BlackRock ETF Trust

Cumulative Total Returns

Since

Inception

Fund Market

MSCI ACWI Index^(a)


		JANUARY 31, 2023

2023 Semi-Annual Report

(Unaudited)

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 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,

Significant economic headwinds emerged during the 12-month reporting period ended January 31, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates seven times. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While the Fed suggested that additional rate hikes were likely, it also gave indications that the pace of increases would slow if inflation continued to subside.

Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

While we favor an overweight to equities in the long-term, several factors lead us to take an underweight stance on equities overall in the near term. We believe that higher input costs and a deteriorating economic backdrop are likely to challenge corporate earnings, while the market’s concerns over excessive rate hikes could remain until the Fed indicates that its tightening cycle has ended. Nevertheless, we see opportunities in credit, where valuations are attractive and higher yields provide income opportunities. We believe that global investment-grade corporates, global inflation-linked bonds, and U.S. mortgage-backed securities offer strong opportunities for a six- to twelve-month horizon.

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 January 31, 2023

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		(0.44	)%		(8.22	)%

U.S. small cap equities (Russell 2000^® Index)		3.25			(3.38	)

International equities (MSCI Europe, Australasia, Far East Index)		9.52			(2.83	)

Emerging market equities (MSCI Emerging Markets Index)		4.92			(12.12	)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		1.58			1.79

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(5.60	)		(11.62	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(2.37	)		(8.36	)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		0.73			(3.25	)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		1.46			(5.22	)

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


2		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
Semi-Annual Report:
Fund Summary		4
About Fund Performance		21
Disclosure of Expenses		21
Schedules of Investments		22
Financial Statements:
Statements of Assets and Liabilities		56
Statements of Operations		59
Statements of Changes in Net Assets		62
Financial Highlights		67
Notes to Financial Statements		76
Disclosure of Investment Advisory Agreement		89
Disclosure of Investment Sub-Advisory Agreement		92
Statement Regarding Liquidity Risk Management Program		95
Supplemental Information		96
Additional Information		97
Glossary of Terms Used in this Report		99


		3


Fund Summary as of January 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 carbon 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 are expected to become effective on or about May 2, 2023.

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		5.40	%		(5.35	)%		(8.99	)%		(5.35	)%		(13.16	)%
Fund Market		5.30			(5.62	)		(9.08	)		(5.62	)		(13.30	)
MSCI ACWI Multiple Industries Select Index^(a)		2.58			(6.19	)		(4.77	)		(6.19	)		(7.03	)

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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,054.00	$	3.57		$	1,000.00	$	1,021.70	$	3.52		0.69	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (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.

Portfolio Management Commentary

The equipment producer Ag Growth International, Inc. and the water treatment equipment firm Evoqua Water Technologies Corp. were the leading contributors to performance in the semiannual period. Shares of Ag Growth International appreciated on the back of improving investor sentiment and increased optimism about the macroeconomic backdrop, and Evoqua rallied following the announcement that Xylem would acquire the company in a $7.5 billion transaction. The Norwegian fish farm company Salmar ASA and the renewable energy company EDP Renováveis SA were the two largest detractors. Shares of Salmar fell on the news that Norway imposed a 40% land tax on salmon companies, while EDP Renováveis came under pressure even though the company reported strong year-over-year earnings growth.


4		2 0 2 3 B L A C K R O C K S E M I - 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 January 31, 2023 (continued)		BlackRock Future Climate and Sustainable Economy ETF

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Machinery	18.3	%
Chemicals	16.4
Food Products	12.2
Semiconductors & Semiconductor Equipment	6.8
Electronic Equipment, Instruments & Components	6.1
Electric Utilities	6.0
Containers & Packaging	5.7
Electrical Equipment	4.5
Independent Power and Renewable Electricity Producers	4.4
Commercial Services & Supplies	4.2
Building Products	4.0
Software	3.9
Paper & Forest Products	2.1
Professional Services	2.0
Capital Markets	1.3
Metals & Mining	1.1
Construction & Engineering	1.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Deere & Co.	4.3	%
EDP Renovaveis SA	4.1
Ag Growth International Inc.	3.8
Enel SpA	3.7
Nutrien Ltd.	3.4
Bunge Ltd.	3.4
Evoqua Water Technologies Corp.	3.3
FMC Corp.	3.3
Samsung SDI Co. Ltd.	3.0
Cleanaway Waste Management Ltd.	2.9


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


Fund Summary as of January 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

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

^(a)

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 (08/16/22)	^(a)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(b)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	918.50	$	3.05		$	1,000.00	$	1,021.70	$	3.52		0.69	%

^(a)

Commencement of operations.

^(b)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 168/365 for actual expenses and 184/365 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.

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
IT Services	52.0	%
Consumer Finance	21.7
Banks	18.2
Capital Markets	5.0
Diversified Financial Services	2.1
Software	1.0

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Fidelity National Information Services Inc.	5.4	%
Global Payments Inc.	5.3
WEX Inc.	4.9
Kaspi.KZ JSC	4.8
American Express Co.	4.8
Fiserv Inc.	4.7
SVB Financial Group	4.7
Capital One Financial Corp.	4.7
Synchrony Financial	4.5
Nuvei Corp.	4.5

^(a) Excludes money market funds.


6		2 0 2 3 B L A C K R O C K S E M I - 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 January 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
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		3.34	%		(4.30	)%		(1.98	)%		(4.30	)%		(4.57	)%
Fund Market		3.10			(4.51	)		(2.03	)		(4.51	)		(4.70	)
MSCI ACWI Index^(a)		2.45			(7.99	)		7.91			(7.99	)		19.45
MSCI ACWI SMID Growth/Health Care Index ^(b)		0.73			(9.18	)		(4.17	)		(9.18	)		(9.47	)

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)

An index representing the Health Care sector stocks within the MSCI ACWI SMID Cap Growth Index. An index that captures mid- and small-cap securities exhibiting overall growth style characteristics across certain developed and emerging markets countries.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,033.40	$	4.36		$	1,000.00	$	1,020.90	$	4.33		0.85	%

^(a)

Portfolio Management Commentary

Although growth stocks struggled for much of the six-month period that ended January 31, 2023, small- to mid-cap healthcare stocks finished with a positive return as a group. The Fund posted a gain in the period and outperformed the MSCI ACWI SMID Growth/Health Care Index.

Out-of-benchmark positions in Gilead Sciences, Inc. and Vertex Pharmaceuticals, Inc. were the leading individual contributors to the Fund’s relative performance. Gilead Sciences reported strong earnings, highlighting notable growth in its T-CAR cell therapy business. Vertex benefited from the announcement of its intention to expand its strategic partnership with Arbor Biotechnologies, which will allow it to receive rights to Arbor’s novel precision gene-editing technology.

Underweight positions in Alnylam Pharmaceuticals, Inc. and Genmab AS were the two largest detractors. Alnylam received approval for its muscular dystrophy treatment for use by National Health Service in the United Kingdom, while Genmab rallied after securing priority review from the U.S. Food & Drug Administration for a lymphoma treatment it developed in partnership with AbbVie.


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


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

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Biotechnology	34.2	%
Health Care Equipment & Supplies	32.7
Life Sciences Tools & Services	18.1
Pharmaceuticals	7.5
Health Care Providers & Services	6.6
Other (each representing less than 1%)	0.9

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Vertex Pharmaceuticals Inc.	2.9	%
Alcon Inc.	2.8
Mettler-Toledo International Inc.	2.5
Boston Scientific Corp.	2.5
AmerisourceBergen Corp.	2.4
Intuitive Surgical Inc.	2.3
ResMed Inc.	2.3
Penumbra Inc.	2.2
Stryker Corp.	2.0
BioMarin Pharmaceutical Inc.	2.0

^(a)

Excludes money market funds.


8		2 0 2 3 B L A C K R O C K S E M I - 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 January 31, 2023		BlackRock Future Innovators ETF

Investment Objective

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

Performance


				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(1.53	)%		(22.33	)%		(10.08	)%		(22.33	)%		(22.03	)%
Fund Market		(1.80	)		(22.59	)		(10.19	)		(22.59	)		(22.26	)
Russell 2500^™ Growth Index^(a)		3.28			(6.49	)		3.19			(6.49	)		7.62

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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	984.70	$	4.00		$	1,000.00	$	1,021.20	$	4.08		0.80	%

^(a)

Portfolio Management Commentary

Axon Enterprise, Inc. and Fox Factory Holding Corp. were the leading contributors to the Fund’s performance in the semiannual period. Axon, a developer of technology and weapons products for military, law enforcement and civilians, outperformed on the strength of better-than-expected earnings results. Fox Factory Holding, a manufacturer of mountain bikes, ATVs, snowmobiles, specialty vehicles and motorcycles, benefited from strong consumer demand in the luxury and high-performance markets.

Chart Industries, Inc. and Entegris, Inc. were the two largest detractors from results. Chart Industries, a global manufacturer of engineered equipment for the clean energy and industrial gas markets, announced an acquisition that was met with a negative response from investors. Entegris is a supplier of advanced materials and process solutions for the semiconductor industry. The shares underperformed as high inflation, rising interest rates, greater energy costs and continuing lockdowns in China affected end-market demand.


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


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

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Software	16.3	%
Semiconductors & Semiconductor Equipment	12.8
Hotels, Restaurants & Leisure	11.5
Life Sciences Tools & Services	10.6
Aerospace & Defense	7.5
Capital Markets	6.7
Health Care Technology	3.9
Health Care Equipment & Supplies	3.9
IT Services	3.2
Road & Rail	2.9
Auto Components	2.6
Diversified Consumer Services	2.3
Machinery	2.3
Interactive Media & Services	2.2
Biotechnology	2.2
Air Freight & Logistics	1.7
Building Products	1.7
Professional Services	1.4
Internet & Direct Marketing Retail	1.3
Other (each representing less than 1%)	3.0

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Axon Enterprise Inc.	4.5	%
Planet Fitness Inc., Class A	3.4
HEICO Corp.	3.0
Five9 Inc.	3.0
Entegris Inc.	3.0
Tradeweb Markets Inc., Class A	3.0
Saia Inc.	2.9
Monolithic Power Systems Inc.	2.9
Evolution AB	2.7
Paylocity Holding Corp.	2.7

^(a)

Excludes money market funds.


10		2 0 2 3 B L A C K R O C K S E M I - 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 January 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

	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(6.87	)%		(29.30	)%		(10.34	)%		(29.30	)%		(22.55	)%
Fund Market		(6.90	)		(29.54	)		(10.33	)		(29.54	)		(22.53	)
MSCI ACWI Index^(a)		2.45			(7.99	)		7.91			(7.99	)		19.45
MSCI ACWI SMID Growth/Information Technology Index^(b)		1.53			(12.90	)		4.22			(12.90	)		10.14

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)

An index representing the Information Technology (IT) sector stocks within the MSCI ACWI SMID Cap Growth Index. An index that 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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	931.30	$	4.28		$	1,000.00	$	1,020.80	$	4.48		0.88	%

^(a)

Portfolio Management Commentary

The two largest individual contributors to the Fund’s performance relative to the MSCI ACWI SMID Growth IT Index during the period were an overweight to Shift4 Payments and an off-benchmark position in Trip.com. Shift4 Payments, a payment processing company, benefited over the period as tourism and travel activity rebounded with the easing of pandemic-related restrictions. Trip.com, an online travel agency, similarly benefited from the removal of limitations on travel as well as the resumption of economic activity in China.

Conversely, the two largest individual detractors from the Fund’s relative performance during the period were off-benchmark positions in Tesla and Marvell Technologies. Tesla, an electric vehicle manufacturer, suffered from signs of weakness in the automotive market. Shares of Marvell Technologies, a digital semiconductor designer, dropped over the period as concerns emerged of a slowdown in data center spending.


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


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

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Semiconductors & Semiconductor Equipment	31.2	%
Software	20.2
IT Services	11.8
Electronic Equipment, Instruments & Components	7.0
Internet & Direct Marketing Retail	4.5
Entertainment	4.4
Electrical Equipment	2.7
Interactive Media & Services	2.6
Technology Hardware, Storage & Peripherals	2.5
Professional Services	2.3
Hotels, Restaurants & Leisure	2.3
Media	2.2
Automobiles	2.1
Machinery	1.0
Other (each representing less than 1%)	3.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Synopsys Inc.	3.3	%
Lattice Semiconductor Corp.	2.5
ASM International NV	2.4
Nvidia Corp.	2.4
Lasertec Corp.	2.3
Informa PLC	2.2
Wolfspeed Inc.	2.1
Tesla Inc.	2.1
Samsung SDI Co. Ltd.	2.0
ON Semiconductor Corp.	2.0


12		2 0 2 3 B L A C K R O C K S E M I - 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 January 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
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		2.66	%		(6.44	)%		(8.55	)%		(6.44	)%		(9.65	)%
Fund Market		2.52			(6.50	)		(8.68	)		(6.50	)		(9.78	)
S&P 500^® Index^(a)		(0.44	)		(8.22	)		(9.31	)		(8.22	)		(10.44	)

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 (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22)		Ending Account Value (01/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,026.60	$	3.06		$	1,000.00	$	1,022.20	$	3.06		0.60	%

^(a)

Portfolio Management Commentary

The two largest individual contributors to the Fund’s return during the period were Old Dominion Freight Line Inc. within the industrials sector and Dillards Inc. within the consumer discretionary sector. Old Dominion is an American company providing less-than-truckload (LTL) freight and shipping services, in addition to logistics and household moving services. Strong demand for shipping services and the early indications of cooling inflation in late 2022 drove support for Old Dominion’s stock price. Dillards is a department store chain offering apparel, cosmetics, home furnishings and other retail merchandise with stores across the United States. Dillard’s stock rallied following consistent earnings beats and increasing sales, as the company maintained and grew demand amid a challenging macroeconomic environment.

The two largest individual detractors from the Fund’s return during the period were Microsoft Corp. and Apple Inc. within the information technology sector. Microsoft is a multinational technology company producing and providing software, electronics, personal computers and cloud services. Apple is a global technology company and is one of the largest vendors of personal computers and mobile phones. During the period, a challenging market environment marked by rising interest rates, elevated concerns over a recession, and accelerating layoffs in the technology space created a difficult backdrop for growth-sensitive technology firms such as Microsoft and Apple. In addition, Apple was negatively impacted in November and December of 2022 by continued lockdowns in China and the rapid spread of COVID-19 at contract manufacturer Foxconn’s Zhengzhou plant, a facility of 200,000 workers critical to the production of iPhones colloquially known as “iPhone City”.


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


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

Portfolio Information

INDUSTRY ALLOCATION


Industry	Percent of Total Investments	^(a)
Software	12.7	%
IT Services	10.8
Semiconductors & Semiconductor Equipment	9.4
Oil, Gas & Consumable Fuels	6.6
Food & Staples Retailing	5.0
Road & Rail	4.7
Electronic Equipment, Instruments & Components	4.1
Diversified Financial Services	4.1
Technology Hardware, Storage & Peripherals	3.9
Machinery	3.6
Specialty Retail	3.1
Chemicals	3.0
Multiline Retail	2.9
Health Care Providers & Services	2.6
Food Products	2.6
Metals & Mining	2.5
Trading Companies & Distributors	2.4
Construction & Engineering	2.3
Hotels, Restaurants & Leisure	1.9
Commercial Services & Supplies	1.7
Distributors	1.5
Electrical Equipment	1.3
Capital Markets	1.2
Other (each representing less than 1%)	6.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	4.9	%
Berkshire Hathaway Inc., Class B	4.0
Apple Inc.	3.3
Analog Devices Inc.	3.2
Old Dominion Freight Line Inc.	3.0
Check Point Software Technologies Ltd.	2.9
Palo Alto Networks Inc.	2.7
Visa Inc., Class A	2.7
UnitedHealth Group Inc.	2.4
Texas Instruments Inc.	2.2


14		2 0 2 3 B L A C K R O C K S E M I - 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 January 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
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(0.53	)%		(9.82	)%		0.39	%		(9.82	)%		0.71	%
Fund Market		(0.55	)		(9.79	)		0.37			(9.79	)		0.68
Russell 1000^® Index^(a)		(0.14	)		(8.55	)		0.22			(8.55	)		0.41

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 (08/01/22	)		Ending Account Value (01/31/23	)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22	)		Ending Account Value (01/31/23	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00		$	994.70		$	0.70		$	1,000.00		$	1,024.50		$	0.71		0.14	%

^(a)

Portfolio Management Commentary

The Fund’s Low Carbon Economy Transition Readiness (“LCETR”) model-driven investment process evaluates companies’ preparedness for the transition to a low-carbon economy across five “pillars” (i.e., Fossil Fuels, Clean Technology, Energy Management, Waste Management and Water Management), based on proprietary BlackRock Fund Advisors research. These evaluations are used to determine active portfolio weights relative to the Fund’s benchmark, the Russell 1000^® Index.

U.S. large-cap stocks overall finished the period essentially flat. Large-cap oil and gas companies continued to perform well in the period despite softening oil prices, boosted by increased share buybacks. In addition, value stocks within the industrials and consumer staples sectors outperformed as recession concerns remained. As a result, the Fund’s exclusion of fossil fuel and tobacco stocks negatively impacted performance.

The Fund returned -0.53% for the six-month period ended January 31, 2023, slightly underperforming the -0.14% return for the benchmark Russell 1000^® Index.

During the period, the Fund’s Energy Management pillar contributed positively to relative performance, while the Water Management pillar detracted.An overweight position in Norwegian Cruise Line Holdings driven by the company’s positive emissions reduction trends proved additive, while the Fund’s overweight to the Coca-Cola Company detracted as the company underperformed its sector peers despite excelling at water management.

As designed, the Fund was positioned in a largely sector-neutral fashion, with a slight overweight in healthcare and slight underweight in consumer staples. Given the Fund’s tight sector constraints, security selection drove the Fund’s relative performance. Selection within financials led positive contributions, while selection had the most adverse impact within consumer staples.

By maximizing exposure to companies with higher LCETR scores, the Fund demonstrated 36% lower carbon emission intensity and 22% higher exposure to clean technology revenue than its benchmark as of December 31, 2022.


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


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

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Information Technology	25.9	%
Health Care	14.7
Financials	12.0
Consumer Discretionary	10.7
Industrials	9.1
Communication Services	7.5
Consumer Staples	6.2
Energy	4.9
Real Estate	3.2
Materials	3.2
Utilities	2.6

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Apple Inc.	5.8	%
Microsoft Corp.	5.1
Amazon.com Inc.	2.5
Alphabet Inc., Class A	1.8
Alphabet Inc., Class C	1.7
Nvidia Corp.	1.4
UnitedHealth Group Inc.	1.4
Johnson & Johnson	1.4
Berkshire Hathaway Inc., Class B	1.3
Tesla Inc.	1.3


16		2 0 2 3 B L A C K R O C K S E M I - 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 January 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
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		1.43	%		(7.36	)%		9.16	%		(7.36	)%		40.42	%
Fund Market		1.31			(7.40	)		9.11			(7.40	)		40.16
MSCI USA Index^(a)		(0.48	)		(9.01	)		11.84			(9.01	)		54.08

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. Effective September 23, 2019, the Fund changed its benchmark against which it measures its performance from a custom weighted index composed of the 80% MSCI USA Index / 20% MSCI USA Minimum Volatility (USD) Index to the MSCI USA Index.

Expense Example


Actual									Hypothetical 5% Return


	Beginning Account Value (08/01/22	)		Ending Account Value (01/31/23	)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22	)		Ending Account Value (01/31/23	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00		$	1,014.30		$	1.02		$	1,000.00		$	1,024.20		$	1.02		0.20	%

^(a)

Portfolio Management Commentary

The Fund outperformed its benchmark, the MSCI USA Index, during the six-month period ended January 31, 2023. The Fund’s actively managed factor rotation strategy seeks exposure to rewarded factors like minimum volatility, value, momentum, low size, and quality. The Fund strives to outpace the broader market by actively emphasizing the factors that BlackRock Fund Advisors believes will outperform based on its forward-looking insights.

The Fund’s factor tilts added to relative performance during the period, with the value, low size, and momentum factors all providing positive contributions. The minimum volatility and quality factors were detractors, slightly underperforming the broad market as represented by the MSCI USA Index. Value and low size had the best performance, as investors continued to price in the impact of higher interest rates and persistently high inflation. In January, the Fund removed its exposure to value in favor of growth and trimmed exposure to momentum. This timing proved highly beneficial to relative return as growth-oriented stocks rallied and momentum dramatically underperformed with the pullback in healthcare and energy stocks.

Sector allocation and stock selection both contributed positively to relative results during the period. Sector allocation was most beneficial, most notably an underweight to healthcare beginning December 2022. Stock selection was most additive within the information technology and consumer discretionary sectors.


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


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

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Information Technology	34.7	%
Financials	14.2
Energy	13.2
Communication Services	7.7
Consumer Discretionary	7.2
Health Care	7.0
Real Estate	5.7
Consumer Staples	4.2
Industrials	3.7
Materials	2.4

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	8.5	%
Apple Inc.	6.6
Exxon Mobil Corp.	5.8
JPMorgan Chase & Co.	4.0
Amazon.com Inc.	4.0
Visa Inc., Class A	4.0
Alphabet Inc., Class A	3.4
Chevron Corp.	3.4
UnitedHealth Group Inc.	3.1
Broadcom Inc.	3.0

^(a)

Excludes money market funds.


18		2 0 2 3 B L A C K R O C K S E M I - 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 January 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
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		6.78	%		(5.55	)%		(2.19	)%		(5.55	)%		(3.96	)%
Fund Market		6.93			(5.42	)		(2.13	)		(5.42	)		(3.85	)
MSCI World ex USA Index^(a)		8.74			(2.98	)		(0.73	)		(2.98	)		(1.33	)

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 (08/01/22	)		Ending Account Value (01/31/23	)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/22	)		Ending Account Value (01/31/23	)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00		$	1,067.80		$	1.04		$	1,000.00		$	1,024.20		$	1.02		0.20	%

^(a)

Portfolio Management Commentary

International equities ended the period on a positive note. Large-cap oil and gas companies continued to perform well despite softening oil prices, boosted by increased share buybacks. In addition, value stocks within the consumer staples sector outperformed as recession concerns remained. As a result, the Fund’s exclusion of fossil fuel and tobacco stocks negatively impacted performance.

The Fund returned 6.78% for the six-month period ended January 31, 2023, underperforming the 8.74% return for the MSCI World ex USA Index.

During the period, the Clean Technology and Water Management pillars both detracted from performance. Clean energy stocks lagged as rising interest rates, investor rotation out of growth stocks, production delays and policy uncertainties offset the alternative energy tailwinds of the U.S. Inflation Reduction Act. Water Management underperformance was due to idiosyncratic stock movements. For example, Kirin Holdings Ltd., a Japanese integrated beverage company, had a strong water efficiency and management program but underperformed following its announcement of price hikes in response to cost pressures.

Given the Fund’s tight sector and country constraints, security selection was the key driver of relative performance. Selection within information technology led positive contributions, while selection within consumer discretionary had the most adverse impact.

While the Fund was positioned in a sector-neutral fashion, the Fund was slightly overweight information technology and slightly underweight healthcare. The Fund remained largely country-neutral as well, with slight overweights to Norway, Denmark and Spain, and slight underweights to Germany and Australia.

By maximizing exposure to companies with higher LCETR scores, the Fund demonstrated 30% lower carbon emission intensity and 42% higher exposure to green revenue than its benchmark as of December 31, 2022.


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


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

Portfolio Information

SECTOR ALLOCATION


Sector	Percent of Total Investments	^(a)
Financials	20.9	%
Industrials	15.1
Health Care	11.1
Consumer Discretionary	10.8
Consumer Staples	9.3
Information Technology	8.8
Materials	8.2
Energy	6.1
Communication Services	4.0
Utilities	3.1
Real Estate	2.6

GEOGRAPHIC ALLOCATION


Country/Geographic Region	Percent of Total Investments	^(a)
Japan	19.4	%
United Kingdom	13.9
Canada	10.9
France	10.5
Switzerland	9.8
Australia	6.7
Germany	6.2
Netherlands	3.8
Denmark	3.6
Spain	2.8

^(a)

Excludes money market funds.


20		2 0 2 3 B L A C K R O C K S E M I - 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

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.


A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S		21

Schedule of Investments (unaudited)

January 31, 2023

BlackRock Future Climate and Sustainable Economy ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Building Products — 3.8%
Johnson Controls International PLC		916	$	63,726
Kingspan Group PLC		865		55,634
Owens Corning		451		43,589

				162,949

Capital Markets — 1.2%
Agronomics Ltd.^(a)		315,629		52,800


Chemicals — 15.5%
Ecolab Inc.		662		102,498
FMC Corp.		1,007		134,062
Koninklijke DSM NV		625		80,376
LG Chem Ltd.		65		36,686
Nutrien Ltd.		1,704		141,074
Robertet SA		85		80,210
Symrise AG		905		96,210

				671,116

Commercial Services & Supplies — 4.0%
Cleanaway Waste Management Ltd.		61,356		118,887
Republic Services Inc.		206		25,713
Waste Management Inc.		174		26,923

				171,523

Construction & Engineering — 1.0%
Quanta Services Inc.		274		41,700


Containers & Packaging — 5.3%
Crown Holdings Inc.		879		77,493
SIG Group AG		3,576		88,634
Smurfit Kappa Group PLC		1,541		64,698

				230,825

Electric Utilities — 5.6%
Enel SpA		25,708		151,372
NextEra Energy Inc.		565		42,166
Orsted A/S^(b)		573		51,027

				244,565

Electrical Equipment — 4.2%
Prysmian SpA		912		37,244
Schneider Electric SE		424		68,779
Vestas Wind Systems A/S		2,599		76,051

				182,074

Electronic Equipment, Instruments & Components — 5.8%
Keyence Corp.		200		92,074
Rogers Corp.^(a)		258		36,014
Samsung SDI Co. Ltd.		217		121,607

				249,695

Food Products — 11.5%
Archer-Daniels-Midland Co.		766		63,463
Bunge Ltd.		1,395		138,244
Darling Ingredients Inc.^(a)		532		35,266
Kerry Group PLC, Class A		995		93,232
Maple Leaf Foods Inc.		2,345		44,572
Salmar ASA		2,020		93,929
SunOpta Inc.^(a)		3,850		31,455

				500,161

Independent Power and Renewable Electricity Producers — 4.2%
EDP Renovaveis SA		7,650		166,396
Orron Energy AB		7,776		14,416

				180,812


Security	Shares		Value

Machinery — 17.3%
Ag Growth International Inc.		4,200	$	157,230
AGCO Corp.		658		90,890
Atlas Copco AB, Class A		2,365		28,063
Deere & Co.		414		175,056
Evoqua Water Technologies Corp.^(a)		2,769		134,324
Ingersoll Rand Inc.		1,149		64,344
John Bean Technologies Corp.^(c)		409		45,698
Marel HF^(b)		5,648		21,859
Spirax-Sarco Engineering PLC		219		31,282

				748,746

Metals & Mining — 1.0%
Sims Ltd.		4,074		44,235


Paper & Forest Products — 2.0%
UPM-Kymmene OYJ		2,380		86,266


Professional Services — 1.9%
Bureau Veritas SA		2,859		81,743


Semiconductors & Semiconductor Equipment — 6.4%
Analog Devices Inc.		249		42,696
Canadian Solar Inc.^(a)		1,660		69,836
First Solar Inc.^(a)		471		83,650
Infineon Technologies AG		1,223		44,041
STMicroelectronics NV		809		38,094

				278,317

Software — 3.7%
Ansys Inc.^(a)		310		82,572
Dassault Systemes SE		2,093		77,840

				160,412

Total Common Stocks — 94.4% (Cost: $4,076,371)				4,087,939


Warrants

Capital Markets — 0.0%
Agronomics Ltd., (Expires 12/08/23)^(a)		329,052		345


Total Warrants — 0.0% (Cost: $—)				345

Total Long-Term Investments — 94.4% (Cost: $4,076,371)				4,088,284


Short-Term Securities

Money Market Funds — 5.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(d)(e)(f)		10,924		10,931
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(d)(e)		220,000		220,000


Total Short-Term Securities — 5.3% (Cost: $230,924)				230,931


Total Investments — 99.7% (Cost: $4,307,295)				4,319,215

Other Assets Less Liabilities — 0.3%				13,433


Net Assets — 100.0%			$	4,332,648

^(a)	Non-income producing security.


22		2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued)

January 31, 2023

BlackRock Future Climate and Sustainable Economy ETF

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 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 01/31/23	Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	127,650	$	—	$	(116,817	)^(a)	$	91	$	7	$	10,931	10,924	$	237	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		310,000		—		(90,000	)^(a)		—		—		220,000	220,000		3,724			—


								$	91	$	7	$	230,931		$	3,961		$	—

^(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
Building Products	$	107,315	$	55,634	$	—	$	162,949
Capital Markets		—		52,800		—		52,800
Chemicals		457,844		213,272		—		671,116
Commercial Services & Supplies		52,636		118,887		—		171,523
Construction & Engineering		41,700		—		—		41,700
Containers & Packaging		77,493		153,332		—		230,825
Electric Utilities		42,166		202,399		—		244,565
Electrical Equipment		—		182,074		—		182,074
Electronic Equipment, Instruments & Components		36,014		213,681		—		249,695
Food Products		313,000		187,161		—		500,161
Independent Power and Renewable Electricity Producers		—		180,812		—		180,812
Machinery		689,401		59,345		—		748,746
Metals & Mining		—		44,235		—		44,235
Paper & Forest Products		—		86,266		—		86,266
Professional Services		—		81,743		—		81,743
Semiconductors & Semiconductor Equipment		196,182		82,135		—		278,317
Software		82,572		77,840		—		160,412
Warrants		—		345		—		345


S C H E D U L E O F I N V E S T M E N T S		23

Schedule of Investments (unaudited) (continued)

January 31, 2023

BlackRock Future Climate and Sustainable Economy ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2		Level 3		Total
Short-Term Securities
Money Market Funds	$	230,931	$	—	$	—	$	230,931

	$	2,327,254	$	1,991,961	$	—	$	4,319,215

See notes to financial statements.


24		2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited)

January 31, 2023

BlackRock Future Financial and Technology ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Banks — 16.9%
FinecoBank Banca Fineco SpA		4,589	$	82,381
Inter & Co. Inc., NVS		40,448		110,755
Inter & Co. Inc., NVS^(a)		19,989		54,770
JPMorgan Chase & Co.		335		46,887
Live Oak Bancshares Inc.		2,142		73,321
Signature Bank/New York NY		1,410		181,820
Silvergate Capital Corp., Class A^(a)		1,746		24,863
SVB Financial Group^(a)		667		201,727

				776,524

Capital Markets — 4.6%
Allfunds Group PLC		3,772		30,006
Assetmark Financial Holdings Inc.^(a)		2,530		67,146
Charles Schwab Corp. (The)		537		41,575
XP Inc., Class A^(a)		4,060		72,349

				211,076

Consumer Finance — 20.2%
American Express Co.		1,168		204,318
Capital One Financial Corp.		1,691		201,229
Discover Financial Services		553		64,552
Kaspi.KZ JSC		2,806		206,272
Oportun Financial Corp.^(a)		8,399		58,877
Synchrony Financial		5,203		191,106

				926,354

Diversified Financial Services — 2.0%
Illimity Bank SpA^(a)		11,058		90,735


IT Services — 48.4%
Adyen NV^(a)(b)		1		1,512
Block Inc.^(a)		240		19,613
Dlocal Ltd./Uruguay, Class A^(a)(c)		4,021		66,708
Fidelity National Information Services Inc.		3,057		229,397
Fiserv Inc.^(a)		1,893		201,945
Global Payments Inc.		1,988		224,087
Mastercard Inc., Class A		58		21,495
Network International Holdings PLC^(a)(b)		55,152		179,369
Nexi SpA^(a)(b)		12,442		109,581
Nuvei Corp.^(a)(b)		5,411		191,015


Security	Shares		Value

IT Services (continued)
Pagseguro Digital Ltd., Class A^(a)		17,032	$	171,853
Payoneer Global Inc.^(a)		6,763		40,308
PayPal Holdings Inc.^(a)		1,403		114,330
Repay Holdings Corp.^(a)		8,896		86,647
Shift4 Payments Inc., Class A^(a)(c)		376		24,079
StoneCo Ltd., Class A^(a)		12,207		136,230
Verra Mobility Corp.^(a)(c)		5,205		80,313
Visa Inc., Class A		98		22,561
WEX Inc.^(a)		1,129		208,831
Worldline SA/France^(a)(b)		1,910		86,649

				2,216,523

Software — 1.0%
Temenos AG, Registered		620		44,256


Total Long-Term Investments — 93.1% (Cost: $4,544,148)				4,265,468


Short-Term Securities

Money Market Funds — 9.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(d)		121,749		121,822
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(d)(e)		320,000		320,000


Total Short-Term Securities — 9.6% (Cost: $441,771)				441,822


Total Investments — 102.7% (Cost: $4,985,919)				4,707,290

Liabilities in Excess of Other Assets — (2.7)%				(124,119	)


Net Assets — 100.0%			$	4,583,171

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 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 08/16/22	^(a)		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 01/31/23	Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	121,739	^(b)	$	—	$	32	$	51	$	121,822	121,749	$	175	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			320,000	^(b)		—		—		—		320,000	320,000		5,541			—


									$	32	$	51	$	441,822		$	5,716		$	—

^(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		25

Schedule of Investments (unaudited) (continued)

January 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
Banks	$	694,143	$	82,381	$	—	$	776,524
Capital Markets		181,070		30,006		—		211,076
Consumer Finance		720,082		206,272		—		926,354
Diversified Financial Services		—		90,735		—		90,735
IT Services		2,018,781		197,742		—		2,216,523
Software		—		44,256		—		44,256
Short-Term Securities
Money Market Funds		441,822		—		—		441,822

	$	4,055,898	$	651,392	$	—	$	4,707,290

See notes to financial statements.


26		2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited)

January 31, 2023

BlackRock Future Health ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 33.7%
Alkermes PLC^(a)		3,204	$	91,763
Allakos Inc.^(a)		370		2,749
Alnylam Pharmaceuticals Inc.^(a)		446		100,974
Amgen Inc.		158		39,879
Apellis Pharmaceuticals Inc.^(a)		220		11,601
Arcus Biosciences Inc.^(a)		215		4,650
Arcutis Biotherapeutics Inc.^(a)(b)		900		14,913
Argenx SE, ADR^(a)		149		56,955
Arrowhead Pharmaceuticals Inc.^(a)		230		8,048
BeiGene Ltd., ADR^(a)(b)		175		44,800
Biohaven Ltd., NVS^(a)		225		4,295
BioMarin Pharmaceutical Inc.^(a)		1,000		115,350
BioNTech SE, ADR		230		32,984
Blueprint Medicines Corp.^(a)		532		24,866
Bridgebio Pharma Inc.^(a)		335		3,109
Cerevel Therapeutics Holdings Inc.^(a)		732		24,998
CRISPR Therapeutics AG^(a)(b)		240		12,245
Day One Biopharmaceuticals Inc.^(a)		404		8,795
Decibel Therapeutics Inc.^(a)(b)		353		1,115
Design Therapeutics Inc.^(a)		183		1,437
Enanta Pharmaceuticals Inc.^(a)		54		2,883
EQRx Inc.^(a)		556		1,362
Exact Sciences Corp.^(a)		254		17,150
Exelixis Inc.^(a)		1,434		25,267
FibroGen Inc.^(a)		269		6,348
Frequency Therapeutics Inc.^(a)		630		2,860
Galapagos NV, ADR^(a)		442		19,523
Genmab A/S^(a)		84		32,919
Genmab A/S, ADR^(a)		272		10,649
Gilead Sciences Inc.		1,298		108,954
Halozyme Therapeutics Inc.^(a)		1,155		59,794
Horizon Therapeutics PLC^(a)		200		21,944
Immunocore Holdings PLC^(a)		930		56,981
ImmunoGen Inc.^(a)		1,248		5,741
Incyte Corp.^(a)		894		76,115
Ionis Pharmaceuticals Inc.^(a)		1,146		45,691
Iovance Biotherapeutics Inc.^(a)		460		3,662
Karuna Therapeutics Inc.^(a)		59		11,764
Keros Therapeutics Inc.^(a)		573		33,561
Kinnate Biopharma Inc.^(a)		633		4,767
Krystal Biotech Inc.^(a)		74		6,151
Legend Biotech Corp., ADR^(a)(b)		492		24,846
Mirati Therapeutics Inc.^(a)		125		6,676
Moderna Inc.^(a)		435		76,586
Monte Rosa Therapeutics Inc.^(a)		344		2,546
Neurocrine Biosciences Inc.^(a)		692		76,764
Nuvalent Inc., Class A^(a)		413		12,493
PMV Pharmaceuticals Inc.^(a)		723		5,929
Prime Medicine Inc., NVS^(a)(b)		1,056		18,564
Prometheus Biosciences Inc.^(a)		223		25,346
Protagonist Therapeutics Inc.^(a)		1,095		14,553
Prothena Corp. PLC^(a)		320		18,096
PTC Therapeutics Inc.^(a)		200		9,178
REVOLUTION Medicines Inc.^(a)		931		24,895
Rhythm Pharmaceuticals Inc.^(a)		1,725		47,179
Rocket Pharmaceuticals Inc.^(a)		684		14,863
Sage Therapeutics Inc.^(a)		690		30,595
Sarepta Therapeutics Inc.^(a)		451		56,361


Security	Shares		Value

Biotechnology (continued)
Seagen Inc.^(a)		204	$	28,454
Sigilon Therapeutics Inc.^(a)		722		522
Swedish Orphan Biovitrum AB^(a)		650		14,495
Tenaya Therapeutics Inc.^(a)		354		1,211
TScan Therapeutics Inc.^(a)		1,378		2,508
Twist Bioscience Corp.^(a)(b)		447		12,824
Ultragenyx Pharmaceutical Inc.^(a)		222		10,063
United Therapeutics Corp.^(a)		161		42,370
Vaxcyte Inc.^(a)		122		5,533
Vertex Pharmaceuticals Inc.^(a)		506		163,489
Vir Biotechnology Inc.^(a)		665		19,651
Viridian Therapeutics Inc.^(a)		321		11,723


				1,937,925

Diversified Financial Services — 0.5%
DA32 Life Science Tech Acquisition Corp., Class A^(a)(b)		3,181		32,033


Electronic Equipment, Instruments & Components — 0.1%
908 Devices Inc.^(a)		648		6,039


Health Care Equipment & Supplies — 32.1%
Abiomed Inc., CVR^(c)		246		686
Alcon Inc.		2,110		158,693
Align Technology Inc.^(a)		162		43,696
Bausch + Lomb Corp.^(a)		1,238		21,343
Boston Scientific Corp.^(a)		3,048		140,970
ConvaTec Group PLC^(d)		11,764		34,121
Cooper Companies Inc. (The)		312		108,866
Dexcom Inc.^(a)		911		97,559
Glaukos Corp.^(a)		298		14,617
Globus Medical Inc., Class A^(a)		230		17,365
Heska Corp.^(a)		275		24,596
Hologic Inc.^(a)(b)		1,038		84,462
Insulet Corp.^(a)		327		93,954
Intuitive Surgical Inc.^(a)		533		130,953
iRhythm Technologies Inc.^(a)		275		27,033
Masimo Corp.^(a)		570		96,946
Medtronic PLC		455		38,079
Nevro Corp.^(a)		1,003		36,830
Novocure Ltd.^(a)		577		52,611
Nyxoah SA^(a)		1,368		7,374
Omnicell Inc.^(a)		339		18,804
Penumbra Inc.^(a)		501		125,455
Pulmonx Corp.^(a)		879		7,814
ResMed Inc.		569		129,943
Shockwave Medical Inc.^(a)		139		26,122
SI-BONE Inc.^(a)		448		7,629
STAAR Surgical Co.^(a)		188		13,263
STERIS PLC^(b)		460		94,995
Stryker Corp.		455		115,484
Tandem Diabetes Care Inc.^(a)		833		33,936
Zimmer Biomet Holdings Inc.		340		43,296


				1,847,495

Health Care Providers & Services — 6.5%
Amedisys Inc.^(a)		393		37,987
AmerisourceBergen Corp.		804		135,844
Encompass Health Corp.		745		46,525
Guardant Health Inc.^(a)		490		15,401
LHC Group Inc.^(a)		101		16,019
McKesson Corp.		262		99,214


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 (unaudited) (continued)

January 31, 2023

BlackRock Future Health ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services (continued)
R1 RCM Inc.^(a)		1,644	$	23,526


				374,516

Health Care Technology — 0.0%
Sophia Genetics SA^(a)		619		1,857


Life Sciences Tools & Services — 17.4%
10X Genomics Inc., Class A^(a)		582		27,256
Agilent Technologies Inc.		567		86,229
Avantor Inc.^(a)		1,805		43,140
Bio-Techne Corp.		352		28,040
Bruker Corp.		523		36,673
Cytek Biosciences Inc.^(a)		1,786		21,521
Danaher Corp.		317		83,808
Gerresheimer AG		660		48,810
IQVIA Holdings Inc.^(a)		380		87,176
Mettler-Toledo International Inc.^(a)		93		142,562
QIAGEN NV^(a)		1,720		84,280
Repligen Corp.^(a)		320		59,296
Thermo Fisher Scientific Inc.		78		44,486
Waters Corp.^(a)		266		87,402
West Pharmaceutical Services Inc.		362		96,147
Wuxi Biologics Cayman Inc., New^(a)(d)		3,000		25,051


				1,001,877

Personal Products — 0.2%
Haleon PLC, ADR, NVS^(a)		1,213		9,825


Pharmaceuticals — 7.4%
Arvinas Inc.^(a)		511		16,745
AstraZeneca PLC		613		40,072
Catalent Inc.^(a)		928		49,694
Daiichi Sankyo Co. Ltd.		3,400		106,784
Eli Lilly & Co.		120		41,298
Merck & Co. Inc.		402		43,179
Pliant Therapeutics Inc.^(a)		367		12,860
Reata Pharmaceuticals Inc., Class A^(a)(b)		103		4,463
UCB SA		749		61,496
Ventyx Biosciences Inc.^(a)		80		3,360
Zoetis Inc.		273		45,179


				425,130


Total Common Stocks — 97.9% (Cost: $5,635,078)				5,636,697


Security	Shares		Value

Preferred Stocks

Life Sciences Tools & Services — 0.4%
Sartorius AG, Preference Shares, NVS		45	$	20,178


Total Preferred Stocks — 0.4% (Cost: $20,605)				20,178


Total Long-Term Investments — 98.3% (Cost: $5,655,683)				5,656,875


Short-Term Securities

Money Market Funds — 6.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(e)(f)(g)		274,495		274,659
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(e)(f)		90,000		90,000


Total Short-Term Securities — 6.3% (Cost: $364,523)				364,659

Total Investments — 104.6% (Cost: $6,020,206)				6,021,534

Liabilities in Excess of Other Assets — (4.6)%				(265,721	)


Net Assets — 100.0%			$	5,755,813

^(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.


28		2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited) (continued)

January 31, 2023

BlackRock Future Health 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 01/31/23		Shares Held at 01/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	133,820	$	140,612	^(a)	$	—		$	117	$	110	$	274,659		274,495	$	1,341	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		180,000		—			(90,000	)^(a)		—		—		90,000		90,000		3,450			—


									$	117	$	110	$	364,659			$	4,791		$	—

^(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)
AUD	90,200	USD	59,679	BNP Paribas SA	03/15/23	$ 4,091
DKK	604,200	USD	83,496	BNP Paribas SA	03/15/23	5,059
EUR	92,600	USD	95,054	State Street Bank and Trust Co.	03/15/23	5,881
GBP	26,150	USD	30,669	BNP Paribas SA	03/15/23	1,600
JPY	6,839,000	USD	48,987	State Street Bank and Trust Co.	03/15/23	3,850

						20,481

						$20,481

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	$	—	$	—	$	—	$	20,481	$	—	$	—	$	20,481

For the period ended January 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 Change in Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$	—	$	—	$	—	$	20,481	$	—	$	—	$	20,481

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Forward foreign currency exchange contracts
Average amounts purchased — in USD	$	158,943

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the 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		29

Schedule of Investments (unaudited) (continued)

January 31, 2023

BlackRock Future Health ETF

Derivative Financial Instruments - Offsetting as of Period End

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



	Assets		Liabilities

Derivative Financial Instruments:
Forward foreign currency exchange contracts	$	20,481	$	—

Total derivative assets and liabilities in the Statement of Assets and Liabilities		20,481		—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—

Total derivative assets and liabilities subject to an MNA		20,481		—

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



Counterparty		Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset	^(a)		Non-Cash Collateral Received		Cash Collateral Received		Net Amount of Derivative Assets	^(b)(c)

BNP Paribas SA	$	10,750	$	—		$	—	$	—	$	10,750
State Street Bank and Trust Co.		9,731		—			—		—		9,731

	$	20,481	$	—		$	—	$	—	$	20,481

^(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.

Fair Value Hierarchy as of Period End



	Level 1		Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks
Biotechnology	$	1,890,511	$	47,414	$	—	$	1,937,925
Diversified Financial Services		32,033		—		—		32,033
Electronic Equipment, Instruments & Components		6,039		—		—		6,039
Health Care Equipment & Supplies		1,812,688		34,121		686		1,847,495
Health Care Providers & Services		374,516		—		—		374,516
Health Care Technology		1,857		—		—		1,857
Life Sciences Tools & Services		928,016		73,861		—		1,001,877
Personal Products		9,825		—		—		9,825
Pharmaceuticals		256,850		168,280		—		425,130
Preferred Stocks		—		20,178		—		20,178
Short-Term Securities
Money Market Funds		364,659		—		—		364,659

	$	5,676,994	$	343,854	$	686	$	6,021,534

Derivative Financial Instruments^(a)
Assets
Foreign Currency Exchange Contracts	$	—	$	20,481	$	—	$	20,481

^(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.


30		2 0 2 3 B L A C K R O C K S E M I - 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 (unaudited)

January 31, 2023

BlackRock Future Innovators ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 7.5%
Axon Enterprise Inc.^(a)		1,683	$	328,925
HEICO Corp.		1,305		223,090

				552,015

Air Freight & Logistics — 1.7%
GXO Logistics Inc.^(a)(b)		2,415		126,377


Auto Components — 2.6%
Fox Factory Holding Corp.^(a)(b)		1,647		194,494


Biotechnology — 2.2%
Halozyme Therapeutics Inc.^(a)		3,076		159,245


Building Products — 1.7%
AZEK Co. Inc. (The)^(a)(b)		5,189		125,211


Capital Markets — 6.7%
MarketAxess Holdings Inc.		358		130,258
TPG Inc.		4,570		147,200
Tradeweb Markets Inc., Class A		2,919		217,582

				495,040

Diversified Consumer Services — 2.3%
Bright Horizons Family Solutions Inc.^(a)		85		6,526
Duolingo Inc, Class A^(a)		1,728		165,007

				171,533
Electronic Equipment, Instruments & Components — 0.5%
Halma PLC		1,240		33,014


Entertainment — 0.7%
Kahoot! ASA^(a)(b)		30,159		53,313


Equity Real Estate Investment Trusts (REITs) — 0.8%
Innovative Industrial Properties Inc.		228		20,470
Rexford Industrial Realty Inc.		582		36,939

				57,409

Food Products — 0.5%
Freshpet Inc.^(a)		582		36,858


Health Care Equipment & Supplies — 3.8%
Figs Inc., Class A^(a)		7,584		67,877
Inmode Ltd.^(a)		1,896		66,455
Insulet Corp.^(a)		517		148,544

				282,876

Health Care Technology — 3.8%
Certara Inc.^(a)(b)		4,229		82,043
Doximity Inc., Class A^(a)		4,059		143,161
Phreesia Inc.^(a)		1,548		58,034

				283,238

Hotels, Restaurants & Leisure — 11.4%
Domino’s Pizza Inc.		350		123,550
Evolution AB^(c)		1,791		201,292
Penn Entertainment Inc.^(a)(b)		3,775		133,824
Planet Fitness Inc., Class A^(a)(b)		2,923		247,432
Wingstop Inc.		868		137,552

				843,650

Interactive Media & Services — 2.2%
Match Group Inc.^(a)		3,025		163,713


Internet & Direct Marketing Retail — 1.3%
Etsy Inc.^(a)(b)		698		96,031


Security	Shares		Value

IT Services — 3.2%
DigitalOcean Holdings Inc.^(a)		2,341	$	68,709
Globant SA^(a)(b)		1,034		167,694

				236,403

Life Sciences Tools & Services — 10.5%
10X Genomics Inc., Class A^(a)		825		38,635
Azenta Inc.		2,387		133,433
Bio-Techne Corp.		1,997		159,081
Charles River Laboratories International Inc.^(a)		576		140,112
Olink Holding AB, ADR^(a)		1,748		34,226
Repligen Corp.^(a)(b)		931		172,514
West Pharmaceutical Services Inc.^(b)		387		102,787

				780,788

Machinery — 2.3%
Chart Industries Inc.^(a)(b)		1,273		170,557


Professional Services — 1.3%
Fiverr International Ltd.^(a)		2,678		99,327


Road & Rail — 2.9%
Saia Inc.^(a)		791		215,769


Semiconductors & Semiconductor Equipment — 12.7%
Ambarella Inc.^(a)		1,748		157,040
Entegris Inc.		2,720		219,531
Lattice Semiconductor Corp.^(a)		2,630		199,328
Monolithic Power Systems Inc.		500		213,280
SolarEdge Technologies Inc.^(a)		485		154,778

				943,957

Software — 16.2%
Aspen Technology Inc.^(a)		288		57,240
Bill.com Holdings Inc.^(a)		1,242		143,600
Confluent Inc., Class A^(a)		7,266		167,845
Five9 Inc.^(a)(b)		2,830		222,947
Gitlab Inc., Class A^(a)		2,785		137,607
HubSpot Inc.^(a)		523		181,486
Paylocity Holding Corp.^(a)		959		199,750
SiteMinder Ltd.^(a)		32,439		86,571

				1,197,046

Specialty Retail — 0.5%
Leslie’s Inc.^(a)(b)		2,321		35,952


Total Long-Term Investments — 99.3% (Cost: $9,013,853)				7,353,816


Short-Term Securities

Money Market Funds — 23.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%^(d)(e)(f)		1,684,022		1,685,032
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%^(d)(e)		70,000		70,000


Total Short-Term Securities — 23.7% (Cost: $1,754,179)				1,755,032


Total Investments — 123.0% (Cost: $10,768,032)				9,108,848

Liabilities in Excess of Other Assets — (23.0)%				(1,702,328	)


Net Assets — 100.0%			$	7,406,520

^(a)	Non-income producing security.


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 (unaudited) (continued)

January 31, 2023

BlackRock Future Innovators ETF

^(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
01/31/23

Shares
Held at
01/31/23

Income

Capital

Gain
Distributions
from
Underlying
Funds

BlackRock Cash Funds: Institutional, SL Agency Shares

979,979

704,162

^(a)

—