| Schedule of Investments (unaudited) | BlackRock Ultra Short-Term Bond ETF |
| January 31, 2021 | (Formerly iShares® Ultra Short-Term Bond ETF) |
| (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Asset-Backed Securities | ||||||||
| CarMax Auto Owner Trust | ||||||||
| Series 2020-1, Class A2, 1.87%, 04/17/23 (Call 10/15/23) | $ | 1,968 | $ | 1,980,927 | ||||
| Series 2020-3, Class A2A, 0.49%, 06/15/23 (Call 10/15/23) | 6,470 | 6,479,318 | ||||||
| Series 2020-3, Class A2B, 0.39%, 06/15/23 (Call 10/15/23), (1 mo. LIBOR US + 0.250%)(a) | 1,830 | 1,831,171 | ||||||
| Series 20-4, Class A2A, 0.31%, 01/16/24 (Call 10/15/24) | 14,100 | 14,110,827 | ||||||
| Ford Credit Auto Lease Trust, Series 2020-B, Class A2A, 0.50%, 12/15/22 (Call 01/15/23) | 22,901 | 22,932,209 | ||||||
| Ford Credit Auto Owner Trust, Series 2020-B, Class A2, 0.50%, 02/15/23 (Call 09/15/23) | 5,816 | 5,823,329 | ||||||
| Honda Auto Receivables Owner Trust | ||||||||
| Series 2020-2, Class A2, 0.74%, 11/15/22 (Call 08/15/23) | 3,848 | 3,856,712 | ||||||
| Series 20-3, Class A2, 0.27%, 02/21/23 (Call 10/18/23) | 11,990 | 11,999,297 | ||||||
| Total Asset-Backed Securities — 1.3% (Cost: $68,920,294) |
69,013,790 | |||||||
| Certificates of Deposit | ||||||||
| Banco Santander SA/New York, 0.37%, 02/11/21, (3 mo. LIBOR US + 0.160%)(a) | 4,500 | 4,500,231 | ||||||
| Bank of America N.A. | ||||||||
| 0.29%, 10/01/21(a) | 8,750 | 8,750,281 | ||||||
| 0.30%, 01/10/22(a)(b) | 7,900 | 7,900,225 | ||||||
| Bank of Montreal/Chicago IL | ||||||||
| 0.26%, 08/10/21, (3 mo. LIBOR US + 0.050%)(a) | 25,000 | 25,007,827 | ||||||
| 0.28%, 10/06/21, (3 mo. LIBOR US + 0.040%)(a) | 22,000 | 22,007,418 | ||||||
| 0.33%, 11/18/21(a) | 5,000 | 5,003,996 | ||||||
| Bank of Nova Scotia/Houston, 0.31%, 08/23/21, (3 mo. LIBOR US + 0.100%)(a) | 15,000 | 15,005,856 | ||||||
| Barclays Bank PLC | ||||||||
| 0.33%, 02/01/22 | 10,000 | 10,000,000 | ||||||
| 0.36%, 12/31/21 | 15,250 | 15,263,196 | ||||||
| 0.45%, 03/15/21 | 10,000 | 10,003,683 | ||||||
| 0.55%, 02/19/21, (3 mo. LIBOR US + 0.420%)(a) | 9,000 | 9,002,257 | ||||||
| 0.70%, 02/01/21 | 15,000 | 15,000,803 | ||||||
| 1.25%, 03/03/21 | 7,000 | 7,007,040 | ||||||
| Bayerische Landesbank/New York | ||||||||
| 0.25%, 02/19/21 | 10,000 | 10,000,769 | ||||||
| 0.69%, 02/03/22, (3 mo. LIBOR US + 0.470%)(a) | 20,000 | 20,064,390 | ||||||
| BNP Paribas SA/New York NY, 0.46%, 02/01/21, (3 mo. LIBOR US + 0.250%)(a) | 17,000 | 17,000,000 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
| 0.26%, 11/08/21, (3 mo. LIBOR US + 0.050%)(a) | 10,000 | 10,002,298 | ||||||
| 0.32%, 12/13/21(a) | 3,000 | 3,001,806 | ||||||
| 0.36%, 07/23/21, (3 mo. LIBOR US + 0.140%)(a) | 13,000 | 13,007,928 | ||||||
| 0.39%, 08/06/21, (3 mo. LIBOR US + 0.160%)(a) | 3,500 | 3,502,710 | ||||||
| 0.39%, 08/06/21, (3 mo. LIBOR US + 0.160%)(a) | 10,000 | 10,007,744 | ||||||
| Citibank N.A., 0.25%, 09/08/21 | 1,000 | 1,000,338 | ||||||
| Cooperatieve Rabobank UA/NY, 0.27%, 10/20/21, (3 mo. LIBOR US + 0.050%)(a) | 17,000 | 17,007,275 | ||||||
| Credit Agricole Corporate and Investment Bank/New York | ||||||||
| 0.45%, 07/15/21, (3 mo. LIBOR US + 0.210%)(a) | 7,000 | 7,006,925 | ||||||
| 0.48%, 11/15/21, (SOFRRATE + 0.400%)(a) | 6,500 | 6,507,663 | ||||||
| 0.71%, 09/09/21, (3 mo. LIBOR US + 0.480%)(a) | 12,425 | 12,460,507 | ||||||
| Credit Industriel et Commercial/New York | ||||||||
| 0.25%, 08/13/21 | 5,000 | 5,001,762 | ||||||
| Security | Par (000) |
Value | ||||||
| 0.31%,04/20/21, (3 mo. LIBOR US + 0.090%)(a) | $ | 13,000 | $ | 13,003,335 | ||||
| 0.40%,02/26/21 | 8,000 | 8,001,865 | ||||||
| 0.40%,06/09/21, (3 mo. LIBOR US + 0.170%)(a) | 5,000 | 5,003,297 | ||||||
| 0.42%,06/18/21, (3 mo. LIBOR US + 0.180%)(a) | 10,000 | 10,007,551 | ||||||
| Credit Suisse AG/New York NY | ||||||||
| 0.34%,11/01/21 | 20,000 | 20,017,873 | ||||||
| 0.34%,11/16/21, (SOFRRATE + 0.300%)(a) | 8,000 | 8,008,884 | ||||||
| 0.39%,08/03/21, (SOFRRATE + 0.350%)(a) | 10,000 | 10,011,366 | ||||||
| 0.50%,04/01/21 | 10,000 | 10,005,637 | ||||||
| DNB Bank ASA/New York, 0.44%, 07/19/21, (3 mo.LIBOR US + 0.220%)(a) | 13,000 | 13,014,977 | ||||||
| DZ Bank AG Deutsche Zentral-Genossenschaftsbank/New York, 0.42%,02/17/22, (3 mo. LIBOR US + 0.200%)(a) | 27,000 | 26,999,998 | ||||||
| Goldman Sachs Bank USA/New York NY, 0.50%, 02/26/21, (SOFRRATE+0.430%)(a) | 4,000 | 4,001,188 | ||||||
| HSBC Bank USA N.A. | ||||||||
| 0.33%,02/04/21, (3 mo. LIBOR US + 0.110%)(a) | 9,000 | 9,000,078 | ||||||
| 0.38%,11/17/21 | 8,000 | 8,007,511 | ||||||
| Kookmin Bank/New York | ||||||||
| 0.00%,02/07/22, (1 mo. LIBOR US + 0.250%)(a) | 4,500 | 4,499,056 | ||||||
| 0.52%,10/22/21, (3 mo. LIBOR US + 0.300%)(a) | 7,500 | 7,508,619 | ||||||
| 0.55%,09/07/21, (3 mo. LIBOR US + 0.320%)(a) | 9,000 | 9,010,197 | ||||||
| 0.59%,02/17/21, (3 mo. LIBOR US + 0.370%)(a) | 30,000 | 30,005,193 | ||||||
| 0.72%,07/22/21, (3 mo. LIBOR US + 0.500%)(a) | 10,000 | 10,018,396 | ||||||
| Korea Development Bank (The), 0.60%, 07/14/21, (3 mo.LIBOR US + 0.370%)(a) | 13,500 | 13,516,283 | ||||||
| Landesbank Baden-Wuerttemberg | ||||||||
| 0.24%, 10/22/21 | 15,000 | 14,999,004 | ||||||
| 0.25%, 02/16/21 | 7,000 | 7,000,350 | ||||||
| Lloyds Bank Corporate Markets PLC/New York NY | ||||||||
| 0.32%,09/15/21, (3 mo. LIBOR US + 0.100%)(a) | 10,000 | 10,003,066 | ||||||
| 0.56%,04/27/21 | 8,000 | 8,007,454 | ||||||
| 0.74%,04/26/21, (3 mo. LIBOR US + 0.520%)(a) | 16,000 | 16,018,065 | ||||||
| 0.77%,07/19/21, (3 mo. LIBOR US + 0.550%)(a) | 4,000 | 4,009,398 | ||||||
| Mitsubishi UFJ Trust & Banking Corp. | ||||||||
| 0.01%,03/01/21 | 2,000 | 1,999,786 | ||||||
| 0.01%,04/07/21(c) | 4,000 | 3,998,731 | ||||||
| 0.01%,04/16/21 | 5,000 | 4,998,065 | ||||||
| 0.25%,03/12/21 | 7,000 | 7,000,865 | ||||||
| 0.26%,05/10/21 | 12,000 | 12,002,452 | ||||||
| 0.27%,02/18/21, (1 mo. LIBOR US + 0.140%)(a) | 9,000 | 9,000,219 | ||||||
| Mizuho Bank Ltd./New York NY | ||||||||
| 0.28%,06/04/21 | 7,000 | 7,002,446 | ||||||
| 0.30%,02/01/21, (1 mo. LIBOR US + 0.160%)(a) | 11,000 | 11,000,177 | ||||||
| 0.33%,10/29/21 | 10,000 | 10,006,568 | ||||||
| 0.34%,08/16/21 | 6,000 | 6,004,373 | ||||||
| 0.72%,07/16/21, (3 mo. LIBOR US + 0.500%)(a) | 3,000 | 3,005,427 | ||||||
| Morgan Stanley Bank N.A. | ||||||||
| 0.38%,08/25/21, (SOFRRATE + 0.300%)(a) | 15,000 | 15,006,414 | ||||||
| 0.62%,02/19/21(a) | 4,400 | 4,400,881 | ||||||
| National Westminster Bank PLC, 0.01%, 03/26/21 | 23,000 | 22,995,958 | ||||||
| Natixis SA/New York NY | ||||||||
| 0.34%, 11/16/21 | 10,000 | 10,008,862 | ||||||
| 0.36%, 12/09/21, (3 mo. LIBOR US + 0.130%)(a) | 3,000 | 3,002,538 | ||||||
| Nordea Bank Abp/New York NY | ||||||||
| 0.30%,01/27/23 | 8,000 | 8,030,371 | ||||||
| 0.35%,02/28/22, (3 mo. LIBOR US + 0.120%)(a) | 14,500 | 14,515,524 | ||||||
| 0.45%,01/28/22, (3 mo. LIBOR US + 0.230%)(a) | 10,000 | 10,020,680 | ||||||
| 0.50%,01/07/22, (3 mo. LIBOR US + 0.260%)(a) | 6,500 | 6,515,057 | ||||||
| 0.51%,02/05/21, (3 mo. LIBOR US + 0.290%)(a) | 9,848 | 9,848,275 | ||||||
1
| Schedule of Investments (unaudited) (continued) | BlackRock Ultra Short-Term Bond ETF |
| January 31, 2021 | (Formerly iShares® Ultra Short-Term Bond ETF) |
| (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| Royal Bank of Canada/New York NY | ||||||||
| 0.28%, 10/08/21, (3 mo. LIBOR US + 0.050%)(a) | $ | 26,000 | $ | 26,010,606 | ||||
| 0.31%, 11/16/21 | 10,000 | 10,009,433 | ||||||
| 0.43%, 07/26/21 | 20,000 | 20,039,433 | ||||||
| 0.67%, 04/23/21, (3 mo. LIBOR US + 0.450%)(a) | 8,000 | 8,008,352 | ||||||
| Standard Chartered Bank/New York | ||||||||
| 0.01%, 08/27/21(c) | 8,000 | 7,987,885 | ||||||
| 0.30%, 02/12/21 | 25,000 | 25,001,699 | ||||||
| 0.30%, 05/14/21 | 10,000 | 10,002,910 | ||||||
| 0.32%, 04/28/21, (3 mo. LIBOR US + 0.100%)(a) | 8,000 | 8,001,699 | ||||||
| 0.35%, 08/24/21, (3 mo. LIBOR US + 0.150%)(a) | 10,750 | 10,757,834 | ||||||
| 0.36%, 11/23/21, | ||||||||
| (Update Replacements.xls: SOFRRATE + 0.320%)(a) | 20,000 | 20,021,225 | ||||||
| Sumitomo Mitsui Banking Corp./New York | ||||||||
| 0.56%, 11/12/21, (3 mo. LIBOR US + 0.350%)(a) | 5,000 | 5,010,873 | ||||||
| 0.57%, 07/12/21, (3 mo. LIBOR US + 0.350%)(a) | 5,000 | 5,007,723 | ||||||
| 0.57%, 11/05/21, (3 mo. LIBOR US + 0.350%)(a) | 8,500 | 8,518,023 | ||||||
| 0.59%, 04/06/21, (3 mo. LIBOR US + 0.355%)(a) | 6,476 | 6,480,248 | ||||||
| 0.59%, 11/05/21, (3 mo. LIBOR US + 0.370%)(a) | 2,000 | 2,004,544 | ||||||
| 0.60%, 02/12/21, (3 mo. LIBOR US + 0.390%)(a) | 14,474 | 14,475,750 | ||||||
| 0.60%, 10/12/21, (3 mo. LIBOR US + 0.380%)(a) | 3,000 | 3,006,894 | ||||||
| 0.67%, 09/10/21, (3 mo. LIBOR US + 0.440%)(a) | 5,000 | 5,011,987 | ||||||
| 0.70%, 07/15/22 | 10,000 | 10,009,931 | ||||||
| Sumitomo Mitsui Trust Bank Ltd., 0.01%, 05/17/21(c) | 15,000 | 14,990,556 | ||||||
| Svenska Handelsbanken/New York NY | ||||||||
| 0.28%, 11/22/21 | 5,000 | 5,002,054 | ||||||
| 0.29%, 10/15/21, (3 mo. LIBOR US + 0.050%)(a) | 10,000 | 10,004,196 | ||||||
| 0.33%, 06/16/21, (3 mo. LIBOR US + 0.110%)(a) | 7,500 | 7,504,123 | ||||||
| 0.50%, 01/06/22, (3 mo. LIBOR US + 0.260%)(a) | 14,500 | 14,533,489 | ||||||
| Swedbank AB/New York, 0.27%, 10/20/21, (3 mo. LIBOR US + 0.050%)(a) | 10,000 | 10,002,139 | ||||||
| Toronto-Dominion Bank/NY | ||||||||
| 0.30%, 08/24/21, (3 mo. LIBOR US + 0.100%)(a) | 10,000 | 10,005,045 | ||||||
| 0.30%, 10/08/21 (Call 07/08/21), (3 mo. LIBOR US + 0.700%)(a) | 15,000 | 15,002,581 | ||||||
| 0.37%, 07/07/21 | 5,000 | 5,004,560 | ||||||
| 0.40%, 08/16/21 | 8,000 | 8,009,986 | ||||||
| 0.43%, 07/28/21 | 20,000 | 20,025,978 | ||||||
| 0.43%, 08/03/21 | 13,000 | 13,017,381 | ||||||
| 0.62%, 04/26/21, (3 mo. LIBOR US + 0.400%)(a) | 5,000 | 5,004,839 | ||||||
| 1.13%, 04/14/21 | 10,000 | 10,020,908 | ||||||
| UBS AG/Stamford CT, 1.38%, 04/16/21 | 10,000 | 10,026,091 | ||||||
| Total Certificates of Deposit — 21.4% | ||||||||
| (Cost: $1,112,704,675) | 1,113,588,213 | |||||||
| Commercial Paper | ||||||||
| Alinghi Funding Co. LLC | ||||||||
| 0.00%, 08/12/21(c) | 5,000 | 4,993,771 | ||||||
| 0.00%, 10/08/21(c) | 7,000 | 6,987,897 | ||||||
| Amcor Flexibles North America Inc. | ||||||||
| 0.00%, 02/16/21(c) | 9,000 | 8,999,145 | ||||||
| 0.00%, 02/17/21(c) | 3,579 | 3,578,641 | ||||||
| American Electric Power Co. Inc. | ||||||||
| 0.00%, 02/16/21(c)(d) | 32,000 | 31,997,120 | ||||||
| 0.00%, 02/18/21(c) | 25,000 | 24,997,403 | ||||||
| 0.00%, 03/18/21(c) | 2,700 | 2,699,194 | ||||||
| American Honda Finance Corp. | ||||||||
| 0.00%, 03/16/21(c) | 9,500 | 9,496,905 | ||||||
| 0.25%, 02/16/21(c) | 10,000 | 9,998,770 | ||||||
| Security | Par (000) |
Value | ||||||
| ANZ New Zealand Int’l Ltd./London,0.31%,08/26/21, | ||||||||
| (3 mo.LIBOR US+0.090%)(a) | $ | 10,000 | $ | 10,003,303 | ||||
| ASB Finance Ltd./London,0.00%,07/22/21(c) | 7,000 | 6,994,654 | ||||||
| AT&T Inc. | ||||||||
| 0.00%,10/19/21(c) | 3,000 | 2,992,789 | ||||||
| 0.00%,12/14/21(c) | 74,000 | 73,756,727 | ||||||
| 0.00%,12/16/21(c) | 12,000 | 11,960,196 | ||||||
| Avangrid Inc.,0.00%, 02/04/21(c) | 20,000 | 19,999,500 | ||||||
| Banco Santander SA,0.38%,02/01/21(a) | 6,000 | 6,000,138 | ||||||
| Barclays Capital Inc.,0.00%,01/18/22(c) | 25,000 | 24,933,871 | ||||||
| BASF SE,0.24%,03/30/21(c) | 15,000 | 14,996,000 | ||||||
| Bedford Row Funding Corp.,0.00%,04/12/21(c) | 10,000 | 9,996,573 | ||||||
| Bell Canada,0.22%,03/22/21(c) | 28,000 | 27,992,922 | ||||||
| BNZ International Funding Ltd./London,0.00%,09/10/21(c) . | 4,750 | 4,744,916 | ||||||
| BPCE SA | ||||||||
| 0.00%,05/13/21(c) | 10,000 | 9,995,811 | ||||||
| 0.00%,06/16/21(c) | 5,000 | 4,997,010 | ||||||
| 0.00%,07/01/21(c) | 10,000 | 9,993,200 | ||||||
| 0.00%,12/01/21(c) | 12,000 | 11,978,580 | ||||||
| 0.00%,12/09/21(c) | 8,000 | 7,985,347 | ||||||
| Brookfield Renewable Partners LP | ||||||||
| 0.00%,02/01/21(c) | 9,080 | 9,079,887 | ||||||
| 0.00%,02/11/21(c) | 15,000 | 14,999,106 | ||||||
| 0.00%,03/22/21(c) | 7,900 | 7,897,387 | ||||||
| 0.00%,03/26/21(c) | 7,320 | 7,317,324 | ||||||
| Caisse d’Amortissement de la Dette Sociale | ||||||||
| 0.00%,06/15/21(c) | 15,000 | 14,990,810 | ||||||
| 0.00%,07/23/21(c) | 5,000 | 4,991,255 | ||||||
| Canadian Imperial Bank of Commerce, 0.28%, 08/03/21, (3 mo.LIBOR US + 0.070%)(a) | 20,000 | 20,006,028 | ||||||
| Cancara Asset Security LLC,0.00%, 05/24/21(c) | 2,000 | 1,998,735 | ||||||
| Centerpoint Energy Resources Corp., 0.00%,02/11/21(c) | 8,000 | 7,999,639 | ||||||
| Coca-Cola Co. (The),0.00%,02/11/21(c) | 5,000 | 4,999,838 | ||||||
| Collateralized Commpercial Paper Flex Co. LLC,0.00%, 12/06/21(c) | 6,000 | 5,986,316 | ||||||
| Collateralized Commpercial Paper V Co., 0.00%, 08/19/21(c) | 10,000 | 9,986,814 | ||||||
| Concord Minutemen Capital Co. LLC, 0.00%, 06/14/21(c) | 5,000 | 4,995,656 | ||||||
| Crown Point Capital Co. LLC | ||||||||
| 0.33%,01/12/22 | 13,250 | 13,256,316 | ||||||
| 0.39%,12/08/21(a) | 9,000 | 9,000,758 | ||||||
| DBS Bank Ltd., 0.00%, 04/01/21(c) | 17,000 | 16,995,872 | ||||||
| DBS Group Holdings Ltd., 0.00%, 09/07/21(c) | 22,700 | 22,682,023 | ||||||
| Enbridge Inc. | ||||||||
| 0.00%,02/02/21(c) | 25,800 | 25,799,570 | ||||||
| 0.00%,02/05/21(c) | 13,000 | 12,999,621 | ||||||
| Enel Finance America LLC | ||||||||
| 0.00%,02/09/21(c) | 12,000 | 11,999,406 | ||||||
| 0.00%,02/11/21(c) | 1,900 | 1,899,885 | ||||||
| 0.00%,03/18/21(c) | 8,913 | 8,910,338 | ||||||
| 0.00%,03/23/21(c) | 8,912 | 8,908,969 | ||||||
| 0.00%,05/06/21(c) | 9,250 | 9,243,096 | ||||||
| 0.00%,05/13/21(c) | 4,000 | 3,996,718 | ||||||
| 0.00%,07/08/21(c) | 6,650 | 6,640,247 | ||||||
| 0.00%,07/09/21(c) | 12,000 | 11,982,236 | ||||||
| 0.00%,07/21/21(c) | 7,680 | 7,667,341 | ||||||
| 0.00%,07/28/21(c) | 7,680 | 7,666,560 | ||||||
| Engie SA | ||||||||
| 0.00%,02/10/21(c) | 10,000 | 9,999,523 | ||||||
| 0.00%,03/09/21(c) | 5,000 | 4,998,852 | ||||||
| 0.00%,07/01/21(c) | 4,250 | 4,244,166 |
2
| Schedule of Investments (unaudited) (continued) | BlackRock Ultra Short-Term Bond ETF |
| January 31, 2021 | (Formerly iShares® Ultra Short-Term Bond ETF) |
| (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| 0.00%,07/06/21(c) | $ | 10,580 | $ | 10,564,769 | ||||
| EXXON Mobil Corp.,0.00%,07/02/21(c) | 20,000 | 19,988,878 | ||||||
| Fairway Finance Corp.,0.00%,07/07/21(c) | 11,000 | 10,989,652 | ||||||
| Fidelity National Information Services Inc. | ||||||||
| 0.00%,02/10/21(c) | 25,000 | 24,998,625 | ||||||
| 0.00%,03/08/21(c) | 25,000 | 24,994,432 | ||||||
| 0.00%,03/15/21(c) | 7,200 | 7,198,020 | ||||||
| 0.00%,03/17/21(c) | 32,000 | 31,990,684 | ||||||
| FMS Wertmanagement, 0.00%, 05/14/21(c) | 14,000 | 13,993,671 | ||||||
| Goldman Sachs Bank USA/New York NY | ||||||||
| 0.00%,03/17/21(c) | 8,000 | 7,998,527 | ||||||
| 0.00%,12/06/21(c) | 3,500 | 3,491,655 | ||||||
| 0.00%,12/22/21(c) | 12,000 | 11,968,499 | ||||||
| 0.00%,01/14/22(c) | 8,400 | 8,374,847 | ||||||
| Henkel of America Inc., 0.00%, 02/05/21(c) | 6,430 | 6,429,887 | ||||||
| Hitachi Capital America Corp., 0.00%, 02/16/21(c) | 10,000 | 9,999,100 | ||||||
| HSBC Bank PLC | ||||||||
| 0.00%,08/02/21(c) | 15,000 | 14,983,658 | ||||||
| 0.00%,01/03/22(c) | 13,000 | 12,970,130 | ||||||
| 0.36%,08/31/21, (3 mo. LIBOR US+0.140%)(a) | 7,000 | 7,004,872 | ||||||
| 0.36%,09/13/21, (3 mo. LIBOR US+0.140%)(a) | 5,000 | 5,003,373 | ||||||
| 0.37%,11/05/21, (3 mo. LIBOR US+0.140%)(a) | 12,000 | 12,008,180 | ||||||
| 0.39%,08/06/21, (3 mo. LIBOR US+0.210%)(a) | 10,000 | 10,009,808 | ||||||
| 0.44%,07/20/21, (3 mo. LIBOR US+0.220%)(a) | 5,000 | 5,004,663 | ||||||
| 0.49%,06/09/21, (3 mo. LIBOR US+0.260%)(a) | 15,000 | 15,012,491 | ||||||
| Hyundai Capital America | ||||||||
| 0.00%,02/01/21(c) | 7,000 | 6,999,913 | ||||||
| 0.00%,02/03/21(c) | 9,000 | 8,999,813 | ||||||
| 0.00%,06/21/21(c) | 25,000 | 24,962,760 | ||||||
| 0.00%,07/28/21(c) | 3,750 | 3,744,100 | ||||||
| 0.00%,10/26/21(c) | 17,500 | 17,451,977 | ||||||
| Intercontinental Exchange Inc. | ||||||||
| 0.00%, 02/16/21(c) | 14,045 | 14,042,795 | ||||||
| 0.00%, 03/08/21(c) | 24,700 | 24,691,157 | ||||||
| Ionic Capital II Trust | ||||||||
| 0.00%, 02/12/21(c) | 17,000 | 16,998,810 | ||||||
| 0.00%, 03/05/21(c) | 10,000 | 9,998,026 | ||||||
| 0.18%, 02/05/21(c) | 8,000 | 7,999,720 | ||||||
| Landesbank Baden-Wuerttemberg | ||||||||
| 0.00%,02/01/21(c) | 15,000 | 14,999,846 | ||||||
| 0.00%,02/16/21(c) | 8,000 | 7,999,400 | ||||||
| 0.00%,05/17/21(c) | 20,000 | 19,987,640 | ||||||
| 0.00%,06/04/21(c) | 10,000 | 9,992,510 | ||||||
| LIME Funding LLC, 0.00%, 06/01/21(c) | 12,000 | 11,991,759 | ||||||
| Lloyds Bank PLC, 0.29%, 05/17/21, | ||||||||
| (Update Replacements.xls: SOFRRATE + 0.200%)(a) | 5,000 | 5,001,180 | ||||||
| LVMH Moet Hennessy Louis Vuitton SE | ||||||||
| 0.00%,07/19/21(c) | 10,000 | 9,991,593 | ||||||
| 0.00%,07/27/21(c) | 20,700 | 20,681,473 | ||||||
| Macquarie Bank Ltd. | ||||||||
| 0.00%,04/08/21(c) | 3,000 | 2,999,011 | ||||||
| 0.00%,11/18/21(c) | 10,000 | 9,984,129 | ||||||
| 0.00%,11/19/21(c) | 15,000 | 14,976,112 | ||||||
| 0.29%,02/16/21,(3 mo.LIBOR US+0.070%)(a) | 5,000 | 5,000,225 | ||||||
| 0.32%,11/12/21,(3 mo.LIBOR US+0.100%)(a) | 5,000 | 5,000,000 | ||||||
| Mizuho Bank Ltd./New York NY, 0.00%, 02/10/21(c) | 6,660 | 6,659,756 | ||||||
| National Australia Bank Ltd., 0.35%, 07/08/21, (3 mo.LIBOR US+0.120%)(a) | 5,000 | 5,003,169 | ||||||
| National Bank of Canada,0.26%,08/11/21, (3 mo.LIBOR US+0.050%)(a) | 20,000 | 20,004,196 |
| Security | Par (000) |
Value | ||||||
| National Grid Holding Inc. | ||||||||
| 0.00%,02/18/21(c) | $ | 12,320 | $ | 12,318,720 | ||||
| 0.00%,03/26/21(c) | 7,250 | 7,247,350 | ||||||
| 0.00%,03/29/21(c) | 15,204 | 15,198,045 | ||||||
| 0.00%,03/30/21(c) | 10,000 | 9,996,000 | ||||||
| Natwest Market PLC | ||||||||
| 0.00%,02/01/21(c) | 8,600 | 8,599,893 | ||||||
| 0.00%,06/22/21(c) | 25,000 | 24,974,200 | ||||||
| 0.00%,01/04/22(c) | 13,050 | 13,005,630 | ||||||
| NextEra Energy Capital Holdings Inc.,0.00%,03/03/21(c) | 11,100 | 11,097,924 | ||||||
| PPG Industries Inc.,0.00%, 08/02/21(c) | 25,364 | 25,318,119 | ||||||
| Pricoa Short Term Funding LLC,0.00%, 02/16/21(c) | 10,250 | 10,249,262 | ||||||
| Pure Grove Funding LLC,0.00%,06/07/21(c) | 7,000 | 6,994,406 | ||||||
| Ridgefield Funding Co.LLC,0.00%,06/07/21(c) | 15,000 | 14,988,282 | ||||||
| Rogers Communications Inc.,0.00%,08/26/21(c) | 6,170 | 6,157,105 | ||||||
| Royal Bank of Canada,0.00%,05/03/21(c) | 5,000 | 4,998,420 | ||||||
| Salisbury Receivables Co. LLC | ||||||||
| 0.00%,02/08/21(c) | 8,000 | 7,999,800 | ||||||
| 0.34%,02/19/21, (SOFRRATE + 0.300%)(a) | 9,000 | 9,000,472 | ||||||
| Shell International Finance BV | ||||||||
| 0.00%,06/09/21(c) | 17,000 | 16,989,236 | ||||||
| 0.00%,06/22/21(c) | 22,500 | 22,483,980 | ||||||
| 0.00%,07/08/21(c) | 15,000 | 14,987,800 | ||||||
| Societe Generale SA | ||||||||
| 0.00%,06/02/21(c) | 20,000 | 19,986,842 | ||||||
| 0.00%,07/01/21(c) | 15,000 | 14,987,250 | ||||||
| 0.00%,12/13/21(c) | 15,000 | 14,957,880 | ||||||
| 0.00%,01/10/22(c) | 10,000 | 9,968,250 | ||||||
| 0.00%,01/31/22,(3 mo.LIBOR US +0.100%)(a) | 10,000 | 10,000,830 | ||||||
| 0.56%,06/08/21,(3 mo.LIBOR US +0.330%)(a) | 17,000 | 17,017,553 | ||||||
| Suncor Energy Inc. | ||||||||
| 0.00%,02/02/21(c) | 2,735 | 2,734,954 | ||||||
| 0.00%,02/03/21(c) | 3,750 | 3,749,922 | ||||||
| 0.00%,02/09/21(c) | 7,750 | 7,749,621 | ||||||
| 0.00%,02/25/21(c) | 5,000 | 4,999,261 | ||||||
| 0.00%,03/09/21(c) | 15,000 | 14,996,555 | ||||||
| 0.00%,03/10/21(c) | 4,893 | 4,891,842 | ||||||
| 0.00%,04/05/21(c) | 3,000 | 2,998,636 | ||||||
| 0.00%,04/20/21(c) | 10,600 | 10,593,608 | ||||||
| 0.00%,04/26/21(c) | 3,000 | 2,997,999 | ||||||
| 0.00%,04/29/21(c) | 4,902 | 4,898,569 | ||||||
| 0.00%,04/30/21(c)(d) | 3,000 | 2,997,873 | ||||||
| 0.00%,05/13/21(c) | 10,000 | 9,991,651 | ||||||
| Svenska Handelsbanken/New York NY,0.00%,12/08/21(c) | 8,000 | 7,984,002 | ||||||
| Swedbank AB,0.00%,04/15/21(c) | 10,000 | 9,997,446 | ||||||
| TELUS Corp. | ||||||||
| 0.00%,04/23/21(c) | 4,000 | 3,997,461 | ||||||
| 0.00%,06/14/21(c) | 10,000 | 9,988,251 | ||||||
| 0.00%,07/13/21(c) | 7,390 | 7,378,653 | ||||||
| 0.00%,07/20/21(c) | 7,600 | 7,587,582 | ||||||
| TransCanada PipeLines Ltd. | ||||||||
| 0.00%,02/04/21(c) | 25,850 | 25,849,354 | ||||||
| 0.00%,02/10/21(c) | 10,000 | 9,999,460 | ||||||
| 0.00%,02/11/21(c) | 7,500 | 7,499,553 | ||||||
| UBS AG/London | ||||||||
| 0.33%,01/11/22(a) | 15,000 | 14,997,047 | ||||||
| 0.34%,11/12/21(a) | 12,000 | 12,000,931 | ||||||
| 0.35%,10/14/21, (3 mo.LIBOR US+0.120%)(a) | 18,000 | 18,008,774 | ||||||
| 0.38%,11/18/21(a) | 10,000 | 10,003,172 | ||||||
| 0.39%,07/09/21, (3 mo.LIBOR US+0.170%)(a) | 15,000 | 15,003,439 | ||||||
| 0.40%,12/02/21(a) | 12,000 | 12,004,957 |
3
| Schedule of Investments (unaudited) (continued) | BlackRock Ultra Short-Term Bond ETF |
| January 31, 2021 | (Formerly iShares® Ultra Short-Term Bond ETF) |
| (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | ||||||
| 0.42%, 06/23/21, (3 mo. LIBOR US + 0.180%)(a) | $ | 12,000 | $ | 12,002,498 | ||||
| Volkswagen Group of America Finance LLC | ||||||||
| 0.00%, 10/25/21(c) | 35,000 | 34,856,160 | ||||||
| 0.00%, 11/08/21(c) | 15,000 | 14,934,792 | ||||||
| 0.00%, 11/10/21(c) | 8,000 | 7,964,977 | ||||||
| Walt Disney Co. (The), 0.00%, 02/19/21(c) | 15,000 | 14,999,002 | ||||||
| Waste Management Inc. | ||||||||
| 0.00%, 08/09/21(c) | 22,000 | 21,966,677 | ||||||
| 0.00%, 09/10/21(c) | 43,000 | 42,929,901 | ||||||
| Western Union Co. (The), 0.00%, 02/02/21(c) | 12,600 | 12,599,726 | ||||||
| Westpac Banking Corp., 0.31%, 05/28/21, (3 mo. LIBOR US + 0.090%)(a) | 8,000 | 8,003,092 | ||||||
| Total Commercial Paper — 38.6% | ||||||||
| (Cost: $2,003,390,400) | 2,004,030,813 | |||||||
| Corporate Bonds & Notes | ||||||||
| Aerospace & Defense — 0.2% | ||||||||
| General Dynamics Corp., 3.88%, 07/15/21 (Call 04/15/21) | 4,156 | 4,187,245 | ||||||
| Raytheon Technologies Corp., 2.80%, 03/15/22 (Call 02/15/22) | 6,000 | 6,158,996 | ||||||
| 10,346,241 | ||||||||
| Agriculture — 0.2% | ||||||||
| Cargill Inc., 0.40%, 02/02/24 (Call 01/02/24)(d) | 10,165 | 10,155,648 | ||||||
| Auto Manufacturers — 4.5% | ||||||||
| American Honda Finance Corp. | ||||||||
| 0.34%, 01/21/22, (3 mo. LIBOR US + 0.120%)(a) | 7,000 | 7,003,141 | ||||||
| 0.42%, 02/12/21, (3 mo. LIBOR US + 0.210%)(a) | 1,000 | 1,000,081 | ||||||
| 0.57%, 06/11/21, (3 mo. LIBOR US + 0.350%)(a) | 4,120 | 4,125,261 | ||||||
| 0.65%, 09/08/23 | 20,000 | 20,140,307 | ||||||
| 0.65%, 09/08/23, (3 mo. LIBOR US + 0.420%)(a) | 5,790 | 5,819,398 | ||||||
| 0.67%, 02/15/22, (3 mo. LIBOR US + 0.450%)(a) | 14,400 | 14,464,498 | ||||||
| 2.20%, 06/27/22. | 10,100 | 10,368,386 | ||||||
| BMW U.S. Capital LLC | ||||||||
| 0.63%, 04/12/21, (3 mo. LIBOR US + 0.410%)(a)(d) | 2,000 | 2,001,523 | ||||||
| 0.71%, 08/13/21, (3 mo. LIBOR US + 0.500%)(a)(d) | 5,000 | 5,011,715 | ||||||
| 1.85%, 09/15/21 (Call 08/15/21)(d) | 10,000 | 10,084,682 | ||||||
| 2.70%, 04/06/22 (Call 03/06/22)(d) | 5,000 | 5,127,286 | ||||||
| 2.95%, 04/14/22(d) | 5,000 | 5,149,767 | ||||||
| 3.10%, 04/12/21(d) | 2,045 | 2,056,434 | ||||||
| Daimler Finance North America LLC | ||||||||
| 0.66%, 02/22/21, (3 mo. LIBOR US + 0.450%)(a)(d) | 3,000 | 3,000,807 | ||||||
| 2.00%, 07/06/21(d) | 3,000 | 3,021,150 | ||||||
| 2.30%, 02/12/21(d) | 1,535 | 1,535,825 | ||||||
| 3.40%, 02/22/22(d) | 5,000 | 5,160,248 | ||||||
| Hyundai Capital America | ||||||||
| 1.04%, 03/12/21, (3 mo. LIBOR US + 0.820%)(a)(d) | 1,000 | 1,000,950 | ||||||
| 2.38%, 02/10/23(d) | 7,560 | 7,777,350 | ||||||
| 2.85%, 11/01/22(d) | 3,440 | 3,562,550 | ||||||
| 3.45%, 03/12/21(d) | 2,200 | 2,206,875 | ||||||
| 3.75%, 07/08/21(d) | 8,500 | 8,624,844 | ||||||
| PACCAR Financial Corp. | ||||||||
| 0.47%, 05/10/21, (3 mo. LIBOR US + 0.260%)(a) | 680 | 680,466 | ||||||
| 0.80%, 06/08/23. | 2,760 | 2,789,621 | ||||||
| 3.10%, 05/10/21. | 915 | 922,194 | ||||||
| Toyota Motor Credit Corp. | ||||||||
| 0.33%, 06/13/22, (SOFRRATE + 0.300%)(a) | 15,000 | 15,022,968 | ||||||
| 0.35%, 08/13/21, (3 mo. LIBOR US + 0.125%)(a) | 15,345 | 15,350,360 | ||||||
| 0.37%, 02/14/22, (3 mo. LIBOR US + 0.150%)(a) | 21,790 | 21,814,512 | ||||||
| 0.42%, 10/14/22, (SOFRRATE + 0.340%)(a) | 13,000 | 13,025,314 | ||||||
| Security | Par (000) |
Value | ||||||
| Auto Manufacturers (continued) | ||||||||
| 0.45%, 07/22/22. | $ | 6,580 | $ | 6,600,595 | ||||
| 0.53%, 10/07/21, (3 mo. LIBOR US + 0.290%)(a) | 12,500 | 12,526,406 | ||||||
| Volkswagen Group of America Finance LLC | ||||||||
| 0.75%, 11/23/22(d) | 11,350 | 11,394,264 | ||||||
| 1.10%, 09/24/21, (3 mo. LIBOR US + 0.860%)(a)(d) | 3,870 | 3,889,392 | ||||||
| 2.50%, 09/24/21(d) | 430 | 435,991 | ||||||
| 232,695,161 | ||||||||
| Auto Parts & Equipment — 0.0% | ||||||||
| Toyota Industries Corp., 3.11%, 03/12/22 (Call 02/12/22)(d) | 1,000 | 1,027,117 | ||||||
| Banks — 13.5% | ||||||||
| ABN AMRO Bank NV | ||||||||
| 0.80%, 08/27/21, (3 mo. LIBOR US + 0.570%)(a)(d) | 3,000 | 3,008,668 | ||||||
| 3.40%, 08/27/21(d) | 4,060 | 4,133,143 | ||||||
| ANZ New Zealand Int’l Ltd./London | ||||||||
| 1.23%, 07/28/21, (3 mo. LIBOR US + 1.010%)(a)(d) | 4,000 | 4,019,153 | ||||||
| 2.13%, 07/28/21(d) | 2,619 | 2,642,685 | ||||||
| Australia & New Zealand Banking Group Ltd./New York NY, 2.55%, 11/23/21. | 2,000 | 2,037,932 | ||||||
| Bank of America Corp. | ||||||||
| 3.12%, 01/20/23 (Call 01/20/22), (3 mo. LIBOR US + 1.160%)(a) | 1,615 | 1,657,030 | ||||||
| 5.00%, 05/13/21. | 10,000 | 10,133,801 | ||||||
| Bank of Montreal, Series D, 3.10%, 04/13/21 | 2,020 | 2,031,676 | ||||||
| Bank of Nova Scotia (The) | ||||||||
| 0.66%, 04/20/21, (3 mo. LIBOR US + 0.440%)(a) | 2,000 | 2,001,655 | ||||||
| 3.13%, 04/20/21. | 6,021 | 6,059,113 | ||||||
| Banque Federative du Credit Mutuel SA, 1.96%, 07/21/21(d) | 7,000 | 7,056,129 | ||||||
| BNZ International Funding Ltd./London, 2.90%, 02/21/22(d) | 3,700 | 3,800,288 | ||||||
| BPCE SA | ||||||||
| 0.54%, 02/17/22, (SOFRRATE + 0.440%)(a)(d) | 7,300 | 7,314,799 | ||||||
| 2.65%, 02/03/21 | 1,200 | 1,200,084 | ||||||
| 2.75%, 12/02/21 | 11,945 | 12,190,161 | ||||||
| 2.75%, 01/11/23(d) | 4,000 | 4,176,710 | ||||||
| Canadian Imperial Bank of Commerce | ||||||||
| 0.53%, 02/02/21, (3 mo. LIBOR US + 0.315%)(a) | 13,500 | 13,500,000 | ||||||
| 0.94%, 06/16/22, (3 mo. LIBOR US + 0.720%)(a) | 3,480 | 3,510,355 | ||||||
| 2.70%, 02/02/21 | 1,680 | 1,680,000 | ||||||
| Capital One N.A., 2.95%, 07/23/21 (Call 06/23/21) | 4,500 | 4,546,741 | ||||||
| Citibank N.A. | ||||||||
| 0.79%, 07/23/21 (Call 06/23/21), (3 mo. LIBOR US + 0.570%)(a) | 2,000 | 2,004,158 | ||||||
| 3.17%, 02/19/22 (Call 03/01/21)(a) | 13,751 | 13,770,093 | ||||||
| Citigroup Inc. | ||||||||
| 0.95%, 11/04/22 (Call 11/04/21), (SOFRRATE + 0.870%)(a) | 5,000 | 5,022,398 | ||||||
| 2.31%, 11/04/22 (Call 11/04/21), (SOFRRATE + 0.867%)(a) | 5,000 | 5,069,859 | ||||||
| 2.70%, 03/30/21 | 4,000 | 4,016,320 | ||||||
| 2.75%, 04/25/22 (Call 03/25/22) | 5,000 | 5,138,331 | ||||||
| Commonwealth Bank of Australia/New York NY, 2.55%, 03/15/21 | 11,575 | 11,607,410 | ||||||
| Cooperatieve Rabobank UA, 3.88%, 02/08/22. | 1,925 | 1,995,979 | ||||||
| Cooperatieve Rabobank UA/NY, 0.65%, 04/26/21, (3 mo. LIBOR US + 0.430%)(a) | 1,000 | 1,000,883 | ||||||
| Credit Agricole Corporate & Investment Bank SA, 0.40%, 01/15/23 (Call 01/15/22) | 12,000 | 11,995,560 | ||||||
| Credit Suisse AG/New York NY | ||||||||
| 0.50%, 02/02/24 | 5,335 | 5,333,691 | ||||||
4
| Schedule of Investments (unaudited) (continued) | BlackRock Ultra Short-Term Bond ETF |
| January 31, 2021 | (Formerly iShares® Ultra Short-Term Bond ETF) |
| (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | |||||
| Banks (continued) | |||||||
| 0.53%, 02/04/22, (SOFRRATE + 0.450%)(a) | $ | 16,000 | $ | 16,052,861 | |||
| 1.00%, 05/05/23 | 5,000 | 5,068,655 | |||||
| 1.00%, 02/02/24, (SOFRRATE + 0.390%)(a) | 15,000 | 15,004,500 | |||||
| 2.10%, 11/12/21 | 6,855 | 6,956,214 | |||||
| 2.80%, 04/08/22 | 6,300 | 6,488,400 | |||||
| DBS Group Holdings Ltd., 2.85%, 04/16/22(d) | 3,267 | 3,352,682 | |||||
| DNB Bank ASA | |||||||
| 0.85%, 12/02/22,(3 mo. LIBOR US + 0.620%)(a)(d) | 5,000 | 5,046,800 | |||||
| 2.15%, 12/02/22(d) | 9,455 | 9,771,991 | |||||
| 2.38%, 06/02/21(d) | 4,450 | 4,482,945 | |||||
| Fifth Third Bank NA, 1.80%, 01/30/23 (Call 12/30/22) | 4,560 | 4,688,157 | |||||
| Goldman Sachs Group Inc. (The) | |||||||
| 2.88%, 02/25/21 (Call 02/08/21) | 10,000 | 10,004,400 | |||||
| 3.00%, 04/26/22 (Call 04/26/21) | 10,000 | 10,062,948 | |||||
| 5.25%, 07/27/21 | 5,000 | 5,121,402 | |||||
| 0.48%, 01/27/23 (Call 01/27/22) | 5,000 | 5,001,151 | |||||
| Series FRN, 0.48%, 01/27/23 (Call 01/27/22), | |||||||
| (SOFRRATE + 0.410%)(a) | 12,000 | 12,004,550 | |||||
| Series FRN, 0.63%, 11/17/23 (Call 11/17/22), | |||||||
| (SOFRRATE + 0.540%)(a) | 7,000 | 7,019,111 | |||||
| Series VAR, 0.63%, 11/17/23 (Call 11/17/22), | |||||||
| (SOFRRATE + 0.538%)(a) | 10,000 | 10,012,215 | |||||
| HSBC Holdings PLC, 3.40%, 03/08/21 | 5,000 | 5,015,008 | |||||
| ING Bank NV, 2.05%, 08/15/21(d) | 5,865 | 5,922,210 | |||||
| JPMorgan Chase & Co. | |||||||
| 3.21%, 04/01/23 (Call 04/01/22), (3 mo. LIBOR US + 0.695%)(a) | 4,118 | 4,251,964 | |||||
| 3.51%, 06/18/22 (Call 06/18/21), (3 mo. LIBOR US + 0.610%)(a) | 7,972 | 8,069,754 | |||||
| KeyBank N.A./Cleveland OH, 3.30%, 02/01/22 | 2,115 | 2,178,636 | |||||
| Kookmin Bank/Seoul, 1.00%, 08/03/22, (SOFRRATE + 0.450%)(a)(d) | 10,535 | 10,535,934 | |||||
| Korea Development Bank (The) | |||||||
| 0.57%, 02/18/23, (3 mo. LIBOR US + 0.350%)(a) | 16,455 | 16,472,812 | |||||
| 0.64%, 03/21/22, (SOFRRATE + 0.550%)(a)(d) | 12,500 | 12,539,994 | |||||
| Lloyds Bank PLC, 3.30%, 05/07/21 | 3,000 | 3,024,494 | |||||
| Macquarie Bank Ltd.0.44%, 12/16/22(d) | 7,460 | 7,459,275 | |||||
| 0.65%, 11/24/21, (3 mo. LIBOR US + 0.450%)(a)(d) | 26,000 | 26,082,498 | |||||
| 2.10%, 10/17/22(d) | 9,450 | 9,736,273 | |||||
| Mitsubishi UFJ Financial Group Inc. | |||||||
| 2.11%, 03/01/21, (3 mo. LIBOR US + 1.880%)(a) | 3,761 | 3,766,400 | |||||
| 3.54%, 07/26/21 | 2,500 | 2,539,168 | |||||
| Morgan Stanley 0.53%, 01/25/24 (Call 01/25/23), (SOFRRATE + 0.455%)(a) | 10,000 | 9,998,954 | |||||
| 0.56%, 11/10/23 (Call 11/10/22), (SOFRRATE + 0.466%)(a) | 15,000 | 15,011,524 | |||||
| 0.73%, 01/20/23 (Call 01/20/22), | 32,000 | 32,129,622 | |||||
| 0.91%, 06/10/22 (Call 06/10/21), | 5,000 | 5,010,720 | |||||
| 1.62%, 04/21/21, (3 mo. LIBOR US + 1.400%)(a) | 2,000 | 2,005,637 | |||||
| 2.50%, 04/21/21 | 3,000 | 3,015,083 | |||||
| 2.63%, 11/17/21 | 6,000 | 6,111,049 | |||||
| MUFG Bank Ltd., 2.85%, 09/08/21(d) | 1,400 | 1,422,025 | |||||
| MUFG Union Bank N.A., 3.15%, 04/01/22 (Call 03/01/22) | 4,000 | 4,122,441 | |||||
| National Australia Bank Ltd., 0.63%, 12/13/22, (3 mo. LIBOR US + 0.410%)(a)(d) | 3,500 | 3,515,249 |
| Security | Par (000) |
Value | |||||
| Banks (continued) | |||||||
| National Australia Bank Ltd./New York 1.88%, 07/12/21 | $ | 5,000 | $ | 5,037,051 | |||
| 1.88%, 12/13/22 | 4,460 | 4,598,322 | |||||
| 3.38%, 09/20/21 | 2,100 | 2,139,732 | |||||
| 3.70%, 11/04/21 | 3,035 | 3,110,329 | |||||
| Nordea Bank Abp | |||||||
| 1.00%, 06/09/23(d) | 3,135 | 3,186,055 | |||||
| 2.25%, 05/27/21(d) | 4,250 | 4,277,781 | |||||
| Royal Bank of Canada, 3.20%, 04/30/21 | 5,000 | 5,036,416 | |||||
| Santander UK PLC | |||||||
| 2.10%, 01/13/23 | 2,670 | 2,757,684 | |||||
| 3.40%, 06/01/21 | 10,391 | 10,499,848 | |||||
| Skandinaviska Enskilda Banken AB | |||||||
| 0.65%, 05/17/21, (3 mo. LIBOR US + 0.430%)(a)(d) | 4,000 | 4,004,612 | |||||
| 0.86%, 12/12/22, (3 mo. LIBOR US + 0.645%)(a)(d) | 3,000 | 3,025,344 | |||||
| 2.20%, 12/12/22(d) | 2,845 | 2,943,647 | |||||
| 2.63%, 03/15/21 | 6,000 | 6,017,640 | |||||
| 3.05%, 03/25/22(d) | 3,000 | 3,093,429 | |||||
| Societe Generale SA | |||||||
| 2.50%, 04/08/21(d) | 5,460 | 5,482,680 | |||||
| 5.20%, 04/15/21(d) | 3,571 | 3,607,317 | |||||
| Sumitomo Mitsui Banking Corp., 3.95%, 01/12/22(d) | 2,000 | 2,068,828 | |||||
| Sumitomo Mitsui Financial Group Inc., 0.51%, 01/12/24 | 3,580 | 3,587,733 | |||||
| Sumitomo Mitsui Trust Bank Ltd., 0.80%, 09/12/23(d) | 22,359 | 22,566,674 | |||||
| Suncorp-Metway Ltd., 2.80%, 05/04/22(d) | 895 | 922,211 | |||||
| Svenska Handelsbanken AB, 0.63%, 06/30/23(d) | 6,310 | 6,346,802 | |||||
| Swedbank AB | |||||||
| 0.60%, 09/25/23(d) | 10,000 | 10,017,000 | |||||
| 1.30%, 06/02/23(d) | 6,680 | 6,811,249 | |||||
| Truist Bank, 1.25%, 03/09/23 (Call 02/09/23) | 15,000 | 15,284,187 | |||||
| U.S. Bank NA/Cincinnati OH, 0.65%, 05/23/22 | |||||||
| (Call 04/22/22), (3 mo. LIBOR US + 0.440%)(a) | 4,750 | 4,771,923 | |||||
| UBS AG/London, 1.75%, 04/21/22 (Call 03/21/22)(d) | 6,085 | 6,187,876 | |||||
| United Overseas Bank Ltd., 0.70%, 04/23/21, (3 mo. LIBOR US + 0.480%)(a)(d) | 2,000 | 1,995,625 | |||||
| Wells Fargo & Co. | |||||||
| 1.24%, 07/26/21, (3 mo. LIBOR US + 1.025%)(a) | 1,750 | 1,758,262 | |||||
| 1.57%, 03/04/21, (3 mo. LIBOR US + 1.340%)(a) | 5,000 | 5,005,735 | |||||
| 2.10%, 07/26/21 | 2,000 | 2,018,167 | |||||
| 2.50%, 03/04/21 | 2,200 | 2,204,289 | |||||
| Wells Fargo Bank N.A. | |||||||
| 0.73%, 10/22/21 (Call 09/21/21), (3 mo. LIBOR US + 0.510%)(a) | 2,000 | 2,006,089 | |||||
| 0.89%, 09/09/22 (Call 09/09/21), (3 mo. LIBOR US + 0.660%)(a) | 15,000 | 15,056,189 | |||||
| 2.90%, 05/27/22 (Call 05/27/21), (3 mo. LIBOR US + 0.610%)(a) | 13,910 | 14,025,838 | |||||
| Westpac Banking Corp. | |||||||
| 2.00%, 08/19/21 | 7,245 | 7,315,171 | |||||
| 2.00%, 01/13/23 | 2,375 | 2,454,516 | |||||
| 700,952,762 | |||||||
| Beverages — 0.0% | |||||||
| PepsiCo Inc., 0.75%, 05/01/23 | 1,615 | 1,635,266 | |||||
| Biotechnology — 0.7% | |||||||
| Gilead Sciences Inc. | |||||||
| 0.38%, 09/17/21, (3 mo. LIBOR US + 0.150%)(a) | 14,100 | 14,108,589 | |||||
| 0.75%, 09/29/23 (Call 09/30/21) | 10,295 | 10,317,657 |
5
| Schedule of Investments (unaudited) (continued) | BlackRock Ultra Short-Term Bond ETF |
| January 31, 2021 | (Formerly iShares® Ultra Short-Term Bond ETF) |
| (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | |||||
| Biotechnology (continued) | |||||||
| 0.77%, 09/29/23 (Call 09/29/21), | |||||||
| (3 mo. LIBOR US + 0.520%)(a) | $ | 10,800 | $ | 10,827,288 | |||
| 35,253,534 | |||||||
| Chemicals — 0.0% | |||||||
| Air Liquide Finance SA, 1.75%, 09/27/21 (Call 08/27/21)(d) | 3,000 | 3,026,452 | |||||
| Computers — 0.3% | |||||||
| International Business Machines Corp., 0.62%, 05/13/21, (3 mo. LIBOR US + 0.400%)(a) | 14,000 | 14,016,786 | |||||
| Diversified Financial Services — 0.5% | |||||||
| American Express Co. | |||||||
| 0.82%, 11/05/21 (Call 10/05/21), (3 mo. LIBOR US + 0.600%)(a) | 10,193 | 10,230,129 | |||||
| 3.00%, 02/22/21 (Call 02/10/21) | 3,200 | 3,201,979 | |||||
| American Express Credit Corp., 2.25%, 05/05/21 (Call 04/04/21) | 10,858 | 10,896,315 | |||||
| 24,328,423 | |||||||
| Electric — 2.7% | |||||||
| Dominion Energy Inc., Series D, 0.75%, 09/15/23 (Call 09/15/21), (3 mo. LIBOR US + 0.530%)(a) | 30,560 | 30,626,138 | |||||
| Duke Energy Corp., 2.40%, 08/15/22 (Call 07/15/22) | 5,000 | 5,144,997 | |||||
| Duke Energy Progress LLC, Series A, 0.40%, 02/18/22 (Call 02/18/21), (3 mo. LIBOR US + 0.180%)(a) | 10,000 | 10,000,860 | |||||
| Florida Power & Light Co., 0.60%, 07/28/23 (Call 03/01/21), (3 mo. LIBOR US + 0.380%)(a) | 11,470 | 11,470,470 | |||||
| NextEra Energy Capital Holdings Inc. | |||||||
| 0.70%, 05/04/21, (3 mo. LIBOR US + 0.480%)(a) | 39,250 | 39,293,586 | |||||
| 0.93%, 02/25/22, (3 mo. LIBOR US + 0.720%)(a) | 3,000 | 3,020,303 | |||||
| 2.40%, 09/01/21 | 5,925 | 5,998,503 | |||||
| 2.90%, 04/01/22 | 2,260 | 2,329,346 | |||||
| PPL Electric Utilities Corp., 0.50%, 09/28/23 (Call 09/28/22), (3 mo. LIBOR US + 0.250%)(a) | 8,710 | 8,718,504 | |||||
| WEC Energy Group Inc., 0.55%, 09/15/23 | 16,705 | 16,779,835 | |||||
| Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23) | 7,560 | 7,573,557 | |||||
| 140,956,099 | |||||||
| Electronics — 0.7% | |||||||
| Honeywell International Inc. | |||||||
| 0.46%, 08/19/22 (Call 08/19/21), (3 mo. LIBOR US + 0.230%)(a) | 10,460 | 10,472,344 | |||||
| 0.48%, 08/19/22 (Call 08/19/21) | 23,330 | 23,361,300 | |||||
| Roper Technologies Inc., 0.45%, 08/15/22 | 2,390 | 2,394,949 | |||||
| 36,228,593 | |||||||
| Insurance — 2.6% | |||||||
| Jackson National Life Global Funding, 0.70%, 01/06/23, (SOFRRATE + 0.600%)(a)(d) | 26,000 | 26,166,225 | |||||
| MassMutual Global Funding II | |||||||
| 0.85%, 06/09/23(d) | 8,328 | 8,424,565 | |||||
| 2.00%, 04/15/21(d) | 6,900 | 6,924,925 | |||||
| MET Tower Global Funding, 0.63%, 01/17/23, (SOFRRATE + 0.550%)(a)(d) | 22,000 | 22,144,856 | |||||
| Metropolitan Life Global Funding I | |||||||
| 0.39%, 01/07/24, (SOFRRATE + 0.320%)(a)(d) | 27,000 | 27,026,895 | |||||
| 0.44%, 09/08/22, (SOFRRATE + 0.350%)(a)(d) | 23,000 | 23,044,981 | |||||
| 0.66%, 01/13/23, (SOFRRATE + 0.570%)(a)(d) | 16,460 | 16,579,234 | |||||
| Protective Life Global Funding, 0.63%, 10/13/23(d) | 4,820 | 4,850,229 | |||||
| 135,161,910 |
| Security | Par (000) |
Value | |||||
| Machinery — 1.1% | |||||||
| Caterpillar Financial Services Corp. | |||||||
| 0.41%, 11/12/21, (3 mo. LIBOR US + 0.200%)(a) | $ | 7,000 | $ | 7,009,733 | |||
| 0.45%, 03/15/21, (3 mo. LIBOR US + 0.230%)(a) | 1,000 | 1,000,317 | |||||
| 0.46%, 01/06/22, (3 mo. LIBOR US + 0.220%)(a) | 2,085 | 2,088,703 | |||||
| 0.53%, 03/08/21, (3 mo. LIBOR US + 0.300%)(a) | 7,000 | 7,001,752 | |||||
| 0.95%, 05/13/22 | 12,000 | 12,105,066 | |||||
| 0.96%, 05/13/22, (3 mo. LIBOR US + 0.735%)(a) | 5,000 | 5,044,673 | |||||
| 2.90%, 03/15/21 | 1,500 | 1,504,887 | |||||
| Series I, 2.65%, 05/17/21 | 8,810 | 8,873,937 | |||||
| John Deere Capital Corp. | |||||||
| 0.46%, 03/12/21, (3 mo. LIBOR US + 0.240%)(a) | 1,000 | 1,000,370 | |||||
| 0.55%, 07/05/22 | 11,060 | 11,111,773 | |||||
| 56,741,211 | |||||||
| Media — 0.1% | |||||||
| Walt Disney Co. (The), 0.48%, 09/01/21, (3 mo. LIBOR US + 0.250%)(a) | 4,320 | 4,324,958 | |||||
| Oil & Gas — 0.8% | |||||||
| Chevron Corp., 1.14%, 05/11/23 | 4,510 | 4,592,818 | |||||
| Chevron USA Inc., 0.41%, 08/11/23, (3 mo. LIBOR US + 0.200%)(a) | 37,065 | 37,113,072 | |||||
| 41,705,890 | |||||||
| Oil & Gas Services — 0.0% | |||||||
| Schlumberger Finance Canada Ltd., 2.65%, 11/20/22 (Call 10/20/22)(d) | 2,500 | 2,590,587 | |||||
| Pharmaceuticals — 1.8% | |||||||
| AbbVie Inc. | |||||||
| 0.56%, 05/21/21, (3 mo. LIBOR US + 0.350%)(a) | 9,000 | 9,007,523 | |||||
| 2.15%, 11/19/21 | 23,000 | 23,330,620 | |||||
| 2.30%, 05/14/21 (Call 04/14/21) | 27,593 | 27,719,885 | |||||
| 3.45%, 03/15/22 (Call 01/15/22) | 5,442 | 5,598,157 | |||||
| 5.00%, 12/15/21 (Call 09/16/21) | 7,000 | 7,203,165 | |||||
| Bristol-Myers Squibb Co., 2.55%, 05/14/21 | 8,000 | 8,052,550 | |||||
| Merck & Co. Inc., 2.35%, 02/10/22 | 1,998 | 2,040,867 | |||||
| Pfizer Inc., 3.00%, 09/15/21 | 1,670 | 1,699,370 | |||||
| Sanofi, 4.00%, 03/29/21 | 8,000 | 8,049,533 | |||||
| 92,701,670 | |||||||
| Pipelines — 0.3% | |||||||
| Enterprise Products Operating LLC | |||||||
| 2.80%, 02/15/21 | 4,000 | 4,003,626 | |||||
| 2.85%, 04/15/21 (Call 03/15/21) | 5,716 | 5,733,508 | |||||
| 3.50%, 02/01/22 | 7,565 | 7,796,905 | |||||
| 17,534,039 | |||||||
| Retail — 1.0% | |||||||
| 7-Eleven Inc., 1.00%, 08/10/22 (Call 08/10/21), (3 mo. LIBOR US + 0.450%)(a)(d) | 51,240 | 51,270,798 | |||||
| Savings & Loans — 0.5% | |||||||
| Nationwide Building Society | |||||||
| 0.55%, 01/22/24(d) | 16,520 | 16,516,005 | |||||
| 2.00%, 01/27/23(d) | 10,890 | 11,232,312 | |||||
| 27,748,317 | |||||||
| Semiconductors — 0.2% | |||||||
| Lam Research Corp., 2.80%, 06/15/21 (Call 05/15/21) | 9,905 | 9,978,539 | |||||
| Software — 0.2% | |||||||
| Adobe Inc., 1.70%, 02/01/23 | 4,010 | 4,122,227 | |||||
| Oracle Corp., 1.90%, 09/15/21 (Call 08/15/21) | 5,000 | 5,044,719 | |||||
| 9,166,946 |
6
| Schedule of Investments (unaudited) (continued) | BlackRock Ultra Short-Term Bond ETF |
| January 31, 2021 | (Formerly iShares® Ultra Short-Term Bond ETF) |
| (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | |||||
| Telecommunications — 0.4% | |||||||
| Rogers Communications Inc., 0.84%, 03/22/22, (3 mo. LIBOR US + 0.600%)(a) | $ | 18,675 | $ | 18,790,516 | |||
Transportation — 0.1% Ryder System Inc., 2.88%, 06/01/22 (Call 05/01/22) |
4,899 | 5,046,971 | |||||
| Total Corporate Bonds & Notes — 32.4% (Cost: $1,674,582,222 |
1,683,384,434 | ||||||
| Municipal Debt Obligations | |||||||
| Arizona — 0.1% | |||||||
| County of Pima AZ COP | |||||||
| 0.38%, 12/01/21 | 1,950 | 1,948,947 | |||||
| 0.48%, 12/01/22 | 1,020 | 1,019,092 | |||||
| Mizuho Floater/Residual Trust RB, 0.54%, 12/01/58 | |||||||
| (Put 03/04/21)(a)(d)(e) | 3,500 | 3,500,000 | |||||
| 6,468,039 | |||||||
| California — 0.3% | |||||||
| California Health Facilities Financing Authority RB, 0.42%, 06/01/22 | 2,400 | 2,405,712 | |||||
| Mizuho Floater/Residual Trust RB, 0.54%, 09/01/27 (Put 03/04/21)(a)(d)(e) | 10,994 | 10,993,624 | |||||
| Port of Oakland RB, 0.82%, 05/01/23 | 480 | 483,715 | |||||
| 13,883,051 | |||||||
| Connecticut — 0.0% | |||||||
| State of Connecticut GO, Series A, 3.00%, 07/01/21 | 1,800 | 1,821,528 | |||||
| Hawaii — 0.2% | |||||||
| State of Hawaii GO | |||||||
| 0.43%, 10/01/22 | 4,945 | 4,963,395 | |||||
| 0.57%, 10/01/23 | 3,800 | 3,826,448 | |||||
| 8,789,843 | |||||||
| Minnesota — 0.2% | |||||||
| Taxable Municipal Funding Trust RB, 0.42%, 11/15/49 (Put 03/04/21)(a)(d)(e) | 9,750 | 9,750,000 | |||||
| New Jersey — 0.1% | |||||||
| Taxable Municipal Funding Trust RB, 0.42%, 09/01/27 (Put 03/04/21)(a)(d)(e | 4,500 | 4,500,000 | |||||
| New York — 2.1% | |||||||
| City of New York NY GO | |||||||
| 0.31%, 08/01/21 | 13,350 | 13,356,541 | |||||
| 0.40%, 11/01/21. | 4,990 | 4,996,687 | |||||
| 0.43%, 08/01/22 | 5,575 | 5,588,937 | |||||
| Long Island Power Authority RB | |||||||
| 0.66%, 03/01/22 (Call 06/01/21 | 665 | 665,685 | |||||
| 0.76%, 03/01/23 (Call 06/01/22 | 1,290 | 1,295,354 | |||||
| Mizuho Floater/Residual Trust RB | |||||||
| VRDN, 0.54%, 02/01/23 (Put 03/04/21)(a)(d)(e) | 13,000 | 13,000,000 | |||||
| VRDN, 0.54%, 07/01/25 (Put 03/04/21)(a)(d)(e) | 6,300 | 6,300,000 | |||||
| VRDN, 0.54%, 03/01/31 (Put 03/04/21)(a)(d)(e) | 18,000 | 18,000,000 | |||||
| VRDN, 0.54%, 03/01/31 (Put 03/04/21)(a)(d)(e) | 9,365 | 9,365,000 | |||||
| Port Authority of New York & New Jersey RB, Series AAA, | |||||||
| 1.09%, 07/01/23. | 12,570 | 12,779,416 | |||||
| Taxable Municipal Funding Trust RB, 0.42%, 01/16/25 | |||||||
| (Put 03/04/21)(a)(d)(e) | 25,000 | 25,000,000 | |||||
| 110,347,620 |
| Security | Par (000) |
Value | ||||||
| Texas — 0.2% | ||||||||
| City of Houston Texas Airport System Revenue RB, 0.88%, 07/01/22 | $ | 690 | $ | 695,203 | ||||
| Dallas FT Worth International Airport, ARB, 0.38%, 08/25/21 | 11,335 | 11,336,939 | ||||||
| 12,032,142 | ||||||||
| Total Municipal Debt Obligations — 3.2% (Cost $167,279,468) |
167,592,223 | |||||||
| Repurchase Agreements(f) | ||||||||
| Bank of America Securities Inc., 0.77%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $7,000,449, collateralized by non-agency mortgage-backed security, 0.00% to 3.00%, due 10/25/58 to 7/25/2060 , par and fair value of $31,600,831 and 8,264,295, respectively) (a) . | 7,000 | 7,000,000 | ||||||
| Citigroup Global Markets Inc., 0.51%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $9,000,383,collateralized by non-agency mortgage-backed security,2.50% to 6.82%, due 02/15/35 to 12/15/62, par and fair value of $10,347,790 and 10,169,414, respectively) (a) . | 9,000 | 9,000,000 | ||||||
| Citigroup Global Markets Inc., 2.49%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $12,002,490, collateralized by non-agency mortgage-backed security, 2.50% to 7.48%, due 08/01/33 to 12/15/62, par and fair value of $12,705,107 and 13,316,644, respectively) (a) . | 12,000 | 12,000,000 | ||||||
| Credit Suisse Securities (USA) LLC, 0.75%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $25,001,563, collateralized by non-agency mortgage-backed security, 0.36% to 9.00%, due 04/15/21 to 12/31/99, par and fair value of $512,710,257 and 28,726,620, respectively) (a) . | 25,000 | 25,000,000 | ||||||
| Mizuho Securities USA Inc., 0.67%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $6,000,335, collateralized by U.S. Treasury Obligation, 1.50%, due 09/15/22, par and fair value of $5,953,500 and 6,120,051, respectively) (a | 6,000 | 6,000,000 | ||||||
| Mizuho Securities USA Inc., 0.76%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $11,000,697, collateralized by U.S. Treasury Obligation, 1.50, due 09/15/22, par and fair value of $10,914,700 and 11,220,043, respectively) (a) | 11,000 | 11,000,000 | ||||||
| Mizuho Securities USA Inc., 1.12%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $25,002,333, collateralized by non-agency mortgage-backed security, 0.16% to 4.22%, due 01/16/29 to 10/25/38, par and fair value of $26,109,602 and 26,250,000, respectively) (a) . | 25,000 | 25,000,000 | ||||||
| Tri-Party BNP Paribas, 0.45%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $18,000,675, collateralized by non-agency mortgage-backed security, 0.00% to 9.50%, due 10/12/21 to 01/01/99, par and fair value of $27,072,431 and 19,793,889, respectively) (a) . | 18,000 | 18,000,000 | ||||||
| Tri-Party BNP Paribas, 0.46%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $20,000,767, collateralized by non-agency mortgage-backed security, 2.82% to 11.50%, due 03/01/23 to 01/01/99, par and fair value of $20,780,137 and 22,163,183, respectively) (a) . | 20,000 | 20,000,000 | ||||||
7
| Schedule of Investments (unaudited) (continued) | BlackRock Ultra Short-Term Bond ETF |
| January 31, 2021 | (Formerly iShares® Ultra Short-Term Bond ETF) |
| (Percentages shown are based on Net Assets) |
| Security | Par (000) |
Value | |||||
| Tri-Party Goldman Sachs & Co. LLC, 0.54%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $40,001,800, collateralized by non-agency mortgage-backed security, 0.75% to 8.00%, due 03/07/21 to 07/15/80, par and fair value of $37,933,084 and $41,440,305, respectively) (a) | $ | 40,000 | $ | 40,000,000 | |||
| Wells Fargo Securities, 0.36%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $10,000,300, collateralized by non-agency mortgage-backed security, 0.00% to 2.13%, due 01/18/22 to 09/16/22, par and fair value of $10,065,476 and 10,200,001, respectively) (a) | 10,000 | 10,000,000 | |||||
| Wells Fargo Securities, 0.37%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $8,000,247, collateralized by non-agency mortgage-backed security, 2.95%, due 08/17/57, par and fair value of $7,729,958 and $8,560,001, respectively) (a) | 8,000 | 8,000,000 | |||||
| Wells Fargo Securities, 0.57%, 02/01/21 (Purchased on 01/29/21 to be repurchased at $15,000,713, collateralized by non-agency mortgage-backed security, 2.69% to 3.08%, due 02/21/36 to 11/19/37, par and fair value of $17,240,106 and 17,250,001, respectively) (a) | 15,000 | 15,000,000 | |||||
| Total Repurchase Agreements — 4.0% (Cost: $206,000,000) |
206,000,000 | ||||||
| U.S. Government Agency Obligations | |||||||
| U.S. Government Agency Obligations — 0.5% | |||||||
| Federal Home Loan Mortgage Corp., 0.40%, 08/18/23 | 25,000 | 25,002,632 | |||||
| Total U.S. Government Agency Obligations — 0.5% (Cost: $25,000,000) |
25,002,632 |
| Security | Shares (000) |
Value | |||||
| Money Market Funds | |||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(g)(h) | 16,270 | $ | 16,270,000 | ||||
| Total Money Market Funds — 0.3% (Cost: $16,270,000) |
16,270,000 | ||||||
| Total Investments in Securities — 101.7% | |||||||
| (Cost: $5,274,147,059) | 5,284,882,105 | ||||||
| Other Assets, Less Liabilities — (1.7)% | (87,420,433 | ) | |||||
| Net Assets — 100.0% | $ | 5,197,461,672 |
| (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) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
| (c) | Rates are discount rates or a range of discount rates at the time of purchase. |
| (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. |
| (e) | Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand. |
| (f) | Maturity date represents next reset date. (g) Affiliate of the Fund. |
| (h) | Annualized 7-day yield as of period-end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
| Affiliated Issuer | Value at 10/31/20 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 01/31/21 |
Shares Held at 01/31/21 (000) |
Income | Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
| BlackRock Cash Funds: Treasury, SL Agency Shares | $ | 53,040,000 | $ | — | $ | (36,770,000 | (a) | $ | — | $ | — | $ | 16,270,000 | 16,270 | $ | 3,881 | $ | — | ||||||||||||||||||
| (a) | Represents net amount purchased (sold) |
Fair Value Measurements
Various inputs are used in determining the fair value of financial instruments. For description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to a recently published shareholder report. Shareholder reports are available on the Fund’s website at iShares.com and on the U.S. Securities and Exchange Commission website at sec.gov.IN
8
| Schedule of Investments (unaudited) (continued) | BlackRock Ultra Short-Term Bond ETF |
| January 31, 2021 | (Formerly iShares® Ultra Short-Term Bond ETF) |
Fair Value Measurements (continued)
The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of January 31, 2021. The breakdown of the Fund’s investments into major categories is disclosed in the Schedule of Investments above.
| Level 1 | Level 2 | Level 3 | Total | ||||||||||
| Investments | |||||||||||||
| Assets | |||||||||||||
| Asset-Backed Securities | $ | — | $ | 69,013,790 | $ | — | $ | 69,013,790 | |||||
| Certificates of Deposit | — | 1,105,687,988 | 7,900,225 | 1,113,588,213 | |||||||||
| Commercial Paper | — | 2,004,030,813 | — | 2,004,030,813 | |||||||||
| Corporate Bonds & Notes | — | 1,683,384,434 | — | 1,683,384,434 | |||||||||
| Municipal Debt Obligations | — | 167,592,223 | — | 167,592,223 | |||||||||
| Repurchase Agreements | — | 206,000,000 | — | 206,000,000 | |||||||||
| U.S. Government Agency Obligations | — | 25,002,632 | — | 25,002,632 | |||||||||
| Money Market Funds | 16,270,000 | — | — | 16,270,000 | |||||||||
| $ | 16,270,000 | $ | 5,260,711,880 | $ | 7,900,225 | $ | 5,284,882,105 |
Portfolio Abbreviations - Fixed Income
| COP | Certificates of Participation |
| GO | General Obligation |
| LIBOR | London Interbank Offered Rate |
| RB | Revenue Bond |
9