NPORT-EX 2 NPORT_2QWF_63467523_0123.htm

 

Schedule of Investments (unaudited) BlackRock Short Maturity Bond ETF
January 31, 2023 (Percentages shown are based on Net Assets)

 

Security      Par
(000)		   Value 
             
Asset-Backed Securities             
              
ACAS CLO Ltd., 5.68%, 10/18/28 (Call 04/18/27), (3 mo. LIBOR US + 0.890%)(a)(b)  USD   1,510   $1,487,425 
AIG CLO Ltd., 5.93%, 04/20/32 (Call 04/20/31), (3 mo. LIBOR US + 1.120%)(a)(b)  USD   1,000    987,500 
Ally Auto Receivables Trust, 2.67%, 04/15/25 (Call 07/15/25)  USD   15,413    15,282,005 
American Express Credit Account Master Trust, Series 2018-9, Class A, 4.83%, 04/15/26, (1 mo. LIBOR US + 0.380%)(b)  USD   17,650    17,656,365 
AmeriCredit Automobile Receivables Trust 2022-2, 4.20%, 12/18/25 (Call 05/18/26)  USD   7,217    7,167,119 
Anchorage Capital CLO 4-R Ltd., Series 2014-4RA, Class A, 5.85%, 01/28/31 (Call 10/28/28), (3 mo. LIBOR US + 1.050%)(a)(b)  USD   4,402    4,366,476 
Anchorage Capital CLO 7 Ltd., Series 2015-7A, Class AR2, 5.89%, 01/28/31 (Call 10/28/28), (3 mo. LIBOR US + 1.090%)(a)(b)  USD   13,840    13,701,892 
Apidos CLO XII, 5.87%, 04/15/31 (Call 04/15/23), (3 mo. LIBOR US + 1.080%)(a)(b)  USD   500    495,500 
Arbor Realty Commercial Real Estate Notes Ltd., 5.52%, 08/15/34 (Call 09/15/26), (1 mo. LIBOR US + 1.070%)(a)(b)  USD   11,000    10,652,542 
ASSURANT CLO Ltd., Series 2018-2A, Class A, 5.85%, 04/20/31 (Call 04/20/23), (3 mo. LIBOR US + 1.040%)(a)(b)  USD   250    247,500 
Atlas Senior Loan Fund III Ltd., Series 2013-1A, Class AR, 5.48%, 11/17/27 (Call 02/17/23), (3 mo. LIBOR US + 0.830%)(a)(b)  USD   4,976    4,938,632 
Atrium XIII, Series 13A, Class A1, 6.00%, 11/21/30 (Call 10/23/28), (3 mo. LIBOR US + 1.180%)(a)(b)  USD   2,488    2,477,540 
Autoflorence 2 SRL             
2.70%, 12/24/44 (Call 10/24/26)(b)(c)  EUR   9,313    10,098,017 
2.75%, 12/24/44 (Call 10/24/26)(b)(c)  EUR   810    845,279 
Autonoria Spain FTA             
2.85%, 01/25/40 (Call 04/25/28)(b)(c)  EUR   8,500    9,288,830 
4.01%, 01/26/40 (Call 04/25/28)(b)(c)  EUR   500    539,118 
Bain Capital Credit CLO Ltd., Series 2017-1A, Class A1R, 5.78%, 07/20/30 (Call 01/20/29), (3 mo. LIBOR US + 0.970%)(a)(b)  USD   2,904    2,879,238 
Barings CLO Ltd., 5.88%, 04/20/31 (Call 01/20/29), (3 mo. LIBOR US + 1.070%)(a)(b)  USD   550    542,438 
BDS 2021-FL9 Ltd., 5.54%, 11/16/38 (Call 09/16/25), (1 mo. LIBOR US + 1.070%)(a)(b)  USD   8,750    8,443,984 
Benefit Street Partners CLO III Ltd., Series 2013-IIIA, Class A1R2, 5.81%, 07/20/29 (Call 04/20/27), (3 mo. LIBOR US + 1.000%)(a)(b)  USD   211    210,219 
Benefit Street Partners CLO VIII Ltd., Series 2015-8A, Class A1AR, 5.91%, 01/20/31 (Call 01/20/29), (3 mo. LIBOR US + 1.100%)(a)(b)  USD   750    744,513 
Benefit Street Partners Clo XII Ltd., 5.74%, 10/15/30  (Call 10/15/28), (3 mo. LIBOR US + 0.950%)(a)(b)  USD   1,658    1,637,792 
BHG Securitization Trust, 3.75%, 06/18/35 (Call 11/17/28)(a)  USD   1,061    1,044,762 
BMW Vehicle Owner Trust, 4.83%, 12/26/24 (Call 11/25/25), (30 day SOFR + 0.520%)(b)  USD   10,700    10,701,125 
Capital One Prime Auto Receivables Trust, 2.71%, 06/16/25 (Call 03/15/26)  USD   13,063    12,902,587 
Security      Par
(000)		   Value 
             
Carlyle C17 CLO Ltd., Series C17A, Class A1AR, 5.83%, 04/30/31 (Call 10/30/28), (3 mo. LIBOR US + 1.030%)(a)(b)  USD   1,000   $988,682 
Carlyle Global Market Strategies CLO Ltd., Series 2014-1A, Class A1R2, 5.76%, 04/17/31 (Call 07/17/28), (3 mo. LIBOR US + 0.970%)(a)(b)  USD   5,234    5,131,173 
Carmax Auto Owner Trust, 3.81%, 09/15/25 (Call 12/15/25)  USD   8,567    8,501,307 
Cbam Ltd., Series 2018-7A, Class A, 5.91%, 07/20/31 (Call 01/20/29), (3 mo. LIBOR US + 1.100%)(a)(b)  USD   750    739,405 
Cedar Funding IX CLO Ltd., 5.79%, 04/20/31 (Call 01/20/29), (3 mo. LIBOR US + 0.980%)(a)(b)  USD   2,130    2,110,919 
Chesapeake Funding II LLC, Series 2020-1A, Class A2, 5.10%, 08/15/32 (Call 06/15/23), (1 mo. LIBOR US + 0.650%)(a)(b)  USD   4,590    4,588,815 
CIFC Funding Ltd.             
Series 2014-2RA, Class A1, 5.87%, 04/24/30 (Call 10/24/28), (3 mo. LIBOR US + 1.050%)(a)(b)  USD   233    231,653 
Series 2018-1A, Class A, 5.79%, 04/18/31 (Call 04/18/28), (3 mo. LIBOR US + 1.000%)(a)(b)  USD   13,000    12,888,593 
Series 2018-2A, Class A1, 5.85%, 04/20/31 (Call 01/20/29), (3 mo. LIBOR US + 1.040%)(a)(b)  USD   1,250    1,240,186 
Citibank Credit Card Issuance Trust, Series 2019-A5, Class A5, 5.13%, 04/22/26, (1 mo. LIBOR US + 0.620%)(b)  USD   40,505    40,622,464 
College Ave Student Loans LLC, Series 2021-A, Class A1, 5.61%, 07/25/51 (Call 02/25/32), (1 mo. LIBOR US + 1.100%)(a)(b)  USD   207    201,223 
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00%, 05/15/30 (Call 11/15/24)(a)  USD   4,130    3,969,084 
Diameter Capital Clo 1 Ltd., 6.03%, 07/15/36 (Call 01/15/30), (3 mo. LIBOR US + 1.240%)(a)(b)  USD   2,170    2,138,968 
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2, 0.56%, 12/11/34(a)  USD   7,324    7,109,062 
Dowson PLC             
4.35%, 01/20/29 (Call 05/20/25)(b)(c)  GBP   2,575    3,176,676 
5.18%, 01/20/29 (Call 05/20/25)(b)(c)  GBP   646    793,385 
6.13%, 08/20/29 (Call 05/20/25)(b)(c)  GBP   1,158    1,439,289 
Series 2021-2, Class A, 4.11%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 0.680%)(b)(c)  GBP   3,091    3,811,181 
Series 2021-2, Class B, 4.63%, 10/20/28 (Call 11/20/24), (Sterning Ovenight Index Average + 1.200%)(b)(c)  GBP   1,600    1,959,134 
Dryden 36 Senior Loan Fund, 5.81%, 04/15/29 (Call 10/15/27), (3 mo. LIBOR US + 1.020%)(a)(b)  USD   1,566    1,561,084 
Dryden 49 Senior Loan Fund, Series 2017-49A, Class AR, 5.74%, 07/18/30 (Call 07/18/28), (3 mo. LIBOR US + 0.950%)(a)(b)  USD   10,451    10,366,400 
Dryden 77 CLO Ltd., Series 2020-77A, Class XR, 5.68%, 05/20/34 (Call 08/20/29), (3 mo. LIBOR US + 1.000%)(a)(b)  USD   219    217,566 
Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR, 5.69%, 04/15/29 (Call 04/15/27), (3 mo. LIBOR US + 0.900%)(a)(b)  USD   14,315    14,201,760 
Dryden XXVIII Senior Loan Fund, 5.81%, 08/15/30 (Call 08/15/28), (3 mo. LIBOR US + 1.200%)(a)(b)  USD   3,319    3,306,654 
Dutch Property Finance, Series 2021-2, Class A, 3.17%, 04/28/59 (Call 04/28/26)(b)(c)  EUR   5,311    5,725,020 
Dutch Property Finance BV, 2.33%, 10/28/59 (Call 01/28/27)(b)(c)  EUR   7,956    8,598,205 

1

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Bond ETF
January 31, 2023 (Percentages shown are based on Net Assets)

 

Security      Par
(000)		   Value 
             
Elevation CLO Ltd., Series 2014-2A, Class A1R, 6.12%, 10/15/29 (Call 01/15/27), (3 mo. LIBOR US + 1.230%)(a)(b)  USD   364   $361,718 
Elvet Mortgages PLC, Series 2021-1, Class A, 3.80%, 10/22/63 (Call 10/22/26)(b)(c)  GBP   7,636    9,350,217 
Enterprise Fleet Funding LLC, Series 2021-1, Class A2, 0.44%, 12/21/26 (Call 06/20/24)(a)  USD   6,069    5,894,991 
Ford Credit Auto Owner Trust, 3.44%, 02/15/25 (Call 12/15/25)  USD   24,393    24,203,867 
Galaxy XV CLO Ltd., Series 2013-15A, Class ARR, 5.76%, 10/15/30 (Call 07/15/28), (3 mo. LIBOR US + 0.970%)(a)(b)  USD   661    650,481 
Galaxy XXVII CLO Ltd., 5.66%, 05/16/31 (Call 02/16/29)(a)(b)  USD   2,730    2,694,655 
Generate CLO 2 Ltd., 5.97%, 01/22/31 (Call 01/22/29)(a)(b)  USD   1,605    1,588,310 
Gilbert Park CLO Ltd., 5.98%, 10/15/30 (Call 01/15/28), (3 mo. LIBOR US + 1.190%)(a)(b)  USD   250    246,145 
GM Financial Automobile Leasing Trust, 2.93%, 10/21/24 (Call 11/20/24)  USD   15,324    15,135,737 
GoldenTree Loan Opportunities IX Ltd., Series 2014-9A, Class AR2, 5.91%, 10/29/29 (Call 04/29/23), (3 mo. LIBOR US + 1.110%)(a)(b)  USD   15,721    15,595,915 
HGI CRE CLO Ltd., 5.46%, 09/17/36 (Call 11/19/24), (1 mo. LIBOR US + 1.000%)(a)(b)  USD   5,380    5,188,559 
Highbridge Loan Management, Series 3A-2014, Class A1R, 5.97%, 07/18/29 (Call 07/18/28), (3 mo. LIBOR US + 1.180%)(a)(b)  USD   986    981,628 
Honda Auto Receivables Owner Trust, 3.81%, 03/18/25 (Call 10/18/25)  USD   12,396    12,283,511 
Hyundai Auto Lease Securitization Trust, 4.90%, 10/15/24 (Call 10/15/24), (30 day SOFR + 0.620%)(a)(b)  USD   19,962    19,963,271 
Hyundai Auto Receivables Trust             
3.64%, 05/15/25 (Call 05/15/26)  USD   10,808    10,720,940 
5.06%, 11/17/25 (Call 11/15/26)(b)  USD   16,463    16,505,144 
John Deere Owner Trust, 3.73%, 06/16/25 (Call 02/15/26)  USD   8,735    8,655,500 
KKR CLO 21 Ltd., 5.79%, 04/15/31 (Call 01/15/29), (3 mo. LIBOR US + 1.000%)(a)(b)  USD   5,590    5,537,303 
KREF Ltd., 5.94%, 02/17/39 (Call 01/17/26)(a)(b)  USD   5,360    5,222,835 
LCM 29 Ltd., Series 29A, Class AR, 5.86%, 04/15/31 (Call 04/15/23), (3 mo. LIBOR US + 1.070%)(a)(b)  USD   2,600    2,551,590 
Madison Park Funding XIII Ltd., Series 2014-13A, Class AR2, 5.75%, 04/19/30 (Call 07/19/26), (3 mo. LIBOR US + 0.950%)(a)(b)  USD   3,387    3,365,501 
Madison Park Funding XVII Ltd., Series 2015-17A, Class AR2, 5.82%, 07/21/30 (Call 04/21/23), (3 mo. LIBOR US + 1.000%)(a)(b)  USD   1,761    1,748,611 
Madison Park Funding XXIII Ltd., Series 2017-23A, Class AR, 5.78%, 07/27/31 (Call 01/27/28), (3 mo. LIBOR US + 0.970%)(a)(b)  USD   13,200    13,109,831 
Madison Park Funding XXVI Ltd., Series 2007-4A, Class AR, 6.00%, 07/29/30, (3 mo. LIBOR US + 1.200%)(a)(b)  USD   4,856    4,822,961 
Madison Park Funding XXXVII Ltd., 5.86%, 07/15/33 (Call 01/15/29), (3 mo. LIBOR US + 1.070%)(a)(b)  USD   1,750    1,726,216 
Mariner CLO LLC, Series 2016-3A, Class AR2, 5.81%, 07/23/29 (Call 04/23/23), (3 mo. LIBOR US + 0.990%)(a)(b)  USD   826    818,419 
Security      Par
(000)		   Value 
             
MF1 Multifamily Housing Mortgage Loan Trust, 5.57%, 07/16/36 (Call 06/16/25), (1 mo. LIBOR US + 1.100%)(a)(b)  USD   4,520   $4,392,997 
Multifamily Housing Mortgage Loan Trust, 5.66%, 02/19/37 (Call 01/17/26)(a)(b)  USD   1,860    1,808,887 
Navient Private Education Loan Trust             
Series 2017-A, Class A2B, 5.36%, 12/16/58 (Call 10/15/28), (1 mo. LIBOR US + 0.900%)(a)(b)  USD   265    264,270 
Series 2020-IA, Class A1B, 5.45%, 04/15/69 (Call 08/15/31), (1 mo. LIBOR US + 1.000%)(a)(b)  USD   5,807    5,708,109 
Navient Private Education Refi Loan Trust             
Series 2021-BA, Class A, 0.94%, 07/15/69 (Call 10/15/28)(a)  USD   5,720    4,997,371 
Series 2021-DA, Class A, 5.51%, 04/15/60 (Call 05/15/32), (PRIME - 1.990%)(a)(b)  USD   6,926    6,441,973 
Nelnet Student Loan Trust             
5.18%, 04/20/62 (Call 09/20/31), (1 mo. LIBOR US + 0.690%)(a)(b)  USD   2,781    2,715,718 
5.23%, 04/20/62 (Call 06/20/31), (1 mo. LIBOR US + 0.740%)(a)(b)  USD   5,262    5,147,456 
Series 2021-A, Class A1, 5.29%, 04/20/62 (Call 02/20/29), (1 mo. LIBOR US + 0.800%)(a)(b)  USD   6,682    6,500,832 
Series 2021-BA, Class AFL, 5.27%, 04/20/62 (Call 07/20/29), (1 mo. LIBOR US + 0.780%)(a)(b)  USD   11,605    11,386,882 
Neuberger Berman CLO Ltd., Series 2013-14A, Class AR2, 5.83%, 01/28/30 (Call 04/28/23), (3 mo. LIBOR US + 0.990%)(a)(b)  USD   479    476,473 
Neuberger Berman Loan Advisers CLO 33 Ltd., Series 2019 33A, Class AR, 5.87%, 10/16/33 (Call 10/16/28), (3 mo. LIBOR US + 1.080%)(a)(b)  USD   2,050    2,032,656 
Niagara Park Clo Ltd., 5.79%, 07/17/32 (Call 10/17/28), (3 mo. LIBOR US + 1.000%)(a)(b)  USD   2,500    2,460,165 
Nissan Auto Lease Trust, 3.45%, 08/15/24 (Call 02/15/25)  USD   12,908    12,799,879 
NLY Commercial Mortgage Trust, Series 2019-FL2, Class A, 5.76%, 02/15/36 (Call 12/15/23), (1 mo. LIBOR US + 1.300%)(a)(b)  USD   56    55,971 
OCP CLO Ltd., Series 2017-13A, 5.75%, 07/15/30 (Call 01/15/29), (3 mo. LIBOR US + 0.960%)(a)(b)  USD   3,820    3,774,200 
Octagon Investment Partners XVII Ltd., Series 2013-1A, Class A1R2, 5.82%, 01/25/31 (Call 01/25/29), (3 mo. LIBOR US + 1.000%)(a)(b)  USD   3,000    2,975,589 
OneMain Direct Auto Receivables Trust, 5.88%, 03/14/29 (Call 12/14/25)(a)(b)  USD   8,825    8,833,315 
OneMain Financial Issuance Trust, 3.84%, 05/14/32 (Call 02/14/23)(a)  USD   1,960    1,947,937 
Palmer Square CLO Ltd.             
5.80%, 10/17/31 (Call 04/19/23), (3 mo. LIBOR US + 1.000%)(a)(b)  USD   1,800    1,781,967 
Series 2015-2, 5.91%, 07/20/30 (Call 04/20/23), (3 mo. LIBOR US + 1.100%)(a)(b)  USD   3,465    3,444,384 
Series 2021-3A, Class A1, 5.94%, 01/15/35 (Call 01/15/31)(a)(b)  USD   500    490,416 
Palmer Square Loan Funding Ltd., 6.22%, 01/15/31 (Call 10/15/23)(a)(b)  USD   4,900    4,880,365 
PCL Funding V PLC, 4.18%, 10/15/25 (Call 10/15/23)(b)(c)  GBP   3,000    3,694,288 
PCL Funding VI PLC, 4.83%, 07/15/26 (Call 07/15/24)(b)(c)  GBP   6,611    8,165,854 
PFS Financing Corp., 4.88%, 02/15/26, (1 mo. SOFR + 0.600%)(a)(b)  USD   22,642    22,595,471 

2

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Bond ETF
January 31, 2023 (Percentages shown are based on Net Assets)

 

 

Security      Par
(000)		   Value 
             
Pikes Peak CLO 1, Series 2018-1A, Class A, 6.00%, 07/24/31 (Call 07/24/28), (3 mo. LIBOR US + 1.180%)(a)(b)  USD   1,500   $1,480,687 
Prodigy Finance CM2021-1 DAC, Series 2021-1A, Class A, 5.76%, 07/25/51 (Call 02/25/27), (1 mo. LIBOR US + 1.250%)(a)(b)  USD   1,200    1,174,632 
Red & Black Auto Germany 8 UG, Class B, 2.67%, 09/15/30 (Call 11/15/25)(b)(c)  EUR   400    429,726 
Red & Black Auto Italy S.r.l., Class A, 2.78%, 12/28/31 (Call 09/28/25)(b)(c)  EUR   11,348    12,323,554 
Romark WM-R Ltd., Series 2018-1A, Class A1, 5.84%, 04/20/31 (Call 01/20/29), (3 mo. LIBOR US + 1.030%)(a)(b)  USD   3,879    3,833,430 
RR 3 Ltd., Series 2018-3A, Class A1R2, 5.88%, 01/15/30 (Call 10/15/28), (3 mo. LIBOR US + 1.090%)(a)(b)  USD   2,000    1,986,645 
Santander Drive Auto Receivables Trust             
2.76%, 03/17/25 (Call 03/15/25)  USD   8,067    8,037,546 
4.05%, 07/15/25 (Call 02/15/26)  USD   5,866    5,850,153 
Satus PLC             
4.13%, 08/17/28 (Call 03/17/25), (Sterning Ovenight Index Average + 0.700%)(b)(c)  GBP   385    474,783 
4.63%, 08/17/28 (Call 03/17/25), (Sterning Ovenight Index Average + 1.200%)(b)(c)  GBP   400    488,438 
5.03%, 08/17/28 (Call 03/17/25), (Sterning Ovenight Index Average + 1.600%)(b)(c)  GBP   300    363,259 
Shackleton Clo Ltd., Series 2017-11A, 5.70%, 08/15/30 (Call 11/15/28), (3 mo. LIBOR US + 1.090%)(a)(b)  USD   2,750    2,717,390 
Shackleton CLO Ltd., Series 2015-7R, 5.94%, 07/15/31 (Call 01/15/29), (3 mo. LIBOR US + 1.150%)(a)(b)  USD   2,750    2,709,393 
Signal Peak CLO 2 LLC, Series 2015-1A, Class AR2, 5.79%, 04/20/29 (Call 04/20/23), (3 mo. LIBOR US + 0.980%)(a)(b)  USD   1,145    1,131,932 
Silver Creek CLO Ltd., 6.05%, 07/20/30 (Call 04/20/23), (3 mo. LIBOR US + 1.240%)(a)(b)  USD   5,500    5,440,229 
Silverstone Master Issuer PLC, 3.72%, 01/21/70 (Call 04/21/23)(b)(c)  GBP   3,485    4,258,349 
SLM Private Credit Student Loan Trust             
Series 2004-A, Class A3, 5.17%, 06/15/33 (Call 03/15/23), (3 mo. LIBOR US + 0.400%)(b)  USD   2,887    2,806,357 
Series 2004-B, Class A3, 5.10%, 03/15/24 (Call 12/15/23), (3 mo. LIBOR US + 0.330%)(b)  USD   1,454    1,450,359 
Series 2005-A, Class A4, 5.08%, 12/15/38 (Call 09/15/26), (3 mo. LIBOR US + 0.310%)(b)  USD   6,541    6,255,012 
Series 2005-B, Class A4, 5.10%, 06/15/39 (Call 09/15/26), (3 mo. LIBOR US + 0.330%)(b)  USD   4,622    4,400,909 
Series 2006-A, Class A5, 5.06%, 06/15/39 (Call 09/15/28), (3 mo. LIBOR US + 0.290%)(b)  USD   10,449    9,846,791 
Series 2006-B, Class A5, 5.04%, 12/15/39 (Call 12/15/27), (3 mo. LIBOR US + 0.270%)(b)  USD   7,465    6,998,715 
SMB Private Education Loan Trust             
5.45%, 06/15/37, (1 mo. LIBOR US + 1.000%)(a)(b)  USD   2,314    2,270,720 
5.73%, 02/16/55, (30 day SOFR + 1.450%)(a)(b)  USD   10,909    10,800,422 
6.08%, 10/15/58(a)(b)  USD   20,240    20,149,074 
6.13%, 05/16/50, (1 mo. SOFR + 1.850%)(a)(b)  USD   5,007    5,009,976 
Series 2017-A, Class A2B, 5.36%, 09/15/34, (1 mo. LIBOR US + 0.900%)(a)(b)  USD   8,767    8,704,376 
Sound Point Clo XV Ltd., Series 2017-1A, Class ARR, 5.72%, 01/23/29 (Call 01/23/27), (3 mo. LIBOR US + 0.900%)(a)(b)  USD   1,603    1,590,341 
Security      Par
(000)		   Value 
             
Sound Point CLO XXVIII Ltd., Series 2020 3A, Class A1, 6.10%, 01/25/32 (Call 01/25/29), (3 mo. LIBOR US + 1.280%)(a)(b)  USD   1,250   $1,224,957 
Southwick Park CLO LLC, 5.87%, 07/20/32 (Call 10/20/28), (3 mo. LIBOR US + 1.060%)(a)(b)  USD   8,760    8,654,880 
Symphony CLO XVI Ltd., Series 2015-16A, Class AR, 5.94%, 10/15/31 (Call 07/15/28), (3 mo. LIBOR US + 1.150%)(a)(b)  USD   500    493,125 
TAGUS - Sociedade de Titularizacao de             
Creditos SA/Ulisses Finance No. 2, 2.69%, 09/23/38 (Call 02/23/28)(b)(c)  EUR   11,006    11,957,883 
TCI-Symphony CLO Ltd.             
5.72%, 07/15/30 (Call 10/15/28), (3 mo. LIBOR US + 0.930%)(a)(b)  USD   7,765    7,679,947 
5.84%, 10/13/32 (Call 10/13/28), (3 mo. LIBOR US + 1.020%)(a)(b)  USD   5,235    5,164,328 
TICP CLO IX Ltd., Series 2017-9A, Class A, 5.95%, 01/20/31 (Call 10/20/28), (3 mo. LIBOR US + 1.140%)(a)(b)  USD   500    497,321 
Together Asset-Backed Securitisation PLC, 4.13%, 07/12/63 (Call 10/12/25)(b)(c)  GBP   2,123    2,582,821 
Toyota Auto Receivables Owner Trust, 5.17%, 01/15/26 (Call 10/15/26)(b)  USD   12,000    12,021,584 
Verizon Owner Trust, Series 2020-A, Class A1B, 4.76%, 07/22/24 (Call 05/20/23), (1 mo. LIBOR US + 0.270%)(b)  USD   1,003    1,002,489 
Volkswagen Auto Lease Trust, 3.02%, 10/21/24 (Call 10/20/24)  USD   18,262    18,024,500 
Voya CLO, Series 2017-2A, Class A1R, 5.77%, 06/07/30 (Call 10/15/28), (3 mo. LIBOR US + 0.980%)(a)(b)  USD   4,771    4,737,923 
Voya CLO Ltd., 5.85%, 04/15/31 (Call 01/15/29), (3 mo. LIBOR US + 1.060%)(a)(b)  USD   1,250    1,239,214 
Voya Ltd., Series 2012-4, 5.08%, 10/15/30 (Call 04/15/23), (3 mo. LIBOR US + 1.000%)(a)(b)  USD   12,629    12,530,952 
Wellfleet CLO Ltd., Series 2016-1A, Class AR, 5.72%, 04/20/28 (Call 10/20/25), (3 mo. LIBOR US + 0.910%)(a)(b)  USD   630    623,185 
Westlake Automobile Receivables Trust 3.36%, 08/15/25 (Call 02/15/26)(a)  USD   7,082    7,016,804 
Series 2021-1A, Class A2A, 0.39%, 10/15/24 (Call 09/15/24)(a)  USD   520    519,499 
              
Total Asset-Backed Securities — 20.4%             
(Cost: $843,889,953)         832,608,177 
              
Collaterized Mortgage Obligations 
              
Mortgage-Backed Securities — 6.1%             
280 Park Avenue Mortgage Trust, Series 2017-280P, Class A, 5.28%, 09/15/34 (Call 02/15/23), (1 mo. LIBOR US + 0.880%)(a)(b)  USD   12,100    11,856,720 
AREIT Trust             
5.56%, 01/16/37 (Call 01/15/25)(a)(b)  USD   1,850    1,777,462 
Series 2019-CRE3, Class A, 5.87%, 09/14/36 (Call 08/14/23), (1 mo. LIBOR US + 1.020%)(a)(b)  USD   1,408    1,382,855 
BAMLL Commercial Mortgage Securities Trust, Series 2018-DSNY, Class A, 5.31%, 09/15/34, (1 mo. LIBOR US + 0.850%)(a)(b)  USD   19,220    19,050,789 
BBCMS-TALL Mortgage Trust, Series 2018-TALL, Class A, 5.18%, 03/15/37, (1 mo. LIBOR US + 0.722%)(a)(b)  USD   8,630    8,016,236 

3

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Bond ETF
January 31, 2023 (Percentages shown are based on Net Assets)

 

Security      Par
(000)		   Value 
             
Mortgage-Backed Securities (continued)             
Brass No. 11 PLC, 3.99%, 11/16/70  GBP   5,719   $7,095,704 
BX Commercial Mortgage Trust             
5.15%, 10/15/38, (1 mo. LIBOR US + 0.690%)(a)(b)  USD   9,063    8,810,881 
5.49%, 02/15/39(a)(b)  USD   9,962    9,757,309 
Series 2019-XL, Class A, 5.51%, 10/15/36, (1 mo. LIBOR US + 0.920%)(a)(b)  USD   5,378    5,354,276 
BX Trust             
5.36%, 10/15/36, (1 mo. LIBOR US + 0.890%)(a)(b)  USD   8,520    8,246,113 
Series 2019-CALM, Class A, 5.47%, 11/15/32, (1 mo. LIBOR US + 0.876%)(a)(b)  USD   1,290    1,277,183 
Series 2021, Class A, 5.74%, 06/15/36, (1 mo. LIBOR US + 1.280%)(a)(b)  USD   2,070    1,979,089 
CEDR Commercial Mortgage Trust, 5.47%, 02/15/39(a)(b)  USD   5,410    5,038,386 
Chase Home Lending Mortgage Trust, Series 2019-ATR2, Class A11, 5.29%, 07/25/49 (Call 06/25/29), (1 mo. LIBOR US + 0.900%)(a)(b)  USD   1,124    1,078,480 
Cold Storage Trust, Series 2020-ICE5, Class A, 5.36%, 11/15/37, (1 mo. LIBOR US + 0.900%)(a)(b)  USD   1,843    1,815,398 
Credit Suisse Mortgage Capital Certificates, Series 2019-ICE4, Class A, 5.44%, 05/15/36, (1 mo. LIBOR US + 0.980%)(a)(b)  USD   6,033    6,006,501 
DBGS Mortgage Trust, Series 2018-5BP, Class A, 5.25%, 06/15/33 (Call 02/15/23), (1 mo. LIBOR US + 0.645%)(a)(b)  USD   4,200    4,042,036 
Economic Master Issuer PLC, 3.99%, 06/25/74  GBP   2,702    3,333,491 
Extended Stay America Trust, Series 2021-ESH, Class A, 5.54%, 07/15/38, (1 mo. LIBOR US + 1.080%)(a)(b)  USD   6,082    5,994,579 
Friary No. 7 PLC, 4.10%, 10/21/70 (Call 10/21/27)(b)  GBP   1,420    1,752,744 
GCT Commercial Mortgage Trust, Series 2021-GCT, Class A, 5.26%, 02/15/38, (1 mo. LIBOR US + 0.800%)(a)(b)  USD   8,600    8,039,596 
GS Mortgage Securities Corportation Trust, 5.41%, 10/15/36, (1 mo. LIBOR US + 0.950%)(a)(b)  USD   10,360    9,789,500 
Hops Hill No. 1 PLC, 4.38%, 05/27/54 (Call 05/27/24)(b)(c)  GBP   2,891    3,554,661 
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-BKWD, Class A, 5.71%, 09/15/29, (1 mo. LIBOR US + 1.000%)(a)(b)  USD   1,645    1,592,850 
JPMorgan Chase Commercial Mortgage Securities  Trust, 5.68%, 03/15/39(a)(b)  USD   5,540    5,415,208 
KNDL Mortgage Trust, Series 2019-KNSQ, Class A, 5.26%, 05/15/36, (1 mo. LIBOR US + 0.800%)(a)(b)  USD   8,533    8,473,894 
Last Mile Securities PE DAC, 2.70%, 08/17/31, (3 mo. Euribor + 0.900%)(b)(c)  EUR   3,965    4,128,928 
Med Trust, 5.41%, 11/15/38(a)(b)  USD   4,247    4,141,071 
MF1 Multifamily Housing Mortgage Loan Trust, 5.55%, 12/15/34, (SOFR + 1.070%)(a)(b)  USD   1,230    1,178,733 
MHC Commercial Mortgage Trust, 5.26%, 04/15/38, (1 mo. LIBOR US + 0.801%)(a)(b)  USD   5,925    5,819,367 
Morgan Stanley Capital I Trust             
Series 2018-BOP, Class A, 5.31%, 08/15/33, (1 mo. LIBOR US + 0.850%)(a)(b)  USD   4,330    4,120,498 
Series 2018-SUN, Class A, 5.36%, 07/15/35 (Call 07/15/23), (1 mo. LIBOR US + 0.900%)(a)(b)  USD   19,045    18,734,864 
MSCG Trust, 5.36%, 10/15/37, (1 mo. LIBOR US + 0.900%)(a)(b)  USD   4,844    4,791,953 
MTN Commercial Mortgage Trust, 5.87%, 03/15/39(a)(b)  USD   8,930    8,704,766 
Security     Par
(000)		   Value 
            
Mortgage-Backed Securities (continued)             
Ready Capital Mortgage Financing LLC, 5.96%, 01/25/37 (Call 02/25/24), (1 mo. SOFR + 1.650%)(a)(b)    USD4,560   $4,461,730 
RIAL Issuer Ltd., 6.73%, 01/19/37 (Call 06/17/24)(a)(b)    USD2,000    1,970,020 
Taurus UK DAC, 4.20%, 08/17/31 (Call 08/17/26), (SOFR + 0.950%)(b)(c)    GBP6,820    8,052,808 
TPGI Trust, Series 2021 DGWD, Class A, 5.16%, 06/15/26, (1 mo. LIBOR US + 0.700%)(a)(b)    USD6,320    6,165,665 
Vita Scientia DAC, 3.22%, 02/27/33(b)(c)    EUR9,031    9,316,168 
Wells Fargo Commercial Mortgage Trust, Series 2017-SMP, Class A, 5.33%, 12/15/34, (1 mo. LIBOR US + 0.750%)(a)(b)    USD17,280    16,100,991 
              
Total Collaterized Mortgage Obligations — 6.1%             
(Cost: $255,412,757)           248,219,503 
              
Commercial Paper             
Enel Finance America LLC             
6.09%, 08/09/23     $10,000    9,688,558 
6.17%, 09/06/23      15,000    14,459,633 
General Motors Financial Co. Inc., 5.35%, 04/13/23      12,000    11,873,040 
HSBC USA Inc., 5.25%, 08/23/23      10,000    9,711,113 
National Australia Bank Ltd., 4.59%, 03/15/23      10,000    9,945,426 
              
Total Commercial Paper — 1.4%             
(Cost: $55,895,536)           55,677,770 
              
Corporate Bonds & Notes             
              
Aerospace & Defense — 0.4%             
L3Harris Technologies Inc., 3.85%, 06/15/23 (Call 05/15/23)      14,493    14,429,080 
              
Auto Manufacturers — 8.4%             
American Honda Finance Corp.             
0.55%, 07/12/24      10,559    9,940,261 
0.88%, 07/07/23(d)      9,688    9,524,189 
5.23%, 01/12/26      10,744    10,785,042 
BMW U.S. Capital LLC             
0.80%, 04/01/24(a)      11,292    10,784,318 
4.51%, 08/12/24, (1 day SOFR + 0.380%)(a)(b)      20,811    20,665,383 
5.15%, 04/01/25, (1 day SOFR + 0.840%)(a)(b)(d)      10,827    10,800,879 
Daimler Finance North America LLC             
0.75%, 03/01/24(a)(d)      21,485    20,531,903 
1.75%, 03/10/23(a)(d)      17,650    17,594,531 
Daimler Truck Finance North America LLC, 5.20%, 01/17/25      8,695    8,739,917 
Daimler Trucks Finance North America LLC, 1.13%, 12/14/23(a)      15,000    14,499,073 
General Motors Financial Co. Inc.             
1.05%, 03/08/24      19,337    18,498,727 
4.93%, 10/15/24, (1 day SOFR + 0.620%)(b)      14,493    14,251,920 
Hyundai Capital America             
0.80%, 04/03/23(a)      17,710    17,588,332 
1.00%, 09/17/24(a)(d)      26,133    24,409,120 
Nissan Motor Acceptance Co. LLC, 1.13%, 09/16/24(a)      10,169    9,426,776 
Nissan Motor Acceptance Corp.             
1.05%, 03/08/24(a)      12,086    11,458,096 
3.88%, 09/21/23(a)(d)      3,844    3,794,662 
5.37%, 03/08/24, (3 mo. LIBOR US + 0.640%)(a)(b)(d)      4,219    4,179,679 

4

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Bond ETF
January 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Auto Manufacturers (continued)          
Stellantis NV, 5.25%, 04/15/23  $9,400   $9,379,602 
Toyota Motor Credit Corp.          
4.40%, 09/20/24(d)   7,125    7,091,000 
4.87%, 01/10/25   19,337    19,351,155 
4.96%, 12/29/23(b)   14,493    14,516,523 
Volkswagen Group of America Finance LLC          
0.88%, 11/22/23(a)(d)   22,000    21,229,644 
4.25%, 11/13/23(a)   13,000    12,892,306 
5.21%, 06/07/24(a)(b)(d)   19,465    19,447,035 
         341,380,073 
Banks — 20.6%          
Banco Santander SA          
0.70%, 06/30/24 (Call 06/30/23)(b)   21,200    20,758,616 
3.85%, 04/12/23   9,291    9,260,818 
5.93%, 04/12/23, (3 mo. LIBOR US + 1.120%)(b)   10,000    10,000,976 
Bank of America Corp.          
3.55%, 03/05/24 (Call 03/05/23), (3 mo. LIBOR US + 0.780%)(b)   29,025    28,979,962 
3.86%, 07/23/24 (Call 07/23/23), (3 mo. LIBOR US + 0.940%)(b)   10,000    9,940,043 
4.83%, 07/22/26 (Call 07/22/25)(b)   19,337    19,288,310 
Bank of Montreal          
5.33%, 06/07/25(b)(d)   18,830    18,871,013 
Series H, 4.25%, 09/14/24(d)   4,000    3,961,925 
Barclays PLC, 6.02%, 05/16/24 (Call 05/16/23),          
(3 mo. LIBOR US + 1.380%)(b)   41,000    41,069,454 
BPCE SA          
4.88%, 01/14/25, (1 day SOFR + 0.570%)(a)(b)   3,110    3,071,405 
5.98%, 09/12/23, (3 mo. LIBOR US + 1.240%)(a)(b)   15,000    15,022,440 
Canadian Imperial Bank of Commerce, 0.45%, 06/22/23   25,540    25,110,879 
Citigroup Inc.          
1.68%, 05/15/24 (Call 05/15/23), (1 day SOFR + 1.667%)(b)   14,493    14,349,849 
3.35%, 04/24/25 (Call 04/24/24), (3 mo. LIBOR US + 0.897%)(b)   10,000    9,783,970 
5.57%, 05/24/25 (Call 05/24/24), (1 day SOFR + 1.372%)(b)   21,740    21,805,611 
Deutsche Bank AG/New York NY 2.22%, 09/18/24 (Call 09/18/23), (1 day SOFR + 2.159%)(b)(d)   17,000    16,641,240 
Series E, 4.59%, 11/08/23, (1 day SOFR + 0.500%)(b)   13,790    13,748,558 
DNB Bank ASA, 5.14%, 03/28/25 (Call 03/28/24), (3 mo. LIBOR US + 0.390%)(a)(b)(d)   15,000    14,959,050 
Federation des Caisses Desjardins du Quebec, 4.62%, 05/21/24, (1 day SOFR + 0.430%)(a)(b)(d)   20,000    19,918,600 
Goldman Sachs Group Inc. (The)          
0.52%, 03/08/23(d)   24,181    24,076,063 
1.22%, 12/06/23 (Call 02/06/23)   27,924    27,062,672 
6.33%, 11/29/23, (3 mo. LIBOR US + 1.600%)(b)(d)   12,060    12,186,601 
HSBC Holdings PLC          
0.73%, 08/17/24 (Call 08/17/23), (1 day SOFR + 0.534%)(b)(d)   13,500    13,138,263 
3.60%, 05/25/23(d)   10,000    9,958,462 
5.97%, 03/11/25 (Call 03/11/24), (3 mo. LIBOR US + 1.230%)(b)(d)   13,000    12,992,260 
4.75%, 11/22/24 (Call 11/22/23), (1 day SOFR + 0.580%)(b)   6,570    6,465,621 
Security  Par
(000)		   Value 
         
Banks (continued)          
Huntington National Bank (The), 5.35%, 05/16/25 (Call 05/16/24), (1 day SOFR + 1.190%)(b)(d)  $22,900   $22,823,216 
JPMorgan Chase & Co.          
0.70%, 03/16/24 (Call 03/16/23), (1 day SOFR + 0.580%)(b)   11,571    11,503,527 
1.51%, 06/01/24 (Call 06/01/23), (1 day SOFR + 1.455%)(b)   32,498    32,109,226 
3.56%, 04/23/24 (Call 04/23/23), (3 mo. LIBOR US + 0.730%)(b)   46,881    46,707,717 
KeyBank NA/Cleveland OH, 0.43%, 06/14/24 (Call 06/14/23), (1 day SOFR + 0.320%)(b)   4,625    4,531,606 
KeyCorp, 3.88%, 05/23/25 (Call 05/23/24)(b)   6,220    6,109,259 
Mitsubishi UFJ Financial Group Inc., 5.96%, 07/18/25 (Call 07/18/24)(b)   19,100    19,187,841 
Mizuho Financial Group Inc.          
3.55%, 03/05/23(d)   20,000    19,976,336 
5.39%, 05/25/24 (Call 05/25/23), (3 mo. LIBOR US + 0.630%)(b)   10,000    9,985,812 
5.56%, 03/05/23, (3 mo. LIBOR US + 0.790%)(b)   3,000    3,001,711 
Morgan Stanley          
3.74%, 04/24/24 (Call 04/24/23), (3 mo. LIBOR US + 0.847%)(b)   19,337    19,268,822 
3.75%, 02/25/23(d)   25,000    24,975,737 
4.58%, 11/10/23 (Call 10/10/23), (1 day SOFR + 0.466%)(b)(d)   5,305    5,302,401 
4.76%, 01/25/24 (Call 12/25/23), (1 day SOFR + 0.455%)(b)   63,916    63,853,298 
National Bank of Canada, 4.57%, 08/06/24, (1 day SOFR + 0.490%)(b)(d)   8,695    8,666,828 
Natwest Group PLC, 6.27%, 06/25/24 (Call 06/25/23), (3 mo. LIBOR US + 1.550%)(b)   3,000    3,008,080 
NatWest Markets PLC, 3.48%, 03/22/25(a)   10,000    9,654,854 
Nordea Bank Abp, 5.21%, 06/06/25(a)(b)(d)   19,885    19,867,187 
Royal Bank of Canada, 5.66%, 10/25/24   9,838    10,002,896 
Sumitomo Mitsui Financial Group Inc., 5.59%, 10/16/23, (3 mo. LIBOR US + 0.800%)(b)   2,830    2,835,915 
Toronto-Dominion Bank (The), 4.29%, 09/13/24   19,667    19,505,966 
U.S. Bank NA/Cincinnati OH, 3.40%, 07/24/23 (Call 06/23/23)(d)   20,000    19,856,654 
UBS AG/London, 4.57%, 08/09/24, (1 day SOFR + 0.450%)(a)(b)   15,725    15,705,643 
Wells Fargo & Co., 3.91%, 04/25/26 (Call 04/25/25), (1 day SOFR + 1.320%)(b)   18,730    18,298,646 
         839,161,839 
Beverages — 0.5%          
Keurig Dr Pepper Inc., 0.75%, 03/15/24 (Call 03/03/23)   20,779    19,853,824 
           
Biotechnology — 0.9%          
Gilead Sciences Inc.          
0.75%, 09/29/23 (Call 02/13/23)   22,038    21,431,413 
2.50%, 09/01/23 (Call 07/01/23)(d)   4,000    3,942,830 
3.70%, 04/01/24 (Call 01/01/24)(d)   10,000    9,871,034 
         35,245,277 
Building Materials — 0.2%          
Martin Marietta Materials Inc., 0.65%, 07/15/23 (Call 03/03/23)(d)   8,488    8,315,129 

5

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Bond ETF
January 31, 2023 (Percentages shown are based on Net Assets)

 

Security  Par
(000)		   Value 
         
Chemicals — 0.2%          
International Flavors & Fragrances Inc., 3.20%, 05/01/23 (Call 02/01/23)(d)  $8,688   $8,647,037 
           
Computers — 0.2%          
Dell International LLC/EMC Corp., 5.45%, 06/15/23 (Call 04/15/23)   6,443    6,450,820 
           
Diversified Financial Services — 5.1%          
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.15%, 10/29/23(d)   35,000    33,967,496 
Air Lease Corp.          
0.80%, 08/18/24 (Call 07/18/24)   3,208    2,988,903 
3.88%, 07/03/23 (Call 06/03/23)(d)   5,358    5,328,436 
American Express Co.          
3.38%, 05/03/24   14,727    14,473,526 
3.40%, 02/22/24 (Call 01/22/24)(d)   33,841    33,308,625 
4.29%, 11/03/23, (1 day SOFR + 0.230%)(b)   6,765    6,755,899 
5.18%, 03/04/25 (Call 02/01/25), (1 day SOFR + 0.930%)(b)   8,930    8,957,753 
Aviation Capital Group LLC, 3.88%, 05/01/23 (Call 04/01/23)(a)   18,685    18,572,676 
Capital One Financial Corp.          
2.60%, 05/11/23 (Call 04/11/23)(d)   12,121    12,049,182 
4.96%, 12/06/24 (Call 12/06/23), (1 day SOFR + 0.690%)(b)   8,688    8,601,424 
5.46%, 05/09/25 (Call 05/09/24), (1 day SOFR + 1.350%)(b)(d)   21,115    20,989,122 
Charles Schwab Corp. (The), 4.82%, 03/18/24 (Call 02/18/24), (1 day SOFR + 0.500%)(b)(d)   32,170    32,177,876 
Synchrony Financial          
4.25%, 08/15/24 (Call 05/15/24)   3,133    3,073,858 
4.38%, 03/19/24 (Call 02/19/24)(d)   6,055    5,988,678 
         207,233,454 
Electric — 2.6%          
Dominion Energy Inc., Series D, 5.30%, 09/15/23 (Call 02/21/23), (3 mo. LIBOR US + 0.530%)(b)   9,793    9,805,036 
Duke Energy Corp., 4.54%, 06/10/23, (1 day SOFR + 0.250%)(b)(d)   12,947    12,933,305 
NextEra Energy Capital Holdings Inc.          
0.65%, 03/01/23   22,910    22,840,230 
4.20%, 06/20/24   6,105    6,051,266 
4.46%, 11/03/23 (Call 03/03/23), (1 day SOFR + 0.400%)(b)(d)   23,715    23,681,799 
4.78%, 03/01/23, (1 day SOFR + 0.540%)(b)(d)   5,580    5,580,158 
Southern California Edison Co., 0.70%, 04/03/23(d)   24,393    24,245,078 
         105,136,872 
Food — 0.9%          
General Mills Inc.          
3.65%, 02/15/24 (Call 11/15/23)(d)   23,385    23,071,531 
5.84%, 10/17/23, (3 mo. LIBOR US + 1.010%)(b)(d)   2,579    2,589,800 
JM Smucker Co. (The), 3.50%, 03/15/25(d)   10,149    9,874,049 
         35,535,380 
Gas — 0.2%          
Atmos Energy Corp., 0.63%, 03/09/23 (Call 02/16/23)(d)   7,875    7,842,451 
           
Health Care - Products — 1.8%          
Baxter International Inc., 4.65%, 11/29/24(b)   5,510    5,421,783 
GE Healthcare Holding LLC, 5.55%, 11/15/24(a)(d)   18,705    18,864,847 
Security  Par
(000)		   Value 
         
Health Care - Products (continued)          
Thermo Fisher Scientific Inc.          
0.80%, 10/18/23 (Call 03/03/23)(d)  $29,181   $28,353,272 
1.22%, 10/18/24 (Call 03/03/23)   8,830    8,339,463 
4.84%, 10/18/24 (Call 03/03/23), (1 day SOFR + 0.530%)(b)(d)   11,629    11,599,216 
         72,578,581 
Health Care - Services — 1.3%          
Humana Inc., 0.65%, 08/03/23 (Call 02/08/23)   54,060    52,862,858 
           
Home Builders — 0.3%          
Lennar Corp., 4.50%, 04/30/24 (Call 01/30/24)   11,500    11,424,419 
           
Household Products & Wares — 0.2%          
Avery Dennison Corp., 0.85%, 08/15/24 (Call 03/03/23)(d)   10,440    9,815,685 
           
Insurance — 0.7%          
MassMutual Global Funding II, 5.18%, 03/21/25, (1 day SOFR + 0.270%)(a)(b)   3,996    4,016,799 
Metropolitan Life Global Funding I, 5.22%, 03/21/25, (1 day SOFR + 0.910%)(a)(b)(d)   8,745    8,783,912 
New York Life Global Funding          
2.90%, 01/17/24(a)   5,000    4,907,511 
3.15%, 06/06/24(a)(d)   12,605    12,341,160 
         30,049,382 
Machinery — 0.9%          
Caterpillar Financial Services Corp.          
4.55%, 11/13/23, (1 day SOFR + 0.450%)(b)(d)   24,181    24,196,247 
5.12%, 05/15/23, (3 mo. LIBOR US + 0.510%)(b)(d)   8,708    8,714,046 
Rockwell Automation Inc., 0.35%, 08/15/23 (Call 02/13/23)(d)   3,870    3,778,264 
         36,688,557 
Manufacturing — 0.7%          
Carlisle Companies Inc., 0.55%, 09/01/23 (Call 03/03/23)(d)   8,117    7,906,194 
Parker-Hannifin Corp., 3.65%, 06/15/24   21,659    21,294,591 
         29,200,785 
Media — 0.8%          
Charter Communications Operating LLC/Charter Communications Operating Capital          
4.50%, 02/01/24 (Call 01/01/24)   9,688    9,594,583 
6.46%, 02/01/24 (Call 01/01/24), (3 mo. LIBOR US + 1.650%)(b)   17,055    17,181,467 
Sky Ltd., 3.75%, 09/16/24(a)(d)   7,910    7,774,899 
         34,550,949 
Oil & Gas — 0.4%          
Phillips 66, 0.90%, 02/15/24 (Call 03/03/23)(d)   17,906    17,163,479 
           
Pharmaceuticals — 2.8%          
Bayer U.S. Finance II LLC          
3.88%, 12/15/23 (Call 11/15/23)(a)   25,000    24,683,000 
5.78%, 12/15/23 (Call 11/15/23), (3 mo. LIBOR US + 1.010%)(a)(b)   32,500    32,578,005 
Cigna Corp.          
0.61%, 03/15/24 (Call 03/03/23)(d)   8,217    7,833,225 
3.00%, 07/15/23 (Call 05/16/23)(d)   9,688    9,601,827 
Shire Acquisitions Investments Ireland DAC, 2.88%, 09/23/23 (Call 07/23/23)   31,923    31,445,796 

6

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Bond ETF
January 31, 2023 (Percentages shown are based on Net Assets)

 

Security 
Par
(000)		   Value 
         
Pharmaceuticals (continued)          
Takeda Pharmaceutical Co. Ltd., 4.40%, 11/26/23 (Call 10/26/23)  $6,662   $6,635,683 
         112,777,536 
Pipelines — 2.6%          
Enbridge Inc.          
0.55%, 10/04/23(d)   2,688    2,607,951 
2.15%, 02/16/24   6,625    6,428,496 
4.00%, 10/01/23 (Call 07/01/23)(d)   5,805    5,764,100 
4.56%, 02/17/23, (1 day SOFR + 0.400%)(b)   3,130    3,129,862 
Energy Transfer LP          
3.60%, 02/01/23   6,400    6,400,000 
4.25%, 03/15/23 (Call 02/16/23)   6,355    6,350,043 
5.88%, 01/15/24 (Call 10/15/23)(d)   9,688    9,730,445 
Energy Transfer LP/Regency Energy Finance Corp.,          
4.50%, 11/01/23 (Call 08/01/23)(d)   18,676    18,580,349 
Kinder Morgan Energy Partners LP          
3.50%, 09/01/23 (Call 06/01/23)(d)   19,428    19,296,214 
4.30%, 05/01/24 (Call 02/01/24)(d)   4,664    4,629,820 
MPLX LP, 4.50%, 07/15/23 (Call 04/15/23)(d)   24,181    24,157,292 
         107,074,572 
Real Estate Investment Trusts — 0.5%          
American Tower Corp.          
3.38%, 05/15/24 (Call 04/15/24)(d)   14,493    14,180,211 
5.00%, 02/15/24(d)   4,844    4,841,598 
         19,021,809 
Retail — 1.8%          
7-Eleven Inc.          
0.63%, 02/10/23(a)(d)   40,909    40,866,046 
0.80%, 02/10/24 (Call 02/10/23)(a)   28,625    27,368,288 
Starbucks Corp., 4.55%, 02/14/24 (Call 02/14/23), (1 day SOFR + 0.420%)(b)(d)   4,130    4,119,921 
         72,354,255 
Semiconductors — 0.6%          
Analog Devices Inc., 4.56%, 10/01/24, (1 day SOFR + 0.250%)(b)(d)   5,025    4,963,570 
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.63%, 01/15/24 (Call 11/15/23)   16,415    16,183,078 
Broadcom Inc., 3.63%, 10/15/24 (Call 09/15/24)   4,844    4,746,045 
         25,892,693 
Software — 3.5%          
Fidelity National Information Services Inc., 0.38%, 03/01/23   30,856    30,757,466 
Fiserv Inc.          
2.75%, 07/01/24 (Call 06/01/24)   10,109    9,795,451 
3.80%, 10/01/23 (Call 09/01/23)   15,032    14,910,621 
Oracle Corp.          
2.40%, 09/15/23 (Call 07/15/23)(d)   22,220    21,865,026 
2.63%, 02/15/23(d)   20,753    20,733,977 
3.40%, 07/08/24 (Call 04/08/24)(d)   9,688    9,493,330 
VMware Inc., 0.60%, 08/15/23   36,091    35,271,218 
         142,827,089 
Telecommunications — 1.9%          
AT&T Inc.          
4.95%, 03/25/24 (Call 03/03/23), (1 day SOFR + 0.640%)(b)   21,259    21,260,042 
5.92%, 06/12/24, (3 mo. LIBOR US + 1.180%)(b)   13,882    14,029,344 
Rogers Communications Inc., 2.95%, 03/15/25 (Call 03/15/23)(a)   23,338    22,410,380 
Security  Par/
Shares
(000)		   Value 
         
Telecommunications (continued)          
Verizon Communications Inc.          
4.81%, 03/22/24, (1 day SOFR + 0.500%)(b)  $11,364   $11,339,503 
5.71%, 05/15/25 (Call 03/15/25), (3 mo. LIBOR US + 1.100%)(b)(d)   9,688    9,818,321 
         78,857,590 
Transportation — 0.7%          
Canadian Pacific Railway Co., 1.35%, 12/02/24 (Call 03/03/23)   7,727    7,261,317 
Ryder System Inc.          
3.65%, 03/18/24 (Call 02/18/24)(d)   16,965    16,667,192 
3.88%, 12/01/23 (Call 11/01/23)(d)   4,844    4,800,128 
         28,728,637 
Trucking & Leasing — 0.7%          
Penske Truck Leasing Co. LP/PTL Finance Corp.          
2.70%, 03/14/23 (Call 02/14/23)(a)(d)   9,688    9,664,112 
3.90%, 02/01/24 (Call 01/01/24)(a)   5,805    5,709,043 
4.13%, 08/01/23 (Call 07/01/23)(a)(d)   14,493    14,415,103 
         29,788,258 
           
Total Corporate Bonds & Notes — 62.4%          
(Cost: $2,568,350,293)        2,540,888,370 
           
Repurchase Agreements(b)(e)
           
Goldman Sachs & Co, 4.30%, 02/01/23 (Purchased on 01/31/23 to be repurchased at $100,011,944, collateralized by non-agency mortgage-backed security, 2.50% to 6.00%,due 06/01/32 to 01/20/53, par and fair value of $298,396,488 and $102,000,000, respectively)   100,000    100,000,000 
           
Total Repurchase Agreements — 2.5%          
(Cost: $100,000,000)        100,000,000 
           
U.S. Government Obligations
           
U.S. Government Obligations — 5.0%          
U.S. Treasury Note/Bond, 0.75%, 12/31/23   210,000    202,502,345 
           
Total U.S. Government Obligations — 5.0%          
(Cost: $202,624,442)        202,502,345 
           
Money Market Funds
           
BlackRock Cash Funds: Institutional, SL Agency Shares, 4.56%(f)(g)(h)   88,969    89,022,786 
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.18%(f)(g)   68,840    68,840,000 
           
Total Money Market Funds — 3.9%          
(Cost: $157,811,499)       157,862,786 
           
Total Investments — 101.7%          
(Cost: $4,183,984,480)        4,137,758,951 
           
Liabilities in Excess of Other Assets — (1.7)%        (67,580,957)
           
Net Assets — 100.0%       $4,070,177,994 

7

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Bond ETF
January 31, 2023  

 

(a)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.

(b)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.

(c)This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.

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

(e)Maturity date represents next reset date.

(f)Affiliate of the Fund.

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

(h)All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

 

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

Affiliated Issuer  Value at
10/31/22		   Purchases
at Cost		   Proceeds
from Sale		   Net Realized
Gain (Loss)		   Change in
Unrealized
Appreciation
(Depreciation)		   Value at
01/31/23		   Shares
Held at
01/31/23
(000)		   Income   Capital Gain
Distributions from
Underlying Funds		 
BlackRock Cash Funds: Institutional, SL Agency Shares  $77,892,775   $11,075,141(a) $—   $(133)  $55,003   $89,022,786    88,969   $72,747(b) $— 
BlackRock Cash Funds: Treasury, SL Agency Shares   190,200,000    —    (121,360,000)(a)  —    —    68,840,000    68,840    1,778,827    187 
                  $(133)  $55,003   $157,862,786        $1,851,574   $187 

 

(a)Represents net amount purchased (sold).

(b)All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

 

Derivative Financial Instruments Outstanding as of Period End

 

Forward Foreign Currency Exchange Contracts

 

Currency Purchased  Currency Sold  Counterparty  Settlement Date  Unrealized
Appreciation
(Depreciation)		 
EUR   1,269,879   USD   1,350,575   Citibank N.A.  03/15/23  $33,606 
GBP   729,317   USD   879,989   Deutsche Bank Securities Inc.  03/15/23   19,966 
USD   3,498,580   EUR   3,197,000   Citibank N.A.  03/15/23   13,818 
USD   3,534,790   EUR   3,230,000   State Street Bank and Trust Co.  03/15/23   14,058 
USD   2,820,610   GBP   2,280,000   State Street Bank and Trust Co.  03/15/23   7,160 
                      88,608 
GBP   2,558,000   USD   3,173,682   HSBC Bank PLC  03/15/23   (17,188)
USD   66,954,354   EUR   62,684,000   Deutsche Bank Securities Inc.  03/15/23   (1,371,828)
USD   56,445,407   GBP   46,310,000   Deutsche Bank Securities Inc.  03/15/23   (699,715)
USD   7,123,639   GBP   5,863,000   State Street Bank and Trust Co.  03/15/23   (111,123)
                       (2,199,854)
                      $(2,111,246)

 

8

 

 

Schedule of Investments (unaudited) (continued) BlackRock Short Maturity Bond ETF
January 31, 2023  

 

Fair Value Hierarchy as of Period End

 

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

 

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

 

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

 

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

 

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

 

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

 

   Level 1   Level 2   Level 3   Total 
Assets                
Investments                
Long-Term Investments                    
Asset-Backed Securities  $—   $832,608,177   $—   $832,608,177 
Collaterized Mortgage Obligations   —    248,219,503    —    248,219,503 
Commercial Paper   —    55,677,770    —    55,677,770 
Corporate Bonds & Notes   —    2,540,888,370    —    2,540,888,370 
Repurchase Agreements   —    100,000,000    —    100,000,000 
U.S. Government & Agency Obligations   —    202,502,345    —    202,502,345 
Short-Term Securities                    
Money Market Funds   157,862,786    —    —    157,862,786 
   $157,862,786   $3,979,896,165   $—   $4,137,758,951 
Derivative Financial Instruments(a)                    
Assets                    
Foreign Currency Exchange Contracts  $—   $88,608   $—   $88,608 
Liabilities                    
Foreign Currency Exchange Contracts   —    (2,199,854)   —    (2,199,854)
   $—   $(2,111,246)  $—    (2,111,246)

 

(a)Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

Portfolio Abbreviation

 

CLO Collateralized Loan Obligation
LIBOR London Interbank Offered Rate
SOFR Secured Overnight Financing Rate

 

Currency Abbreviations

 

EUR Euro
GBP British Pound
USD United States Dollar

 

9