Schedule of Investments (unaudited) October 31, 2023 | BlackRock U.S. Equity Factor Rotation ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Communication Services — 7.7% | ||||||||
Alphabet Inc., Class A(a) | 9,504 | $ | 1,179,256 | |||||
Alphabet Inc., Class C, NVS(a) | 5,341 | 669,227 | ||||||
Meta Platforms Inc, Class A(a) | 3,020 | 909,836 | ||||||
Netflix Inc.(a) | 232 | 95,512 | ||||||
Trade Desk Inc. (The), Class A(a) | 382 | 27,107 | ||||||
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2,880,938 | ||||||||
Consumer Discretionary — 21.2% | ||||||||
Airbnb Inc., Class A(a)(b) | 3,987 | 471,622 | ||||||
Amazon.com Inc.(a) | 13,191 | 1,755,590 | ||||||
Booking Holdings Inc.(a) | 194 | 541,175 | ||||||
DR Horton Inc. | 5,248 | 547,891 | ||||||
eBay Inc. | 2,181 | 85,561 | ||||||
Expedia Group Inc.(a) | 190 | 18,105 | ||||||
Home Depot Inc. (The) | 5,879 | 1,673,692 | ||||||
Lennar Corp., Class A | 255 | 27,203 | ||||||
Lowe’s Companies Inc. | 806 | 153,599 | ||||||
Marriott International Inc., Class A | 1,645 | 310,181 | ||||||
MercadoLibre Inc.(a) | 148 | 183,630 | ||||||
Nike Inc., Class B | 2,486 | 255,486 | ||||||
Ross Stores Inc. | 1,539 | 178,478 | ||||||
Starbucks Corp. | 1,150 | 106,076 | ||||||
Tesla Inc.(a) | 4,459 | 895,546 | ||||||
TJX Companies Inc. (The) | 8,165 | 719,092 | ||||||
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7,922,927 | ||||||||
Consumer Staples — 0.1% | ||||||||
Costco Wholesale Corp. | 97 | 53,587 | ||||||
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Energy — 8.4% | ||||||||
Baker Hughes Co., Class A | 2,729 | 93,932 | ||||||
Chevron Corp. | 5,116 | 745,555 | ||||||
ConocoPhillips | 6,237 | 740,956 | ||||||
Coterra Energy Inc. | 269 | 7,397 | ||||||
Devon Energy Corp. | 422 | 19,653 | ||||||
EOG Resources Inc. | 1,735 | 219,044 | ||||||
Exxon Mobil Corp. | 8,439 | 893,268 | ||||||
Kinder Morgan Inc. | 5,544 | 89,813 | ||||||
ONEOK Inc. | 1,727 | 112,600 | ||||||
Pioneer Natural Resources Co. | 859 | 205,301 | ||||||
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3,127,519 | ||||||||
Financials — 14.6% | ||||||||
Bank of America Corp. | 29,004 | 763,965 | ||||||
Berkshire Hathaway Inc., Class B(a) | 2,122 | 724,302 | ||||||
Blackstone Inc., NVS | 1,583 | 146,190 | ||||||
Block Inc.(a) | 863 | 34,736 | ||||||
Citigroup Inc. | 2,238 | 88,379 | ||||||
Goldman Sachs Group Inc. (The) | 342 | 103,835 | ||||||
JPMorgan Chase & Co. | 7,598 | 1,056,578 | ||||||
Mastercard Inc., Class A | 2,756 | 1,037,221 | ||||||
PayPal Holdings Inc.(a) | 583 | 30,199 | ||||||
S&P Global Inc. | 108 | 37,726 | ||||||
T Rowe Price Group Inc. | 1,518 | 137,379 | ||||||
Visa Inc., Class A | 5,402 | 1,270,010 | ||||||
Willis Towers Watson PLC | 187 | 44,111 | ||||||
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5,474,631 | ||||||||
Health Care — 0.0% | ||||||||
Abiomed Inc., CVR(c) | 53 | 144 | ||||||
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Industrials — 9.8% | ||||||||
Automatic Data Processing Inc. | 1,501 | 327,548 | ||||||
Carrier Global Corp. | 247 | 11,772 |
Security | Shares | Value | ||||||
Industrials (continued) | ||||||||
Caterpillar Inc. | 2,925 | $ | 661,196 | |||||
Deere & Co. | 86 | 31,421 | ||||||
Eaton Corp. PLC | 511 | 106,242 | ||||||
Honeywell International Inc. | 194 | 35,552 | ||||||
Illinois Tool Works Inc. | 2,532 | 567,472 | ||||||
Johnson Controls International PLC | 2,345 | 114,952 | ||||||
Parker-Hannifin Corp. | 255 | 94,072 | ||||||
Paychex Inc. | 1,188 | 131,927 | ||||||
Trane Technologies PLC | 404 | 76,885 | ||||||
Uber Technologies Inc.(a) | 723 | 31,291 | ||||||
Union Pacific Corp. | 186 | 38,616 | ||||||
United Parcel Service Inc., Class B | 9,050 | 1,278,313 | ||||||
United Rentals Inc. | 425 | 172,665 | ||||||
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3,679,924 | ||||||||
Information Technology — 35.6% | ||||||||
Accenture PLC, Class A | 1,818 | 540,110 | ||||||
Adobe Inc.(a) | 1,519 | 808,199 | ||||||
Advanced Micro Devices Inc.(a) | 2,159 | 212,662 | ||||||
Apple Inc. | 19,509 | 3,331,552 | ||||||
Applied Materials Inc. | 2,146 | 284,023 | ||||||
Autodesk Inc.(a) | 1,798 | 355,339 | ||||||
Broadcom Inc. | 1,073 | 902,790 | ||||||
Cadence Design Systems Inc.(a) | 266 | 63,800 | ||||||
Cisco Systems Inc. | 8,687 | 452,853 | ||||||
Intuit Inc. | 1,263 | 625,122 | ||||||
Microsoft Corp. | 9,162 | 3,097,764 | ||||||
Nvidia Corp. | 3,105 | 1,266,219 | ||||||
Oracle Corp. | 750 | 77,550 | ||||||
Palantir Technologies Inc., Class A(a) | 1,951 | 28,875 | ||||||
Qualcomm Inc. | 199 | 21,689 | ||||||
Salesforce Inc.(a) | 2,122 | 426,161 | ||||||
ServiceNow Inc.(a) | 879 | 511,446 | ||||||
Snowflake Inc., Class A(a) | 166 | 24,092 | ||||||
Texas Instruments Inc. | 1,543 | 219,121 | ||||||
Workday Inc., Class A(a) | 333 | 70,499 | ||||||
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13,319,866 | ||||||||
Materials — 1.8% | ||||||||
Freeport-McMoRan Inc. | 4,037 | 136,370 | ||||||
Linde PLC | 237 | 90,572 | ||||||
Martin Marietta Materials Inc. | 461 | 188,521 | ||||||
Nucor Corp. | 1,696 | 250,652 | ||||||
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666,115 | ||||||||
Real Estate — 0.7% | ||||||||
Prologis Inc. | 2,455 | 247,341 | ||||||
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Total Long-Term Investments — 99.9% | 37,372,992 | |||||||
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Short-Term Securities | ||||||||
Money Market Funds — 0.4% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f) | 108,211 | 108,254 |
| 1 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock U.S. Equity Factor Rotation ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Money Market Funds (continued) | ||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(d)(e) | 60,000 | $ | 60,000 | |||||
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Total Short-Term Securities — 0.4% | 168,254 | |||||||
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Total Investments — 100.3% | 37,541,246 | |||||||
Liabilities in Excess of Other Assets — (0.3)% | (122,902 | ) | ||||||
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Net Assets — 100.0% | $ | 37,418,344 | ||||||
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(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
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 |
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| Purchases at Cost |
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| Proceeds from Sale |
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| Net Realized Gain (Loss) |
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| Change in Unrealized Appreciation (Depreciation) |
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| Value at 10/31/23 |
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| Shares Held at 10/31/23 |
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| Income |
| | Capital Gain Distributions from Underlying Funds |
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BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 13,799 | $ | 94,404 | (a) | $ | — | $ | 40 | $ | 11 | $ | 108,254 | 108,211 | $ | 58 | (b) | $ | — | |||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 50,000 | 10,000 | (a) | — | — | — | 60,000 | 60,000 | 774 | — | ||||||||||||||||||||||||||
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$ | 40 | $ | 11 | $ | 168,254 | $ | 832 | $ | — | |||||||||||||||||||||||||||
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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. |
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.
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Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock U.S. Equity Factor Rotation ETF |
Fair Value Hierarchy as of Period End (continued)
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 | $ | 37,372,848 | $ | — | $ | 144 | $ | 37,372,992 | ||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 168,254 | — | — | 168,254 | ||||||||||||
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$ | 37,541,102 | $ | — | $ | 144 | $ | 37,541,246 | |||||||||
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Portfolio Abbreviation | ||||||||||
NVS | Non-Voting Shares |
| 3 |