NPORT-EX 2 NPORT_2QVA_9660366107.htm
Schedule of Investments (unaudited) BlackRock Short Maturity Municipal Bond ETF
July 31, 2021 (Percentages shown are based on Net Assets)

 

   Par     
Security   (000)   Value 
           
Municipal Debt Obligations          
Alabama — 3.3%          
Black Belt Energy Gas District RB          
4.00%, 12/01/21  $485   $490,815 
4.00%, 06/01/22   170    175,141 
4.00%, 12/01/22   240    251,628 
4.00%, 06/01/23   240    255,991 
Series A, VRDN, 4.00%, 08/01/47 (Put 07/01/22)(a)(b)   4,000    4,121,120 
Lower Alabama Gas District (The) RB, 4.00%, 12/01/21   200    202,508 
Southeast Alabama Gas Supply District (The) RB, Series A, 4.00%, 06/01/22   1,500    1,546,980 
Southeast Energy Authority A Cooperative District RB          
Series A, 4.00%, 10/01/22   355    370,230 
Series A, 4.00%, 10/01/23   450    485,401 
Series B, 4.00%, 06/01/24   1,200    1,325,088 
         9,224,902 
Alaska — 0.1%          
Alaska Municipal Bond Bank Authority RB, 5.00%, 12/01/21   400    406,360 
California — 0.7%          
California County Tobacco Securitization Agency RB, Series A, 4.00%, 06/01/22   545    562,434 
State of California GO, 5.00%, 12/01/24   1,190    1,380,650 
         1,943,084 
Colorado — 2.2%          
City & County of Denver Co. Airport System Revenue RB, Series A, 5.00%, 11/15/23   250    277,308 
City of Colorado Springs Co. Utilities System Revenue RB, Series B, 0.04%, 11/01/36 (Put 07/30/21)(a)(b)   5,865    5,865,000 
         6,142,308 
Connecticut — 3.1%          
Connecticut State Health & Educational Facilities Authority RB, 4.00%, 07/01/22   500    515,970 
State of Connecticut GO          
Series A, 3.00%, 01/15/23   2,000    2,084,360 
Series C, VRDN, 0.04%, 05/15/34 (Put 07/30/21)(a)(b)   1,920    1,920,000 
Series C, 3.00%, 06/01/22   900    921,807 
Series C, 5.00%, 07/15/22   900    942,102 
State of Connecticut Special Tax Revenue RB, Series A, 5.00%, 09/01/21   2,000    2,007,680 
State of Connecticut Special Tax Revenue ST, 5.00%, 05/01/22   200    207,360 
         8,599,279 
District of Columbia — 3.2%          
District of Columbia RB, 0.07%, 04/01/38 (Put 07/30/21)(a)(b)   2,890    2,890,000 
Tender Option Bond Trust Receipts/Certificates RB, Series  2019, 0.07%, 10/01/53 (Put 10/01/29)(a)(b)(c)   6,135    6,135,000 
         9,025,000 
Florida — 2.8%          
Alachua County Health Facilities Authority RB, 5.00%, 12/01/21   390    396,259 
County of Miami-Dade FL Aviation Revenue RB, Series A, 5.00%, 10/01/23   2,500    2,766,525 
County of Osceola FL Transportation Revenue RB, Series A-1, 5.00%, 10/01/21   300    302,211 
County of Palm Beach FL RB, 0.04%, 07/01/32  (Put 08/02/21)(a)(b)   2,800    2,800,000 
Miami-Dade County Industrial Development Authority RB, 0.58%, 08/01/23   1,000    1,000,000 
   Par     
Security  (000)   Value 
           
Florida (continued)          
Tender Option Bond Trust Receipts/Certificates RB, Series  2020, 0.06%, 07/01/49 (Put 07/01/30)(a)(b)(c)  $500   $500,000 
         7,764,995 
Georgia — 9.7%          
Atlanta Urban Residential Finance Authority RB, 1.36%, 12/01/22 (Put 12/01/21)(a)(b)   2,000    2,006,740 
Bartow County Development Authority RB, 1.55%, 08/01/43  (Put 08/19/22)(a)(b)   2,000    2,026,500 
Burke County Development Authority RB, 2.25%, 10/01/32  (Put 05/25/23)(a)(b)   2,000    2,070,540 
Main Street Natural Gas Inc. RB          
Series A, VRDN, 4.00%, 04/01/48 (Put 09/01/23)(a)(b)   5,685    6,094,832 
Series C, 5.00%, 09/01/21   300    301,086 
Series D, VRDN, 0.90%, 08/01/48 (Put 12/01/23)(a)(b)   5,000    5,053,570 
Monroe County Development Authority RB, 0.04%, 06/01/49  (Put 07/30/21)(a)(b)   3,700    3,700,000 
Municipal Electric Authority of Georgia RB           
5.00%, 01/01/22   3,000    3,059,190 
Series B, VRDN, 0.03%, 01/01/48 (Put 07/30/21)(a)(b)   1,000    1,000,000 
Tender Option Bond Trust Receipts/Certificates RB, Series  2019, 0.07%, 01/01/44 (Put 07/01/28) (AGM)(a)(b)(c)   1,700    1,700,000 
         27,012,458 
Illinois — 2.6%          
Illinois Development Finance Authority RB          
VRDN, 0.02%, 06/01/29 (Put 07/30/21)(a)(b)   1,100    1,100,000 
VRDN, 0.02%, 02/01/33 (Put 07/30/21)(a)(b)   2,000    2,000,000 
Tender Option Bond Trust Receipts/Certificates GO, Series  2015, 0.06%, 03/01/33 (Put 08/06/21)(a)(b)(c)   4,000    4,000,000 
         7,100,000 
Indiana — 2.9%          
City of Rockport IN RB, Series B, 1.35%, 07/01/25  (Put 09/01/22)(a)(b)   2,250    2,278,687 
Indiana Finance Authority RB          
Series A1, VRDN, 0.03%, 02/01/35 (Put 07/30/21)(a)(b)   2,500    2,500,000 
Series B, VRDN, 0.03%, 11/01/39 (Put 07/30/21)(a)(b)   1,400    1,400,000 
Indianapolis Local Public Improvement Bond Bank RB, Series A, 5.00%, 06/01/23   1,800    1,960,056 
         8,138,743 
Iowa — 3.4%          
Iowa Finance Authority RB, 0.06%, 04/01/22 (Put 07/30/21)(a)(b)   9,405    9,405,000 
Kansas — 2.5%          
City of Burlington KS RB          
Series A, VRDN, 0.10%, 09/01/35 (Put 07/30/21)(a)(b)   4,000    4,000,000 
Series B, VRDN, 0.10%, 09/01/35 (Put 07/30/21)(a)(b)   3,000    3,000,000 
         7,000,000 
Kentucky — 3.3%          
Kentucky Public Energy Authority RB          
Series A, 4.00%, 04/01/48 (Put 04/01/24)(a)(b)   2,000    2,184,240 
Series C, VRDN, 4.00%, 08/01/21   300    300,000 
Kentucky State Property & Building Commission RB, Series A, 5.00%, 11/01/22   1,000    1,059,700 
Louisville/Jefferson County Metropolitan Government RB, 0.04%, 06/01/33 (Put 07/30/21)(a)(b)   5,000    5,000,000 
Tender Option Bond Trust Receipts/Certificates RB, Series  2018, 0.05%, 12/01/41 (Put 12/01/27) (AGM)(a)(b)(c)   500    500,000 
         9,043,940 


 

1

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Municipal Bond ETF
July 31, 2021 (Percentages shown are based on Net Assets)

 

   Par     
Security  (000)   Value 
           
Louisiana — 1.5%          
Consolidated Govt of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB          
5.00%, 08/01/21  $865   $865,000 
5.00%, 08/01/22 (AGM)   465    487,153 
Louisiana Offshore Terminal Authority RB, 1.65%, 09/01/27  (Put 12/01/23)(a)(b)   400    412,404 
Louisiana Stadium & Exposition District RB, 4.00%, 07/03/23  (Call 04/01/23)   2,325    2,456,920 
         4,221,477 
Massachusetts — 0.7%          
Massachusetts Housing Finance Agency RB          
Series A, 0.30%, 12/01/23 (Call 06/01/22) (HUD SECT 8)   1,000    1,000,690 
Series A, 0.40%, 06/01/24 (Call 06/01/23) (HUD SECT 8)   1,000    1,001,320 
         2,002,010 
Michigan — 1.5%          
Michigan Finance Authority RB VRDN, 0.40%, 10/15/23   665    665,206 
5.00%, 11/01/22 (ST INTERCEPT)   240    254,191 
5.00%, 12/01/22   1,390    1,480,948 
Series A, 4.00%, 06/01/22   1,000    1,031,140 
Wayne-Westland Community Schools GO, 4.00%, 11/01/21  (Q-SBLF)   780    787,332 
         4,218,817 
Mississippi — 3.6%          
Mississippi Business Finance Corp. RB, Series A, 0.03%, 12/01/30 (Put 08/02/21)(a)(b)   10,000    10,000,000 
           
Missouri — 1.0%          
City of Washington MO COP, 5.00%, 03/01/22   350    359,226 
County of Greene MO COP, Series A, 3.00%, 03/01/23   350    364,935 
RBC Municipal Products Inc. Trust RB, Series C, 0.08%, 09/01/39 (Put 08/06/21)(a)(b)(c)   2,000    2,000,000 
         2,724,161 
Nebraska — 0.7%          
Central Plains Energy Project RB 4.00%, 08/01/21   750    750,000 
VRDN, 5.00%, 03/01/50 (Put 01/01/24)(a)(b)   1,000    1,104,420 
Douglas County Hospital Authority No. 2 RB, 5.00%, 11/15/21   120    121,622 
         1,976,042 
New Jersey — 14.3%          
Borough of Park Ridge NJ GO, 1.00%, 04/29/22   800    804,200 
Jersey City Municipal Utilities Authority RB, 3.00%, 07/01/22   4,000    4,107,440 
New Jersey Economic Development Authority RB          
5.00%, 06/15/22   200    208,348 
5.50%, 09/01/21 (Call 08/25/21)   645    647,109 
Series A, 4.00%, 07/01/22   2,000    2,063,460 
Series AAA, 5.00%, 06/15/22   1,000    1,041,740 
Series B, 5.00%, 11/01/23 (SAP)   1,450    1,604,773 
Series B, 5.00%, 11/01/24   1,010    1,160,631 
Series NN, 5.00%, 03/01/22   3,875    3,983,151 
Series NN, 5.00%, 03/01/23   1,000    1,075,730 
Series UU, 5.00%, 06/15/22   2,000    2,083,480 
Series UU, 5.00%, 06/15/23   1,575    1,715,962 
New Jersey Health Care Facilities Financing Authority RB, 5.00%, 10/01/23   1,500    1,654,560 
New Jersey Transportation Trust Fund Authority RB          
Series A, 5.00%, 06/15/22   220    229,079 
Series A, 5.00%, 06/15/22   750    780,953 
   Par     
Security  (000)   Value 
           
New Jersey (continued)          
Series A, 5.00%, 06/15/24  $1,575   $1,783,782 
Series A, 5.50%, 12/15/21   425    433,326 
Series A, 5.50%, 12/15/22   1,430    1,533,632 
Series A, 5.50%, 12/15/22 (AGM-CR)   190    203,956 
Series A, 5.50%, 12/15/23   155    174,209 
Series B, 5.25%, 12/15/22 (AMBAC)   910    972,845 
Series B, 5.50%, 12/15/21 (NPFGC)   2,475    2,524,970 
Series D, 5.00%, 12/15/23   470    522,748 
Series D, 5.25%, 12/15/23   1,275    1,425,501 
State of New Jersey GO, Series A, 4.00%, 06/01/23   1,290    1,379,307 
Tobacco Settlement Financing Corp. RB, Series A, 5.00%, 06/01/22   3,000    3,119,220 
Township of Deptford NJ RB, Series A, 1.00%, 07/13/22   1,478    1,490,079 
Township of Evesham NJ GO, 1.00%, 06/14/22   988    994,116 
         39,718,307 
New Mexico — 0.2%          
New Mexico Municipal Energy Acquisition Authority RB, Series A, 4.00%, 05/01/22   600    616,632 
New York — 9.2%          
Albany Industrial Development Agency RB, Series A, 0.13%, 07/01/32 (Put 08/05/21)(a)(b)   900    900,000 
Amherst Development Corp. RB, Series A, 0.07%, 02/01/35  (Put 07/30/21)(a)(b)   1,730    1,730,000 
Monroe County Industrial Development Corp./NY RB, 5.00%, 12/01/21   575    583,504 
Nassau Health Care Corp. RB, Series C, 5.00%, 08/01/23  (GTD)   1,425    1,560,062 
New York City Transitional Finance Authority Future Tax  Secured Revenue RB, Series A4, 0.02%, 08/01/39 (Put 07/30/21)(a)(b)   9,400    9,400,000 
New York City Water & Sewer System RB, Series AA1, 0.03%, 06/15/50 (Put 07/30/21)(a)(b)   4,200    4,200,000 
New York Transportation Development Corp. RB, 5.00%, 12/01/22   495    526,873 
Tender Option Bond Trust Receipts/Certificates GO, Series  2020, 0.05%, 09/01/26 (Put 08/06/21)(a)(b)(c)   2,195    2,195,000 
Tender Option Bond Trust Receipts/Certificates RB, Series  2020, 0.04%, 07/01/50 (Put 07/01/30)(a)(b)(c)   2,000    2,000,000 
Town of Newburgh NY GOL, 1.00%, 05/18/22   820    824,690 
Town of Oyster Bay NY GOL, 4.00%, 03/01/23   425    447,444 
Village of Kings Point NY RB, 1.00%, 07/22/22   1,300    1,310,764 
         25,678,337 
North Carolina — 0.1%          
North Carolina Turnpike Authority RB, 5.00%, 01/01/22   215    219,225 
North Dakota — 2.8%          
North Dakota Housing Finance Agency RB, 0.03%, 07/01/36 (Put 08/06/21)(a)(b)   7,915    7,915,000 
Ohio — 2.4%          
City of Cleveland OH GOL          
Series A, 2.00%, 12/01/21   300    301,893 
Series A, 2.00%, 12/01/22   300    307,596 
Ohio Higher Educational Facility Commission RB, Series B-1, 0.00%, 01/01/39 (Put 07/30/21)(a)(b)(d)   5,975    5,975,000 
         6,584,489 
Pennsylvania — 5.4%          
Allegheny County Hospital Development Authority RB, Series A, 5.00%, 04/01/22   2,000    2,063,740 


 

2

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Municipal Bond ETF
July 31, 2021 (Percentages shown are based on Net Assets)

 

         
   Par     
Security  (000)   Value 
           
Pennsylvania (continued)          
Boyertown Area School District GOL, 2.00%, 09/01/21 (SAW)  $400   $400,516 
Connellsville Area School District GOL          
4.00%, 08/15/21 (BAM SAW)   500    500,620 
4.00%, 08/15/22 (BAM SAW)   500    519,200 
DuBois Area School District GOL, Series B, 3.00%, 11/01/21  (BAM SAW)   175    176,157 
Ephrata Area School District GO, 3.00%, 03/01/24   1,000    1,071,630 
Geisinger Authority RB, 5.00%, 04/01/22   2,000    2,064,640 
Muhlenberg School District GOL, 4.00%, 05/15/22 (SAW)   700    720,559 
Pennsylvania Economic Development Financing Authority RB  VRDN, 0.05%, 12/01/37 (Put 07/30/21)(a)(b)   3,000    3,000,000 
Series A, 2.15%, 11/01/21   1,000    1,005,070 
Pennsylvania Housing Finance Agency RB          
Series 133, 5.00%, 10/01/21   300    302,256 
Series 133, 5.00%, 10/01/22   380    400,421 
Philadelphia Gas Works Co. RB          
5.00%, 08/01/21   1,000    1,000,000 
Series A, 5.00%, 08/01/22   1,315    1,376,923 
Southeastern Pennsylvania Transportation Authority RB, 5.00%, 06/01/22   360    374,361 
         14,976,093 
Puerto Rico — 1.2%          
Puerto Rico Housing Finance Authority RB, 5.00%, 12/01/22   3,000    3,194,940 
South Carolina — 0.3%          
South Carolina Public Service Authority RB, Series A, 0.05%, 01/01/36 (Put 07/30/21)(a)(b)   900    900,000 
Tennessee — 0.5%          
Tennergy Corp./TN          
Series A, 4.00%, 09/01/22   335    348,390 
Series A, 4.00%, 03/01/23   375    396,851 
Series A, 4.00%, 09/01/23   320    344,391 
Tennessee Energy Acquisition Corp. RB, 5.00%, 11/01/23   250    276,160 
         1,365,792 
Texas — 9.9%          
Harris County Cultural Education Facilities Finance Corp. RB, 5.00%, 06/01/32 (Put 12/01/22)(a)(b)   4,000    4,252,040 
North East Independent School District GO, 0.13%, 08/03/21   5,500    5,500,018 
Port of Arthur Navigation District Industrial Development Corp. RB          
VRDN, 0.05%, 03/01/42 (Put 09/01/21)(a)(b)   6,000    6,000,000 
VRDN, 0.06%, 06/01/41 (Put 08/02/21)(a)(b)   2,000    2,000,000 
RBC Municipal Products Inc. Trust, 0.05%, 09/08/21 (Put 08/06/21)(a)(b)(c)   3,000    3,000,000 
State of Texas GO          
Series A, VRDN, 0.04%, 06/01/44 (Put 08/02/21)(a)(b)   410    410,000 
   Par/     
   Shares     
Security  (000)   Value 
           
Texas (continued)          
Series A, VRDN, 0.04%, 06/01/45 (Put 07/30/21)(a)(b)  $2,910   $2,910,000 
Tender Option Bond Trust Receipts/Certificates RB, Series  2019, 0.12%, 06/15/27 (Put 08/06/21)(a)(b)(c)   1,500    1,500,000 
Texas Municipal Gas Acquisition & Supply Corp. III RB, 5.00%, 12/15/22   2,000    2,127,000 
         27,699,058 
Washington — 0.1%          
King County Housing Authority RB, 3.00%, 06/01/22   250    255,608 
Wisconsin — 0.6%          
Public Finance Authority RB          
5.00%, 01/01/22   200    203,902 
5.00%, 06/01/22   175    181,906 
Wisconsin Health & Educational Facilities Authority RB, 5.00%, 10/01/21   400    403,060 
Wisconsin Housing & Economic Development Authority RB, Series B, 0.02%, 03/01/41 (Put 07/30/21)(a)(b)   1,000    1,000,000 
         1,788,868 
Total Municipal Debt Obligations — 95.8%          
(Cost $265,983,474)        266,860,925 
           
Money Market Funds          
           
BlackRock Liquidity Funds: MuniCash, 0.01%(e)(f)   11,608    11,610,112 
           
Total Money Market Funds — 4.2%          
(Cost: $11,610,112)        11,610,112 
           
Total Investments in Securities — 100.0%          
(Cost: $277,593,586)        278,471,037 
           
Other Assets, Less Liabilities — 0.0%        125,802 
Net Assets — 100.0%       $278,596,839 

 

(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)Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.
(c)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.
(d)Zero-coupon bond.
(e)Affiliate of the Fund.
(f)Annualized 7-day yield as of period-end.

 

Affiliates

 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 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
07/31/21		   Shares
Held at
07/31/21
(000)		   Income   Capital Gain
Distributions from
Underlying Funds		 
BlackRock Liquidity Funds: MuniCash  $117,575   $11,492,435(a)  $—   $101   $1   $11,610,112    11,608   $366   $— 

 

(a)Represents net amount purchased (sold).

 

3

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Municipal Bond ETF
July 31, 2021  

 

Fair Value Measurements

 

Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

 

●Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

 

●Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and

 

●Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, (including the Global Valuation Committee’s assumptions used in determining the fair value of financial instruments).

 

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Global Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.

 

The following table summarizes the value of the Fund’s investments according to the fair value hierarchy as of July 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                    
Municipal Debt Obligations  $—   $266,860,925   $—   $266,860,925 
Money Market Funds   11,610,112    —    —    11,610,112 
   $11,610,112   $266,860,925   $—   $278,471,037 

 

Portfolio Abbreviations - Fixed Income    
     
AGM Assured Guaranty Municipal Corp. NPFGC National Public Finance Guarantee Corp.
AGM-CR AGM Insured Custodial Receipt Q-SBLF Qualified School Bond Loan Fund
AMBAC Ambac Assurance Corp. RB Revenue Bond
BAM Build America Mutual Assurance Co. SAP Subject to Appropriations
COP Certificates of Participation SAW State Aid Withholding
CR Custodian Receipt ST Special Tax
GO General Obligation    
GOL General Obligation Limited    
GTD Guaranteed    

 

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