; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020; Investment Committee Member, Tostan since 2021; Member of the President’s Counsel, Commonfund since 2023.	28 RICs consisting of 169 Portfolios	None

Collette Chilton 1958	Trustee (Since 2019)	Chief Investment Officer, Williams College from 2006 to 2023; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020.	28 RICs consisting of 169 Portfolios	None

Neil A. Cotty 1954	Trustee (Since 2019)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	28 RICs consisting of 169 Portfolios	None

Lena G. Goldberg 1949	Trustee (Since 2019)	Director, Pioneer Legal Institute since 2023; Director, Charles Stark Draper Laboratory, Inc. from 2013 to 2021; Senior Lecturer, Harvard Business School from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President—Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	28 RICs consisting of 169 Portfolios	None


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		107

Trustee and Officer Information (unaudited) (continued)


Independent Trustees^(a)(continued)

Name (Year of Birth)^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years

Henry R. Keizer 1956	Trustee (Since 2019)	Director, Park Indemnity Ltd. (captive insurer) from 2010 to 2022.	28 RICs consisting of 169 Portfolios	GrafTech International Ltd. (materials manufacturing); Sealed Air Corp. (packaging); WABCO (commercial vehicle safety systems) from 2015 to 2020; Hertz Global Holdings (car rental) from 2015 to 2021.

Cynthia A. Montgomery 1952	Trustee (Since 2019)	Professor, Harvard Business School since 1989.	28 RICs consisting of 169 Portfolios	None

Donald C. Opatrny 1952	Trustee (Since 2019)	Chair of the Board of Phoenix Art Museum since 2022 and Trustee thereof since 2018; Chair of the Investment Committee of The Arizona Community Foundation since 2022 and Trustee thereof since 2020; Director, Athena Capital Advisors LLC (investment management firm) from 2013 to 2020;Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Member of the Board and Investment Committee, University School from 2007 to 2018; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014.	28 RICs consisting of 169 Portfolios	None

Kenneth L. Urish 1951	Trustee (Since 2019)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past-Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since 2001, Emeritus since 2022; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020.	28 RICs consisting of 169 Portfolios	None


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Trustee and Officer Information (unaudited) (continued)


Independent Trustees^(a)(continued)

Name (Year of Birth)^(b)	Position(s) Held (Length of Service)^(c)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years

Claire A. Walton 1957	Trustee (Since 2019)	Advisory Board Member, Grossman School of Business at the University of Vermont since 2023; Advisory Board Member, Scientific Financial Systems since 2022; General Partner of Neon Liberty Capital Management, LLC since 2003; Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Massachusetts Council on Economic Education from 2013 to 2015; Director, Woodstock Ski Runners from 2013 to 2022.	28 RICs consisting of 169 Portfolios	None


Interested Trustees^(a)(c)

Name (Year of Birth)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years

Robert Fairbairn 1965	Trustee (since 2019)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares businesses from 2012 to 2016.	98 RICs consisting of 273 Portfolios	None

John M. Perlowski^(d) 1964	Trustee, President and Chief Executive Officer (since 2019)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	100 RICs consisting of 275 Portfolios	None

^(a)	The address of each Trustee is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

^(b)	Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.

^(c)	Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex.

^(d)	Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.


Officers Who Are Not Trustees^(a)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years

Jennifer McGovern 1977	Vice President (since 2019)	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.

Trent Walker 1974	Chief Financial Officer (since 2021)	Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.


T R U S T E E A N D O F F I C E R I N F O R M A T I O N		109

Trustee and Officer Information (unaudited) (continued)


Officers Who Are Not Trustees^(a)(continued)

Name Year of Birth^(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past 5 Years

Jay M. Fife 1970	Treasurer (since 2019)	Managing Director of BlackRock, Inc. since 2007.

Aaron Wasserman 1974	Chief Compliance Officer (Since 2023)	Managing Director of BlackRock, Inc. since 2018; Chief Compliance Officer of the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex since 2023; Deputy Chief Compliance Officer for the BlackRock-advised funds in the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the iShares Complex from 2014 to 2023.

Lisa Belle 1968	Anti-Money Laundering Compliance Officer (since 2019)	Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012.

Janey Ahn 1975	Secretary (since 2019)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

^(a)	The address of each Officer is c/o BlackRock, Inc., 50 Hudson Yards, New York, New York 10001.

^(b)	Officers of the Trust serve at the pleasure of the Board.

Further information about the Trust’s Officers and Trustees is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling 1-800-474-2737.

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer of the Trust.


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Additional Information

General Information

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at 1-800-474-2737.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available without charge, upon request (1) by calling 1-800-474-2737; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.


A D D I T I O N A L I N F O R M A T I O N		111

Additional Information (continued)

Fund and Service Providers

Investment Adviser

BlackRock Fund Advisors

San Francisco, CA 94105

Administrator, Custodian and Transfer Agent

State Street Bank and Trust Company

Boston, MA, 02114

Distributor

BlackRock Investments, LLC

New York, NY 10001

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania 19103

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809


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Glossary of Terms Used in this Report

Portfolio Abbreviation



ADR		American Depositary Receipt

JSC		Joint Stock Company

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

Currency Abbreviations



CHF		Swiss Franc

EUR		Euro

JPY		Japanese Yen

USD		United States Dollar

Portfolio Abbreviation



CAB		Capital Appreciation Bonds

S&P		Standard & Poor’s


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		113

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Want to know more?

blackrock.com | 1-800-474-2737

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

USEFR-7/23-AR