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


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