Schedule of Investments  (unaudited) April 30, 2022 BlackRock Future U.S. Themes ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 0.1%
United Parcel Service Inc., Class B		25	$	4,499
Automobiles — 0.4%
Ford Motor Co.		1,079		15,279
Banks — 2.2%
JPMorgan Chase & Co.		764		91,191
PNC Financial Services Group Inc. (The)		15		2,492
				93,683
Building Products — 0.2%
Builders FirstSource Inc.(a)		69		4,248
Johnson Controls International PLC		58		3,473
				7,721
Capital Markets — 6.3%
Affiliated Managers Group Inc.		235		29,509
Ameriprise Financial Inc.		45		11,947
Ares Management Corp., Class A		244		16,158
Bank of New York Mellon Corp. (The)		72		3,028
Blackstone Inc., NVS		127		12,900
Charles Schwab Corp. (The)		760		50,411
Goldman Sachs Group Inc. (The)		30		9,165
Houlihan Lokey Inc.		15		1,249
Intercontinental Exchange Inc.		600		69,486
KKR & Co. Inc.		260		13,252
Moody’s Corp.		10		3,165
Morgan Stanley		180		14,506
Raymond James Financial Inc.		130		12,670
S&P Global Inc.		14		5,271
Stifel Financial Corp.		240		14,844
T Rowe Price Group Inc.		33		4,060
				271,621
Chemicals — 3.4%
CF Industries Holdings Inc.		363		35,149
Linde PLC		115		35,875
Olin Corp.		1,317		75,596
				146,620
Commercial Services & Supplies — 1.4%
Copart Inc.(a)		95		10,797
Waste Connections Inc.		325		44,840
Waste Management Inc.		25		4,111
				59,748
Communications Equipment — 0.1%
Arista Networks Inc.(a)		25		2,889
Consumer Finance — 1.2%
American Express Co.		268		46,822
Capital One Financial Corp.		45		5,608
Discover Financial Services		15		1,687
				54,117
Distributors — 0.3%
Genuine Parts Co.		80		10,404
LKQ Corp.		90		4,467
				14,871
Diversified Financial Services — 4.2%
Berkshire Hathaway Inc., Class B(a)		570		184,013
Electronic Equipment, Instruments & Components — 4.7%
Amphenol Corp., Class A		1,050		75,075

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Arrow Electronics Inc.(a)		440	$	51,858
CDW Corp./DE		5		816
Jabil Inc.		515		29,731
Keysight Technologies Inc.(a)		65		9,118
TD SYNNEX Corp.		60		6,005
TE Connectivity Ltd.		200		24,956
Trimble Inc.(a)		60		4,002
				201,561
Food & Staples Retailing — 0.7%
Costco Wholesale Corp.		59		31,371
Food Products — 0.0%
Hershey Co. (The)		9		2,032
Health Care Providers & Services — 2.6%
HCA Healthcare Inc.		35		7,509
UnitedHealth Group Inc.		205		104,253
				111,762
Hotels, Restaurants & Leisure — 2.1%
McDonald’s Corp.		365		90,943
Yum! Brands Inc.		7		819
				91,762
Household Products — 3.0%
Procter & Gamble Co. (The)		807		129,564
Insurance — 0.4%
American Financial Group Inc./OH		42		5,816
Loews Corp.		30		1,885
Marsh & McLennan Companies Inc.		55		8,894
				16,595
Interactive Media & Services — 10.7%
Alphabet Inc., Class A(a)		88		200,832
Alphabet Inc., Class C, NVS(a)		85		195,443
Meta Platforms Inc, Class A(a)		325		65,153
				461,428
Internet & Direct Marketing Retail — 2.0%
Amazon.com Inc.(a)		35		86,997
IT Services — 7.7%
Accenture PLC, Class A		475		142,671
Automatic Data Processing Inc.		60		13,091
Broadridge Financial Solutions Inc.		10		1,441
Cognizant Technology Solutions Corp., Class A		495		40,046
Genpact Ltd.		530		21,343
Paychex Inc.		135		17,109
SS&C Technologies Holdings Inc.		1,540		99,576
				335,277
Machinery — 0.4%
Dover Corp.		40		5,332
Graco Inc.		221		13,706
				19,038
Metals & Mining — 0.2%
Alcoa Corp.		38		2,576
Reliance Steel & Aluminum Co.		40		7,930
				10,506
Multiline Retail — 1.8%
Dillard’s Inc., Class A		161		48,914
Target Corp.		125		28,581
				77,495

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Schedule of Investments  (unaudited) (continued) April 30, 2022 BlackRock Future U.S. Themes ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels — 3.8%
ConocoPhillips		159	$	15,188
Continental Resources Inc./OK		66		3,668
Devon Energy Corp.		226		13,146
EOG Resources Inc.		388		45,303
Matador Resources Co.		449		21,920
Ovintiv Inc.		650		33,274
PDC Energy Inc.		434		30,267
Pioneer Natural Resources Co.		13		3,022
				165,788
Pharmaceuticals — 1.4%
Johnson & Johnson		328		59,191
Professional Services — 0.2%
ASGN Inc.(a)		50		5,673
Robert Half International Inc.		30		2,949
				8,622
Road & Rail — 1.0%
Union Pacific Corp.		180		42,172
Semiconductors & Semiconductor Equipment — 11.4%
Analog Devices Inc.		176		27,171
Applied Materials Inc.		174		19,201
Broadcom Inc.		154		85,376
Intel Corp.		1,028		44,810
KLA Corp.		10		3,193
Microchip Technology Inc.		310		20,212
Micron Technology Inc.		600		40,914
NVIDIA Corp.		89		16,507
NXP Semiconductors NV		40		6,836
Qorvo Inc.(a)		95		10,809
QUALCOMM Inc.		745		104,069
Semtech Corp.(a)		60		3,576
Skyworks Solutions Inc.		160		18,128
Synaptics Inc.(a)		109		16,180
Texas Instruments Inc.		446		75,931
				492,913
Software — 10.6%
Adobe Inc.(a)		15		5,939
Autodesk Inc.(a)		10		1,893
Cadence Design Systems Inc.(a)		55		8,297
Intuit Inc.		10		4,187
Microsoft Corp.		1,380		382,978

Security	Shares		Value
Software (continued)
Oracle Corp.		410	$	30,094
Synopsys Inc.(a)		75		21,509
Tyler Technologies Inc.(a)		5		1,974
				456,871
Specialty Retail — 2.0%
Home Depot Inc. (The)		175		52,570
Lowe’s Companies Inc.		160		31,637
TJX Companies Inc. (The)		18		1,103
				85,310
Technology Hardware, Storage & Peripherals — 10.6%
Apple Inc.		2,715		428,020
Dell Technologies Inc., Class C		684		32,155
				460,175
Textiles, Apparel & Luxury Goods — 1.1%
Nike Inc., Class B		389		48,508
Trading Companies & Distributors — 0.6%
Fastenal Co.		170		9,403
United Rentals Inc.(a)		40		12,661
WW Grainger Inc.		5		2,500
				24,564
Total Common Stocks — 98.8% (Cost: $4,884,262)				4,274,563
Short-Term Investments
Money Market Funds — 0.9%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.34%(b)(c) .		40,000		40,000
Total Short-Term Investments — 0.9% (Cost: $40,000)				40,000
Total Investments in Securities — 99.7% (Cost: $4,924,262)				4,314,563
Other Assets, Less Liabilities — 0.3%				13,185
Net Assets — 100.0%			$	4,327,748

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 12/14/21	(a)		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/22	Shares Held at 04/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(b) .	$	—		$	0	(c)	$	(1	)	$	1	$	—	$	—	—	$	20	(d)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			40,000	(c)		—			—		—		40,000	40,000		23			—
										$	1	$	—	$	40,000		$	43		$	—

^(a)  Commencement of operations.

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

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Schedule of Investments  (unaudited) (continued) April 30, 2022 BlackRock Future U.S. Themes ETF

Affiliates (continued)

^(c)  Represents net amount purchased (sold).

^(d)  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
Micro E-mini S&P 500 Index		2		06/17/22	$	41	$	(362	)

Fair Value Measurements

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 BlackRock Global Valuation Methodologies Committee’s (the “Global 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 Global 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
Investments
Assets
Common Stocks	$	4,274,563		$	—	$	—	$	4,274,563
Money Market Funds		40,000			—		—		40,000
	$	4,314,563		$	—	$	—	$	4,314,563
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(362	)	$	—	$	—	$	(362	)

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

Portfolio Abbreviations - Equity
NVS	Non-Voting Shares

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