UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM N-CSR
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
 
 
Investment Company Act file number: 811-23402
 
Name of Fund:  BlackRock ETF Trust
iShares Government Money Market ETF
iShares Prime Money Market ETF
 
Fund Address:   100 Bellevue Parkway, Wilmington, DE 19809
 
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock ETF Trust, 50 Hudson Yards, New York, NY 10001
 
Registrant’s telephone number, including area code: (800) 441-7762
 
Date of fiscal year end: 10/31/2025
 
Date of reporting period: 04/30/2025
 
Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.
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iShares Government Money Market ETF

Image

GMMF | NYSE Arca

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about iShares Government Money Market ETF (the “Fund”) for the period of February 4, 2025 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares Government Money Market ETF
$5Footnote Reference(a)
0.20%Footnote Reference(b)
FootnoteDescription
Footnote(a)
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
Footnote(b)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$42,172,046
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
43
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.15%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.15%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
40.3%
U.S. Treasury Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
37.0
U.S. Government Sponsored Agency Obligations........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
23.4
Liabilities in Excess of Other Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
(0.7)

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

Image

iShares Government Money Market ETF

GMMF | NYSE Arca

Semi-Annual Shareholder Report — April 30, 2025

GMMF-04/25-SAR

iShares Prime Money Market ETF

Image

PMMF | NYSE Arca

Semi-Annual Shareholder Report — April 30, 2025

This semi-annual shareholder report contains important information about iShares Prime Money Market ETF (the “Fund”) for the period of February 4, 2025 to April 30, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the period?

(based on a hypothetical $10,000 investment)

Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares Prime Money Market ETF
$5Footnote Reference(a)
0.20%Footnote Reference(b)
FootnoteDescription
Footnote(a)
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
Footnote(b)
Annualized.

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$185,775,672
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
107
Current seven-day yields as of April 30, 2025 (The 7-day SEC Yield may differ from the 7-Day Yield shown due to the fact that the 7-Day SEC Yield excludes distributed capital gains.)
0
   7-Day SEC Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.31%
   7-Day Yield........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.31%

What did the Fund invest in?

(as of April 30, 2025)

Portfolio composition

Asset Type
Percent of Net Assets
Repurchase Agreements........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
51.5%
Commercial Paper........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
23.8
Certificates of Deposit........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
22.1
Corporate Bonds........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.4
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
2.2

Past performance is not an indication of future results. Visit blackrock.com for more recent yield information.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

 

©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates.

Image

iShares Prime Money Market ETF

PMMF | NYSE Arca

Semi-Annual Shareholder Report — April 30, 2025

PMMF-04/25-SAR

(b) Not Applicable
 
Item 2 – Code of Ethics – Not Applicable to this semi-annual report.
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report.
 
Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report.
 
Item 5 –  Audit Committee of Listed Registrant – Not Applicable
Item 6 – Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
 
Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant’s Financial Statements are attached herewith.
 
(b) The registrant’s Financial Highlights are attached herewith.
April
30,
2025
2025
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
Not
FDIC
Insured
-
May
Lose
Value
-
No
Bank
Guarantee
BlackRock
ETF
Trust
iShares
Government
Money
Market
ETF
|
GMMF
|
NYSE
Arca
iShares
Prime
Money
Market
ETF
|
PMMF
|
NYSE
Arca
Table
of
Contents
Page
2
Schedules
of
Investments
.................................................................................................
3
Statements
of
Assets
and
Liabilities
...........................................................................................
10
Statements
of
Operations
.................................................................................................
11
Statements
of
Changes
in
Net
Assets
..........................................................................................
12
Financial
Highlights
.....................................................................................................
13
Notes
to
Financial
Statements
..............................................................................................
15
Additional
Information
....................................................................................................
20
Disclosures
of
Investment
Advisory
Agreements
....................................................................................
21
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
27
Schedule
of
Investments
(unaudited)
April
30,
2025
iShares
Government
Money
Market
ETF
Schedules
of
Investments
3
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
U.S.
Government
Sponsored
Agency
Obligations
Agency
Obligations
—
23.4%
Federal
Farm
Credit
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.33%),
4.69%
,
 12/29/25
.................
USD
1,125‌
$
1,127,166‌
(1-day
SOFR
at
0.00%
Floor
+
0.11%),
4.47%
,
 02/23/26
.................
460‌
460,273‌
(1-day
SOFR
at
0.00%
Floor
+
0.10%),
4.46%
,
 06/03/26
.................
250‌
250,073‌
(1-day
SOFR
at
0.00%
Floor
+
0.14%),
4.49%
,
 01/08/27
.................
500‌
500,853‌
Federal
Home
Loan
Bank
Discount
Notes
(b)
4.27%
,
 06/25/25
...................
1,000‌
993,498‌
4.23%
,
 07/11/25
...................
520‌
515,694‌
4.24%
,
 07/18/25
...................
420‌
416,184‌
4.24%
,
07/30/25
...................
1,500‌
1,484,302‌
4.08%
,
 10/20/25
...................
1,250‌
1,226,273‌
3.95%
,
 12/01/25
...................
350‌
342,026‌
3.95%
,
 12/12/25
...................
850‌
829,643‌
Federal
Home
Loan
Bank
Variable
Rate
Notes
(a)
(1-day
SOFR
at
0.00%
Floor
-
0.01%),
4.35%
,
 06/05/25
.................
500‌
499,994‌
(1-day
SOFR
at
0.00%
Floor
+
0.00%),
4.36%
,
 07/22/25
.................
500‌
500,000‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37%
,
 08/11/25
.................
100‌
100,006‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37%
,
 08/12/25
.................
100‌
100,006‌
(1-day
SOFR
at
0.00%
Floor
+
0.01%),
4.37%
,
 10/21/25
.................
180‌
180,001‌
(1-day
SOFR
at
0.00%
Floor
+
0.12%),
4.48%
,
 02/10/27
.................
250‌
249,998‌
(1-day
SOFR
at
0.00%
Floor
+
0.07%),
4.43%
,
 03/25/27
.................
65‌
64,999‌
(1-day
SOFR
at
0.00%
Floor
+
0.12%),
4.48%
,
 04/09/27
.................
45‌
44,987‌
Total
U.S.
Government
Sponsored
Agency
Obligations
—
23.4%
(Cost:
$9,884,187)
...............................
9,885,976‌
U.S.
Treasury
Obligations
U.S.
Treasury
Bills
(b)
3.73%, 05/08/25
...................
2,000‌
1,998,365‌
4.00%, 05/15/25
...................
2,000‌
1,996,722‌
4.14%, 05/27/25
...................
2,000‌
1,993,895‌
4.21%, 06/12/25
...................
1,000‌
995,063‌
4.23%, 07/10/25
...................
700‌
694,290‌
4.23%, 07/15/25
...................
100‌
99,127‌
4.22%, 07/17/25
...................
500‌
495,531‌
4.24%, 
08/05/25
...................
1,300‌
1,285,515‌
4.26%, 08/12/25
...................
550‌
543,400‌
4.26%, 08/26/25
...................
372‌
367,238‌
4.31%, 09/02/25
...................
700‌
690,314‌
4.19%, 09/18/25
...................
330‌
324,743‌
4.19%, 09/25/25
...................
166‌
163,230‌
3.91%, 02/19/26
...................
750‌
726,893‌
U.S.
Treasury
Notes
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.13%),
4.40%, 07/31/25
(a)
................
1,700‌
1,700,030‌
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.17%),
4.44%, 10/31/25
(a)
................
1,100‌
1,100,409‌
0.50%, 02/28/26
...................
30‌
29,149‌
4.63%, 02/28/26
...................
30‌
30,148‌
Security
Par
(000)
Par
(000)
Value
U.S.
Treasury
Obligations
(continued)
(US
Treasury
3
Month
Bill
Money
Market
Yield
at
0.00%
Floor
+
0.10%),
4.37%, 01/31/27
(a)
................
USD
350‌
$
349,831‌
Total
U.S.
Treasury
Obligations
—
37.0%
(Cost:
$15,583,212)
...............................
15,583,893‌
Total
Repurchase
Agreements
—
40.3%
(Cost:
$17,000,000)
...............................
17,000,000‌
Total
Investments
—
100.7%
(Cost:
$42,467,399
)
...............................
42,469,869‌
Liabilities
in
Excess
of
Other
Assets
—
(0.7)%
.............
(297,823‌)
Net
Assets
—
100.0%
...............................
$
42,172,046‌
(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)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
Government
Money
Market
ETF
4
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the period
ended
April
30,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
02/04/25
Purchases
at
Cost
Proceeds
from
Sales
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/25
Shares
Held
at
04/30/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
(a)
............
$
—
$
1,296,653
$
(1,296,653)
$
—
$
—
$
—
—
$
—
$
—
—
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
4.38‌
%
04/30/25
05/01/25
$
3,000‌
$
3,000,000‌
$
3,000,365‌
U.S.
Government
Sponsored
Agency
Obligations,
2.50%
to
7.50%,
due
02/20/40
to
04/20/55
.........
$
6,882,580‌
$
3,060,000‌
–‌
–‌
BNP
Paribas
SA
....
4.38‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,609‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
7.50%,
due
11/15/29
to
01/20/64
.........
49,933,572‌
5,100,208‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
4.38‌
04/30/25
05/01/25
5,000‌
5,000,000‌
5,000,608‌
U.S.
Government
Sponsored
Agency
Obligations,
4.50%
to
6.00%,
due
05/15/34
to
01/20/53
.........
21,972,245‌
5,100,001‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
4.38‌
04/30/25
05/01/25
2,000‌
2,000,000‌
2,000,243‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
5.00%,
due
11/20/42
to
12/20/54
.........
8,249,970‌
2,040,000‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
4.38‌
04/30/25
05/01/25
2,000‌
2,000,000‌
2,000,243‌
U.S.
Government
Sponsored
Agency
Obligation,
5.50%,
due
11/01/54
.........
2,155,635‌
2,060,000‌
–‌
–‌
$
17,000,000‌
$
17,360,209‌
–‌
–‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
Government
Money
Market
ETF
Schedules
of
Investments
5
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Repurchase
Agreements
...................................
$
—
$
17,000,000
$
—
$
17,000,000
U.S.
Government
Sponsored
Agency
Obligations
...................
—
9,885,976
—
9,885,976
U.S.
Treasury
Obligations
...................................
—
15,583,893
—
15,583,893
$
—
$
42,469,869
$
—
$
42,469,869
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
April
30,
2025
iShares
Prime
Money
Market
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Pa
r
(
000)
Value
Certificates
of
Deposit
Domestic
—
2.4%
(a)
Bank
of
America
NA
(1-day
SOFR
+
0.25%),
4.61
%
,
11/17/25
...
USD
1,000‌
$
999,903‌
(1-day
SOFR
+
0.40%),
4.76
%
,
01/09/26
...
500‌
500,042‌
(1-day
SOFR
+
0.34%),
4.67
%
,
04/27/26
...
1,000‌
999,305‌
(1-day
SOFR
+
0.42%),
4.78
%
,
05/06/26
...
1,000‌
999,958‌
Citibank
NA
,
(1-day
SOFR
at
0.00%
Floor
+
0.41%),
4.77
%
,
04/22/26
..............
1,000‌
1,000,063‌
4,499,271‌
Yankee
—
19.7%
(b)
Banco
Santander
SA,
New
York
,
4.36
%
,
11/03/25
1,000‌
999,722‌
Bank
of
Montreal,
Chicago
,
(1-day
SOFR
+
0.47%),
4.83
%
,
05/20/26
(a)
............
1,000‌
1,000,198‌
Bank
of
Nova
Scotia
(The),
Houston
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.30%),
4.66
%
,
02/10/26
.................
1,000‌
999,326‌
(1-day
SOFR
at
0.00%
Floor
+
0.40%),
4.76
%
,
04/10/26
.................
1,000‌
1,000,029‌
Barclays
Bank
plc,
New
York
,
(1-day
SOFR
+
0.44%),
4.80
%
,
04/21/26
(a)
............
1,000‌
999,851‌
BNP
Paribas
SA,
New
York
4.42
%
,
09/19/25
...................
1,000‌
1,000,028‌
4.36
%
,
10/01/25
...................
1,000‌
999,823‌
Canadian
Imperial
Bank
of
Commerce,
New
York
(a)
(1-day
SOFR
+
0.25%),
4.61
%
,
12/12/25
...
500‌
499,842‌
(1-day
SOFR
at
0.00%
Floor
+
0.31%),
4.67
%
,
02/06/26
.................
1,000‌
999,754‌
(1-day
SOFR
at
0.00%
Floor
+
0.46%),
4.82
%
,
05/15/26
.................
1,000‌
1,000,400‌
(1-day
SOFR
at
0.00%
Floor
+
0.47%),
4.83
%
,
05/22/26
.................
1,000‌
1,000,306‌
Commonwealth
Bank
of
Australia,
New
York
,
(1-day
SOFR
+
0.27%),
4.63
%
,
01/27/26
(a)
..
1,000‌
999,758‌
Cooperatieve
Rabobank
UA,
New
York
,
4.43
%
,
02/10/26
...................
1,000‌
1,001,467‌
Credit
Agricole
Corporate
&
Investment
Bank
SA,
New
York
,
4.45
%
,
07/31/25
............
1,000‌
1,000,054‌
Deutsche
Bank
AG,
New
York
(a)
(1-day
SOFR
+
0.37%),
4.72
%
,
06/11/25
...
1,000‌
1,000,183‌
(1-day
SOFR
+
0.24%),
4.64
%
,
08/12/25
...
1,000‌
1,000,015‌
DZ
Bank
AG,
New
York
,
4.39
%
,
06/30/25
.....
1,000‌
999,954‌
Landesbank
Baden-Wuerttemberg,
New
York
,
4.42
%
,
09/03/25
...................
1,000‌
1,000,155‌
Lloyds
Bank
Corporate
Markets
plc,
New
York
(1-day
SOFR
+
0.27%),
4.63
%
,
03/05/26
(a)
..
500‌
499,733‌
4.38
%
,
03/26/26
...................
1,000‌
1,001,445‌
Mitsubishi
UFJ
Trust
&
Banking
Corp.,
New
York
,
(1-day
SOFR
+
0.25%),
4.61
%
,
09/02/25
(a)
..
1,000‌
1,000,155‌
Mizuho
Bank
Ltd.
New
York
4.44
%
,
05/20/25
...................
1,000‌
999,986‌
(1-day
SOFR
+
0.35%),
4.71
%
,
02/06/26
(a)
..
1,000‌
999,784‌
Natixis
SA,
New
York
,
4.38
%
,
09/03/25
......
500‌
499,895‌
Nordea
Bank
Abp,
New
York
,
(1-day
SOFR
+
0.25%),
4.61
%
,
03/17/26
(a)
............
500‌
499,619‌
Oversea-Chinese
Banking
Corp.
Ltd.,
New
York
4.40
%
,
05/05/25
...................
1,000‌
1,000,009‌
(1-day
SOFR
+
0.24%),
4.60
%
,
11/10/25
(a)
..
1,000‌
999,707‌
Royal
Bank
of
Canada,
New
York
,
(1-day
SOFR
+
0.28%),
4.64
%
,
04/07/26
(a)
...........
1,000‌
999,047‌
Standard
Chartered
Bank,
New
York
(1-day
SOFR
+
0.28%),
4.64
%
,
11/03/25
(a)
..
1,000‌
999,760‌
4.60
%
,
02/11/26
...................
500‌
501,134‌
Security
Par
(000)
Par
(000)
Value
Yankee
(continued)
Sumitomo
Mitsui
Banking
Corp.,
New
York
4.36
%
,
12/12/25
...................
USD
500‌
$
500,015‌
4.43
%
,
12/18/25
...................
500‌
500,251‌
(1-day
SOFR
+
0.33%),
4.69
%
,
01/02/26
(a)
..
1,000‌
999,901‌
Sumitomo
Mitsui
Trust
Bank
Ltd.,
New
York
,
4.43
%
,
05/07/25
...................
1,000‌
1,000,015‌
Svenska
Handelsbanken,
New
York
(a)
(1-day
SOFR
at
0.00%
Floor
+
0.27%),
4.63
%
,
01/23/26
.................
1,000‌
999,423‌
(1-day
SOFR
at
0.00%
Floor
+
0.24%),
4.60
%
,
03/04/26
.................
500‌
499,443‌
(1-day
SOFR
+
0.40%),
4.76
%
,
04/22/26
...
1,000‌
1,000,041‌
Toronto-Dominion
Bank
(The),
New
York
(a)
(1-day
SOFR
+
0.26%),
4.62
%
,
11/04/25
...
1,000‌
999,849‌
(1-day
SOFR
+
0.30%),
4.66
%
,
03/20/26
...
1,000‌
999,012‌
(1-day
SOFR
+
0.28%),
4.64
%
,
04/13/26
...
500‌
499,334‌
(1-day
SOFR
+
0.45%),
4.81
%
,
05/04/26
...
1,000‌
1,000,486‌
36,498,909‌
Total
Certificates
of
Deposit
—
22
.1
%
(Cost:
$
40,999,966
)
...............................
40,998,180‌
Commercial
Paper
AbbVie,
Inc.
,
4.63
%
,
05/01/25
(c)
(d)
..........
600‌
599,924‌
Alinghi
Funding
Co.
LLC
,
4.47
%
,
10/16/25
(c)
(d)
..
1,000‌
979,703‌
Australia
&
New
Zealand
Banking
Group
Ltd.
(a)(d)
(1-day
SOFR
+
0.15%),
4.51
%
,
08/27/25
...
1,000‌
999,751‌
(1-day
SOFR
+
0.24%),
4.60
%
,
03/12/26
...
1,000‌
999,091‌
Bank
of
Montreal
(1-day
SOFR
+
0.28%),
4.64
%
,
04/08/26
(a)
(d)
......................
1,000‌
998,543‌
Bank
of
New
York
Mellon
(The)
(1-day
SOFR
+
0.25%),
4.61
%
,
03/26/26
(a)
............
1,000‌
999,254‌
Bank
of
Nova
Scotia
(The)
(1-day
SOFR
+
0.23%),
4.59
%
,
03/06/26
(a)
(d)
...........
400‌
399,470‌
BPCE
SA
,
4.48
%
,
07/03/25
(c)
(d)
............
1,000‌
992,205‌
Britannia
Funding
Co.
LLC
(1-day
SOFR
+
0.25%),
4.61
%
,
08/06/25
(a)
(d)
...........
1,000‌
1,000,022‌
Canadian
Imperial
Bank
of
Commerce
(1-day
SOFR
+
0.17%),
4.53
%
,
05/12/25
(a)
(d)
.....
1,000‌
1,000,033‌
Chesham
Finance
Ltd.
,
4.42
%
,
05/05/25
(c)
(d)
...
1,000‌
999,395‌
Concord
Minutemen
Capital
Co.
LLC
,
4.53
%
,
06/09/25
(c)
(d)
......................
1,000‌
995,059‌
Danske
Bank
A/S
,
4.46
%
,
06/03/25
(c)
(d)
......
1,000‌
995,860‌
Dexia
SA
,
4.48
%
,
09/02/25
(c)
(d)
............
1,000‌
984,904‌
First
Abu
Dhabi
Bank
PJSC
,
4.44
%
,
07/01/25
(c)
.
1,000‌
992,521‌
Fiserv,
Inc.
,
4.69
%
,
05/09/25
(c)
(d)
...........
750‌
749,135‌
ING
US
Funding
LLC
(1-day
SOFR
+
0.24%),
4.60
%
,
11/14/25
(a)
(d)
.................
1,000‌
999,584‌
Korea
Development
Bank
(The)
,
4.39
%
,
05/05/25
(c)
.......................
1,000‌
999,399‌
Legacy
Capital
Co.
LLC
(1-day
SOFR
+
0.35%),
4.71
%
,
11/06/25
(a)
(d)
.................
1,000‌
1,000,295‌
Lloyds
Bank
Corporate
Markets
plc
,
4.41
%
,
10/27/25
(c)
.......................
1,000‌
978,700‌
Lloyds
Bank
plc
(1-day
SOFR
+
0.20%),
4.56
%
,
06/17/25
(a)
.......................
1,000‌
1,000,077‌
LSEGA
Financing
plc
,
4.52
%
,
05/12/25
(c)
(d)
....
750‌
748,886‌
Mackinac
Funding
Co.
LLC
,
4.53
%
,
08/05/25
(c)
(d)
500‌
494,055‌
Macquarie
Bank
Ltd.
(1-day
SOFR
+
0.23%),
4.59
%
,
12/12/25
(a)
(d)
.................
1,000‌
999,312‌
Macquarie
Group
Ltd.
,
4.54
%
,
06/26/25
(c)
.....
1,000‌
992,965‌
Mitsubishi
HC
Finance
America
LLC
,
4.79
%
,
05/27/25
(c)
(d)
......................
750‌
747,351‌
MUFG
Bank
Ltd.
,
4.39
%
,
05/16/25
(c)
........
750‌
748,561‌
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
Prime
Money
Market
ETF
Schedules
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Par
(000)
Par
(000)
Value
Commercial
Paper
(continued)
National
Bank
of
Canada
(d)
(1-day
SOFR
+
0.26%),
4.62
%
,
11/10/25
(a)
..
USD
500‌
$
499,891‌
4.25
%
,
02/02/26
(c)
..................
500‌
484,208‌
(1-day
SOFR
+
0.33%),
4.69
%
,
02/05/26
(a)
..
1,000‌
999,874‌
Natixis
SA
,
4.45
%
,
09/05/25
(c)
............
400‌
393,849‌
Old
Line
Funding
LLC
(1-day
SOFR
+
0.23%),
4.59
%
,
08/20/25
(a)
(d)
.................
1,000‌
999,933‌
Paradelle
Funding
LLC
,
4.48
%
,
06/18/25
(c)
(d)
...
500‌
497,011‌
Podium
Funding
Trust
(1-day
SOFR
+
0.23%),
4.59
%
,
09/04/25
(a)
(d)
.................
1,000‌
1,000,070‌
Prudential
Financial,
Inc.
,
4.51
%
,
05/06/25
(c)
(d)
..
1,000‌
999,259‌
Ranger
Funding
Co.
LLC
,
4.53
%
,
09/04/25
(c)
(d)
.
1,000‌
984,484‌
Royal
Bank
of
Canada
,
4.22
%
,
02/02/26
(c)
(d)
...
1,000‌
968,669‌
Santander
UK
plc
,
4.39
%
,
05/06/25
(c)
.......
1,000‌
999,279‌
Skandinaviska
Enskilda
Banken
AB
(a)(d)
(1-day
SOFR
+
0.18%),
4.54
%
,
08/06/25
...
1,000‌
1,000,099‌
(1-day
SOFR
+
0.40%),
4.76
%
,
04/22/26
...
1,000‌
1,000,128‌
(1-day
SOFR
+
0.39%),
4.75
%
,
04/28/26
...
500‌
500,005‌
Societe
Generale
SA
,
4.48
%
,
06/10/25
(c)
(d)
....
1,000‌
994,993‌
Sumitomo
Mitsui
Trust
Bank
Ltd.
,
4.51
%
,
07/01/25
(c)
(d)
......................
1,000‌
992,399‌
Swedbank
AB
(a)(d)
(1-day
SOFR
+
0.18%),
4.54
%
,
08/04/25
...
1,000‌
1,000,093‌
(1-day
SOFR
+
0.20%),
4.56
%
,
11/25/25
...
1,000‌
999,544‌
UBS
AG
(a)(d)
(1-day
SOFR
+
0.31%),
4.67
%
,
03/03/26
...
500‌
499,814‌
(1-day
SOFR
+
0.31%),
4.69
%
,
03/25/26
...
1,000‌
999,392‌
(1-day
SOFR
+
0.45%),
4.79
%
,
04/14/26
...
500‌
500,076‌
Westpac
Banking
Corp.
(a)(d)
(1-day
SOFR
+
0.22%),
4.58
%
,
03/02/26
...
500‌
499,325‌
(1-day
SOFR
+
0.40%),
4.76
%
,
04/10/26
...
1,000‌
1,000,176‌
Westpac
Securities
NZ
Ltd.
,
4.46
%
,
11/03/25
(c)
(d)
1,000‌
977,625‌
Total
Commercial
Paper
—
23
.8
%
(Cost:
$
44,189,061
)
...............................
44,184,251‌
Corporate
Bonds
Consumer
Finance
—
0.4%
Toyota
Motor
Credit
Corp.,
(1-day
SOFR
+
0.30%),
4.66%,
02/24/26
(a)
............
680‌
678,617‌
Total
Corporate
Bonds
—
0
.4
%
(Cost:
$
680,000
)
.................................
678,617‌
Total
Repurchase
Agreements
—
51
.5
%
(Cost:
$
95,750,000
)
...............................
95,750,000‌
Total
Investments
—
97
.8
%
(Cost:
$
181,619,027
)
..............................
181,611,048‌
Other
Assets
Less
Liabilities
—
2.2
%
....................
4,164,624‌
Net
Assets
—
100.0%
...............................
$
185,775,672‌
(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)
Issuer
is
a
U.S.
branch
of
a
foreign
domiciled
bank.
(c)
Rates
are
the
current
rate
or
a
range
of
current
rates
as
of
period
end.
(d)
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.
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
Prime
Money
Market
ETF
8
Repurchase
Agreements
Repurchase
Agreements
Collateral
Counterparty
Coupon
Rate
Purchase
Date
Maturity
Date
Par
(000)
A
t
Value
Proceeds
Including
Interest
Position
Original
Par
Position
Received,
At
Value
Bank
of
America
Securities,
Inc.
...
4
.38‌
%
04/30/25
05/01/25
$
19,000‌
$
19,000,000‌
$
19,002,312‌
U.S.
Government
Sponsored
Agency
Obligations,
3.00%
to
7.50%,
due
04/20/36
to
04/20/55
.........
$
21,666,575‌
$
19,380,000‌
–‌
–‌
BNP
Paribas
SA
....
4
.38‌
04/30/25
05/01/25
10,000‌
10,000,000‌
10,001,217‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
7.17%,
due
11/01/31
to
04/20/65
.
16,880,351‌
10,222,651‌
4
.73‌
(a)
04/30/25
08/04/25
1,500‌
1,500,000‌
1,518,920‌
Corporate/Debt
Obligations,
3.88%
to
7.50%,
due
04/25/27
to
02/15/32
.........
1,732,000‌
1,666,499‌
–‌
–‌
$
11,500,000‌
$
11,889,150‌
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...........
4
.38‌
04/30/25
05/01/25
20,000‌
20,000,000‌
20,002,433‌
U.S.
Government
Sponsored
Agency
Obligations
and
U.S.
Treasury
Obligations,
0.00%
to
6.50%,
due
08/15/35
to
04/20/55
31,114,456‌
20,400,000‌
4
.78‌
(a)
04/30/25
06/15/25
1,500‌
1,500,000‌
1,509,162‌
U.S.
Government
Sponsored
Agency
Obligations
and
Corporate/Debt
Obligations,
5.50%
to
5.94%,
due
06/01/53
to
07/20/54
.........
1,653,245‌
1,582,908‌
–‌
–‌
$
21,500,000‌
$
21,982,908‌
–‌
–‌
JP
Morgan
Securities
LLC
...........
4
.38‌
04/30/25
05/01/25
20,000‌
20,000,000‌
20,002,433‌
U.S.
Government
Sponsored
Agency
Obligations,
1.50%
to
7.50%,
due
05/20/27
to
03/20/65
.........
26,754,030‌
20,400,000‌
4
.58‌
(a)
04/30/25
05/08/25
5,000‌
5,000,000‌
5,005,089‌
Corporate/Debt
Obligations,
4.38%
to
10.50%,
due
09/15/27
to
02/15/30
.......
5,561,463‌
5,644,042‌
–‌
–‌
$
25,000,000‌
$
26,044,042‌
–‌
–‌
Wells
Fargo
Securities
LLC
...........
4
.38‌
04/30/25
05/01/25
15,000‌
15,000,000‌
15,001,825‌
U.S.
Government
Sponsored
Agency
Obligation,
5.50%,
due
11/01/54
.........
16,167,263‌
15,450,001‌
4
.78‌
(a)
04/30/25
08/09/25
3,750‌
3,750,000‌
3,800,289‌
Corporate/Debt
Obligations,
3.73%
to
8.67%,
due
07/20/26
to
01/20/38
.........
5,101,401‌
4,012,500‌
–‌
–‌
$
18,750,000‌
$
19,462,501‌
–‌
–‌
$
95,750,000‌
$
98,758,601‌
–‌
–‌
(a)
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
Schedule
of
Investments
(unaudited)
(continued)
April
30,
2025
iShares
Prime
Money
Market
ETF
Schedules
of
Investments
9
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Short-Term
Securities
Certificates
of
Deposit
.....................................
$
—
$
40,998,180
$
—
$
40,998,180
Commercial
Paper
.......................................
—
44,184,251
—
44,184,251
Corporate
Bonds
........................................
—
678,617
—
678,617
Repurchase
Agreements
...................................
—
95,750,000
—
95,750,000
$
—
$
181,611,048
$
—
$
181,611,048
Statements
of
Assets
and
Liabilities
(unaudited)

April
30,
2025
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
10
See
notes
to
financial
statements.
iShares
Government
Money
Market
ETF
iShares
Prime
Money
Market
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
.........................................................................
$
25,469,869‌
$
85,861,048‌
Cash
..............................................................................................
1,370,279‌
3,890,691‌
Repurchase
agreements,
at
value
(b)
..........................................................................
17,000,000‌
95,750,000‌
Receivables:
–‌
–‌
Interest
—
unaffiliated
..................................................................................
22,134‌
300,466‌
Total
a
ssets
..........................................................................................
43,862,282‌
185,802,205‌
LIABILITIES
Payables:
–‌
–‌
Investments
purchased
.................................................................................
1,685,369‌
—‌
Investment
advisory
fees
................................................................................
4,867‌
26,533‌
Total
li
abilities
.........................................................................................
1,690,236‌
26,533‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
42,172,046‌
$
185,775,672‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
42,037,100‌
$
185,173,066‌
Accumulated
earnings
...................................................................................
134,946‌
602,606‌
NET
ASSETS
.........................................................................................
$
42,172,046‌
$
185,775,672‌
NET
ASSET
VALUE
Shares
outstanding
.....................................................................................
420,000‌
1,850,000‌
Net
asset
value
........................................................................................
$
100.41‌
$
100.42‌
Shares
authorized
......................................................................................
Unlimited
Unlimited
Par
value
............................................................................................
None
None
(a)
  Investments,
at
cost
—
unaffiliated
...................................................................
$
25,467,399‌
$
85,869,027‌
(b)
  Repurchase
agreements,
at
cost
....................................................................
$
17,000,000‌
$
95,750,000‌
Statements
of
Operations
(unaudited)

Period
Ended
April
30,
2025
11
Statements
of
Operations
See
notes
to
financial
statements.
iShares
Government
Money
Market
ETF
(a)
iShares
Prime
Money
Market
ETF
(a)
INVESTMENT
INCOME
–
–
Interest
—
unaffiliated
...............................................................................
$
333,554‌
$
1,441,209‌
Total
investment
income
...............................................................................
333,554‌
1,441,209‌
EXPENSES
Investment
advisory
................................................................................
15,188‌
63,572‌
Total
expenses
.....................................................................................
15,188‌
63,572‌
Net
investment
income
................................................................................
318,366‌
1,377,637‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
2,700‌
$
(
7,966‌
)
Net
realized
gain
from:
Investments
—
unaffiliated
.........................................................................
$
230‌
$
13‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................
2,470‌
(
7,979‌
)
Net
realized
and
unrealized
gain
(loss)
.....................................................................
2,700‌
(7,966‌)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
................................................
$
321,066‌
$
1,369,671‌
(a)
For
the
period
from
February
04,
2025
(commencement
of
operations)
to
April
30,
2025.
Statements
of
Changes
in
Net
Assets

2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
12
See
notes
to
financial
statements.
iShares
Government
Money
Market
ETF
iShares
Prime
Money
Market
ETF
Period
from
02/04/25
(a)
to
04/30/25
(unaudited)
Period
from
02/04/25
(a)
to
04/30/25
(unaudited)
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..............................................................................
$
318,366‌
$
1,377,637‌
Net
realized
gain
..................................................................................
230‌
13‌
Net
change
in
unrealized
appreciation
(depreciation)
..........................................................
2,470‌
(
7,979‌
)
Net
increase
in
net
assets
resulting
from
operations
.............................................................
321,066‌
1,369,671‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(b)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
...................................................
(186,120‌)
(c)
(767,065‌)
(c)
CAPITAL
SHARE
TRANSACTIONS
$
–‌
$
–‌
Net
increase
in
net
assets
derived
from
capital
share
transactions
...................................................
42,037,100‌
185,173,066‌
NET
ASSETS
Total
increase
in
net
assets
.............................................................................
42,172,046‌
185,775,672‌
Beginning
of
period
..................................................................................
—‌
—‌
End
of
period
......................................................................................
$
42,172,046‌
$
185,775,672‌
(a)
Commencement
of
operations.
(b)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(c)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
Financial
Highlights
(For
a
share
outstanding
throughout
the
period)
13
Financial
Highlights
iShares
Government
Money
Market
ETF
Period
from
02/04/25
(a)
to
04/30/25
(unaudited)
Net
asset
value,
beginning
of
period
.......................................................................................
$
100.00
‌
Net
investment
income
(b)
...............................................................................................
0
.9783
‌
Net
realized
and
unrealized
loss
(c)
.........................................................................................
(0.0031
)
Net
increase
from
investment
operations
......................................................................................
0.9752
‌
Distributions
from
net
investment
income
(d)
..................................................................................
(0.5656
)
(e)
Net
asset
value,
end
of
period
............................................................................................
$
100.41
‌
Total
Return
(f)
Based
on
net
asset
value
................................................................................................
0.98
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
.......................................................................................................
0.20
%
(h)
Net
investment
income
..................................................................................................
4.19
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
42,172
‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
the
period)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
14
iShares
Prime
Money
Market
ETF
Period
from
02/04/25
(a)
to
04/30/25
(unaudited)
Net
asset
value,
beginning
of
period
.......................................................................................
$
100.00
‌
Net
investment
income
(b)
...............................................................................................
1
.0115
‌
Net
realized
and
unrealized
loss
(c)
.........................................................................................
(0.0144
)
Net
increase
from
investment
operations
......................................................................................
0.9971
‌
Distributions
from
net
investment
income
(d)
..................................................................................
(0.5778
)
(e)
Net
asset
value,
end
of
period
............................................................................................
$
100.42
‌
Total
Return
(f)
Based
on
net
asset
value
................................................................................................
1.00
%
(g)
Ratios
to
Average
Net
Assets
Total
expen
ses
.......................................................................................................
0.20
%
(h)
Net
investment
income
..................................................................................................
4.33
%
(h)
Supplemental
Data
Net
assets,
end
of
period
(000)
............................................................................................
$
185,776
‌
(a)
Commencement
of
operations.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(f)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(g)
Not
annualized.
(h)
Annualized.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
15
Notes
to
Financial
Statements
1.
ORGANIZATION
BlackRock
ETF
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
(a)
The
Fund
commenced
operations
on
February
4,
2025.
Government
Money
Market
operates
as
a
"government
money
market
fund"
under
Rule
2a-7
under
the
1940
Act.
The
Fund
is
not
subject
to
discretionary
liquidity
fees.
Prime
Money
Market
operates
as
a
"money
market
fund"
under
Rule
2a-7
under
the
1940
Act.
The
Funds
price
and
transact
their
shares
at
a
net
asset
value
(“NAV”)
per
share
calculated
to
the
sixth
decimal
place,
reflecting
market-based
values
of
their
portfolio
holdings
(i.e.,
at
a
“floating”
NAV).
Each
Fund's
share
price
was
calculated
to
less
decimal
places
in
connection
with
transactions
by
investors
on
NYSE
Arca,
fluctuate
from
time
to
time,
and
may
have
been
different
from
its
NAV
per
share.
With
respect
to
Prime
Money
Market,
the
Board
of
Trustees
of
the
Trust
(the
"Board"),
or
its
delegate,
must
impose
a
mandatory
liquidity
fee
upon
the
sale
of
shares
if
the
Fund’s
net
redemptions
on
any
business
day
exceed
5%
of
the
Fund’s
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
The
Board,
or
its
delegate,
may
also
impose
a
discretionary
liquidity
fee
of
up
to
2%
upon
the
value
of
shares
redeemed,
at
certain
times,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
Fund.
The
Funds,
together
with
certain
other
registered
investment
companies
advised
by
BlackRock
Fund
Advisors
(“BFA”
or
the
“Manager”)
or
its
affiliates,
are
included
in
a
complex
of
funds
referred
to
as
the
BlackRock
Multi-Asset
Complex.
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition
:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Cash:
The
Funds
may
maintain
cash
at
their
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Funds
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
deposited
cash
amounts
at
the
custodian
during
the
reporting
period.
The
Funds
are
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statements
of
Operations. 
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Liquidity
Fees:
Any
liquidity
fees
imposed
on
the
value
of
shares
redeemed
are
recorded
as
paid-in-capital.
The liquidity
fees
are
collected
and
retained
by
Prime
Money
Market
for
the
benefit
of the
Fund’s
remaining shareholders. 
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
Segment
Reporting:
The
Funds
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
-
Improvements
to
Reportable
Segment
Disclosures
("ASU
2023-07")
during
the
period.
The
Funds'
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
each
Fund's
financial
position
or
results
of
operations.
The
Chief
Financial
Officer
acts
as
the
Funds'
Chief
Operating
Decision
Maker
("CODM")
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
each
Fund.
The
CODM
has
concluded
that
each
Fund
operates
as
a
single
operating
segment
since each
Fund
has
a
single
investment
strategy
as
disclosed
in its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Funds'
financial
statements.
Fund
Name
Herein
Referred
To
As
Diversification
Classification
iShares
Government
Money
Market
ETF
(a)
........................................
Government
Money
Market
Diversified
iShares
Prime
Money
Market
ETF
(a)
............................................
Prime
Money
Market
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
16
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
each
Fund
has
approved
the
designation
of
BFA,
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Fixed-income
investments
for
which
market
quotations
are
readily
available
are
generally
valued
using
the
last
available
bid
price
provided
by
independent
dealers
or
third-party
pricing
services.
Pricing
services
generally
value
fixed
income
securities
assuming
orderly
transactions
of
an
institutional
round
lot
size,
but
a
fund
may
hold
or
transact
in
such
securities
in
smaller,
odd
lot
sizes.
Odd
lots
of
securities
in
certain
asset
classes
may
trade
at
lower
prices
than
institutional
round
lots,
and
the
value
ultimately
realized
when
the
securities
are
sold
could
differ
from
the
prices
used
by
a fund.
The pricing
services
may
use
matrix
pricing
or
valuation
models
that
utilize
certain
inputs
and
assumptions
to
derive
values,
including
transaction
data
(e.g.,
recent
representative
bids
and
offers),
market
data,
credit
quality
information,
perceived
market
movements,
news,
and
other
relevant
information.
Certain
fixed-income
securities,
including
asset-backed
and
mortgage
related
securities
may
be
valued
based
on
valuation
models
that
consider
the
estimated
cash
flows
of
each
tranche
of
the
entity,
establish
a
benchmark
yield
and
develop
an
estimated
tranche
specific
spread
to
the
benchmark
yield
based
on
the
unique
attributes
of
the
tranche.
The
amortized
cost
method
of
valuation
may
be
used
with
respect
to
debt
obligations
with
sixty
days
or
less
remaining
to
maturity
unless BFA
determines
such
method
does
not
represent
fair
value.
Repurchase
agreements
are
valued
at
amortized
cost,
which
approximates
market
value. 
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement
as
of
the
measurement
date.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
that each
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
–
Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
–
Inputs
that
are
unobservable
and
significant
to
entire
fair
value
measurement
for
the
asset
or
liability
(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
that
may
not
have
a
secondary
market
and/or
may
have
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.
4.
SECURITIES
AND
OTHER
INVESTMENTS 
Repurchase
Agreements:
Repurchase
agreements
are
commitments
to
purchase
a
security
from
a
counterparty
who
agrees
to
repurchase
the
same
security
at
a
mutually
agreed
upon
date
and
price.
On
a
daily
basis,
the
counterparty
is
required
to
maintain
collateral
subject
to
the
agreement
and
in
value
no
less
than
the
agreed
upon
repurchase
amount.
Repurchase
agreements
may
be
traded
bilaterally,
in
a
tri-party
arrangement
or
may
be
centrally
cleared
through
a
sponsoring
agent.
Subject
to
the
custodial
undertaking
associated
with
a
tri-party
repurchase
arrangement
and
for
centrally
cleared
agreements,
a
third-party
custodian
maintains
accounts
to
hold
collateral
for
a
fund
and
its
counterparties.
Typically,
a
fund
and
counterparty
are
not
permitted
to
sell,
re-pledge
or
use
the
collateral
absent
a
default
by
the
counterparty
or
the
fund.
The
Funds,
along
with
other
registered
investment
companies
advised
by
the
Manager,
may
transfer
uninvested
cash
into
a
single
joint
trading
account
which
is
then
invested
in
one
or
more
repurchase
agreements.
In
the
event
the
counterparty
defaults
and
the
fair
value
of
the
collateral
declines,
a
fund
could
experience
losses,
delays
and
costs
in
liquidating
the
collateral.
Repurchase
agreements
are
entered
into
by
a
fund
under
Master
Repurchase
Agreements
(each,
an
“MRA”).
The
MRA
permits
the
fund,
under
certain
circumstances
including
an
event
of
default
(such
as
bankruptcy
or
insolvency),
to
offset
payables
and/or
receivables
with
collateral
held
by
and/or
posted
to
the
counterparty.
As
a
result,
one
single
net
payment
is
created.
Bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
the
MRA
counterparty’s
bankruptcy
or
insolvency.
Based
on
the
terms
of
the
MRA,
the
fund
receives
securities
as
collateral
with
a
market
value
in
excess
of
the
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
repurchase
price
at
maturity.
Upon
a
bankruptcy
or
insolvency
of
the
MRA
counterparty,
the
fund
would
recognize
a
liability
with
respect
to
such
excess
collateral.
The
liability
reflects
the
fund’s
obligation
under
bankruptcy
law
to
return
the
excess
to
the
counterparty.
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”),
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks, each
Fund benefits
from
a
borrower
default
indemnity
provided
by
BlackRock
Finance,
Inc.
BlackRock
Finance,
Inc.’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by each
Fund.
5.
INVESTMENT
ADVISORY
AGREEMENT
AND
OTHER
TRANSACTIONS
WITH
AFFILIATES 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the Trust, BFA manages
the
investment
of each
Fund’s
assets.
BFA is
a
California
corporation
indirectly
owned
by
BlackRock,
Inc.
(“BlackRock”).
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee
of
0.20%,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each Fund.
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund's
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund's
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day. 
Notes
to
Financial
Statements
(unaudited)
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
18
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities.
Each
Fund
retains
a
portion
of
the
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
82%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
this
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
BlackRock
Multi-Asset
Complex
in
a
given
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
85%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
Trustees
and
Officers: 
Certain
trustees
and/or
officers
of
the Trust are directors and/or
officers
of BlackRock
or
its
affiliates.
Other
Transactions:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
6.
INCOME
TAX
INFORMATION 
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
April
30,
2025,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
Management’s
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Funds’
NAV.
As
of
April
30,
2025,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
7.
 PRINCIPAL
RISKS 
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject each
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation,
tariffs or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
each
Fund
is
subject.
Market
Risk:
Each
Fund
may
be
exposed
to
prepayment
risk,
which
is
the
risk
that
borrowers
may
exercise
their
option
to
prepay
principal
earlier
than
scheduled
during
periods
of
declining
interest
rates,
which
would
force
each
Fund
to
reinvest
in
lower
yielding
securities.
Each
Fund
may
also
be
exposed
to
reinvestment
risk,
which
is
the
risk
that
income
from
each
Fund’s
portfolio
will
decline
if
each
Fund
invests
the
proceeds
from
matured,
traded
or
called
fixed-income
securities
at
market
interest
rates
that
are
below
each
Fund
portfolio’s
current
earnings
rate.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
Fund
Name
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Government
Money
Market
..........................................
$
42,467,399‌
$
3,035‌
$
(565‌)
$
2,470‌
Prime
Money
Market
...............................................
181,619,027‌
10,672‌
(18,651‌)
(7,979‌)
Notes
to
Financial
Statements
(unaudited)
(continued)
19
Notes
to
Financial
Statements
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest. 
The
Funds
invest
a
significant
portion
of
their
assets
in
fixed-income
securities
and/or
use
derivatives
tied
to
the
fixed-income
markets.
Changes
in
market
interest
rates
or
economic
conditions
may
affect
the
value
and/or
liquidity
of
such
investments.
Interest
rate
risk
is
the
risk
that
prices
of
bonds
and
other
fixed-income
securities
will
decrease
as
interest
rates
rise
and
increase
as
interest
rates
fall.
The
Funds
may
be
subject
to
a
greater
risk
of
rising
interest
rates
during
a
period
of
historically
low
interest
rates.
Changing
interest
rates
may
have
unpredictable
effects
on
markets,
may
result
in
heightened
market
volatility,
and
could
negatively
impact
the
Funds'
performance.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
8.
CAPITAL
SHARE
TRANSACTIONS 
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
(a)
Commencement
of
operations.
As
of
April
30,
2025,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
250,000
Shares
of
Government
Money
Market.
As
of
April
30,
2025,
BlackRock
Financial
Management,
Inc.,
an
affiliate
of
the
Fund,
owned
1,000,000
Shares
of
Prime
Money
Market.
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars. Authorized
Participants purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Funds
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Funds,
at their
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
each
Fund’s
custodian,
and
the
Funds.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Funds
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
9.
SUBSEQUENT
EVENTS 
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
d
Period
from
02/04/25
(a)
to
04/30/25
Fund
Name
Shares
Amount
Government
Money
Market
Shares
sold
...........................................................................
420,000‌
$
42,037,100‌
Prime
Money
Market
Shares
sold
...........................................................................
1,940,000‌
$
194,201,977‌
Shares
redeemed
.......................................................................
(90,000‌)
(9,028,911‌)
1,850,000‌
$
185,173,066‌
Additional
Information
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additonal
Information
20
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Trustees,
Officers,
and
Others
Because
BFA
has
agreed
in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Funds,
subject
to
certain
exclusions
as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent
Trustee
for
services
to
the
Funds
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
A
description
of
the
Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets,
when
available,
at
iShares.com
.
Fund
and
Service
Providers
Investment
Adviser
and
Administrator
BlackRock
Fund
Advisors
San
Francisco,
CA
94105
Administrator,
Custodian
and
Transfer
Agent
JPMorgan
Chase
Bank,
N.A.
New
York,
NY
10179
Distributor
BlackRock
Investments,
LLC
New
York,
NY
10001
Independent
Registered
Public
Accounting
Firm
PricewaterhouseCoopers
LLP
Philadelphia,
PA
19103
Legal
Counsel
Sidley
Austin
LLP
New
York,
NY
10019
Address
of
the
Trust
100
Bellevue
Parkway
Wilmington,
DE
19809
Disclosures
of
Investment
Advisory
Agreements
21
Disclosures
of
Investment
Advisory
Agreements
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
ETF
Trust
(the
“Trust”)
met
on
November
19-20,
2024
(the
“Organizational
Meeting”)
to
consider
the
initial
approval
of
the
proposed
investment
advisory
agreement
(the
“Agreement”)
between
the
Trust,
on
behalf
of
iShares
Government
Money
Market
ETF
and
BlackRock
Fund
Advisors
(the
“Manager”
or
“BlackRock”),
the
Fund’s
investment
advisor.
The
Agreement
was
the
same
agreement
that
had
been
previously
approved
by
the
Board
with
respect
to
certain
series
of
the
Trust.
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust
is
required
to
consider
the
initial
approval
of
the
Agreement.
The
Board
members
whom
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
In
connection
with
this
deliberative
process,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
to
be
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
At
the
Organizational
Meeting,
the
Board
received
and
reviewed
materials
relating
to
its
consideration
of
the
proposed
Agreement.
The
Board
considered
all
factors
it
believed
relevant
with
respect
to
the
Fund,
including,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
to
be
provided
by
BlackRock;
(b)
the
investment
performance
of
BlackRock
portfolio
management;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
to
be
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Fund;
(d)
the
existence
and
sharing
of
potential
economies
of
scale;
(e)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Fund;
(f)
possible
alternatives
to
the
proposed
Agreement;
(g)
the
policies
and
practices
of
BlackRock
with
respect
to
portfolio
transactions
for
the
Fund;
(h)
BlackRock’s
portfolio
compliance
systems
and
capabilities;
and
(i)
other
factors
deemed
relevant
by
the
Board
Members.
In
considering
approval
of
the
Agreement,
the
Board
met
with
the
relevant
investment
advisory
personnel
from
BlackRock
and
considered
all
information
it
deemed
reasonably
necessary
to
evaluate
the
terms
of
the
Agreement.
The
Board
received
materials
in
advance
of
the
Organizational
Meeting
relating
to
its
consideration
of
the
Agreement,
including
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”)
regarding
the
Fund’s
fees
and
estimated
expense
ratio
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”);
(b)
information
regarding
BlackRock’s
economic
outlook
for
the
Fund
and
its
general
investment
outlook
for
the
markets;
(c)
information
regarding
fees
paid
to
service
providers
that
are
affiliates
of
BlackRock;
and
(d)
information
outlining
the
legal
duties
of
the
Board
under
the
1940
Act
with
respect
to
the
consideration
and
approval
of
the
Agreement.
The
Board
also
noted
information
received
at
prior
Board
meetings
concerning
compliance
records
and
regulatory
matters
relating
to
BlackRock.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
the
portfolio
holdings
of
the
Fund.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
to
be
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
to
be
provided
by
BlackRock,
including
the
investment
advisory
services
to
be
provided
to
the
Fund.
The
Board
received
information
concerning
the
investment
philosophy
and
investment
process
to
be
used
by
BlackRock
in
managing
the
Fund,
as
well
as
a
description
of
the
capabilities,
personnel
and
services
of
BlackRock.
The
Board
considered
the
scope
of
the
services
provided
by
BlackRock
to
the
Fund
under
the
Agreement
relative
to
services
typically
provided
by
third
parties
to
other
funds.
The
Board
noted
that
the
standard
of
care
applicable
under
the
Agreement
was
comparable
to
that
found
generally
in
investment
company
advisory
agreements.
The
Board
concluded
that
the
scope
of
BlackRock’s
services
to
be
provided
to
the
Fund
was
consistent
with
the
Fund’s
operational
requirements,
including,
in
addition
to
seeking
to
meet
the
Fund’s
investment
objective(s),
compliance
with
investment
restrictions,
tax
and
reporting
requirements
and
related
shareholder
services.
The
Board,
including
the
Independent
Board
Members,
also
considered
the
quality
of
the
administrative
and
other
non-investment
advisory
services
to
be
provided
by
BlackRock
and
its
affiliates
to
the
Fund.
The
Board
evaluated
the
procedures
of
BlackRock
designed
to
fulfill
its
fiduciary
duty
to
the
Fund
with
respect
to
possible
conflicts
of
interest,
including
BlackRock’s
code
of
ethics
(regulating
the
personal
trading
of
BlackRock’s
officers
and
employees),
the
procedures
by
which
BlackRock
allocates
trades
among
its
various
investment
advisory
clients,
the
integrity
of
the
systems
in
place
to
ensure
compliance
with
the
foregoing
and
the
record
of
BlackRock
in
these
matters.
The
Board
also
noted
information
received
at
prior
Board
meetings
concerning
standards
of
BlackRock
with
respect
to
the
execution
of
portfolio
transactions.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
the
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
the
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
The
Board
also
considered
the
business
reputation
of
BlackRock
and
its
financial
resources
and
concluded
that
BlackRock
would
be
able
to
meet
any
reasonably
foreseeable
obligation
under
the
Agreement.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
to
be
provided
to
the
Fund.
The
Board
considered
that
BlackRock
and
its
affiliates
will
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund.
In
particular,
BlackRock
and
its
affiliates
will
provide
the
Fund
with
administrative
services,
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
the
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
Disclosures
of
Investment
Advisory
Agreements
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
22
overseeing
the
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans.
B.
The
Investment
Performance
of
the
Fund
The
Board,
including
the
Independent
Board
Members,
previously
received
and
considered
information
about
BlackRock’s
investment
performance
for
other
funds.
The
Board,
however,
did
not
consider
the
performance
history
of
the
Fund
because
the
Fund
was
newly
organized
and
had
not
yet
commenced
operations
as
of
the
date
of
the
Organizational
Meeting.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
to
be
Provided
and
Estimated
Profits
to
be
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Fund
In
connection
with
the
initial
approval
of
the
Agreement,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
the
Fund’s
estimated
total
expense
ratio,
as
well
as
its
estimated
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers
that
benefit
a
fund,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers
that
benefit
a
fund.
Additionally,
the
Board
noted
information
received
at
prior
Board
meetings
concerning
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
estimated
actual
management
fee
rate
and
estimated
total
expense
ratio
would
each
rank
in
the
second
quartile,
relative
to
the
Fund’s
Expense
Peers.
Following
consideration
of
this
information,
the
Board,
including
the
independent
Board
Members,
concluded
that
the
fees
to
be
paid
pursuant
to
the
Agreement
were
fair
and
reasonable
in
light
of
the
services
provided.
As
the
Fund
had
not
commenced
operations
as
of
the
date
of
the
Organizational
Meeting,
BlackRock
was
not
able
to
provide
the
Board
with
specific
information
concerning
the
expected
profits
to
be
realized
by
BlackRock
and
its
affiliates
from
their
relationships
with
the
Fund.
BlackRock,
however,
will
provide
the
Board
with
such
information
at
future
meetings.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
any
economies
of
scale
might
benefit
the
Fund
in
a
variety
of
ways
as
the
assets
of
the
Fund
increase.
The
Board
considered
multiple
factors,
including
the
advisory
fee
rate
and
breakpoints,
unitary
fee
structure,
fee
waivers,
and/or
expense
caps,
as
applicable.
The
Board
considered
the
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Fund,
including
for
administrative,
distribution,
securities
lending,
ETF
servicing
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreement,
the
Board
noted
that
it
considered
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices
and
received
and
reviewed
reports
from
BlackRock
and
its
affiliates
at
prior
meetings
of
the
boards
of
directors/trustees
of
other
funds
in
the
BlackRock
Multi-Asset
Complex
which
included
information
on
brokerage
commissions
and
trade
execution
practices.
The
Board
noted
the
competitive
nature
of
the
ETF
marketplace,
and
that
shareholders
are
able
to
redeem
or
sell
their
Fund
shares
if
they
believe
that
the
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
Following
discussion,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
Agreement
between
the
Manager
and
the
Trust,
with
respect
to
the
Fund,
for
a
two-year
term
beginning
on
the
effective
date
of
the
Agreement.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreement
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreement,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
Disclosures
of
Investment
Advisory
Agreements
(continued)
23
Disclosures
of
Investment
Advisory
Agreements
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Disclosures
of
Investment
Advisory
Agreements
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
24
The
Board
of
Trustees
(the
“Board,”
the
members
of
which
are
referred
to
as
“Board
Members”)
of
BlackRock
ETF
Trust
(the
“Trust”)
met
on
November
19-20,
2024
(the
“Organizational
Meeting”)
to
consider
the
initial
approval
of
the
proposed
investment
advisory
agreement
(the
“Agreement”)
between
the
Trust,
on
behalf
of
iShares
Prime
Money
Market
ETF
and
BlackRock
Fund
Advisors
(the
“Manager”
or
“BlackRock”),
the
Fund’s
investment
advisor.
The
Agreement
was
the
same
agreement
that
had
been
previously
approved
by
the
Board
with
respect
to
certain
series
of
the
Trust.
The
Approval
Process
Consistent
with
the
requirements
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust
is
required
to
consider
the
initial
approval
of
the
Agreement.
The
Board
members
whom
are
not
“interested
persons”
of
the
Fund,
as
defined
in
the
1940
Act,
are
considered
independent
Board
members
(the
“Independent
Board
Members”).
In
connection
with
this
deliberative
process,
the
Board
assessed,
among
other
things,
the
nature,
extent
and
quality
of
the
services
to
be
provided
to
the
Fund
by
BlackRock,
BlackRock’s
personnel
and
affiliates,
including
(as
applicable):
investment
management
services;
accounting
oversight;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
and
legal,
regulatory
and
compliance
services.
At
the
Organizational
Meeting,
the
Board
received
and
reviewed
materials
relating
to
its
consideration
of
the
proposed
Agreement.
The
Board
considered
all
factors
it
believed
relevant
with
respect
to
the
Fund,
including,
among
other
things:
(a)
the
nature,
extent
and
quality
of
the
services
to
be
provided
by
BlackRock;
(b)
the
investment
performance
of
BlackRock
portfolio
management;
(c)
the
advisory
fee
and
the
estimated
cost
of
the
services
and
estimated
profits
to
be
realized
by
BlackRock
and
its
affiliates
from
their
relationship
with
the
Fund;
(d)
the
existence
and
sharing
of
potential
economies
of
scale;
(e)
any
fall-out
benefits
to
BlackRock
and
its
affiliates
as
a
result
of
BlackRock’s
relationship
with
the
Fund;
(f)
possible
alternatives
to
the
proposed
Agreement;
(g)
the
policies
and
practices
of
BlackRock
with
respect
to
portfolio
transactions
for
the
Fund;
(h)
BlackRock’s
portfolio
compliance
systems
and
capabilities;
and
(i)
other
factors
deemed
relevant
by
the
Board
Members.
In
considering
approval
of
the
Agreement,
the
Board
met
with
the
relevant
investment
advisory
personnel
from
BlackRock
and
considered
all
information
it
deemed
reasonably
necessary
to
evaluate
the
terms
of
the
Agreement.
The
Board
received
materials
in
advance
of
the
Organizational
Meeting
relating
to
its
consideration
of
the
Agreement,
including
(a)
information
independently
compiled
and
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”)
regarding
the
Fund’s
fees
and
estimated
expense
ratio
as
compared
with
a
peer
group
of
funds
as
determined
by
Broadridge
(“Expense
Peers”);
(b)
information
regarding
BlackRock’s
economic
outlook
for
the
Fund
and
its
general
investment
outlook
for
the
markets;
(c)
information
regarding
fees
paid
to
service
providers
that
are
affiliates
of
BlackRock;
and
(d)
information
outlining
the
legal
duties
of
the
Board
under
the
1940
Act
with
respect
to
the
consideration
and
approval
of
the
Agreement.
The
Board
also
noted
information
received
at
prior
Board
meetings
concerning
compliance
records
and
regulatory
matters
relating
to
BlackRock.
The
Board
also
considered
other
matters
it
deemed
important
to
the
approval
process,
such
as
other
payments
made
to
BlackRock
or
its
affiliates
relating
to
securities
lending
and
cash
management
and
BlackRock’s
services
related
to
the
valuation
and
pricing
of
the
portfolio
holdings
of
the
Fund.
The
Board
noted
the
willingness
of
BlackRock’s
personnel
to
engage
in
open,
candid
discussions
with
the
Board.
The
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
items
and
factors
considered.
A.
Nature,
Extent
and
Quality
of
the
Services
to
be
Provided
by
BlackRock
The
Board,
including
the
Independent
Board
Members,
reviewed
the
nature,
extent
and
quality
of
services
to
be
provided
by
BlackRock,
including
the
investment
advisory
services
to
be
provided
to
the
Fund.
The
Board
received
information
concerning
the
investment
philosophy
and
investment
process
to
be
used
by
BlackRock
in
managing
the
Fund,
as
well
as
a
description
of
the
capabilities,
personnel
and
services
of
BlackRock.
The
Board
considered
the
scope
of
the
services
provided
by
BlackRock
to
the
Fund
under
the
Agreement
relative
to
services
typically
provided
by
third
parties
to
other
funds.
The
Board
noted
that
the
standard
of
care
applicable
under
the
Agreement
was
comparable
to
that
found
generally
in
investment
company
advisory
agreements.
The
Board
concluded
that
the
scope
of
BlackRock’s
services
to
be
provided
to
the
Fund
was
consistent
with
the
Fund’s
operational
requirements,
including,
in
addition
to
seeking
to
meet
the
Fund’s
investment
objective(s),
compliance
with
investment
restrictions,
tax
and
reporting
requirements
and
related
shareholder
services.
The
Board,
including
the
Independent
Board
Members,
also
considered
the
quality
of
the
administrative
and
other
non-investment
advisory
services
to
be
provided
by
BlackRock
and
its
affiliates
to
the
Fund.
The
Board
evaluated
the
procedures
of
BlackRock
designed
to
fulfill
its
fiduciary
duty
to
the
Fund
with
respect
to
possible
conflicts
of
interest,
including
BlackRock’s
code
of
ethics
(regulating
the
personal
trading
of
BlackRock’s
officers
and
employees),
the
procedures
by
which
BlackRock
allocates
trades
among
its
various
investment
advisory
clients,
the
integrity
of
the
systems
in
place
to
ensure
compliance
with
the
foregoing
and
the
record
of
BlackRock
in
these
matters.
The
Board
also
noted
information
received
at
prior
Board
meetings
concerning
standards
of
BlackRock
with
respect
to
the
execution
of
portfolio
transactions.
The
Board
considered,
among
other
factors,
with
respect
to
BlackRock:
the
experience
of
the
Fund’s
portfolio
management
team;
research
capabilities;
investments
by
portfolio
managers
in
the
funds
they
manage;
portfolio
trading
capabilities;
use
of
technology;
commitment
to
compliance;
credit
analysis
capabilities;
risk
analysis
and
oversight
capabilities;
and
the
approach
to
training
and
retaining
portfolio
managers
and
other
research,
advisory
and
management
personnel.
The
Board
also
considered
BlackRock’s
overall
risk
management
program,
including
the
continued
efforts
of
BlackRock
and
its
affiliates
to
address
cybersecurity
risks
and
the
role
of
BlackRock’s
Risk
&
Quantitative
Analysis
Group.
The
Board
engaged
in
a
review
of
BlackRock’s
compensation
structure
with
respect
to
the
Fund’s
portfolio
management
team
and
BlackRock’s
ability
to
attract
and
retain
high-quality
talent
and
create
performance
incentives.
The
Board
also
considered
the
business
reputation
of
BlackRock
and
its
financial
resources
and
concluded
that
BlackRock
would
be
able
to
meet
any
reasonably
foreseeable
obligation
under
the
Agreement.
In
addition
to
investment
advisory
services,
the
Board
considered
the
nature
and
quality
of
the
administrative
and
other
non-investment
advisory
services
to
be
provided
to
the
Fund.
The
Board
considered
that
BlackRock
and
its
affiliates
will
provide
the
Fund
with
certain
administrative,
shareholder
and
other
services
(in
addition
to
any
such
services
provided
to
the
Fund
by
third
parties)
and
officers
and
other
personnel
as
are
necessary
for
the
operations
of
the
Fund.
In
particular,
BlackRock
and
its
affiliates
will
provide
the
Fund
with
administrative
services,
including,
among
others:
(i)
responsibility
for
disclosure
documents,
such
as
the
prospectus,
the
summary
prospectus
(as
applicable),
the
statement
of
additional
information
and
periodic
shareholder
reports;
(ii)
oversight
of
daily
accounting
and
pricing;
(iii)
responsibility
for
periodic
filings
with
regulators;
(iv)
overseeing
and
coordinating
the
activities
of
third-party
service
providers,
including,
among
others,
the
Fund’s
custodian,
fund
accountant,
transfer
agent,
and
auditor;
(v)
organizing
Board
meetings
and
preparing
the
materials
for
such
Board
meetings;
(vi)
providing
legal
and
compliance
support;
(vii)
furnishing
analytical
and
other
support
to
assist
the
Board
in
its
consideration
of
strategic
issues
such
as
the
merger,
consolidation
or
repurposing
of
certain
open-end
funds;
and
(viii)
performing
or
managing
administrative
functions
necessary
for
the
operation
of
the
Fund,
such
as
tax
reporting,
expense
management,
fulfilling
regulatory
filing
requirements,
Disclosures
of
Investment
Advisory
Agreements
(continued)
25
Disclosures
of
Investment
Advisory
Agreements
overseeing
the
Fund’s
distribution
partners,
and
shareholder
call
center
and
other
services.
The
Board
reviewed
the
structure
and
duties
of
BlackRock’s
fund
administration,
shareholder
services,
and
legal
and
compliance
departments
and
considered
BlackRock’s
policies
and
procedures
for
assuring
compliance
with
applicable
laws
and
regulations.
The
Board
considered
the
operation
of
BlackRock’s
business
continuity
plans.
B.
The
Investment
Performance
of
the
Fund
The
Board,
including
the
Independent
Board
Members,
previously
received
and
considered
information
about
BlackRock’s
investment
performance
for
other
funds.
The
Board,
however,
did
not
consider
the
performance
history
of
the
Fund
because
the
Fund
was
newly
organized
and
had
not
yet
commenced
operations
as
of
the
date
of
the
Organizational
Meeting.
C.
Consideration
of
the
Advisory/Management
Fees
and
the
Estimated
Cost
of
the
Services
to
be
Provided
and
Estimated
Profits
to
be
Realized
by
BlackRock
and
its
Affiliates
from
their
Relationship
with
the
Fund
In
connection
with
the
initial
approval
of
the
Agreement,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
Fund’s
contractual
management
fee
rate
compared
with
those
of
its
Expense
Peers.
The
contractual
management
fee
rate
represents
a
combination
of
the
advisory
fee
and
any
administrative
fees,
before
taking
into
account
any
reimbursements
or
fee
waivers.
The
Board
also
compared
the
Fund’s
estimated
total
expense
ratio,
as
well
as
its
estimated
actual
management
fee
rate,
to
those
of
its
Expense
Peers.
The
total
expense
ratio
represents
a
fund’s
total
net
operating
expenses,
including
any
12b-1
or
non-12b-1
service
fees.
The
total
expense
ratio
gives
effect
to
any
expense
reimbursements
or
fee
waivers
that
benefit
a
fund,
and
the
actual
management
fee
rate
gives
effect
to
any
management
fee
reimbursements
or
waivers
that
benefit
a
fund.
Additionally,
the
Board
noted
information
received
at
prior
Board
meetings
concerning
the
services
provided
and
the
fees
charged
by
BlackRock
and
its
affiliates
to
other
types
of
clients
with
similar
investment
mandates,
as
applicable,
including
institutional
accounts
and
sub-advised
mutual
funds
(including
mutual
funds
sponsored
by
third
parties).
The
Board
considered
whether
BlackRock
has
the
financial
resources
necessary
to
attract
and
retain
high
quality
investment
management
personnel
to
perform
its
obligations
under
the
Agreements
and
to
provide
the
high
quality
of
services
that
is
expected
by
the
Board.
The
Board
further
considered
factors
including
but
not
limited
to
BlackRock’s
commitment
of
time
and
resources,
assumption
of
risk,
and
liability
profile
in
servicing
the
Fund,
including
in
contrast
to
what
is
required
of
BlackRock
with
respect
to
other
products
with
similar
investment
mandates
across
the
open-end
fund,
ETF,
closed-end
fund,
sub-advised
mutual
fund,
separately
managed
account,
collective
investment
trust,
and
institutional
separate
account
product
channels,
as
applicable.
The
Board
noted
that
the
Fund’s
contractual
management
fee
rate
ranked
in
the
first
quartile,
and
that
the
estimated
actual
management
fee
rate
and
estimated
total
expense
ratio
would
each
rank
in
the
second
quartile,
relative
to
the
Fund’s
Expense
Peers.
Following
consideration
of
this
information,
the
Board,
including
the
independent
Board
Members,
concluded
that
the
fees
to
be
paid
pursuant
to
the
Agreement
were
fair
and
reasonable
in
light
of
the
services
provided.
As
the
Fund
had
not
commenced
operations
as
of
the
date
of
the
Organizational
Meeting,
BlackRock
was
not
able
to
provide
the
Board
with
specific
information
concerning
the
expected
profits
to
be
realized
by
BlackRock
and
its
affiliates
from
their
relationships
with
the
Fund.
BlackRock,
however,
will
provide
the
Board
with
such
information
at
future
meetings.
D.
Economies
of
Scale
The
Board,
including
the
Independent
Board
Members,
considered
the
extent
to
which
any
economies
of
scale
might
benefit
the
Fund
in
a
variety
of
ways
as
the
assets
of
the
Fund
increase.
The
Board
considered
multiple
factors,
including
the
advisory
fee
rate
and
breakpoints,
unitary
fee
structure,
fee
waivers,
and/or
expense
caps,
as
applicable.
The
Board
considered
the
Fund’s
asset
levels
and
whether
the
current
fee
schedule
was
appropriate.
E.
Other
Factors
Deemed
Relevant
by
the
Board
Members
The
Board,
including
the
Independent
Board
Members,
also
took
into
account
other
ancillary
or
“fall-out”
benefits
that
BlackRock
or
its
affiliates
may
derive
from
BlackRock’s
respective
relationships
with
the
Fund,
both
tangible
and
intangible,
such
as
BlackRock’s
ability
to
leverage
its
investment
professionals
who
manage
other
portfolios
and
risk
management
personnel,
an
increase
in
BlackRock’s
profile
in
the
investment
advisory
community,
and
the
engagement
of
BlackRock’s
affiliates
as
service
providers
to
the
Fund,
including
for
administrative,
distribution,
securities
lending,
ETF
servicing
and
cash
management
services.
The
Board
also
considered
BlackRock’s
overall
operations
and
its
efforts
to
expand
the
scale
of,
and
improve
the
quality
of,
its
operations.
The
Board
also
noted
that,
subject
to
applicable
law,
BlackRock
may
use
and
benefit
from
third-party
research
obtained
by
soft
dollars
generated
by
certain
registered
fund
transactions
to
assist
in
managing
all
or
a
number
of
its
other
client
accounts.
In
connection
with
its
consideration
of
the
Agreement,
the
Board
noted
that
it
considered
information
regarding
BlackRock’s
brokerage
and
soft
dollar
practices
and
received
and
reviewed
reports
from
BlackRock
and
its
affiliates
at
prior
meetings
of
the
boards
of
directors/trustees
of
other
funds
in
the
BlackRock
Multi-Asset
Complex
which
included
information
on
brokerage
commissions
and
trade
execution
practices.
The
Board
noted
the
competitive
nature
of
the
ETF
marketplace,
and
that
shareholders
are
able
to
redeem
or
sell
their
Fund
shares
if
they
believe
that
the
Fund’s
fees
and
expenses
are
too
high
or
if
they
are
dissatisfied
with
the
performance
of
the
Fund.
Conclusion
Following
discussion,
the
Board,
including
the
Independent
Board
Members,
unanimously
approved
the
Agreement
between
the
Manager
and
the
Trust,
with
respect
to
the
Fund,
for
a
two-year
term
beginning
on
the
effective
date
of
the
Agreement.
Based
upon
its
evaluation
of
all
of
the
aforementioned
factors
in
their
totality,
as
well
as
other
information,
the
Board,
including
the
Independent
Board
Members,
was
satisfied
that
the
terms
of
the
Agreement
were
fair
and
reasonable
and
in
the
best
interest
of
the
Fund
and
its
shareholders.
In
arriving
at
its
decision
to
approve
the
Agreement,
the
Board
did
not
identify
any
single
factor
or
group
of
factors
as
all-important
or
Disclosures
of
Investment
Advisory
Agreements
(continued)
2025
BlackRock
Semi-Annual
Financial
Statements
and
Additional
Information
26
controlling,
but
considered
all
factors
together,
and
different
Board
Members
may
have
attributed
different
weights
to
the
various
factors
considered.
The
Independent
Board
Members
were
also
assisted
by
the
advice
of
independent
legal
counsel
in
making
this
determination.
Glossary
of
Terms
Used
in
these
Financial
Statements
27
Glossary
of
Terms
Used
in
these
Financial
Statements
Portfolio
Abbreviation
PJSC
Public
Joint
Stock
Company
SOFR
Secured
Overnight
Financing
Rate
Notice
to
Shareholders
The
following
applies
to
Government
Money
Market:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
unless
preceded
or
accompanied
by
the
Fund's
current
prospectus.
You
could
lose
money
by
investing
in
the
Fund.
Because
the
share
price
and
NAV
of
the
Fund
will
fluctuate,
when
shares
are
sold
(or
redeemed,
in
the
case
of
an
Authorized
Participant),
they
may
be
worth
more
or
less
than
what
was
originally
paid
for
them.
An
investment
in
the
Fund
is
not
a
bank
account
and
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Fund's
sponsor
is
not
required
to
reimburse
the
Fund
for
losses,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Fund
at
any
time,
including
during
periods
of
market
stress.
The
following
applies
to
Prime
Money
Market:
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
unless
preceded
or
accompanied
by
the
Fund's
current
prospectus.
You
could
lose
money
by
investing
in
the
Fund.
Because
the
share
price
and
NAV
of
the
Fund
will
fluctuate,
when
shares
are
sold
(or
redeemed,
in
the
case
of
an
Authorized
Participant),
they
may
be
worth
more
or
less
than
what
was
originally
paid
for
them.
The
Fund
may
impose
a
fee
upon
the
sale
of
shares
by
Authorized
Participants.
The
Fund
must
generally
impose
a
fee
when
net
sales
of
Fund
shares
exceed
certain
levels.
An
investment
in
the
Fund
is
not
a
bank
account
and
is
not
insured
or
guaranteed
by
the
Federal
Deposit
Insurance
Corporation
or
any
other
government
agency.
The
Fund's
sponsor
is
not
required
to
reimburse
the
Fund
for
losses,
and
you
should
not
expect
that
the
sponsor
will
provide
financial
support
to
the
Fund
at
any
time,
including
during
periods
of
market
stress.
Want
to
know
more?
blackrock.com
|
1-800-474-2737
This
report
is
intended
for
current
holders.
It
is
not
authorized
for
use
as
an
offer
of
sale
or
a
solicitation
of
an
offer
to
buy
shares
of
the
Fund
unless
preceded
or
accompanied
by
the
Funds’
current
prospectus.
Past
performance
results
shown
in
this
report
should
not
be
considered
a
representation
of
future
performance.
Investment
returns
and
principal
value
of
shares
will
fluctuate
so
that
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Statements
and
other
information
herein
are
as
dated
and
are
subject
to
change.
Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7
Item 9 – Proxy Disclosures for Open-End Management Investment Companies – See Item 7
 
Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7
 
Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7
 
Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable
Item 13 – Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers  – Not Applicable
Item 15 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 16 – Controls and Procedures
(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable
Item 18 – Recovery of Erroneously Awarded Compensation – Not Applicable
Item 19 – Exhibits attached hereto
              (a)(1) Code of Ethics – Not Applicable to this semi-annual report.
              (a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable
              (a)(3) Section 302 Certifications are attached.
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a)(5) Change in registrant’s independent public accountant – Not Applicable
(b) Section 906 Certifications are attached.
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
BlackRock ETF Trust
 
By:     /s/ John M. Perlowski              
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock ETF Trust
 
Date: June 24, 2025
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
By:     /s/ John M. Perlowski              
John M. Perlowski
Chief Executive Officer (principal executive officer) of
          BlackRock ETF Trust
 
Date: June 24, 2025
 
By:     /s/ Trent Walker                      
          Trent Walker
Chief Financial Officer (principal financial officer) of
BlackRock ETF Trust
 
Date: June 24, 2025