Schedule of Investments (unaudited) October 31, 2023 | BlackRock Future U.S. Themes ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Aerospace & Defense — 1.3% | ||||||||
Axon Enterprise Inc.(a) | 298 | $ | 60,938 | |||||
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Automobiles — 0.2% | ||||||||
Tesla Inc.(a) | 42 | 8,435 | ||||||
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Beverages — 0.8% | ||||||||
Coca-Cola Co. (The) | 434 | 24,517 | ||||||
PepsiCo Inc. | 77 | 12,572 | ||||||
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37,089 | ||||||||
Broadline Retail — 1.0% | ||||||||
Amazon.com Inc.(a) | 153 | 20,363 | ||||||
Dillard’s Inc., Class A | 86 | 26,699 | ||||||
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47,062 | ||||||||
Building Products — 1.7% | ||||||||
Builders FirstSource Inc.(a) | 230 | 24,960 | ||||||
Owens Corning | 107 | 12,130 | ||||||
Trane Technologies PLC | 200 | 38,062 | ||||||
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75,152 | ||||||||
Commercial Services & Supplies — 2.4% | ||||||||
Clean Harbors Inc.(a) | 168 | 25,817 | ||||||
Copart Inc.(a) | 380 | 16,538 | ||||||
Republic Services Inc., Class A | 182 | 27,025 | ||||||
Waste Connections Inc. | 288 | 37,296 | ||||||
Waste Management Inc. | 25 | 4,108 | ||||||
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110,784 | ||||||||
Construction & Engineering — 1.1% | ||||||||
AECOM | 205 | 15,693 | ||||||
EMCOR Group Inc. | 145 | 29,964 | ||||||
Quanta Services Inc. | 17 | 2,841 | ||||||
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48,498 | ||||||||
Construction Materials — 1.3% | ||||||||
Eagle Materials Inc. | 101 | 15,545 | ||||||
Martin Marietta Materials Inc. | 27 | 11,041 | ||||||
Vulcan Materials Co. | 163 | 32,028 | ||||||
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58,614 | ||||||||
Consumer Staples Distribution & Retail — 2.2% | ||||||||
BJ’s Wholesale Club Holdings Inc.(a) | 77 | 5,245 | ||||||
Costco Wholesale Corp. | 59 | 32,594 | ||||||
Kroger Co. (The) | 694 | 31,487 | ||||||
Walmart Inc. | 189 | 30,885 | ||||||
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100,211 | ||||||||
Distributors — 0.4% | ||||||||
Genuine Parts Co. | 61 | 7,860 | ||||||
LKQ Corp. | 278 | 12,210 | ||||||
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20,070 | ||||||||
Electrical Equipment — 1.0% | ||||||||
AMETEK Inc. | 186 | 26,183 | ||||||
Hubbell Inc., Class B | 65 | 17,557 | ||||||
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43,740 | ||||||||
Electronic Equipment, Instruments & Components — 3.7% | ||||||||
Amphenol Corp., Class A | 1,050 | 84,577 | ||||||
Arrow Electronics Inc.(a) | 121 | 13,723 | ||||||
CDW Corp./DE | 5 | 1,002 | ||||||
Jabil Inc. | 515 | 63,242 | ||||||
Keysight Technologies Inc.(a) | 59 | 7,201 | ||||||
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169,745 | ||||||||
Energy Equipment & Services — 0.7% | ||||||||
Baker Hughes Co., Class A | 622 | 21,409 |
Security | Shares | Value | ||||||
Energy Equipment & Services (continued) | ||||||||
ChampionX Corp. | 277 | $ | 8,532 | |||||
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29,941 | ||||||||
Financial Services — 7.5% | ||||||||
Berkshire Hathaway Inc., Class B(a) | 469 | 160,084 | ||||||
Fiserv Inc.(a) | 613 | 69,729 | ||||||
Mastercard Inc., Class A | 299 | 112,528 | ||||||
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342,341 | ||||||||
Food Products — 0.6% | ||||||||
Hershey Co. (The) | 69 | 12,927 | ||||||
JM Smucker Co. (The) | 7 | 797 | ||||||
Kellogg Co. | 192 | 9,690 | ||||||
Lamb Weston Holdings Inc. | 50 | 4,490 | ||||||
WK Kellogg Co.(a) | 48 | 481 | ||||||
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28,385 | ||||||||
Ground Transportation — 1.1% | ||||||||
JB Hunt Transport Services Inc. | 16 | 2,750 | ||||||
Old Dominion Freight Line Inc. | 121 | 45,576 | ||||||
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48,326 | ||||||||
Health Care Equipment & Supplies — 6.1% | ||||||||
Align Technology Inc.(a) | 100 | 18,459 | ||||||
Becton Dickinson and Co. | 11 | 2,781 | ||||||
Boston Scientific Corp.(a) | 1,888 | 96,647 | ||||||
Cooper Companies Inc. (The) | 11 | 3,429 | ||||||
Edwards Lifesciences Corp.(a) | 16 | 1,019 | ||||||
Masimo Corp.(a) | 60 | 4,868 | ||||||
Penumbra Inc.(a) | 186 | 35,554 | ||||||
Stryker Corp. | 342 | 92,415 | ||||||
Zimmer Biomet Holdings Inc. | 190 | 19,838 | ||||||
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275,010 | ||||||||
Health Care Providers & Services — 5.0% | ||||||||
Cardinal Health Inc. | 11 | 1,001 | ||||||
Encompass Health Corp. | 397 | 24,836 | ||||||
HCA Healthcare Inc. | 261 | 59,023 | ||||||
Humana Inc. | 18 | 9,426 | ||||||
McKesson Corp. | 27 | 12,295 | ||||||
Tenet Healthcare Corp.(a) | 458 | 24,595 | ||||||
UnitedHealth Group Inc. | 180 | 96,401 | ||||||
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227,577 | ||||||||
Hotels, Restaurants & Leisure — 4.2% | ||||||||
Boyd Gaming Corp. | 75 | 4,144 | ||||||
Chipotle Mexican Grill Inc., Class A(a) | 1 | 1,942 | ||||||
Darden Restaurants Inc. | 49 | 7,131 | ||||||
Hilton Worldwide Holdings Inc. | 105 | 15,911 | ||||||
Marriott International Inc., Class A | 67 | 12,633 | ||||||
McDonald’s Corp. | 548 | 143,669 | ||||||
Starbucks Corp. | 20 | 1,845 | ||||||
Yum! Brands Inc. | 36 | 4,351 | ||||||
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191,626 | ||||||||
Household Durables — 1.5% | ||||||||
DR Horton Inc. | 57 | 5,951 | ||||||
PulteGroup Inc. | 569 | 41,872 | ||||||
Taylor Morrison Home Corp., Class A(a) | 493 | 18,892 | ||||||
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66,715 | ||||||||
Household Products — 0.4% | ||||||||
Procter & Gamble Co. (The) | 133 | 19,954 | ||||||
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Insurance — 1.1% | ||||||||
Arch Capital Group Ltd.(a) | 434 | 37,619 | ||||||
Marsh & McLennan Companies Inc. | 55 | 10,431 |
1 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Future U.S. Themes ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Insurance (continued) | ||||||||
Progressive Corp. (The) | 25 | $ | 3,952 | |||||
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52,002 | ||||||||
Interactive Media & Services — 1.2% | ||||||||
Meta Platforms Inc, Class A(a) | 186 | 56,036 | ||||||
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IT Services — 0.8% | ||||||||
Accenture PLC, Class A | 129 | 38,325 | ||||||
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Machinery — 0.7% | ||||||||
Lincoln Electric Holdings Inc. | 173 | 30,240 | ||||||
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Marine Transportation — 0.2% | ||||||||
Matson Inc. | 86 | 7,486 | ||||||
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Metals & Mining — 0.7% | ||||||||
Commercial Metals Co. | 71 | 3,003 | ||||||
Nucor Corp. | 98 | 14,483 | ||||||
Reliance Steel & Aluminum Co. | 13 | 3,307 | ||||||
Steel Dynamics Inc. | 102 | 10,864 | ||||||
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31,657 | ||||||||
Oil, Gas & Consumable Fuels — 8.0% | ||||||||
Chevron Corp. | 638 | 92,976 | ||||||
Chord Energy Corp. | 19 | 3,141 | ||||||
Civitas Resources Inc. | 38 | 2,866 | ||||||
ConocoPhillips | 260 | 30,888 | ||||||
Denbury Inc.(a) | 46 | 4,089 | ||||||
Devon Energy Corp. | 47 | 2,189 | ||||||
Diamondback Energy Inc. | 114 | 18,276 | ||||||
EOG Resources Inc. | 38 | 4,798 | ||||||
EQT Corp. | 781 | 33,099 | ||||||
Exxon Mobil Corp. | 449 | 47,527 | ||||||
Hess Corp. | 71 | 10,252 | ||||||
Matador Resources Co. | 445 | 27,452 | ||||||
Murphy Oil Corp. | 53 | 2,378 | ||||||
Occidental Petroleum Corp. | 510 | 31,523 | ||||||
PBF Energy Inc., Class A | 129 | 6,131 | ||||||
Pioneer Natural Resources Co. | 49 | 11,711 | ||||||
Range Resources Corp. | 300 | 10,752 | ||||||
Targa Resources Corp. | 273 | 22,826 | ||||||
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362,874 | ||||||||
Paper & Forest Products — 0.1% | ||||||||
Louisiana-Pacific Corp. | 47 | 2,410 | ||||||
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Professional Services — 3.5% | ||||||||
Automatic Data Processing Inc. | 60 | 13,093 | ||||||
Booz Allen Hamilton Holding Corp., Class A | 347 | 41,616 | ||||||
CACI International Inc., Class A(a) | 21 | 6,820 | ||||||
FTI Consulting Inc.(a) | 62 | 13,160 | ||||||
Paychex Inc. | 60 | 6,663 | ||||||
SS&C Technologies Holdings Inc. | 1,279 | 64,270 | ||||||
Verisk Analytics Inc., Class A | 54 | 12,277 | ||||||
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157,899 | ||||||||
Semiconductors & Semiconductor Equipment — 7.9% | ||||||||
Broadcom Inc. | 154 | 129,571 | ||||||
Nvidia Corp. | 525 | 214,095 | ||||||
ON Semiconductor Corp.(a) | 18 | 1,127 | ||||||
Texas Instruments Inc. | 85 | 12,071 | ||||||
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356,864 | ||||||||
Software — 15.4% | ||||||||
Adobe Inc.(a) | 184 | 97,899 | ||||||
Cadence Design Systems Inc.(a) | 352 | 84,428 | ||||||
Check Point Software Technologies Ltd.(a) | 628 | 84,309 |
Security | Shares | Value | ||||||
Software (continued) | ||||||||
Crowdstrike Holdings Inc., Class A(a) | 70 | $ | 12,374 | |||||
Fortinet Inc.(a) | 783 | 44,764 | ||||||
Microsoft Corp. | 535 | 180,889 | ||||||
Oracle Corp. | 803 | 83,030 | ||||||
Palo Alto Networks Inc.(a) | 209 | 50,791 | ||||||
Salesforce Inc.(a) | 17 | 3,414 | ||||||
Synopsys Inc.(a) | 75 | 35,208 | ||||||
Tenable Holdings Inc.(a) | 529 | 22,276 | ||||||
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699,382 | ||||||||
Specialty Retail — 5.2% | ||||||||
AutoNation Inc.(a) | 72 | 9,366 | ||||||
AutoZone Inc.(a) | 3 | 7,431 | ||||||
Home Depot Inc. (The) | 46 | 13,096 | ||||||
Lowe’s Companies Inc. | 276 | 52,597 | ||||||
Murphy USA Inc. | 26 | 9,430 | ||||||
O’Reilly Automotive Inc.(a) | 10 | 9,304 | ||||||
Penske Automotive Group Inc.(b) | 119 | 17,027 | ||||||
Ross Stores Inc. | 39 | 4,523 | ||||||
TJX Companies Inc. (The) | 1,168 | 102,866 | ||||||
Ulta Beauty Inc.(a) | 30 | 11,439 | ||||||
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237,079 | ||||||||
Technology Hardware, Storage & Peripherals — 7.5% | ||||||||
Apple Inc. | 1,741 | 297,310 | ||||||
Dell Technologies Inc., Class C | 614 | 41,083 | ||||||
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338,393 | ||||||||
Textiles, Apparel & Luxury Goods — 0.3% | ||||||||
Crocs Inc.(a) | 12 | 1,072 | ||||||
Deckers Outdoor Corp.(a) | 11 | 6,568 | ||||||
Skechers U.S.A. Inc., Class A(a) | 114 | 5,497 | ||||||
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13,137 | ||||||||
Tobacco — 0.2% | ||||||||
Philip Morris International Inc. | 81 | 7,222 | ||||||
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Trading Companies & Distributors — 2.0% | ||||||||
Fastenal Co. | 170 | 9,918 | ||||||
MSC Industrial Direct Co. Inc., Class A | 172 | 16,297 | ||||||
United Rentals Inc. | 66 | 26,814 | ||||||
WESCO International Inc. | 180 | 23,076 | ||||||
WW Grainger Inc. | 19 | 13,866 | ||||||
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89,971 | ||||||||
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Total Long-Term Investments — 99.0% | 4,491,190 | |||||||
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Short-Term Securities | ||||||||
Money Market Funds — 1.2% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e) | 17,028 | 17,035 | ||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(c)(d) | 40,000 | 40,000 | ||||||
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Total Short-Term Securities — 1.2% | 57,035 | |||||||
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Total Investments — 100.2% | 4,548,225 | |||||||
Liabilities in Excess of Other Assets — (0.2)% | (10,370 | ) | ||||||
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Net Assets — 100.0% | $ | 4,537,855 | ||||||
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(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
2 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Future U.S. Themes ETF |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
(e) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended October 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 07/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 10/31/23 | Shares Held at 10/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 220,766 | $ | — | $ | (203,742 | )(a) | $ | 19 | $ | (8 | ) | $ | 17,035 | 17,028 | $ | 49 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 40,000 | 0 | (a) | — | — | — | 40,000 | 40,000 | 563 | — | ||||||||||||||||||||||||||
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$ | 19 | $ | (8 | ) | $ | 57,035 | $ | 612 | $ | — | ||||||||||||||||||||||||||
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(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) | ||||||||||||
Long Contracts | ||||||||||||||||
S&P 500 E-Mini Index | 2 | 12/15/23 | $ | 42 | $ | (2,990 | ) | |||||||||
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Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent 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 | $ | 4,491,190 | $ | — | $ | — | $ | 4,491,190 |
3 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Future U.S. Themes ETF |
Fair Value Hierarchy as of Period End (continued)
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | $ | 57,035 | $ | — | $ | — | $ | 57,035 | ||||||||
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$ | 4,548,225 | $ | — | $ | — | $ | 4,548,225 | |||||||||
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Derivative Financial Instruments(a) | ||||||||||||||||
Liabilities | ||||||||||||||||
Equity Contracts | $ | (2,990 | ) | $ | — | $ | — | $ | (2,990 | ) | ||||||
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(a) | Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
4 |