NPORT-EX 2 NPORT_2QA8_63462416_0124.htm

 

Schedule of Investments (unaudited) BlackRock Ultra Short-Term Bond ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		  Value 
           
Asset-Backed Securities          
           
American Express Credit Account Master Trust, Class A, 4.95%, 10/15/27  $14,709   $14,762,711 
BMW Vehicle Lease Trust          
5.27%, 02/25/25   2,273    2,271,742 
5.95%, 08/25/25   19,139    19,178,145 
CarMax Auto Owner Trust          
5.23%, 01/15/26 (Call 10/15/26)   11,369    11,349,715 
5.34%, 12/15/25 (Call 10/15/26)   4,873    4,868,837 
5.95%, 11/16/26, (30-day SOFR + 0.600%)(a)   12,180    12,199,488 
6.08%, 12/15/26   13,818    13,914,079 
6.15%, 12/15/26, (30-day SOFR + 0.800%)(a)   710    711,775 
6.20%, 06/15/26 (Call 11/15/26), (30-day SOFR + 0.850%)(a)   13,767    13,790,763 
Chase Issuance Trust, 3.97%, 09/15/27   14,100    13,924,524 
Citibank Credit Card Issuance Trust, 5.23%, 12/08/27   3,474    3,507,549 
CNH Equipment Trust, 5.34%, 09/15/26 (Call 02/15/27)   7,735    7,727,967 
Ford Credit Auto Lease Trust          
5.19%, 06/15/25 (Call 08/15/25)   1,882    1,879,553 
5.90%, 02/15/26   7,684    7,707,356 
Ford Credit Auto Owner Trust, 3.44%, 02/15/25          
(Call 02/15/26)   256    255,395 
Honda Auto Receivables Owner Trust, 5.41%, 04/15/26 (Call 11/15/26)   15,567    15,565,249 
Hyundai Auto Lease Securitization Trust          
4.34%, 01/15/25 (Call 02/15/25)(b)   610    608,983 
5.20%, 04/15/25 (Call 05/15/25)(b)   6,255    6,249,955 
5.47%, 09/15/25 (Call 10/15/25)(b)   6,181    6,176,860 
6.10%, 09/15/25 (Call 10/15/25),          
(30-day SOFR + 0.750%)(a)(b)   6,679    6,687,163 
Mercedes-Benz Auto Lease Trust, 5.24%, 11/17/25          
(Call 02/15/26)   26,745    26,715,649 
Mercedes-Benz Auto Receivables Trust, 5.92%,          
11/16/26   10,655    10,724,699 
Nissan Auto Receivables Owner Trust          
4.50%, 08/15/25 (Call 12/15/26)   3,972    3,961,637 
6.00%, 02/17/26 (Call 02/15/27), (30-day SOFR + 0.650%)(a)   19,697    19,719,742 
Toyota Auto Receivables Owner Trust          
5.28%, 05/15/26 (Call 06/15/27)   11,944    11,930,819 
5.70%, 12/15/26, (30-day SOFR + 0.350%)(a)   22,599    22,603,307 
5.87%, 05/15/26 (Call 06/15/27), (30-day SOFR + 0.520%)(a)   11,365    11,370,967 
5.90%, 11/16/26, (30-day SOFR + 0.550%)(a)   12,091    12,112,012 
USAA Auto Owner Trust, 5.83%, 07/15/26(b)   6,462    6,475,915 
Volkswagen Auto Lease Trust, 5.87%, 01/20/26   22,639    22,711,698 
           
Total Asset-Backed Securities — 5.2%          
(Cost: $311,420,000)       311,664,254 
           
Certificates of Deposit          
           
Bank of America NA, 5.90%, 05/14/24   30,450    30,478,554 
Bank of Montreal          
5.41%, 05/17/24   31,600    31,581,070 
5.82%, 04/01/24   18,140    18,149,419 
5.93%, 04/12/24   25,000    25,017,080 
Barclays Bank PLC          
5.55%, 02/07/24   16,800    16,799,723 
5.70%, 02/16/24   25,000    25,000,495 
Security  Par
(000)		  Value 
           
BNP Paribas SA, 5.83%, 08/08/24  $10,860   $10,885,966 
BNP Paribas SA/New York, 5.70%, 03/04/24   20,000    20,003,074 
Canadian Imperial Bank of Commerce          
5.40%, 02/08/24   25,000    24,999,191 
5.90%, 06/13/24   22,170    22,200,204 
5.93%, 06/28/24   17,400    17,426,465 
5.94%, 04/12/24   15,980    15,990,767 
Canadian Imperial Bank of Commerce/New York          
5.81%, 02/05/24, (1-day SOFR + 0.500%)(a)   26,350    26,351,520 
5.99%, 07/01/24, (1-day SOFR + 0.680%)(a)   15,500    15,538,448 
Cooperatieve Rabobank UA, 5.18%, 02/01/24   25,000    24,985,475 
HSBC Bank USA NA, 5.90%, 06/06/24   9,000    9,012,633 
Macquarie Bank Ltd., 5.84%, 05/13/24, (1-day SOFR + 0.540%)(a)(b)   15,230    15,249,814 
Mitsubishi UFJ Trust & Banking Corp/New York, 5.86%, 06/06/24, (1-day SOFR + 0.550%)(a)   15,220    15,241,224 
Mizuho Bank Ltd., 5.53%, 02/21/24   20,000    19,998,821 
Natixis SA          
5.26%, 02/02/24   20,000    19,999,637 
5.97%, 05/20/24   39,040    39,086,011 
Nordea Bank Abp/New York, 5.91%, 04/12/24, (1-day SOFR + 0.600%)(a)   17,500    17,517,059 
Royal Bank of Canada, 5.88%, 06/27/24   15,400    15,421,043 
State Street Bank & Trust Co., 5.81%, 03/28/24, (1-day SOFR + 0.500%)(a)   15,000    15,008,580 
Sumitomo Mitsui Banking Corp./New York          
5.52%, 07/23/24   50,000    50,005,945 
5.73%, 02/07/24, (1-day SOFR + 0.420%)(a)   20,210    20,211,136 
Sumitomo Mitsui Trust Bank Ltd./ New York, 5.52%, 07/22/24   24,200    24,204,089 
Svenska Handelsbanken/New York NY, 5.86%, 04/29/24, (1-day SOFR + 0.550%)(a)   47,390    47,445,553 
Toronto-Dominion Bank          
5.33%, 02/06/24   20,150    20,149,055 
5.52%, 02/22/24   31,600    31,599,787 
6.00%, 08/26/24   9,890    9,925,326 
6.00%, 09/09/24   16,000    16,065,171 
6.05%, 07/03/24   15,400    15,430,212 
Wells Fargo Bank NA          
5.65%, 01/30/25   18,000    17,999,987 
5.95%, 07/08/24, (1-day SOFR + 0.640%)(a)   25,000    25,049,885 
           
Total Certificates of Deposit — 12.8%          
(Cost: $769,481,335)       770,028,419 
           
Commercial Paper          
           
Amcor Finance USA Inc., 5.45%, 02/09/24   10,250    10,236,052 
Amcor Flexibles North America Inc.          
5.45%, 02/05/24   13,750    13,739,597 
5.50%, 02/09/24   21,750    21,720,136 
5.70%, 03/08/24   41,500    41,258,145 
5.71%, 03/07/24   32,500    32,315,530 
American Electric Power Co. Inc.          
5.61%, 03/04/24   22,500    22,384,871 
5.62%, 03/13/24   30,500    30,301,160 
5.63%, 03/19/24   22,750    22,580,376 
5.64%, 03/25/24   4,300    4,263,906 
American Honda Finance Corp.          
5.45%, 02/13/24   18,480    18,443,702 
5.57%, 02/26/24   21,980    21,892,003 
5.66%, 04/05/24   21,130    20,916,098 

 

1

 

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		  Value 
           
5.67%, 04/11/24  $11,750   $11,620,166 
ANZ New Zealand Int’l Ltd./London, 5.33%, 07/03/24   24,500    23,953,900 
BASF SE, 5.44%, 03/28/24   44,250    43,872,433 
Bell Telephone Co. of Canada or Bell Canada (The),          
5.53%, 05/03/24   26,250    25,880,246 
BPCE SA, 5.56%, 08/01/24   9,950    9,953,182 
Brighthouse Financial Short Term Funding LLC,          
5.62%, 05/20/24   9,250    9,093,767 
Brookfield BRP Holdings Canada Inc.          
5.43%, 02/06/24   8,750    8,742,083 
5.44%, 02/08/24   8,000    7,990,335 
5.48%, 02/13/24   3,250    3,243,582 
Brookfield Infrastructure Holdings Canada Inc.,          
5.42%, 02/01/24   9,250    9,248,607 
CDP Financial Inc.          
5.35%, 02/23/24   31,400    31,292,999 
5.36%, 06/07/24   2,464    2,417,942 
Citigroup Global Markets Inc., 5.26%, 09/23/24   41,480    40,098,570 
Commonwealth Bank of Australia          
5.22%, 07/26/24   26,500    25,836,685 
5.82%, 03/18/24, (1-day SOFR + 0.500%)(a)(b)   15,400    15,408,128 
CVS Health Corp., 5.42%, 02/09/24   29,750    29,709,741 
DNB Bank ASA          
5.29%, 06/13/24   16,000    15,691,280 
5.29%, 07/30/24   45,880    44,691,981 
Duke Energy Corp., 5.67%, 04/16/24   18,000    17,786,997 
Federation des Caisses Desjardins du Quebec, 5.43%, 03/11/24   36,250    36,032,634 
Fidelity National Information Services Inc.          
5.43%, 02/06/24   15,000    14,986,429 
5.45%, 02/09/24   11,320    11,304,598 
FMS Wertmanagement          
5.37%, 05/02/24   24,250    23,921,853 
5.37%, 05/03/24   23,500    23,178,695 
HSBC USA Inc.          
5.58%, 01/21/25   23,570    22,338,306 
5.60%, 11/27/24   15,330    14,643,990 
Hyundai Capital America, 5.62%, 03/12/24   12,000    11,923,749 
ING U.S. Funding LLC, 5.39%, 06/07/24   32,020    31,417,519 
Intercontinental Exchange Inc.          
5.69%, 02/02/24   7,250    7,247,709 
5.70%, 02/07/24   18,500    18,479,520 
5.70%, 02/09/24   20,900    20,870,259 
5.70%, 02/13/24   11,000    10,977,395 
5.71%, 02/21/24   8,000    7,973,456 
5.71%, 02/23/24   28,750    28,645,551 
JP Morgan Securities LLC, 5.52%, 03/25/24   16,000    15,868,576 
Keurig Dr Pepper Inc.          
5.48%, 02/13/24   6,250    6,237,662 
5.61%, 03/11/24   34,830    34,614,312 
5.63%, 03/27/24   12,750    12,639,356 
5.63%, 03/28/24   12,250    12,141,791 
LSEGA Financing PLC          
5.46%, 02/21/24   6,750    6,728,572 
5.59%, 04/11/24   17,500    17,309,150 
5.59%, 04/12/24   10,250    10,136,717 
LVMH Moet Hennessy Louis Vuitton SE          
5.32%, 02/09/24   15,681    15,660,181 
5.32%, 02/12/24   8,190    8,175,499 
5.35%, 05/23/24   9,243    9,090,432 
5.36%, 05/17/24   16,700    16,438,186 
Security  Par
(000)		  Value 
           
Macquarie Bank Ltd.          
5.39%, 02/12/24  $17,500   $17,468,591 
5.55%, 05/13/24   30,000    29,530,669 
5.55%, 05/16/24   17,500    17,218,627 
Marriott International Inc./MD          
5.53%, 02/08/24   19,450    19,426,146 
5.59%, 02/14/24   12,000    11,973,993 
5.60%, 02/15/24   4,250    4,240,115 
5.61%, 02/28/24   14,000    13,939,141 
5.61%, 02/29/24   13,750    13,688,143 
5.61%, 03/04/24   10,500    10,446,273 
5.64%, 02/22/24   2,750    2,740,561 
Microchip Technology Inc., 5.60%, 02/09/24   21,000    20,970,649 
Mizuho Bank Ltd., 5.80%, 05/03/24   40,075    40,110,319 
Mizuho Bank Ltd/New York NY, 5.49%, 07/25/24   30,000    30,004,410 
Mohawk Industries Inc., 5.65%, 03/26/24   30,350    30,090,184 
MUFG Bank Ltd., 5.76%, 08/15/24   18,725    18,763,964 
MUFG Bank Ltd./New York, 5.44%, 04/12/24   25,700    25,423,458 
National Australia Bank Ltd., 5.58%, 03/01/24, (1-day SOFR + 0.250%)(a)(b)   20,000    20,003,160 
National Bank of Canada, 5.36%, 02/23/24   33,438    33,323,840 
NatWest Markets PLC, 5.55%, 05/20/24   15,920    15,654,353 
NextEra Energy Capital Holdings Inc.          
5.43%, 02/02/24   23,849    23,841,802 
5.53%, 02/20/24   24,500    24,424,942 
Nordea Bank Abp/New York NY, 5.63%, 05/20/24,          
(1-day SOFR + 0.320%)(a)   49,250    49,282,653 
Nutrien Ltd., 5.52%, 02/14/24   8,000    7,982,849 
Penske Truck Leasing Co. LP          
5.51%, 02/06/24   12,000    11,988,983 
5.59%, 02/13/24   7,500    7,484,896 
5.61%, 02/15/24   12,000    11,972,005 
5.62%, 02/16/24   3,500    3,491,281 
5.66%, 02/22/24   9,750    9,716,382 
5.69%, 02/26/24   23,430    23,334,035 
5.71%, 02/28/24   4,500    4,480,101 
PPG Industries Inc., 5.48%, 02/13/24   11,350    11,327,594 
Ryder System Inc.          
5.48%, 02/13/24   13,250    13,223,832 
5.53%, 02/20/24   1,460    1,455,527 
5.55%, 02/23/24   10,500    10,462,875 
Sanofi SA          
5.36%, 03/19/24   10,000    9,929,040 
5.38%, 04/08/24   15,419    15,263,804 
Societe Generale SA, 5.38%, 04/24/24   27,160    26,823,107 
Spire Inc.          
5.43%, 02/06/24   25,400    25,377,019 
5.53%, 02/20/24   7,250    7,227,789 
Suncorp-Metway Ltd.          
5.68%, 05/28/24   27,250    26,751,937 
5.69%, 05/08/24   29,000    28,557,300 
Toyota Industries Commercial Finance Inc.          
5.29%, 02/05/24   6,053    6,048,555 
5.42%, 04/22/24   7,510    7,418,402 
United Overseas Bank Ltd., 5.48%, 04/16/24   10,540    10,419,355 
Volvo Treasury North America LP, 5.67%, 04/17/24   27,830    27,496,321 
Vulcan Materials Co.          
5.45%, 02/06/24   15,000    14,986,379 
5.46%, 02/08/24   20,500    20,475,148 
VW Credit Inc.          
5.43%, 02/06/24   6,500    6,494,119 
5.62%, 03/07/24   9,000    8,949,744 

 

2

 

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		  Value 
           
5.63%, 03/18/24  $15,650   $15,535,758 
5.67%, 05/21/24   31,000    30,466,894 
5.69%, 05/01/24   21,320    21,017,747 
Westpac Banking Corp., 5.39%, 05/06/24   34,270    33,784,225 
Westpac Securities NZ Ltd./London, 5.36%, 02/23/24   10,000    9,965,859 
           
Total Commercial Paper — 33.8%          
(Cost: $2,027,549,911)        2,028,041,152 
           
Corporate Bonds & Notes          
           
Aerospace & Defense — 0.2%          
Lockheed Martin Corp., 4.95%, 10/15/25 (Call 09/15/25)   6,195    6,226,368 
RTX Corp., 5.00%, 02/27/26 (Call 01/27/26)   5,590    5,617,180 
         11,843,548 
Agriculture — 0.8%          
Cargill Inc.          
0.40%, 02/02/24 (Call 01/29/24)(b)(c)   10,165    10,165,000 
3.50%, 04/22/25 (Call 01/29/24)(b)   6,825    6,715,986 
4.88%, 10/10/25 (Call 09/10/25)(b)   14,235    14,291,634 
Philip Morris International Inc., 5.13%, 11/15/24   16,000    15,981,570 
         47,154,190 
Auto Manufacturers — 6.4%          
American Honda Finance Corp.          
0.75%, 08/09/24   3,235    3,159,537 
6.02%, 01/10/25, (1-day SOFR + 0.670%)(a)(c)   15,000    15,037,517 
BMW U.S. Capital LLC          
0.75%, 08/12/24(b)(c)   2,925    2,852,878 
0.80%, 04/01/24(b)(c)   3,350    3,323,871 
5.74%, 08/12/24, (1-day SOFR + 0.380%)(a)(b)   19,960    19,961,011 
5.87%, 04/01/24, (1-day SOFR + 0.530%)(a)(b)   15,615    15,623,120 
Daimler Truck Finance North America LLC          
5.00%, 01/15/27(b)   10,660    10,720,117 
5.20%, 01/17/25(b)   9,295    9,293,020 
5.60%, 08/08/25(b)   10,155    10,234,145 
Hyundai Capital America          
0.88%, 06/14/24(b)(c)   15,998    15,710,278 
1.00%, 09/17/24(b)   14,408    13,989,079 
5.25%, 01/08/27(b)   12,500    12,598,435 
5.80%, 06/26/25(b)   7,590    7,643,220 
5.95%, 09/21/26(b)(c)   15,400    15,702,280 
6.25%, 11/03/25(b)   15,600    15,854,273 
6.51%, 08/04/25, (1-day SOFR + 1.150%)(b)(c)   14,525    14,538,467 
Mercedes-Benz Finance North America LLC          
4.90%, 01/09/26(b)   15,240    15,280,001 
5.38%, 08/01/25(b)   15,290    15,432,249 
6.02%, 01/09/26, (1-day SOFR + 0.670%)(b)   15,240    15,256,002 
PACCAR Financial Corp., 3.15%, 06/13/24   8,865    8,793,820 
Toyota Motor Credit Corp.          
0.50%, 06/18/24   4,000    3,926,114 
2.50%, 03/22/24   15,000    14,938,482 
3.65%, 08/18/25   13,145    12,945,145 
4.40%, 09/20/24   15,000    14,919,426 
5.64%, 09/13/24, (1-day SOFR + 0.290%)(a)   12,000    12,000,883 
5.83%, 08/22/24, (1-day SOFR + 0.520%)(a)(c)   15,110    15,124,986 
5.87%, 10/16/24, (1-day SOFR + 0.550%)(a)(c)   23,010    23,040,638 
5.93%, 06/13/24, (1-day SOFR + 0.620%)(a)(c)   15,210    15,225,375 
5.96%, 03/22/24, (1-day SOFR + 0.620%)(a)   10,000    10,004,805 
Security  Par
(000)		  Value 
           
Auto Manufacturers (continued)          
Volkswagen Group of America Finance LLC          
5.80%, 09/12/25(b)  $10,000   $10,096,424 
6.30%, 06/07/24, (1-day SOFR + 0.950%)(a)(b)   12,380    12,393,638 
         385,619,236 
Auto Parts & Equipment — 0.0%          
Aptiv PLC, 2.40%, 02/18/25 (Call 01/09/24)   3,275    3,178,655 
           
Banks — 15.0%          
Australia & New Zealand Banking Group Ltd.          
4.83%, 02/03/25(b)(c)   14,970    14,932,618 
5.09%, 12/08/25   10,810    10,885,028 
6.09%, 07/03/25, (1-day SOFR + 0.750%)(b)   14,655    14,700,650 
Australia & New Zealand Banking Group Ltd./New          
York NY          
4.75%, 01/18/27   15,240    15,307,683 
5.67%, 10/03/25   15,000    15,233,762 
Banco Santander SA          
3.89%, 05/24/24   15,800    15,724,262 
5.74%, 06/30/24, (1-year CMT + 0.450%)(a)   8,200    8,204,857 
Bank of America Corp.          
5.76%, 06/14/24 (Call 05/14/24), (1-day SOFR + 0.410%)(a)(c)   18,580    18,571,862 
Series 2025, 6.02%, 02/04/25 (Call 02/04/24), (1-day SOFR + 0.660%)(a)   15,000    15,000,117 
Banque Federative du Credit Mutuel SA          
4.94%, 01/26/26(b)   17,400    17,364,395 
5.09%, 01/23/27(b)(c)   15,260    15,373,529 
BPCE SA          
5.10%, 01/26/26(b)   15,230    15,268,920 
5.20%, 01/18/27(b)   9,455    9,527,594 
Citibank NA          
5.49%, 12/04/26 (Call 11/04/26)(c)   15,380    15,673,124 
6.15%, 09/29/25 (Call 08/29/25), (1-day SOFR + 0.805%)   15,440    15,486,280 
Citigroup Inc., 4.14%, 05/24/25 (Call 05/24/24), (1-day SOFR + 1.372%)(a)   4,770    4,746,225 
Commonwealth Bank of Australia, 6.09%, 03/14/25, (1-day SOFR + 0.740%)(a)(b)   13,580    13,624,312 
Commonwealth Bank of Australia/New York          
5.08%, 01/10/25(c)   17,800    17,802,335 
5.50%, 09/12/25   15,210    15,390,960 
Cooperatieve Rabobank UA/NY          
3.88%, 08/22/24   16,800    16,663,363 
5.50%, 07/18/25   15,300    15,467,950 
Credit Suisse AG/New York NY          
0.50%, 02/02/24   5,335    5,335,000 
5.75%, 02/02/24, (1-day SOFR + 0.390%)(a)   15,000    15,000,000 
Deutsche Bank AG/New York NY, 4.16%, 05/13/25   6,905    6,825,476 
JPMorgan Chase & Co.          
3.85%, 06/14/25 (Call 06/14/24), (1-day SOFR + 0.980%)(a)   16,100    15,976,547 
5.55%, 12/15/25 (Call 12/15/24), (1-day SOFR + 1.070%)(a)   18,135    18,145,172 
JPMorgan Chase Bank N.A., 5.11%, 12/08/26 (Call 11/08/26)   12,000    12,153,411 
KeyBank NA, 4.70%, 01/26/26 (Call 12/26/25)   3,275    3,209,914 
KeyBank NA/Cleveland OH          
4.15%, 08/08/25   5,370    5,250,907 
5.67%, 06/14/24 (Call 01/29/24), (1-day SOFR + 0.320%)(a)   10,000    9,939,160 

 

3

 

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		  Value 
           
Banks (continued)          
5.67%, 06/14/24 (Call 01/29/24), (1-day SOFR + 0.320%)(a)(c)  $15,565   $15,465,288 
Macquarie Bank Ltd., 5.39%, 12/07/26(b)   6,210    6,284,474 
Mitsubishi UFJ Financial Group Inc.          
4.79%, 07/18/25 (Call 07/18/24), (1-year CMT + 1.700%)(a)   9,010    8,971,856 
5.06%, 09/12/25 (Call 09/12/24), (1-year CMT + 1.550%)(a)   15,675    15,628,869 
5.72%, 02/20/26 (Call 02/20/25), (1-year CMT + 1.080%)(a)   12,775    12,824,712 
Morgan Stanley          
0.79%, 05/30/25 (Call 05/30/24), (1-day SOFR + 0.525%)(a)   10,880    10,675,309 
3.62%, 04/17/25 (Call 04/17/24), (1-day SOFR + 1.160%)(a)   6,865    6,835,460 
6.51%, 04/17/25 (Call 04/17/24), (1-day SOFR + 0.950%)(a)   10,000    10,012,955 
Morgan Stanley Bank NA, 5.48%, 07/16/25 (Call 06/16/25)   7,520    7,597,840 
National Australia Bank Ltd., 5.90%, 01/29/26, (1-day SOFR + 0.550%)(b)   15,220    15,232,215 
National Australia Bank Ltd./New York          
4.75%, 12/10/25   10,290    10,305,480 
4.97%, 01/12/26   17,800    17,888,675 
5.20%, 05/13/25   13,305    13,373,996 
National Securities Clearing Corp., 5.15%, 05/30/25(b)   5,105    5,132,667 
Nordea Bank Abp          
3.60%, 06/06/25(b)   10,665    10,483,447 
4.75%, 09/22/25(b)   16,900    16,854,205 
PNC Financial Services Group Inc. (The), 5.67%, 10/28/25 (Call 10/28/24), (1-day SOFR + 1.090%)(a)   15,526    15,520,439 
Societe Generale SA, 4.35%, 06/13/25(b)(c)   15,000    14,859,070 
Sumitomo Mitsui Financial Group Inc., 5.46%, 01/13/26   17,800    17,984,435 
Sumitomo Mitsui Trust Bank Ltd.          
0.80%, 09/16/24(b)(c)   12,000    11,655,868 
2.55%, 03/10/25(b)(c)   10,000    9,719,197 
5.65%, 09/14/26(b)   12,000    12,204,432 
5.79%, 09/16/24, (1-day SOFR + 0.440%)(a)(b)   15,000    14,990,786 
9.59%, 02/13/24, (1-day SOFR + 0.410%)(a)   30,000    30,003,401 
Sumitomo Mitsui Trust Bank Ltd./ New York, 5.49%, 08/01/24   14,750    14,749,768 
Svenska Handelsbanken AB          
0.55%, 06/11/24(b)   4,780    4,696,940 
3.65%, 06/10/25(b)(c)   15,900    15,645,533 
UBS AG          
5.80%, 09/11/25   8,000    8,104,157 
6.28%, 09/11/25, (1-day SOFR + 0.930%)   8,000    8,021,643 
UBS AG/London          
0.45%, 02/09/24(b)   7,000    6,992,825 
0.70%, 08/09/24(b)(c)   4,330    4,222,010 
1.38%, 01/13/25 (Call 12/13/24)(b)   6,970    6,718,167 
5.72%, 02/09/24, (1-day SOFR + 0.360%)(a)(b)   5,000    5,000,000 
5.81%, 08/09/24, (1-day SOFR + 0.450%)(a)(b)   8,470    8,476,539 
UBS Group AG, 4.49%, 08/05/25 (Call 08/05/24), (1-year CMT + 1.600%)(a)(b)   8,810    8,757,359 
Wells Fargo Bank NA          
4.81%, 01/15/26 (Call 12/15/25)(c)   15,250    15,278,049 
5.55%, 08/01/25 (Call 07/01/25)   15,230    15,389,533 
Security  Par
(000)		  Value 
           
Banks (continued)          
6.05%, 01/15/26 (Call 12/15/25), (1-day SOFR + 0.710%)  $15,250   $15,259,912 
Westpac Banking Corp.          
1.02%, 11/18/24   3,550    3,437,703 
5.35%, 10/18/24   17,600    17,617,917 
5.66%, 11/18/24, (1-day SOFR + 0.300%)(a)   23,886    23,887,863 
6.08%, 11/17/25, (1-day SOFR + 0.720%)   15,440    15,485,287 
         901,031,694 
Beverages — 0.5%          
PepsiCo Inc.          
5.25%, 11/10/25   15,440    15,636,275 
5.76%, 11/12/24, (1-day SOFR + 0.400%)(a)   11,665    11,685,524 
         27,321,799 
Chemicals — 0.4%          
Linde Inc./CT, 4.80%, 12/05/24   17,700    17,669,588 
Sherwin-Williams Co. (The), 4.05%, 08/08/24   7,310    7,259,170 
         24,928,758 
Computers — 0.3%          
Hewlett Packard Enterprise Co., 5.90%, 10/01/24   15,400    15,420,548 
           
Cosmetics & Personal Care — 0.2%          
Haleon U.S. Capital LLC, 3.02%, 03/24/24 (Call 01/16/24)   9,235    9,198,874 
Unilever Capital Corp., 0.63%, 08/12/24 (Call 01/16/24)(c)   5,975    5,829,042 
         15,027,916 
Diversified Financial Services — 1.6%          
American Express Co.          
3.38%, 05/03/24   44,833    44,579,193 
6.28%, 03/04/25 (Call 02/01/25), (1-day SOFR + 0.930%)(a)   8,235    8,285,726 
6.34%, 10/30/26 (Call 10/30/25), (1-day SOFR + 1.330%)   15,700    16,022,262 
Capital One Financial Corp., 4.17%, 05/09/25 (Call 05/09/24), (1-day SOFR + 1.370%)(a)   15,800    15,729,331 
CDP Financial Inc., 4.50%, 02/13/26(b)(c)   9,219    9,217,851 
LSEGA Financing PLC, 0.65%, 04/06/24 (Call 03/06/24)(b)   3,895    3,859,810 
         97,694,173 
Electric — 2.1%          
Florida Power & Light Co., 4.45%, 05/15/26 (Call 04/15/26)   7,965    7,964,544 
National Rural Utilities Cooperative Finance Corp.          
6.06%, 05/07/25, (1-day SOFR + 0.700%)   15,580    15,636,930 
Series D, 5.68%, 10/18/24,          
(1-day SOFR + 0.330%)(a)   5,000    4,996,898 
NextEra Energy Capital Holdings Inc.          
2.94%, 03/21/24 (Call 01/29/24)   15,000    14,954,811 
4.26%, 09/01/24   28,679    28,454,132 
6.05%, 03/01/25   11,420    11,516,260 
6.10%, 01/29/26, (1-day SOFR + 0.760%)   15,380    15,396,764 
WEC Energy Group Inc.          
4.75%, 01/09/26 (Call 12/09/25)(c)   10,000    9,976,648 
5.00%, 09/27/25 (Call 08/27/25)   7,465    7,465,271 
Wisconsin Public Service Corp., 5.35%, 11/10/25          
(Call 10/10/25)   8,520    8,605,264 
         124,967,522 
Electronics — 0.0%          
Amphenol Corp., 4.75%, 03/30/26   2,840    2,845,598 

 

4

 

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		  Value 
           
Food — 1.0%          
Hormel Foods Corp., 0.65%, 06/03/24 (Call 01/16/24)  $12,125   $11,928,251 
Nestle Holdings Inc.          
0.61%, 09/14/24 (Call 01/29/24)(b)(c)   35,000    33,996,877 
4.00%, 09/12/25 (Call 08/12/25)(b)(c)   17,000    16,858,648 
         62,783,776 
Health Care - Products — 0.2%          
Thermo Fisher Scientific Inc., 5.00%, 12/05/26 (Call 11/05/26)   10,000    10,131,458 
           
Health Care - Services — 0.9%          
Roche Holdings Inc.          
1.88%, 03/08/24(b)   15,000    14,950,640 
5.27%, 11/13/26 (Call 10/13/26)(b)   13,170    13,438,395 
5.59%, 03/05/24, (1-day SOFR + 0.240%)(a)(b)   5,370    5,370,013 
UnitedHealth Group Inc., 5.00%, 10/15/24   17,600    17,569,033 
         51,328,081 
Insurance — 3.3%          
Athene Global Funding, 2.51%, 03/08/24(b)(c)   10,000    9,966,943 
MassMutual Global Funding II          
4.15%, 08/26/25(b)   7,302    7,238,092 
6.33%, 07/10/26, (1-day SOFR + 0.980%)(b)   15,252    15,351,470 
Metropolitan Life Global Funding I          
0.55%, 06/07/24(b)(c)   3,590    3,532,657 
5.00%, 01/06/26(b)   10,000    10,037,727 
New York Life Global Funding          
3.15%, 06/06/24(b)   8,400    8,333,895 
3.60%, 08/05/25(b)   16,500    16,249,363 
5.78%, 06/06/24, (1-day SOFR + 0.430%)(a)(b)   9,130    9,136,041 
5.93%, 01/16/26, (1-day SOFR + 0.580%)(b)   25,000    25,022,055 
6.05%, 06/13/25, (1-day SOFR + 0.700%)(b)   18,500    18,565,992 
Northwestern Mutual Global Funding          
4.00%, 07/01/25(b)   16,300    16,128,321 
6.05%, 06/13/25, (1-day SOFR + 0.700%)(b)   15,400    15,426,438 
Pacific Life Global Funding II, 6.20%, 06/16/25, (1-day SOFR + 0.860%)(b)   14,705    14,735,822 
Principal Life Global Funding II          
0.75%, 08/23/24(b)   660    643,582 
5.74%, 08/23/24, (1-day SOFR + 0.380%)(a)(b)   635    634,861 
Protective Life Global Funding          
4.99%, 01/12/27(b)(c)   15,250    15,338,985 
5.37%, 01/06/26(b)   10,000    10,092,392 
         196,434,636 
Internet — 0.8%          
Amazon.com Inc.          
2.73%, 04/13/24   20,000    19,884,741 
3.00%, 04/13/25   10,000    9,797,375 
eBay Inc., 5.90%, 11/22/25 (Call 10/22/25)   17,600    17,887,024 
         47,569,140 
Machinery — 1.7%          
Caterpillar Financial Services Corp.          
4.35%, 05/15/26   15,800    15,751,851 
5.60%, 05/17/24, (1-day SOFR + 0.245%)(a)   10,000    10,002,810 
5.62%, 09/13/24, (1-day SOFR + 0.270%)(a)(c)   15,620    15,626,894 
5.81%, 11/14/24, (1-day SOFR + 0.450%)(a)(c)   15,570    15,600,077 
John Deere Capital Corp.          
3.40%, 06/06/25   10,390    10,226,267 
4.80%, 01/09/26   17,800    17,895,295 
5.55%, 10/11/24, (1-day SOFR + 0.200%)(a)   14,290    14,286,592 
         99,389,786 
Security  Par
(000)		  Value 
           
Machinery - Diversified — 0.3%          
John Deere Capital Corp., 5.83%, 10/22/25, (1-day SOFR + 0.480%)  $15,240   $15,265,876 
           
Manufacturing — 0.3%          
Siemens Financieringsmaatschappij NV, 5.78%, 03/11/24, (1-day SOFR + 0.430%)(a)(b)   18,980    18,982,744 
           
Media — 0.0%          
Comcast Corp., 5.25%, 11/07/25   2,950    2,983,755 
           
Oil & Gas — 0.3%          
ConocoPhillips Co., 2.13%, 03/08/24 (Call 01/09/24)   16,000    15,942,556 
           
Pharmaceuticals — 0.8%          
Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24)   17,000    16,639,907 
Pfizer Investment Enterprises Pte. Ltd., 4.65%, 05/19/25   31,500    31,434,480 
         48,074,387 
Pipelines — 0.9%          
Enbridge Inc.          
2.15%, 02/16/24(c)   5,530    5,521,607 
5.99%, 02/16/24, (1-day SOFR + 0.630%)(a)   10,125    10,126,059 
Enterprise Products Operating LLC, 5.05%, 01/10/26   12,365    12,455,556 
TransCanada PipeLines Ltd., 1.00%, 10/12/24 (Call 09/12/24)   27,205    26,367,937 
         54,471,159 
Real Estate Investment Trusts — 0.2%          
Public Storage Operating Co., 5.95%, 07/25/25, (1-day SOFR + 0.600%)   11,250    11,277,259 
           
Retail — 0.9%          
Home Depot Inc. (The), 4.00%, 09/15/25 (Call 08/15/25)   5,170    5,126,007 
Lowe’s Companies Inc.          
4.40%, 09/08/25   11,510    11,438,234 
4.80%, 04/01/26 (Call 03/01/26)   6,660    6,667,666 
Starbucks Corp., 5.78%, 02/14/24 (Call 01/09/24), (1-day SOFR + 0.420%)(a)   11,515    11,515,392 
Walmart Inc., 3.90%, 09/09/25   20,000    19,820,564 
         54,567,863 
Semiconductors — 0.3%          
Analog Devices Inc., 5.59%, 10/01/24, (1-day SOFR + 0.250%)(a)   15,330    15,326,464 
NVIDIA Corp., 0.58%, 06/14/24 (Call 01/09/24)   5,305    5,212,435 
         20,538,899 
Software — 0.3%          
Intuit Inc., 5.25%, 09/15/26 (Call 08/15/26)   11,165    11,375,483 
Salesforce Inc., 0.63%, 07/15/24 (Call 01/09/24)   9,415    9,214,704 
         20,590,187 
Telecommunications — 0.6%          
Bell Telephone Co. of Canada or Bell Canada, Series US-3, 0.75%, 03/17/24(c)   21,081    20,954,546 
NTT Finance Corp.          
0.58%, 03/01/24(b)   6,005    5,979,488 
4.14%, 07/26/24(b)(c)   2,830    2,811,326 

 

5

 

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF
January 31, 2024 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		  Value 
           
Telecommunications (continued)          
Verizon Communications Inc., 0.75%, 03/22/24  $3,580   $3,556,209 
         33,301,569 
Total Corporate Bonds & Notes — 40.3%          
(Cost: $2,421,750,815)        2,420,666,768 
           
Municipal Debt Obligations          
           
Illinois — 0.1%          
State of Illinois GO, 5.25%, 05/01/25   5,865    5,890,583 
           
New York — 0.0%          
Taxable Municipal Funding Trust RB          
VRDN, 5.60%, 01/16/25 (Put 01/31/24)(b)(d)   725    725,000 
VRDN, 5.60%, 09/01/30 (Put 05/01/25)(b)(d)   2,440    2,440,000 
         3,165,000 
Total Municipal Debt Obligations — 0.1%          
(Cost $9,030,000)        9,055,583 
         
Repurchase Agreements(a)(e)        
           
Bank of America Securities Inc., 5.43%, 02/01/24 (Purchased on 01/31/24 to be repurchased at $10,001,508, collateralized by non-agency mortgage-backed security, 2.50% to 7.62%, due 06/15/35 to 11/25/63, par and fair value of $100,916,182 and $84,686,246, respectively)   10,000    10,000,000 
Bank of America Securities Inc., 5.63%, 02/01/24 (Purchased on 01/31/24 to be repurchased at $54,758,562, collateralized by non-agency mortgage-backed security, 2.50% to 9.67%, due 08/15/27 to 08/15/61, par and fair value of $111,001,478 and $58,582,500, respectively)   54,750    54,750,000 
Bank of America Securities Inc., 5.81%, 02/01/24 (Purchased on 01/31/24 to be repurchased at $10,001,614, collateralized by non-agency mortgage-backed security, 5.89% to 6.23%, due 09/22/35 to 03/22/37, par and fair value of $24,846,000 and $10,700,187, respectively)   10,000    10,000,000 
BNP Paribas, 5.68%, 02/01/24 (Purchased on 01/31/24 to be repurchased at $36,755,798, collateralized by non-agency mortgage-backed security, 2.00% to 10.75%, due 08/01/24 to 12/31/79, par and fair value of $42,007,069 and $40,340,896, respectively)   36,750    36,750,000 
Citigroup Global Markets Inc, 5.62%, 02/01/24 (Purchased on 01/31/24 to be repurchased at $9,001,405, collateralized by non-agency mortgage-backed security, 2.50% to 6.70%, due 11/15/34 to 02/25/52, par and fair value of $38,989,408 and $10,326,189, respectively)   9,000    9,000,000 
Citigroup Global Markets Inc, 5.64%, 02/01/24 (Purchased on 01/31/24 to be repurchased at $12,001,880, collateralized by non-agency mortgage-backed security, 2.50% to 5.50%, due 03/25/47 to 03/25/62, par and fair value of $17,491,536 and $13,800,000, respectively)   12,000    12,000,000 
Security  Par
(000)		  Value 
           
Goldman Sachs & Co. LLC, 5.83%, 02/01/24 (Purchased on 01/31/24 to be repurchased at $90,014,575, collateralized by non-agency mortgage-backed security, 2.20% to 9.50%, due 06/27/24 to 01/18/82, par and fair value of $141,218,600 and $96,346,142, respectively)  $90,000   $90,000,000 
Mizuho Securities USA Inc., 5.76%, 02/01/24 (Purchased on 01/31/24 to be repurchased at $6,000,960, collateralized by non-agency mortgage-backed security, 5.89% to 10.62%, due 12/25/29 to 08/25/35, par and fair value of $12,084,591 and $6,900,000, respectively)   6,000    6,000,000 
Mizuho Securities USA Inc., 5.86%, 02/01/24 (Purchased on 01/31/24 to be repurchased at $30,004,883, collateralized by non-agency mortgage-backed security, 4.00% to 8.73%, due 03/20/25 to 07/25/49, par and fair value of $36,575,000 and $33,126,518, respectively)   30,000    30,000,000 
Wells Fargo Securities, 5.71%, 02/01/24 (Purchased on 01/31/24 to be repurchased at $77,012,213, collateralized by non-agency mortgage-backed security, 2.50% to 7.62%, due 06/15/35 to 05/25/63, par and fair value of $100,916,182 and $84,686,246, respectively)   77,000    77,000,000 
           
Total Repurchase Agreements — 5.6%          
(Cost: $335,500,000)        335,500,000 
         
U.S. Government Obligations        
         
U.S. Government Obligations — 1.5%        
U.S. Treasury Bill, 5.50%, 03/05/24(c)(f)   25,000    24,879,573 
U.S. Treasury Note/Bond          
4.75%, 07/31/25   30,890    31,034,797 
5.00%, 08/31/25   15,530    15,673,774 
5.00%, 09/30/25   15,500    15,659,843 
           
Total U.S. Government Obligations — 1.5%          
(Cost: $86,529,185)       87,247,987 

 

   Shares      
           
Money Market Funds          
           
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.51%(g)(h)(i)   58,773,578    58,808,843 
           
Total Money Market Funds — 1.0%          
(Cost: $58,789,252)       58,808,843 
           
Total Investments — 100.3%          
(Cost: $6,020,050,498)       6,021,013,006 
           
Liabilities in Excess of Other Assets — (0.3)%       (15,756,197)
Net Assets — 100.0%      $6,005,256,809 

 

(a) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.
(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) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

 

6

 

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF
January 31, 2024  

 

(e) Maturity date represents next reset date.

(f) Rates are discount rates or a range of discount rates as of period end.

(g) Affiliate of the Fund.

(h) Annualized 7-day yield as of period end.
(i) 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 January 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer 

Value at

10/31/23

  

Purchases

at Cost

  

Proceeds

from Sale

  

Net Realized

Gain (Loss)

  

Change in

Unrealized

Appreciation (Depreciation)

   Value at
01/31/24		  

Shares

Held at

01/31/24

   Income   Capital
Gain
Distributions
from
Underlying
Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares  $123,152,749   $—   $(64,355,695)(a)  $17,789  $(6,000)   $58,808,843    58,773,578   $57,582(b)   $  — 
BlackRock Cash Funds: Treasury, SL Agency Shares(c)   —    0(a)   —    —    —    —    —    141,551    — 
                  $17,789  $(6,000)   $58,808,843        $199,133   $— 

 

(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.

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

 

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                    
Asset-Backed Securities  $—   $311,664,254   $—   $311,664,254 
Certificates of Deposit   —    770,028,419    —    770,028,419 
Commercial Paper   —    2,028,041,152    —    2,028,041,152 
Corporate Bonds & Notes   —    2,420,666,768    —    2,420,666,768 
Municipal Debt Obligations   —    9,055,583    —    9,055,583 
Repurchase Agreements   —    335,500,000    —    335,500,000 
U.S. Government & Agency Obligations   —    87,247,987    —    87,247,987 

 

7

 

 

Schedule of Investments (unaudited) (continued) BlackRock Ultra Short-Term Bond ETF
January 31, 2024

 

Fair Value Hierarchy as of Period End (continued)

 

   Level 1   Level 2   Level 3   Total 
Short-Term Securities                    
Money Market Funds  $58,808,843   $—   $—   $58,808,843 
   $58,808,843   $5,962,204,163   $—   $6,021,013,006 

 

Portfolio Abbreviation
 
CMT Constant Maturity Treasury
GO General Obligation
RB Revenue Bond
SOFR Secured Overnight Financing Rate

 

8