WESCO International Inc

BlackRock Future U.S. Themes ETF

Schedule of Investments (unaudited)

April 30, 2023

BlackRock Future U.S. Themes ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 0.1%
CH Robinson Worldwide Inc.^(a)		21	$	2,118
United Parcel Service Inc., Class B		25		4,495

				6,613

Beverages — 1.0%
Coca-Cola Co. (The)		434		27,841
PepsiCo Inc.		77		14,699

				42,540

Building Products — 1.2%
Builders FirstSource Inc.^(b)		97		9,192
Johnson Controls International PLC		739		44,222

				53,414

Capital Markets — 1.0%
Affiliated Managers Group Inc.		207		29,887
Ameriprise Financial Inc.		42		12,815
Raymond James Financial Inc.		35		3,168

				45,870

Chemicals — 1.0%
Chemours Co. (The)		822		23,896
Olin Corp.		356		19,722

				43,618

Commercial Services & Supplies — 1.9%
Clean Harbors Inc.^(b)		168		24,387
Copart Inc.^(b)		190		15,020
Waste Connections Inc.		288		40,075
Waste Management Inc.		25		4,151

				83,633

Communications Equipment — 0.3%
Calix Inc.^(b)		340		15,538


Construction & Engineering — 2.0%
AECOM		698		57,969
EMCOR Group Inc.^(a)		145		24,795
Quanta Services Inc.		17		2,884
Valmont Industries Inc.		18		5,230

				90,878

Distributors — 1.5%
Genuine Parts Co.		269		45,276
LKQ Corp.		362		20,898

				66,174

Financial Services — 9.3%
Berkshire Hathaway Inc., Class B^(b)		570		187,273
Essent Group Ltd	110		4,672
Mastercard Inc., Class A		203		77,146
Shift4 Payments Inc., Class A^(a)(b)		359		24,329
Visa Inc., Class A		509		118,460

				411,880

Electrical Equipment — 1.4%
Acuity Brands Inc.		7		1,102
AMETEK Inc.		195		26,896
Hubbell Inc.		129		34,742

				62,740

Electronic Equipment, Instruments & Components — 3.3%
Amphenol Corp., Class A		1,050		79,244
Arrow Electronics Inc.^(b)		166		18,995
CDW Corp./DE		5		848
Jabil Inc.		515		40,247


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Keysight Technologies Inc.^(b)		65	$	9,402

				148,736

Energy Equipment & Services — 0.1%
ChampionX Corp.		244		6,608


Consumer Staples Distribution & Retail — 7.1%
BJ’s Wholesale Club Holdings Inc.^(b)		1,193		91,109
Costco Wholesale Corp.		59		29,690
Dollar General Corp.		161		35,655
Dollar Tree Inc.^(b)		183		28,129
Kroger Co. (The)		1,858		90,355
Target Corp.		72		11,358
Walmart Inc.		189		28,533

				314,829

Food Products — 2.1%
Archer-Daniels-Midland Co.		110		8,589
Darling Ingredients Inc.^(b)		321		19,122
General Mills Inc.		343		30,400
Hershey Co. (The)		69		18,841
JM Smucker Co. (The)		7		1,081
Kellogg Co.		192		13,396

				91,429

Health Care Providers & Services — 3.5%
Humana Inc.		73		38,726
McKesson Corp.		27		9,834
Molina Healthcare Inc.^(b)		9		2,681
UnitedHealth Group Inc.		211		103,831

				155,072

Hotels, Restaurants & Leisure — 2.0%
McDonald’s Corp.		307		90,795


Household Durables — 0.5%
DR Horton Inc.		48		5,271
PulteGroup Inc.		257		17,258

				22,529

Household Products — 0.5%
Procter & Gamble Co. (The)		148		23,144


Insurance — 2.7%
Allstate Corp. (The)		50		5,788
American Financial Group Inc./OH		42		5,155
Arch Capital Group Ltd.^(b)		449		33,706
Chubb Ltd.		10		2,016
Marsh & McLennan Companies Inc.		55		9,910
Progressive Corp. (The)		315		42,966
RenaissanceRe Holdings Ltd.		85		18,310
W R Berkley Corp.		51		3,005

				120,856

Interactive Media & Services — 0.8%
Meta Platforms Inc, Class A^(b)		143		34,366


IT Services — 2.0%
Accenture PLC, Class A		129		36,158
Okta Inc.^(b)		746		51,123

				87,281

Leisure Products — 0.1%
Brunswick Corp./DE		53		4,494


Machinery — 2.5%
Dover Corp.		40		5,846


1

Schedule of Investments (unaudited) (continued)

April 30, 2023

BlackRock Future U.S. Themes ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Evoqua Water Technologies Corp.^(b)		1,050	$	51,923
Graco Inc.		221		17,523
Lincoln Electric Holdings Inc.		173		29,029
Toro Co. (The)		34		3,545
Xylem Inc./NY		30		3,115

				110,981

Marine Transportation — 0.2%
Matson Inc.		105		7,143

Metals & Mining — 1.3%
Commercial Metals Co.		71		3,315
Nucor Corp.		98		14,522
Reliance Steel & Aluminum Co.		13		3,221
Steel Dynamics Inc.		280		29,106
U.S. Steel Corp.		347		7,939

				58,103

Broadline Retail — 0.9%
Dillard’s Inc., Class A^(a)		109		32,524
Nordstrom Inc.		376		5,813

				38,337

Oil, Gas & Consumable Fuels — 4.3%
Chevron Corp.		272		45,854
Chord Energy Corp.		7		996
ConocoPhillips		205		21,093
Diamondback Energy Inc.		36		5,119
Exxon Mobil Corp.		413		48,874
Matador Resources Co.		445		21,818
Murphy Oil Corp.		53		1,946
Ovintiv Inc.		87		3,139
PDC Energy Inc.		564		36,688
Pioneer Natural Resources Co.		33		7,179

				192,706

Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		177		10,574


Professional Services — 4.5%
Automatic Data Processing Inc.		60		13,200
Booz Allen Hamilton Holding Corp.		541		51,785
CACI International Inc., Class A^(b)		21		6,580
FTI Consulting Inc.^(b)		62		11,191
Genpact Ltd.		530		23,611
Paychex Inc.		135		14,831
SS&C Technologies Holdings Inc.		1,382		80,902

				202,100

Ground Transportation — 3.2%
JB Hunt Transport Services Inc.		56		9,816
Old Dominion Freight Line Inc.		328		105,088
Ryder System Inc.		259		20,503
Union Pacific Corp.		26		5,088

				140,495

Semiconductors & Semiconductor Equipment — 7.4%
Analog Devices Inc.		576		103,611
Broadcom Inc.		154		96,481
Cirrus Logic Inc.^(b)		237		20,332
KLA Corp.		10		3,865
ON Semiconductor Corp.^(a)(b)		422		30,367
Semtech Corp.^(b)		26		507
Texas Instruments Inc.		443		74,070

				329,233


Security	Shares		Value

Software — 16.2%
Adobe Inc.^(b)		155	$	58,522
Cadence Design Systems Inc.^(b)		346		72,470
Check Point Software Technologies Ltd.^(b)		984		125,322
Crowdstrike Holdings Inc., Class A^(b)		215		25,811
DocuSign Inc.^(b)		1,024		50,627
Fortinet Inc.^(b)		783		49,368
Microsoft Corp.		490		150,557
Oracle Corp.		17		1,610
Palo Alto Networks Inc.^(a)(b)		674		122,978
Salesforce Inc.^(b)		17		3,372
Synopsys Inc.^(b)		75		27,849
Tenable Holdings Inc.^(b)		106		3,921
Zscaler Inc.^(a)(b)		301		27,120

				719,527

Specialty Retail — 3.5%
AutoZone Inc.^(b)		3		7,990
Home Depot Inc. (The)		160		48,086
Lowe’s Companies Inc.		67		13,925
Murphy USA Inc.		26		7,156
Penske Automotive Group Inc.^(a)		119		16,491
TJX Companies Inc. (The)		589		46,425
Ulta Beauty Inc.^(b)		30		16,543

				156,616

Technology Hardware, Storage & Peripherals — 4.8%
Apple Inc.		1,100		186,648
Dell Technologies Inc., Class C		614		26,703

				213,351

Textiles, Apparel & Luxury Goods — 2.0%
Capri Holdings Ltd.^(b)		44		1,826
Carter’s Inc.		31		2,163
Crocs Inc.^(b)		315		38,956
Deckers Outdoor Corp.^(b)		11		5,273
Nike Inc., Class B		318		40,297

				88,515

Tobacco — 0.2%
Philip Morris International Inc.		81		8,098


Trading Companies & Distributors — 2.3%
Fastenal Co.		170		9,153
MSC Industrial Direct Co. Inc., Class A		172		15,606
United Rentals Inc.		40		14,444
WESCO International Inc.		341		49,104
WW Grainger Inc.		19		13,216

				101,523


Total Long-Term Investments — 98.9% (Cost: $4,274,928)				4,400,339


Short-Term Securities

Money Market Funds — 6.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
5.02%^(c)(d)(e)		255,129		255,206


		2

Schedule of Investments (unaudited) (continued)

April 30, 2023

BlackRock Future U.S. Themes ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%^(c)(d)		40,000	$	40,000

Total Short-Term Securities — 6.6% (Cost: $295,200)				295,206


Total Investments — 105.5% (Cost: $4,570,128)				4,695,545

Liabilities in Excess of Other Assets — (5.5)%				(246,688	)


Net Assets — 100.0%			$	4,448,857

^(a)	All or a portion of this security is on loan.

^(b)	Non-income producing security.

^(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 endedApril 30, 2023 for purposes of Section 2(a)(3) of the Investment CompanyAct 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 04/30/23	Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	255,253	^(a)	$	—		$	(53	)	$	6	$	255,206	255,129	$	194	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		70,000		—			(30,000	)^(a)		—			—		40,000	40,000		1,231			—

									$	(53	)	$	6	$	295,206		$	1,425		$	—

^(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

Micro E-Mini S&P 500 Index

06/16/23

2,934

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


3

Schedule of Investments (unaudited) (continued)

April 30, 2023

BlackRock Future U.S. Themes ETF

Fair Value Hierarchy as of Period End (continued)

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	$	4,400,339	$	—	$	—	$	4,400,339
Short-Term Securities
Money Market Funds		295,206		—		—		295,206

	$	4,695,545	$	—	$	—	$	4,695,545


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	2,934	$	—	$	—	$	2,934

^(a)

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


		4