N-CSR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-23402

Name of Fund: BlackRock ETF Trust

BlackRock Future Health ETF

BlackRock Future Innovators ETF

BlackRock Future Tech ETF

BlackRock U.S. Carbon Transition Readiness ETF

BlackRock U.S. Equity Factor Rotation ETF

BlackRock World ex U.S. Carbon Transition Readiness ETF

Fund Address: 100 Bellevue Parkway, Wilmington, DE 19809

Name and address of agent for service: John M. Perlowski, Chief Executive Officer, BlackRock ETF Trust, 55 East 52^nd Street, New York, NY 10055

Registrant’s telephone number, including area code: (800) 441-7762

Date of fiscal year end: 07/31/2021

Date of reporting period: 07/31/2021

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.

JULY 31, 2021

2021 Annual Report

BlackRock ETF Trust

· BlackRock Future Health ETF | BMED | NYSE Arca

· BlackRock Future Innovators ETF | BFTR | NYSE Arca

· BlackRock Future Tech ETF | BTEK | NYSE Arca

· BlackRock U.S. Carbon Transition Readiness ETF | LCTU | NYSE Arca

· BlackRock U.S. Equity Factor Rotation ETF | DYNF | NYSE Arca

· BlackRock World ex U.S. Carbon Transition Readiness ETF | LCTD | NYSE Arca

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of July 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States, along with most of the world, began the reporting period emerging from a severe recession, prompted by pandemic-related restrictions that disrupted many aspects of daily life. However, easing restrictions and robust government intervention led to a strong rebound, and the economy grew at a significant pace for the reporting period, eventually regaining the output lost from the pandemic.

Equity prices rose with the broader economy, as strong fiscal and monetary support, as well as the development of vaccines, made investors increasingly optimistic about the economic outlook. The implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets rebounded substantially.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, although investment-grade corporates declined slightly.

The Fed remained committed to accommodative monetary policy by maintaining near zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the likelihood of less bond purchasing and the possibility of higher rates in 2023.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the delta variant remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and healthcare, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and Chinese government bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit blackrock.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock Advisors, LLC

Rob Kapito

President, BlackRock Advisors, LLC

Total Returns as of July 31, 2021
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		19.19%		36.45%
U.S. small cap equities (Russell 2000® Index)		7.86		51.97
International equities (MSCI Europe, Australasia, Far East Index)		10.83		30.31
Emerging market equities (MSCI Emerging Markets Index)		(2.76)		20.64
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.02		0.08
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(0.59)		(5.12)
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)		0.21		(0.70)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		1.38		3.47
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)		3.66		10.62

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T    P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		14
Shareholder Expenses		14
Schedules of Investments		15
Financial Statements:
Statements of Assets and Liabilities		43
Statements of Operations		45
Statements of Changes in Net Assets		47
Financial Highlights		50
Notes to Financial Statements		56
Report of Independent Registered Public Accounting Firm		67
Important Tax Information (Unaudited)		68
Disclosure of Investment Advisory Agreement		69
Supplemental Information		75
Trustee and Officer Information		76
Additional Information		80
Glossary of Terms Used in this Report		82

3

Fund Summary as of July 31, 2021 BlackRock Future Health ETF

Investment Objective

The BlackRock Future Health ETF (the “Fund”) seeks to maximize total return.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		19.50	%
Fund Market		19.62
MSCI ACWI Index		30.25

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/29/20. The first day of secondary market trading was 10/1/20.

MSCI All Country World Index comprises large and mid-capitalization developed and emerging market equities.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (02/01/21)	Ending Account Value (07/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (02/01/21)	Ending Account Value (07/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,012.50	$        4.24			$        1,000.00	$        1,020.60	$        4.26		0.85	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 14 for more information.

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Fund Summary as of July 31, 2021(continued) BlackRock Future Health ETF

Portfolio Management Commentary

The stocks of innovative and emerging companies in the healthcare sector advanced during the reporting period. The medical devices and supplies sub-sector contributed the most to the Fund’s return.

Medical device companies with exposure to elective procedures benefited as a reduction on COVID-19 cases allowed hospitals to resume elective procedures. Devices used in nonemergency healthcare, like hearing aids, posted strong sales growth after pandemic-related restrictions were lifted, allowing care providers to reopen for less acute health needs. Life sciences tools and services companies also contributed meaningfully to the Fund’s performance. Contract research organizations benefited from demand for laboratory services from pharmaceuticals companies conducting research and development, particularly for coronavirus vaccine studies. The biotechnology industry contributed meaningfully, supported by regulatory approvals for several new cancer therapies and strategic collaborations for developing cancer and autoimmune treatments.

In terms of the largest individual drivers of performance, Chinese contract research organization WuXi Biologics was the largest individual stock contributor to the Fund’s return during the reporting period. The company benefited from increased demand for research and development services for coronavirus vaccine and treatment production. Switzerland-based Straumann Holding advanced amid consumer spending gains on elective procedures such as specialty dental treatments as pandemic-related restrictions were lifted. Leading individual detractors from the Fund’s return included two U.S.-based biotechnology companies. Seagen, a growth-oriented maker of antibody conjugates, was challenged by the reversal of market sentiment from growth to value. Forma Therapeutics’ stock also declined following pandemic-related delays in its clinical trial.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Biotechnology	33.0	%
Health Care Equipment & Supplies	31.7
Health Care Providers & Services	14.8
Life Sciences Tools & Services	14.7
Pharmaceuticals	3.5
Diversified Financial Services	1.7
Other (each representing less than 1%)	0.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Genmab A/S	3.7	%
Seagen Inc.	2.9
Intuitive Surgical Inc.	2.7
Straumann Holding AG	2.3
Amedisys Inc.	2.2
Teleflex Inc.	2.1
Alcon Inc.	2.1
LHC Group Inc.	2.0
Wuxi Biologics Cayman Inc.	1.9
ICON PLC	1.9

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of July 31, 2021 BlackRock Future Innovators ETF

Investment Objective

The BlackRock Future Innovators ETF (the “Fund”) seeks long-term capital appreciation.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		42.27	%
Fund Market		42.24
Russell 2500™ Growth Index		34.20

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/29/20. The first day of secondary market trading was 10/1/20.

Certain sectors and markets performed exceptionally well based on market conditions since the Fund commenced operations. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

The Russell 2500^™ Growth Index measures the performance of the small to mid-cap growth segment of the US equity universe. It includes those Russell 2500^™ companies with higher growth earning potential as defined by FTSE Russell’s leading style methodology.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (02/01/21)	Ending Account Value (07/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (02/01/21)	Ending Account Value (07/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,020.60	$        4.01			$        1,000.00	$        1,020.80	$        4.01		0.80	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 14 for more information.

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Fund Summary as of July 31, 2021(continued) BlackRock Future Innovators ETF

Portfolio Management Commentary

Stocks of innovative, small- and medium-capitalization growth companies advanced strongly for the reporting period, propelled by a recovering economy and the continuation of trends toward increasing automation. The health care sector was the leading contributor to the Fund’s return led by the biotechnology sub-sector and followed by the health care technology and pharmaceuticals sub-sectors. In health care technology, increased automation of patient check-in procedures at medical facilities, motivated in part by social distancing recommendations, drove gains among makers of platforms that manage patient intake.

Following health care, the industrials sector also contributed to the Fund’s performance. The electrical equipment industry as well as the aerospace & defense and machinery sub-sectors led returns for the sector. In addition to health care and industrials, information technology contributed to the Fund’s return, led by the software industry. The pandemic accelerated adoption of software that assists in managing office functions in an environment with many employees working online. As more businesses migrated office functions to cloud computing platforms, sales of software providing payroll and other back-office services to smaller businesses grew significantly. Semiconductors and semiconductor equipment stocks benefited from a global microchip shortage, which helped bolster profit margins at companies that provide materials for chip manufacturers.

In terms of relative performance, the Fund significantly outperformed the broader market, as represented by the Russell 2500 Growth Index. On a relative basis, the leading contributor to the Fund’s return was Plug Power, a developer of hydrogen-powered fuel-cell technologies. The company initiated ventures to develop alternative power systems for vehicles in South Korea and France and announced plans to build North America’s largest hydrogen facility in New York state. Amyris, a maker of synthetic chemicals, was another notable contributor to the Fund’s relative performance, benefiting from the economic recovery and the related rebound in consumer spending. Amyris creates and sells sustainable ingredients to use in products such as cosmetics and foods while continuing to expand its pipeline of ingredients in active development.

On the downside, Kahoot!, a company in the entertainment industry that creates educational technology platforms, detracted from the Fund’s relative performance. Slow organic growth constrained the Norwegian company, although it continued to make acquisitions during the reporting period, such as Clever, which makes educational portal software. Used car sales platform Vroom also weighed on the Fund’s relative return amid slowing revenue growth and labor constraints.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Software	18.2	%
Life Sciences Tools & Services	9.3
Semiconductors & Semiconductor Equipment	8.6
Health Care Equipment & Supplies	7.4
Health Care Technology	6.7
IT Services	6.4
Aerospace & Defense	5.0
Hotels, Restaurants & Leisure	4.6
Specialty Retail	4.1
Biotechnology	3.5
Diversified Consumer Services	3.2
Chemicals	2.9
Auto Components	2.8
Food Products	2.6
Electronic Equipment, Instruments & Components	2.1
Machinery	1.8
Building Products	1.7
Entertainment	1.6
Personal Products	1.5
Equity Real Estate Investment Trusts (REITs)	1.5
Electrical Equipment	1.2
Road & Rail	1.1
Internet & Direct Marketing Retail	1.0
Other (each representing less than 1%)	1.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Axon Enterprise Inc.	3.6	%
Avalara Inc.	3.3
Phreesia Inc.	3.1
Bio-Techne Corp.	3.0
Amyris Inc.	2.9
Entegris Inc.	2.8
Lightspeed POS Inc.	2.8
Vroom Inc.	2.8
Fox Factory Holding Corp.	2.8
Five9 Inc.	2.7

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

Fund Summary as of July 31, 2021 BlackRock Future Tech ETF

Investment Objective

The BlackRock Future Tech ETF (the “Fund”) seeks to maximize total return.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		43.68	%
Fund Market		43.76
MSCI ACWI Index		30.25

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/29/20. The first day of secondary market trading was 10/1/20.

Certain sectors and markets performed exceptionally well based on market conditions since the Fund commenced operations. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

MSCI All Country World Index comprises large and mid-capitalization developed and emerging market equities.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (02/01/21)	Ending Account Value (07/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (02/01/21)	Ending Account Value (07/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        999.20	$        4.36			$        1,000.00	$        1,020.40	$        4.41		0.88	%

^(a)  Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 14 for more information.

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Fund Summary as of July 31, 2021(continued) BlackRock Future Tech ETF

Portfolio Management Commentary

The stocks of companies developing innovative and emerging technologies in the technology sector advanced significantly during the reporting period. The semiconductors industry contributed the most to the Fund’s return, driven in part by a global shortage of semiconductors as a fast-paced economic recovery boosted demand, putting pressure on supply. The most notable contributors within the semiconductors industry were semiconductor capital equipment manufacturers that benefitted from increased investments from foundries, as well as semiconductor manufacturers tied to secular growth themes such as the build out of 5G infrastructure and the broader adoption of electric vehicles.

Internet companies were another source of strength as many companies posted strong earnings and growth on the back of increased ad spending as a result of the economic recovery. The software industry also contributed to the Fund’s return. Cloud software companies experienced considerable growth over the period as the pandemic continued to accelerate the digital transformation of enterprises from on-premise computing to cloud computing.

A position in Canadian payment software provider Lightspeed was the largest individual stock contributor to return over the period. The company benefitted from the reopening of its merchant base and an increase in payments monetization. A position in US-based social media company Snap Inc was the second largest individual stock contributor to return over the period, as the company’s flagship app, Snapchat, saw high growth in both revenue and daily active users.

A position in Japanese cloud security SaaS provider Hennge KK was the largest individual stock detractor from return over the period, as the adoption of SaaS has picked up slower than expected in Japan. A position in US-based e-commerce company ContextLogic was the second largest individual stock detractor from performance over the period. The company’s stock came under pressure as the economic restart led to a deceleration of revenue growth.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Semiconductors & Semiconductor Equipment	27.2	%
Software	24.8
IT Services	15.3
Interactive Media & Services	6.8
Internet & Direct Marketing Retail	4.9
Entertainment	4.9
Electronic Equipment, Instruments & Components	3.4
Professional Services	2.1
Automobiles	2.0
Machinery	1.6
Diversified Consumer Services	1.3
Road & Rail	1.3
Other (each representing less than 1%)	4.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Kakao Corp.	2.4	%
Lightspeed POS Inc.	2.1
Marvell Technology Inc.	2.1
Silergy Corp.	2.1
Snap Inc., Class A	1.9
Tesla Inc.	1.7
Samsung SDI Co. Ltd.	1.7
Square Inc., Class A	1.7
Shift4 Payments Inc., Class A	1.7
Enphase Energy Inc.	1.6

^(a) Excludes money market funds.

F U N D   S U M M A R Y 9

Fund Summary as of July 31, 2021 BlackRock U.S. Carbon Transition Readiness ETF

Investment Objective

The BlackRock U.S. Carbon Transition Readiness ETF (the “Fund”) seeks long-term capital appreciation by investing in large- and mid-capitalization U.S. equity securities that may be better positioned to benefit from the transition to a low-carbon economy.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		8.74	%
Fund Market		8.81
Russell 1000® Index		7.97

For the fiscal period ended 7/31/21, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was 4/6/21. The first day of secondary market trading was 4/8/21.

The Russell 1000^® Index measures the performance of the large-cap segment of the U.S. equity universe. It is a subset of the Russell 3000^® Index and includes approximately 1,000 of the largest securities based on a combination of their market capitalization and current index membership. The index represents approximately 92% of the total market capitalization of the Russell 3000^® Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

Actual						Hypothetical 5% Return
	Beginning Account Value (04/06/21)	(a)	Ending Account Value (07/31/21)	Expenses Paid During the Period	(b)		Beginning Account Value (02/01/21)	Ending Account Value (07/31/21)	Expenses Paid During the Period	(b)	Annualized Expense Ratio
	$        1,000.00		$        1,087.40	$        0.46			$        1,000.00	$        1,024.10	$        0.70		0.14	%

^(a) The beginning of the period (commencement of operations) is April 06, 2021.

^(b) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (116 days for actual and 181 days for hypothetical expenses) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of Total Investments	(a)
Information Technology	28.3	%
Health Care	13.3
Consumer Discretionary	11.9
Communication Services	10.8
Financials	10.8
Industrials	9.4
Consumer Staples	5.1
Real Estate	3.1
Materials	2.6
Energy	2.5
Utilities	2.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	5.4	%
Microsoft Corp.	5.0
Amazon.com Inc.	2.9
Facebook Inc., Class A	2.2
Alphabet Inc., Class C	2.0
Alphabet Inc., Class A	1.9
Tesla Inc.	1.4
Berkshire Hathaway Inc., Class B	1.3
JPMorgan Chase & Co.	1.2
NVIDIA Corp.	1.1

^(a) Excludes money market funds.

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Fund Summary as of July 31, 2021 BlackRock U.S. Equity Factor Rotation ETF

Investment Objective

The BlackRock U.S. Equity Factor Rotation ETF (the “Fund”) seeks to outperform the investment results of the large- and mid-capitalization U.S. equity markets by providing diversified and tactical exposure to style factors via a factor rotation model. The Fund is an actively managed exchange-traded fund and does not seek to replicate the performance of a specified index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		37.87	%		19.89	%		37.87	%		53.72	%
Fund Market		37.98			19.88			37.98			53.67
MSCI USA Index		37.70			23.99			37.70			66.23

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 3/19/19. The first day of secondary market trading was 3/21/19.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

The MSCI USA Index is designed to measure the performance of the large and mid cap segments of the US market. The index covers approximately 85% of the free float-adjusted market capitalization in the US. Effective September 23, 2019, the Fund changed its benchmark against which it measures its performance from a custom weighted index composed of the 80% MSCI USA Index / 20% MSCI USA Minimum Volatility (USD) Index to the MSCI USA Index.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (02/01/21)	Ending Account Value (07/31/21)	Expenses Paid During the Period	(a)		Beginning Account Value (02/01/21)	Ending Account Value (07/31/21)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$      1,178.50	$            1.08			$        1,000.00	$        1,023.80	$            1.00		0.20	%

^(a) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (181 days) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 14 for more information.

F U N D   S U M M A R Y 11

Fund Summary as of July 31, 2021  (continued) BlackRock U.S. Equity Factor Rotation ETF

Portfolio Management Commentary

The Fund advanced for the reporting period, driven in large part by the information technology and consumer discretionary sectors. Among information technology stocks, the software and services industry gained, buoyed by an increase in investments to support remote work. Increased adoption of cloud computing, which provides a steady revenue stream for software makers, bolstered earnings in the industry. Sales of cloud products that build and deploy applications and services grew significantly, strengthening revenues in the industry. The semiconductors and semiconductor equipment industry benefited from a global microchip shortage and higher demand for advanced graphics cards amid an increase in gaming. The technology hardware and equipment industry also advanced as continued working and studying from home boosted demand for computers, mobile devices, and technology services.

The consumer discretionary sector was supported by robust consumer spending, which was particularly beneficial for automobiles and components manufacturers and retailers. Massive fiscal stimulus payments along with an improving employment landscape drove consumer spending, particularly among electric carmakers and multiline retailers.

Financials stocks were also meaningful contributors to the Fund’s return as robust retail stock trading and strong revenues from asset management and investment banking services benefited the diversified financials industry. Healthcare stocks gained amid development and distribution of coronavirus vaccines, which drove strong returns of biotechnology and pharmaceuticals stocks.

In terms of relative performance, the Fund outperformed the broader market, as represented by the MSCI USA Index. The Fund’s actively managed factor rotation strategy seeks diversified exposure to five style factors: value, low size, momentum, quality, and minimum volatility. The Fund seeks to outperform the broader market through the efficacy of these factors, as well as by actively emphasizing exposure to the factors that BlackRock Fund Advisors believes will perform best based on forward-looking insights.

The factors benefited the Fund’s relative performance as the value, low size, and quality factors outperformed the MSCI USA Index, while the minimum volatility and momentum factors trailed the broader market. The environment for factors with high sensitivity to economic growth, such as value and low size, improved as subsiding political uncertainty following the U.S. presidential election and vaccine rollouts heightened expectations for an economic recovery. The Fund’s factor tilting contributed to relative performance, driven primarily by limited exposure to the minimum volatility factor and overweight exposure to the low size factor.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Information Technology		23.7	%
Financials		14.5
Industrials		12.2
Consumer Discretionary		12.1
Health Care		12.1
Communication Services		9.4
Consumer Staples		4.1
Real Estate		3.5
Materials		3.4
Utilities		3.0
Energy		2.0

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Tesla Inc.		2.0	%
Alphabet Inc., Class C		1.9
Alphabet Inc., Class A		1.8
Facebook Inc., Class A		1.7
Berkshire Hathaway Inc., Class B		1.6
Target Corp.		1.5
Nike Inc., Class B		1.4
Applied Materials Inc.		1.4
Bank of America Corp.		1.4
PayPal Holdings Inc.		1.4

12 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of July 31, 2021 BlackRock World ex U.S. Carbon Transition Readiness ETF

Investment Objective

The BlackRock World ex U.S. Carbon Transition Readiness ETF (the “Fund”) seeks long-term capital appreciation by investing in large- and mid-capitalization World ex U.S. equity securities that may be better positioned to benefit from the transition to a low-carbon economy.

Performance

	Cumulative Total Returns
	Since Inception
Fund NAV		4.77	%
Fund Market		5.01
MSCI World ex USA Index		4.54

For the fiscal period ended 7/31/21, the Fund did not have six months of performance and therefore line graphs are not presented.

The inception date of the Fund was 4/6/21. The first day of secondary market trading was 4/8/21.

The MSCI World ex USA Index captures large- and mid-cap representation across certain developed markets countries, excluding the United States. The index covers approximately 85% of the free float-adjusted market capitalization in each country.

Past performance is no guarantee of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” on page 14 for more information.

Expense Example

Actual

Hypothetical 5% Return

Beginning Account Value (04/06/21)

(a)

Ending Account Value (07/31/21)

Expenses Paid During the Period

(b)

Beginning Account Value (02/01/21)

Ending Account Value (07/31/21)

Expenses Paid During the Period

(b)

Annualized Expense Ratio

$        1,000.00

$        1,047.70

$            0.65

$      1,000.00

$      1,023.80

$            1.00

0.20%

^(a) The beginning of the period (commencement of operations) is April 06, 2021.

^(b) Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (116 days for actual and 181 days for hypothetical expenses) and divided by the number of days in the year (365 days). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Shareholder Expenses” on page 14 for more information.

Portfolio Information

ALLOCATION BY SECTOR

Sector	Percent of    Total Investments(a)
Financials		17.8	%
Industrials		15.5
Consumer Discretionary		11.4
Health Care		11.3
Consumer Staples		9.9
Information Technology		9.8
Materials		8.8
Communication Services		4.8
Energy		4.4
Utilities		3.5
Real Estate		2.8

^(a) Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION

Country/Geographic Region	Percent of    Total Investments(a)
Japan		20.6	%
United Kingdom		11.3
Canada		10.2
France		9.5
Switzerland		9.1
Germany		8.1
Australia		7.2
Netherlands		5.1
Sweden		4.2
Denmark		2.8

F U N D   S U M M A R Y 13

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at blackrock.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined by using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

14 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments July 31, 2021 BlackRock Future Health ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Biotechnology — 30.8%
Acceleron Pharma Inc.(a)(b)		946	$	118,307
Acumen Pharmaceuticals Inc., NVS		502		7,771
Agios Pharmaceuticals Inc.(a)		1,106		53,187
Akeso Inc.(a)(c)		3,000		19,959
Allakos Inc.(a)		563		44,792
Alnylam Pharmaceuticals Inc.(a)		695		124,363
ALX Oncology Holdings Inc.(a)		162		9,487
Ambrx Biopharma Inc., ADR		322		6,295
Annexon Inc.(a)		460		9,688
Apellis Pharmaceuticals Inc.(a)		427		27,324
Applied Molecular Transport Inc.(a)(b)		416		11,660
Argenx SE, ADR(a)		302		91,938
Arrowhead Pharmaceuticals Inc.(a)		214		14,828
Beam Therapeutics Inc.(a)		82		7,544
BioAtla Inc.(a)		325		13,322
Biohaven Pharmaceutical Holding Co. Ltd.(a)		258		32,511
BioMarin Pharmaceutical Inc.(a)		505		38,749
Biomea Fusion Inc.(a)		1,181		15,577
Blueprint Medicines Corp.(a)		191		16,783
Bridgebio Pharma Inc.(a)		561		29,985
C4 Therapeutics Inc.(a)		854		36,842
CareDx Inc.(a)		571		47,987
Connect Biopharma Holdings Ltd.(a)		159		3,500
Cytokinetics Inc.(a)		648		19,233
Decibel Therapeutics Inc.(a)		353		2,520
Deciphera Pharmaceuticals Inc.(a)		206		6,281
Design Therapeutics Inc.(a)		183		2,833
Dicerna Pharmaceuticals Inc.(a)		1,007		37,773
Enanta Pharmaceuticals Inc.(a)		188		7,943
Fate Therapeutics Inc.(a)		123		10,184
Genetron Holdings Ltd., ADR(a)(b)		2,443		34,691
Genmab A/S(a)		548		247,684
Genmab A/S, ADR(a)		1,730		77,954
Global Blood Therapeutics Inc.(a)		854		23,340
Gritstone bio Inc.(a)		715		4,776
Horizon Therapeutics PLC(a)		526		52,610
Icosavax Inc., NVS		1,548		38,468
Ideaya Biosciences Inc.(a)		804		19,698
Imago Biosciences Inc., NVS(a)		288		5,276
Immuneering Corp., Cass A, NVS		168		2,955
Immunocore Holdings PLC(a)		140		4,581
Kadmon Holdings Inc.(a)		5,670		21,319
Keros Therapeutics Inc.(a)		532		19,578
Kinnate Biopharma Inc.(a)(b)		633		13,660
Kodiak Sciences Inc.(a)		192		16,097
Krystal Biotech Inc.(a)		256		14,961
Kymera Therapeutics Inc.(a)		681		40,983
Mirati Therapeutics Inc.(a)		227		36,334
Monte Rosa Therapeutics Inc.(a)		344		8,435
Morphic Holding Inc.(a)		222		12,792
Natera Inc.(a)		862		98,716
Nkarta Inc.(a)		319		10,131
Olema Pharmaceuticals Inc.(a)		573		13,454
Omega Therapeutics Inc., NVS		276		4,416
ORIC Pharmaceuticals Inc.(a)		493		8,208
PMV Pharmaceuticals Inc.(a)		1,185		40,302
Prometheus Biosciences Inc.(a)		710		14,889
Prothena Corp. PLC(a)		910		45,591

Security	Shares		Value
Biotechnology (continued)
PTC Therapeutics Inc.(a)		547	$	20,966
RAPT Therapeutics Inc.(a)		473		14,507
Relay Therapeutics Inc.(a)		139		4,509
Rubius Therapeutics Inc.(a)		369		7,930
Seagen Inc.(a)		1,252		192,044
Talaris Therapeutics Inc.(a)		287		3,963
Taysha Gene Therapies Inc.(a)(b)		449		7,763
TCR2 Therapeutics Inc.(a)		573		7,128
Tenaya Therapeutics Inc., NVS		354		5,434
Translate Bio Inc.(a)		826		22,831
TScan Therapeutics Inc., NVS(a)		350		3,395
United Therapeutics Corp.(a)		149		27,108
Zai Lab Ltd., ADR(a)		486		70,280
Zentalis Pharmaceuticals Inc.(a)		571		30,383
				2,219,306
Diversified Financial Services — 1.6%
DA32 Life Science Tech Acquisition Corp., Class A, NVS(a)		3,181		31,810
Eucrates Biomedical Acquisition Corp.		1,857		18,087
Health Assurance Acquisition Corp., Class A(a)		2,816		27,484
Helix Acquisition Corp., Class A		445		4,441
Lifesci Acquisition II Corp.(a)		1,515		14,999
MedTech Acquisition Corp./NY, Class A(a)		1,908		18,508
				115,329
Electronic Equipment, Instruments & Components — 0.3%
908 Devices Inc.(a)		648		20,250
Health Care Equipment & Supplies — 29.6%
ABIOMED Inc.(a)		202		66,082
Alcon Inc.(b)		1,954		142,251
ConvaTec Group PLC(c)		11,764		38,738
Cooper Companies Inc. (The)		264		111,347
Demant A/S(a)		1,039		63,501
DENTSPLY SIRONA Inc.		1,330		87,833
Dexcom Inc.(a)		129		66,501
Edwards Lifesciences Corp.(a)		704		79,038
GN Store Nord A/S		409		35,842
Hill-Rom Holdings Inc.		365		50,538
Insulet Corp.(a)		357		99,849
Intuitive Surgical Inc.(a)		186		184,412
Masimo Corp.(a)		468		127,478
Nevro Corp.(a)		628		97,340
Novocure Ltd.(a)		55		8,471
NuVasive Inc.(a)		343		21,935
Nyxoah SA, NVS		1,368		44,357
Penumbra Inc.(a)		137		36,473
Pulmonx Corp.(a)		245		9,717
ResMed Inc.		456		123,941
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		600		36,354
SI-BONE Inc.(a)		341		10,346
Sonova Holding AG, Registered		180		70,674
STERIS PLC		348		75,847
Straumann Holding AG, Registered		83		153,883
Tandem Diabetes Care Inc.(a)		346		37,600
Teleflex Inc.		362		143,870
Zimmer Biomet Holdings Inc.		657		107,367
				2,131,585
Health Care Providers & Services — 13.8%
Addus HomeCare Corp.(a)		111		9,634
agilon health Inc.(a)(b)		634		23,325

S C H E D U L E   O F   I N V E S T M E N T S 15

Schedule of Investments  (continued) July 31, 2021 BlackRock Future Health ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Alignment Healthcare Inc.(a)		780	$	16,247
Amedisys Inc.(a)		580		151,160
Amplifon SpA		1,620		80,003
Cardinal Health Inc.		913		54,214
Centene Corp.(a)		963		66,071
Chemed Corp.		60		28,561
Cigna Corp.		310		71,142
Encompass Health Corp.		1,040		86,580
Guardant Health Inc.(a)		305		33,489
Humana Inc.		204		86,875
Innovage Holding Corp.(a)		182		3,069
Jinxin Fertility Group Ltd.(c)		50,000		93,969
LHC Group Inc.(a)		622		133,842
LifeStance Health Group Inc.(a)		877		20,785
Privia Health Group Inc.(a)		297		12,325
Rede D’Or Sao Luiz SA(c)		1,944		25,755
				997,046
Health Care Technology — 0.3%
Doximity Inc., Class A(a)		211		13,061
Sophia Genetics SA, NVS		619		9,687
				22,748
Life Sciences Tools & Services — 13.7%
Avantor Inc.(a)		1,923		72,266
Bruker Corp.		487		40,056
Charles River Laboratories International Inc.(a)		227		92,371
Cytek Biosciences Inc., NVS(a)		1,786		39,614
Gerresheimer AG		689		71,941
ICON PLC		529		128,690
Illumina Inc.(a)		88		43,626
IQVIA Holdings Inc.(a)		363		89,915
Joinn Laboratories China Co. Ltd., Class H(c)		840		14,059
Lonza Group AG, Registered		90		70,076
Olink Holding AB, ADR(a)		63		2,354
Rapid Micro Biosystems Inc., Cass A, NVS(a)		241		5,348
Sotera Health Co.(a)		2,797		66,289
WuXi AppTec Co. Ltd., Class H(c)		5,500		121,909
Wuxi Biologics Cayman Inc., New(a)(c)		8,500		129,831
				988,345
Pharmaceuticals — 3.3%
Astellas Pharma Inc.		2,500		39,819
Eisai Co. Ltd.		500		41,126
Marinus Pharmaceuticals Inc.(a)		1,183		17,390
Merck KGaA		199		40,736

Security	Shares		Value
Pharmaceuticals (continued)
Nektar Therapeutics, Class A(a)		890	$	14,053
UCB SA		749		81,010
				234,134
Total Common Stocks — 93.4% (Cost: $5,518,025)				6,728,743
Warrants
Diversified Financial Services — 0.0%
Eucrates Biomedical Acquisition Corp., (Expires 12/14/25)		619		520
Health Assurance Acquisition Corp., (Expires 11/12/25)		704		979
MedTech Acquisition Corp./NY, (Expires 12/18/25)		636		573
				2,072
Total Warrants — 0.0% (Cost: $4,671)				2,072
Short-Term Investments
Money Market Funds — 8.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f)		185,189		185,281
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		430,000		430,000
				615,281
Total Short-Term Investments — 8.5% (Cost: $615,281)				615,281
Total Investments in Securities — 101.9% (Cost: $6,137,977)				7,346,096
Other Assets, Less Liabilities — (1.9)%				(137,517	)
Net Assets — 100.0%			$	7,208,579

^(a)  Non-income producing security.

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

^(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)  Affiliate of the Fund.

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

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

16 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) July 31, 2021 BlackRock Future Health ETF

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 09/29/20	(a)		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		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	185,326	(b)	$	—	$	(45	)	$	—	$	185,281	185,189	$	604	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			430,000	(b)		—		—			—		430,000	430,000		45			—
									$	(45	)	$	—	$	615,281		$	649		$	—

^(a)  The Fund commenced operations on September 29, 2020.

^(b)  Represents net amount purchased (sold).

^(c)  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.

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 the Notes to 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
Common Stocks	$	5,316,367	$	1,412,376	$	—	$	6,728,743
Warrants		2,072		—		—		2,072
Money Market Funds		615,281		—		—		615,281
	$	5,933,720	$	1,412,376	$	—	$	7,346,096

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N  T S 17

Schedule of Investments July 31, 2021 BlackRock Future Innovators ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 5.0%
Axon Enterprise Inc.(a)		4,452	$	828,161
HEICO Corp.		2,393		323,653
				1,151,814
Auto Components — 2.8%
Fox Factory Holding Corp.(a)		3,944		637,114
Beverages — 0.5%
Celsius Holdings Inc.(a)(b)		1,735		119,073
Biotechnology — 3.5%
Halozyme Therapeutics Inc.(a)		8,474		350,230
Invitae Corp.(a)(b)		6,687		187,169
Natera Inc.(a)		2,324		266,145
				803,544
Building Products — 1.7%
AZEK Co. Inc. (The), Class A(a)		10,678		388,359
Chemicals — 2.9%
Amyris Inc.(a)		45,053		656,873
Diversified Consumer Services — 3.2%
Bright Horizons Family Solutions Inc.(a)(b)		2,014		301,093
Chegg Inc.(a)		4,854		430,210
Duolingo Inc.(a)		74		10,379
				741,682
Electrical Equipment — 1.2%
Shoals Technologies Group Inc., Class A(a)		9,732		283,104
Electronic Equipment, Instruments & Components — 2.1%
908 Devices Inc.(a)		8,021		250,656
Halma PLC		5,937		238,317
				488,973
Entertainment — 1.6%
Kahoot! ASA(a)		84,695		376,927
Equity Real Estate Investment Trusts (REITs) — 1.5%
Innovative Industrial Properties Inc.		898		193,061
Rexford Industrial Realty Inc.		2,346		144,326
				337,387
Food Products — 2.6%
Freshpet Inc.(a)		3,891		569,837
Vital Farms Inc.(a)		1,897		33,027
				602,864
Health Care Equipment & Supplies — 7.4%
Eargo Inc.(a)		9,406		338,616
Inmode Ltd.(a)		2,479		281,788
Masimo Corp.(a)		2,239		609,881
Outset Medical Inc.(a)		6,773		277,422
Pulmonx Corp.(a)		4,705		186,600
				1,694,307
Health Care Providers & Services — 0.7%
Guardant Health Inc.(a)		1,372		150,646
Health Care Technology — 6.7%
Certara Inc.(a)		11,836		322,058
Doximity Inc., Class A(a)		648		40,111
Health Catalyst Inc.(a)		8,030		466,222
Phreesia Inc.(a)		10,527		719,520
				1,547,911

Security	Shares		Value
Hotels, Restaurants & Leisure — 4.6%
Penn National Gaming Inc.(a)(b)		6,218	$	425,187
Planet Fitness Inc., Class A(a)		4,563		343,275
Wingstop Inc.		1,627		278,721
				1,047,183
Internet & Direct Marketing Retail — 1.0%
Fiverr International Ltd.(a)		947		235,718
IT Services — 6.4%
Globant SA(a)		1,890		452,012
Marqeta Inc., Class A(a)		6,438		172,732
MongoDB Inc., Class A(a)		961		344,922
Nuvei Corp.(a)(c)		1,374		112,874
Wix.com Ltd.(a)		1,288		384,648
				1,467,188
Life Sciences Tools & Services — 9.3%
10X Genomics Inc., Class A(a)		3,347		613,271
Bio-Techne Corp.		1,415		682,369
Olink Holding AB, ADR(a)(b)		4,941		184,645
Repligen Corp.(a)		1,823		447,911
Seer Inc., Class A(a)		6,956		222,175
				2,150,371
Machinery — 1.8%
Chart Industries Inc.(a)(b)		2,650		411,942
Personal Products — 1.5%
Honest Co. Inc. (The)(a)(b)		24,321		349,493
Road & Rail — 1.1%
Saia Inc.(a)		1,133		256,058
Semiconductors & Semiconductor Equipment — 8.6%
Brooks Automation Inc.		2,926		260,443
Cree Inc.(a)(b)		1,736		161,031
Entegris Inc.		5,321		641,925
Lattice Semiconductor Corp.(a)		5,074		287,950
Monolithic Power Systems Inc.		1,396		627,167
				1,978,516
Software — 18.2%
8x8 Inc.(a)		4,725		120,771
Avalara Inc.(a)		4,475		748,086
Bill.com Holdings Inc.(a)		2,743		567,307
Blackline Inc.(a)		2,666		304,964
Five9 Inc.(a)		3,140		632,051
Lightspeed POS Inc.(a)(b)		7,495		641,047
nCino Inc.(a)(b)		6,277		399,029
Paylocity Holding Corp.(a)		2,814		583,792
Q2 Holdings Inc.(a)		946		97,731
Vonage Holdings Corp.(a)		6,866		97,909
				4,192,687
Specialty Retail — 4.1%
Leslie’s Inc.(a)		12,928		314,797
Vroom Inc.(a)		17,243		638,681
				953,478
Total Common Stocks — 100.0% (Cost: $21,085,640)				23,023,212

18 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) July 31, 2021 BlackRock Future Innovators ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Investments
Money Market Funds — 13.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f)		3,152,840	$	3,154,417
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		50,000		50,000
				3,204,417
Total Short-Term Investments — 13.9% (Cost: $3,204,417)				3,204,417
Total Investments in Securities — 113.9% (Cost: $24,290,057)				26,227,629
Other Assets, Less Liabilities — (13.9)%				(3,202,850	)
Net Assets — 100.0%			$	23,024,779

^(a)  Non-income producing security.

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

^(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)  Affiliate of the Fund.

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

^(f)  All or a portion of this security was purchased with cash collateral received from loaned securities.

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 09/29/20	(a)		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		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	3,154,584	(b)	$	—	$	(167	)	$	—	$	3,154,417	3,152,840	$	3,415	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			50,000	(b)		—		—			—		50,000	50,000		7			—
									$	(167	)	$	—	$	3,204,417		$	3,422		$	—

^(a) The Fund commenced operations on September 29, 2020.

^(b)  Represents net amount purchased (sold).

^(c) 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.

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 the Notes to 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
Common Stocks	$	22,407,968	$	615,244	$	—	$	23,023,212
Money Market Funds		3,204,417		—		—		3,204,417
	$	25,612,385	$	615,244	$	—	$	26,227,629

See notes to financial statements.

S C H E D U L E  O F  I N V E S T M E N  T S 19

Schedule of Investments July 31, 2021 BlackRock Future Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Automobiles — 2.0%
Arrival SA(a)		4,606	$	59,279
Tesla Inc.(a)(b)		498		342,226
				401,505
Diversified Consumer Services — 1.2%
Chegg Inc.(b)		2,702		239,478
Duolingo Inc.(b)		89		12,482
				251,960
Diversified Telecommunication Services — 0.6%
Bandwidth Inc., Class A(b)		985		127,715
Electrical Equipment — 0.4%
Shoals Technologies Group Inc., Class A(b)		2,886		83,954
Electronic Equipment, Instruments & Components — 3.2%
Cognex Corp.		1,635		147,820
II-VI Inc.(a)(b)		2,433		169,848
Samsung SDI Co. Ltd.		530		342,136
				659,804
Entertainment — 4.7%
Bilibili Inc., ADR(a)(b)		2,754		235,687
NCSoft Corp.		166		119,059
Roku Inc.(b)		714		305,813
Take-Two Interactive Software Inc.(b)		794		137,696
Zynga Inc., Class A(b)		15,016		151,662
				949,917
Health Care Providers & Services — 0.7%
agilon health Inc.(a)(b)		3,953		145,431
Health Care Technology — 0.2%
Doximity Inc., Class A(a)(b)		730		45,187
Hotels, Restaurants & Leisure — 0.8%
Expedia Group Inc.(b)		1,047		168,431
Interactive Media & Services — 6.6%
Acast AB		14,809		53,329
Bumble Inc., Class A(b)		1,742		88,633
Eventbrite Inc., Class A(a)(b)		5,853		104,008
Kakao Corp.		3,601		460,982
Kanzhun Ltd.(b)		1,800		62,010
Snap Inc., Class A, NVS(b)		5,007		372,621
ZoomInfo Technologies Inc., Class A(b)		3,518		189,092
				1,330,675
Internet & Direct Marketing Retail — 4.7%
Delivery Hero SE(b)(c)		1,364		203,908
Farfetch Ltd., Class A(b)		4,947		247,943
MercadoLibre Inc.(b)		151		236,874
Ozon Holdings PLC, ADR(b)		5,015		261,833
				950,558
IT Services — 14.7%
Adyen NV(b)(c)		71		192,413
Affirm Holdings Inc.(a)(b)		287		16,164
Dlocal Ltd./Uruguay(a)		2,727		123,097
Endava PLC, ADR(b)		2,096		269,588
GMO Payment Gateway Inc.		1,400		179,966
Locaweb Servicos de Internet SA(c)		54,736		261,791
MongoDB Inc., Class A(a)(b)		609		218,582
Okta Inc.(a)(b)		862		213,595
Pagseguro Digital Ltd., Class A(a)		3,423		189,771

Security	Shares		Value
IT Services (continued)
Paymentus Holdings Inc., Class A(b)		2,175	$	63,075
Shift4 Payments Inc., Class A(b)		3,636		324,295
Square Inc., Class A(b)		1,351		334,048
StoneCo Ltd., Class A		2,942		173,107
Twilio Inc., Class A(b)		791		295,510
Wix.com Ltd.(b)		459		137,076
				2,992,078
Machinery — 1.6%
Airtac International Group		3,000		96,946
Berkshire Grey Inc., Class A(a)		10,287		97,315
Hiwin Technologies Corp.		11,000		126,566
				320,827
Multiline Retail — 0.8%
Magazine Luiza SA		41,235		163,095
Professional Services — 2.1%
CoStar Group Inc.(b)		1,681		149,357
Legalzoomcom Inc.		3,597		132,298
TransUnion		1,158		139,029
				420,684
Road & Rail — 1.2%
Lyft Inc., Class A(b)		3,299		182,501
TuSimple Holdings Inc., Class A(b)		1,705		62,744
				245,245
Semiconductors & Semiconductor Equipment — 26.2%
Alphawave IP Group PLC		22,896		135,704
Ambarella Inc.(b)		1,398		137,689
Andes Technology Corp.		8,000		164,951
ASM International NV		654		232,111
BE Semiconductor Industries NV		2,702		237,124
Canadian Solar Inc.(a)(b)		1,998		80,420
Cree Inc.(a)(b)		2,361		219,006
Enphase Energy Inc.(b)		1,644		311,702
Entegris Inc.		2,235		269,630
KLA Corp.		463		161,198
Lasertec Corp.		1,600		300,371
Lattice Semiconductor Corp.(b)		4,819		273,478
MACOM Technology Solutions Holdings Inc.(a)(b)		3,026		186,765
Marvell Technology Inc.		6,851		414,554
Monolithic Power Systems Inc.		619		278,092
Nordic Semiconductor ASA(b)		6,316		206,816
ON Semiconductor Corp.(b)		5,364		209,518
Qorvo Inc.(b)		1,190		225,612
Silergy Corp.		3,000		407,054
SkyWater Technology Inc.(b)		3,489		60,220
SOITEC(b)		1,150		275,710
Tower Semiconductor Ltd.		4,257		118,557
Ultra Clean Holdings Inc.(b)		4,888		264,001
Will Semiconductor Co. Ltd. Shanghai, Class A		3,200		150,090
				5,320,373
Software — 23.9%
Alkami Technology Inc.(b)		443		13,861
Altium Ltd.		7,295		182,193
AppLovin Corp., Class A(a)(b)		1,758		108,064
Atlassian Corp. PLC, Class A(b)		817		265,623
Avalara Inc.(a)(b)		1,147		191,744
Bill.com Holdings Inc.(a)(b)		546		112,924
Cloudflare Inc., Class A(b)		1,741		206,535
Confluent Inc., Class A(b)		1,779		69,719

20 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments(continued) July 31, 2021 BlackRock Future Tech ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Coupa Software Inc.(b)		540	$	117,180
Crowdstrike Holdings Inc., Class A(b)		1,013		256,907
CS Disco Inc.(b)		2,604		107,623
Dolby Laboratories Inc., Class A		1,592		154,583
Elastic NV(b)		1,246		184,483
Five9 Inc.(b)		1,253		252,216
Freee KK(b)		2,000		171,679
Glodon Co. Ltd., Class A		11,871		116,049
Latch Inc.(b)		11,491		153,175
Lightspeed POS Inc.(b)		4,896		419,237
Ming Yuan Cloud Group Holdings Ltd.		40,000		149,577
Olo Inc., Class A(b)		1,536		53,868
Plaid Inc.(b)		2,700		60,773
Procore Technologies Inc.(b)		439		45,340
Rakus Co. Ltd.		8,700		244,899
Synopsys Inc.(b)		830		239,032
Trade Desk Inc. (The), Class A(b)		2,076		170,045
Tuya Inc.(b)		2,630		52,284
Unity Software Inc.(b)		1,681		180,069
Xero Ltd.(b)		1,855		192,461
Zendesk Inc.(b)		1,256		163,946
Zscaler Inc.(b)		905		213,499
				4,849,588
Specialty Retail — 0.7%
Vroom Inc.(a)(b)		3,958		146,604
Total Common Stocks — 96.3% (Cost: $16,557,719)				19,573,631

Security	Shares		Value
Short-Term Investments
Money Market Funds — 19.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(d)(e)(f)		2,978,631	$	2,980,120
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(d)(e)		870,000		870,000
				3,850,120
Total Short-Term Investments — 19.0% (Cost: $3,850,120)				3,850,120
Total Investments in Securities — 115.3% (Cost: $20,407,839)				23,423,751
Other Assets, Less Liabilities — (15.3)%				(3,104,931	)
Net Assets — 100.0%			$	20,318,820

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

^(b) Non-income producing security.

^(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) Affiliate of the Fund.

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

^(f) All or a portion of this security was purchased with cash collateral received from loaned securities.

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 09/29/20	(a)		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		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	2,980,293	(b)	$	—	$	(173	)	$	—	$	2,980,120	2,978,631	$	11,425	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			870,000	(b)		—		—			—		870,000	870,000		26			—
									$	(173	)	$	—	$	3,850,120		$	11,451		$	—

^(a)  The Fund commenced operations on September 29, 2020.

^(b) Represents net amount purchased (sold).

^(c) 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.

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 the Notes to Financial Statements.

S C H E D U L E    O F    I N V E S T  M E N T S 21

Schedule of Investments  (continued) July 31, 2021 BlackRock Future Tech ETF

Fair Value Measurements (continued)

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
Common Stocks	$	14,759,797	$	4,813,834	$	—	$	19,573,631
Money Market Funds		3,850,120		—		—		3,850,120
	$	18,609,917	$	4,813,834	$	—	$	23,423,751

See notes to financial statements.

22 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments July 31, 2021 BlackRock U.S. Carbon Transition Readiness ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
Axon Enterprise Inc.(a)		2,061	$	383,387
Howmet Aerospace Inc.(a)		32,654		1,071,704
L3Harris Technologies Inc.		19,142		4,340,257
Raytheon Technologies Corp.		69,812		6,070,154
				11,865,502
Air Freight & Logistics — 0.9%
CH Robinson Worldwide Inc.		28,150		2,510,136
Expeditors International of Washington Inc.		31,528		4,043,466
United Parcel Service Inc., Class B		29,276		5,602,255
				12,155,857
Airlines — 0.2%
Alaska Air Group Inc.(a)		27,024		1,568,203
American Airlines Group Inc.(a)		32,654		665,488
Southwest Airlines Co.(a)		16,890		853,283
				3,086,974
Auto Components — 0.4%
Aptiv PLC(a)		27,024		4,508,955
BorgWarner Inc.		20,900		1,023,682
Lear Corp.		2,252		394,055
QuantumScape Corp., Class A(a)(b)		9,008		206,373
				6,133,065
Automobiles — 1.5%
Ford Motor Co.(a)		38,284		534,062
General Motors Co.(a)		45,040		2,560,074
Tesla Inc.(a)		27,596		18,963,971
				22,058,107
Banks — 3.8%
Bank of America Corp.		276,213		10,595,531
Citigroup Inc.		74,056		5,007,667
Citizens Financial Group Inc.		14,638		617,138
Comerica Inc.		3,722		255,553
East West Bancorp. Inc.		2,401		170,831
Fifth Third Bancorp		29,626		1,075,128
First Republic Bank/CA		5,619		1,095,817
Huntington Bancshares Inc./OH		34,906		491,476
JPMorgan Chase & Co.		107,134		16,260,799
KeyCorp		32,654		641,978
M&T Bank Corp.		4,504		602,860
PNC Financial Services Group Inc. (The)		15,136		2,760,958
Regions Financial Corp.		28,150		541,887
Signature Bank/New York NY		2,252		511,136
SVB Financial Group(a)		2,567		1,411,747
Truist Financial Corp.		49,939		2,718,180
U.S. Bancorp		51,322		2,850,424
Wells Fargo & Co.		146,380		6,724,697
				54,333,807
Beverages — 1.8%
Coca-Cola Co. (The)		215,564		12,293,615
Constellation Brands Inc., Class A		7,741		1,736,616
Molson Coors Beverage Co., Class B(a)		43,914		2,146,955
PepsiCo Inc.		58,461		9,175,454
				25,352,640
Biotechnology — 2.3%
AbbVie Inc.		59,678		6,940,551
Alnylam Pharmaceuticals Inc.(a)		4,504		805,946
Amgen Inc.		10,134		2,447,766
Biogen Inc.(a)		4,258		1,391,216

Security	Shares		Value
Biotechnology (continued)
Gilead Sciences Inc.		99,088	$	6,766,719
Incyte Corp.(a)		42,788		3,309,652
Moderna Inc.(a)		11,260		3,981,536
Novavax Inc.(a)		3,378		605,777
Regeneron Pharmaceuticals Inc.(a)		1,126		647,011
Seagen Inc.(a)		5,630		863,586
Vertex Pharmaceuticals Inc.(a)		25,898		5,220,519
				32,980,279
Building Products — 1.7%
A O Smith Corp.		68,686		4,830,686
Allegion PLC		24,772		3,383,855
Carrier Global Corp.		24,772		1,368,653
Johnson Controls International PLC		143,002		10,213,203
Masco Corp.		9,008		537,868
Owens Corning		7,882		757,933
Trane Technologies PLC		12,386		2,521,914
				23,614,112
Capital Markets — 3.0%
Ameriprise Financial Inc.		5,284		1,360,947
Apollo Global Management Inc., Class A		6,289		370,171
Bank of New York Mellon Corp. (The)		18,016		924,761
BlackRock Inc.(c)		5,630		4,882,167
Blackstone Group Inc. (The), NVS		13,512		1,557,528
Charles Schwab Corp. (The)		52,437		3,563,094
CME Group Inc.		12,386		2,627,442
Evercore Inc., Class A		1,089		143,966
FactSet Research Systems Inc.		437		156,131
Franklin Resources Inc.		6,288		185,810
Goldman Sachs Group Inc. (The)		12,252		4,593,030
Interactive Brokers Group Inc., Class A		4,504		278,617
Intercontinental Exchange Inc.		15,764		1,889,000
Invesco Ltd.		10,290		250,870
KKR & Co. Inc.		19,054		1,214,883
MarketAxess Holdings Inc.		2,252		1,070,083
Moody’s Corp.		5,630		2,116,880
Morgan Stanley		54,873		5,266,711
MSCI Inc., Class A		3,378		2,013,153
Northern Trust Corp.		5,630		635,346
Raymond James Financial Inc.		2,172		281,231
S&P Global Inc.		10,134		4,344,649
State Street Corp.		12,386		1,079,316
T Rowe Price Group Inc.		7,882		1,609,189
				42,414,975
Chemicals — 1.5%
Albemarle Corp.		4,633		954,583
DuPont de Nemours Inc.		78,598		5,898,780
Element Solutions Inc.		115,978		2,712,725
FMC Corp.		47,292		5,057,879
International Flavors & Fragrances Inc.		6,756		1,017,724
PPG Industries Inc.		12,386		2,025,359
Sherwin-Williams Co. (The)		11,260		3,276,998
				20,944,048
Commercial Services & Supplies — 0.3%
Cintas Corp.		3,760		1,482,117
MSA Safety Inc.		16,890		2,778,067
				4,260,184
Communications Equipment — 0.8%
Arista Networks Inc.(a)		2,252		856,638
Cisco Systems Inc.		113,726		6,297,009

S C H E D U L E   O F   I N V E S T M E N T S 23

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Carbon Transition Readiness ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
CommScope Holding Co. Inc.(a)		43,914	$	929,220
Juniper Networks Inc.		101,340		2,851,708
Ubiquiti Inc.		2,252		705,101
				11,639,676
Construction & Engineering — 0.1%
AECOM(a)		12,386		779,823
Construction Materials — 0.2%
Martin Marietta Materials Inc.		7,882		2,863,531
Consumer Finance — 0.8%
Ally Financial Inc.		12,386		636,145
American Express Co.		29,220		4,982,886
Capital One Financial Corp.		15,764		2,549,039
Discover Financial Services		13,512		1,679,812
OneMain Holdings Inc.		3,397		207,217
Synchrony Financial		27,024		1,270,668
Upstart Holdings Inc.(a)		2,626		317,116
				11,642,883
Containers & Packaging — 0.3%
Amcor PLC		200,428		2,316,948
Ball Corp.		20,268		1,639,276
Westrock Co.		11,260		554,104
				4,510,328
Distributors — 0.7%
Genuine Parts Co.		50,561		6,417,202
Pool Corp.		6,756		3,228,152
				9,645,354
Diversified Financial Services — 1.2%
Berkshire Hathaway Inc., Class B(a)		63,056		17,547,854
Diversified Telecommunication Services — 0.8%
AT&T Inc.		253,385		7,107,449
Verizon Communications Inc.		82,198		4,585,005
				11,692,454
Electric Utilities — 1.6%
Avangrid Inc.		13,757		717,290
Edison International		76,568		4,172,956
Eversource Energy		86,702		7,479,782
Exelon Corp.		38,323		1,793,516
NextEra Energy Inc.		116,157		9,048,630
				23,212,174
Electrical Equipment — 0.3%
Acuity Brands Inc.		11,260		1,974,779
ChargePoint Holdings Inc.(a)(b)		6,756		159,779
Generac Holdings Inc.(a)		586		245,745
Plug Power Inc.(a)		24,772		675,780
Rockwell Automation Inc.		3,378		1,038,465
Sunrun Inc.(a)(b)		12,386		656,087
Vertiv Holdings Co., Class A		7,882		221,011
				4,971,646
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		49,544		3,591,445
Arrow Electronics Inc.(a)		16,948		2,009,524
Coherent Inc.(a)		1,052		258,729
IPG Photonics Corp.(a)		3,378		736,945
Zebra Technologies Corp., Class A(a)		1,809		999,436
				7,596,079

Security	Shares		Value
Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		33,780	$	717,487
Halliburton Co.		29,276		605,428
Schlumberger Ltd.		68,686		1,980,217
				3,303,132
Entertainment — 2.0%
Activision Blizzard Inc.		24,772		2,071,435
Netflix Inc.(a)		22,520		11,655,676
Roku Inc.(a)		4,504		1,929,108
Skillz Inc., Class A(a)(b)		22,520		317,082
Spotify Technology SA(a)		9,008		2,059,859
Walt Disney Co. (The)(a)		58,552		10,306,323
				28,339,483
Equity Real Estate Investment Trusts (REITs) — 3.1%
American Homes 4 Rent, Class A		37,158		1,560,636
Apartment Income REIT Corp.		10,134		533,454
Boston Properties Inc.		36,032		4,229,436
Brixmor Property Group Inc.		55,174		1,270,105
CyrusOne Inc.		11,260		802,500
Equinix Inc.		3,378		2,771,345
Equity Residential		47,292		3,978,676
Essex Property Trust Inc.		15,764		5,172,168
Extra Space Storage Inc.		4,504		784,327
Federal Realty Investment Trust		21,394		2,514,437
Hudson Pacific Properties Inc.		52,922		1,442,654
Kilroy Realty Corp.		47,292		3,275,917
Kimco Realty Corp.		36,032		768,563
Mid-America Apartment Communities Inc.		9,008		1,739,445
Prologis Inc.		5,630		720,865
Regency Centers Corp.		30,402		1,988,595
Simon Property Group Inc.		12,386		1,567,077
SL Green Realty Corp.		5,630		419,210
Sun Communities Inc.		5,630		1,104,099
UDR Inc.		102,499		5,636,420
Ventas Inc.		15,764		942,372
Welltower Inc.		4,504		391,217
				43,613,518
Food & Staples Retailing — 1.0%
Kroger Co. (The)		40,536		1,649,815
Sysco Corp.		4,504		334,197
U.S. Foods Holding Corp.(a)		5,630		193,334
Walgreens Boots Alliance Inc.		58,552		2,760,727
Walmart Inc.		62,077		8,849,076
				13,787,149
Food Products — 0.8%
Beyond Meat Inc.(a)		2,252		276,321
Campbell Soup Co.		42,788		1,870,691
General Mills Inc.		36,032		2,120,844
Hain Celestial Group Inc. (The)(a)		69,904		2,789,869
Kellogg Co.		25,898		1,640,897
Kraft Heinz Co. (The)		42,788		1,646,054
Lamb Weston Holdings Inc.		2,252		150,366
Pilgrim’s Pride Corp.(a)		10,109		223,914
Post Holdings Inc.(a)		10,134		1,037,114
				11,756,070
Gas Utilities — 0.4%
UGI Corp.		126,112		5,799,891
Health Care Equipment & Supplies — 3.7%
Abbott Laboratories		79,946		9,671,867

24 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Carbon Transition Readiness ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Becton Dickinson and Co.		14,638	$	3,743,669
Boston Scientific Corp.(a)		28,150		1,283,640
Danaher Corp.		4,064		1,208,999
Edwards Lifesciences Corp.(a)		46,166		5,183,057
Hill-Rom Holdings Inc.		16,981		2,351,189
Hologic Inc.(a)		14,638		1,098,436
ICU Medical Inc.(a)		13,512		2,746,854
IDEXX Laboratories Inc.(a)		3,631		2,463,742
Medtronic PLC		102,466		13,454,810
Novocure Ltd.(a)		2,252		346,831
Stryker Corp.		13,512		3,660,941
West Pharmaceutical Services Inc.		11,260		4,636,080
Zimmer Biomet Holdings Inc.		2,252		368,022
				52,218,137
Health Care Providers & Services — 2.0%
Anthem Inc.		5,630		2,161,976
Centene Corp.(a)		5,299		363,564
Cigna Corp.		7,316		1,678,949
CVS Health Corp.		92,332		7,604,463
Encompass Health Corp.		6,756		562,437
Guardant Health Inc.(a)		1,375		150,975
HCA Healthcare Inc.		6,756		1,676,839
Humana Inc.		2,252		959,037
Quest Diagnostics Inc.		7,882		1,117,668
UnitedHealth Group Inc.		28,150		11,603,993
Universal Health Services Inc., Class B		2,338		375,039
				28,254,940
Health Care Technology — 0.4%
Cerner Corp.		22,520		1,810,383
Teladoc Health Inc.(a)(b)		6,756		1,002,928
Veeva Systems Inc., Class A(a)		7,882		2,622,420
				5,435,731
Hotels, Restaurants & Leisure — 2.4%
Booking Holdings Inc.(a)		3,982		8,673,831
Caesars Entertainment Inc.(a)		3,378		295,102
Carnival Corp.(a)		18,016		390,047
Darden Restaurants Inc.		9,008		1,314,087
DraftKings Inc., Class A(a)		7,882		382,277
McDonald’s Corp.		39,410		9,565,201
Penn National Gaming Inc.(a)		5,630		384,979
Royal Caribbean Cruises Ltd.(a)		10,134		779,001
Starbucks Corp.		37,158		4,512,096
Travel + Leisure Co.		15,764		816,575
Yum China Holdings Inc.		5,630		350,130
Yum! Brands Inc.		46,166		6,065,751
				33,529,077
Household Durables — 0.6%
Leggett & Platt Inc.		76,568		3,677,561
Newell Brands Inc.		115,978		2,870,456
Whirlpool Corp.		7,882		1,746,178
				8,294,195
Household Products — 1.1%
Church & Dwight Co. Inc.		16,890		1,462,336
Clorox Co. (The)		11,630		2,103,751
Colgate-Palmolive Co.		52,697		4,189,412
Procter & Gamble Co. (The)		50,670		7,206,794
				14,962,293

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.0%
Brookfield Renewable Corp., Class A		5,630	$	238,937
Industrial Conglomerates — 0.9%
3M Co.		18,016		3,566,087
General Electric Co.		340,052		4,403,674
Honeywell International Inc.		19,142		4,475,208
				12,444,969
Insurance — 1.8%
Aflac Inc.		27,877		1,533,235
Allstate Corp. (The)		6,756		878,618
American Financial Group Inc./OH		1,950		246,655
American International Group Inc.		29,276		1,386,219
Aon PLC, Class A		9,688		2,519,171
Arch Capital Group Ltd.(a)		16,890		658,710
Arthur J Gallagher & Co.		4,504		627,452
Athene Holding Ltd., Class A(a)		4,946		319,611
Brown & Brown Inc.		5,949		323,626
Cincinnati Financial Corp.		5,630		663,664
Everest Re Group Ltd.		1,018		257,381
First American Financial Corp.		2,037		137,110
Globe Life Inc.		1,686		156,983
Hartford Financial Services Group Inc. (The)		14,638		931,270
Lemonade Inc.(a)		6,756		588,177
Lincoln National Corp.		12,386		763,225
Loews Corp.		2,806		150,486
Markel Corp.(a)		230		277,419
Marsh & McLennan Companies Inc.		18,016		2,652,316
MetLife Inc.		37,670		2,173,559
Principal Financial Group Inc.		18,924		1,175,748
Progressive Corp. (The)		22,116		2,104,559
Prudential Financial Inc.		18,016		1,806,644
Reinsurance Group of America Inc.		1,659		182,789
RenaissanceRe Holdings Ltd.		1,126		171,929
Travelers Companies Inc. (The)		10,606		1,579,446
W R Berkley Corp.		3,190		233,412
Willis Towers Watson PLC		5,630		1,160,230
				25,659,644
Interactive Media & Services — 6.2%
Alphabet Inc., Class A(a)		9,721		26,193,526
Alphabet Inc., Class C, NVS(a)		10,134		27,406,592
Facebook Inc., Class A(a)		85,327		30,402,010
IAC/InterActiveCorp.(a)		7,882		1,082,120
Match Group Inc.(a)		3,245		516,831
Pinterest Inc., Class A(a)		12,205		718,874
TripAdvisor Inc.(a)		16,890		640,976
Twitter Inc.(a)		20,268		1,413,693
Zillow Group Inc., Class C, NVS(a)		5,630		598,244
				88,972,866
Internet & Direct Marketing Retail — 3.2%
Amazon.com Inc.(a)		12,331		41,032,512
DoorDash Inc., Class A(a)		5,630		981,253
Etsy Inc.(a)		10,134		1,859,690
Qurate Retail Inc., Series A		87,828		1,041,640
Wayfair Inc., Class A(a)		1,755		423,587
				45,338,682
IT Services — 4.6%
Accenture PLC, Class A		32,654		10,373,523
Automatic Data Processing Inc.		4,504		944,174
Broadridge Financial Solutions Inc.		11,260		1,953,497

S C H E D U L E   O F   I N V E S T M E N T S 25

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Carbon Transition Readiness ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
DXC Technology Co.(a)		6,756	$	270,105
Fidelity National Information Services Inc.		9,008		1,342,642
Global Payments Inc.		5,851		1,131,642
Globant SA(a)		2,252		538,588
International Business Machines Corp.		30,402		4,285,466
Mastercard Inc., Class A		28,914		11,159,069
MongoDB Inc., Class A(a)		1,111		398,760
Okta Inc.(a)		2,252		558,023
Paychex Inc.		5,630		640,807
PayPal Holdings Inc.(a)		40,536		11,168,884
Snowflake Inc., Class A(a)		5,630		1,496,004
Square Inc., Class A(a)		14,706		3,636,206
StoneCo Ltd., Class A		12,386		728,792
Twilio Inc., Class A(a)		4,282		1,599,712
Visa Inc., Class A		49,544		12,207,146
Wix.com Ltd.(a)		2,252		672,537
				65,105,577
Leisure Products — 0.1%
Peloton Interactive Inc., Class A(a)		10,134		1,196,319
Life Sciences Tools & Services — 1.3%
Illumina Inc.(a)		10,134		5,023,930
IQVIA Holdings Inc.(a)		20,268		5,020,384
PerkinElmer Inc.		5,855		1,066,957
Thermo Fisher Scientific Inc.		13,625		7,357,636
				18,468,907
Machinery — 2.0%
Caterpillar Inc.		21,153		4,373,383
Cummins Inc.		5,630		1,306,723
Deere & Co.		7,607		2,750,615
Dover Corp.		69,244		11,572,057
Ingersoll Rand Inc.(a)		37,762		1,845,429
Middleby Corp. (The)(a)		7,882		1,509,324
PACCAR Inc.		3,451		286,398
Pentair PLC		47,292		3,484,002
Xylem Inc./NY		10,134		1,275,364
				28,403,295
Media — 1.0%
Charter Communications Inc., Class A(a)		4,504		3,351,201
Comcast Corp., Class A		175,656		10,333,843
ViacomCBS Inc., Class B, NVS		19,142		783,482
				14,468,526
Metals & Mining — 0.5%
Royal Gold Inc.		30,402		3,694,451
Steel Dynamics Inc.		58,552		3,773,676
				7,468,127
Multi-Utilities — 0.1%
CenterPoint Energy Inc.		7,882		200,676
Consolidated Edison Inc.		16,890		1,245,975
				1,446,651
Multiline Retail — 0.3%
Nordstrom Inc.(a)		19,371		641,180
Target Corp.		15,764		4,115,192
				4,756,372
Oil, Gas & Consumable Fuels — 2.2%
Cheniere Energy Inc.(a)		33,780		2,868,935
Chevron Corp.		44,692		4,550,093
ConocoPhillips		79,946		4,481,773

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Devon Energy Corp.		18,016	$	465,533
Diamondback Energy Inc.		4,504		347,394
EOG Resources Inc.		10,134		738,363
EQT Corp.(a)		52,922		973,236
Exxon Mobil Corp.		40,536		2,333,658
Kinder Morgan Inc.		567,504		9,863,219
Marathon Petroleum Corp.		11,260		621,777
Pioneer Natural Resources Co.		3,378		491,060
Valero Energy Corp.		5,630		377,041
Williams Companies Inc. (The)		136,246		3,412,962
				31,525,044
Personal Products — 0.4%
Coty Inc., Class A(a)		87,828		766,738
Estee Lauder Companies Inc. (The), Class A		13,512		4,510,711
				5,277,449
Pharmaceuticals — 3.5%
Bristol-Myers Squibb Co.		136,246		9,247,016
Catalent Inc.(a)		13,512		1,618,873
Eli Lilly & Co.		41,662		10,144,697
Johnson & Johnson		77,694		13,378,907
Merck & Co. Inc.		77,694		5,972,338
Nektar Therapeutics, Class A(a)		77,694		1,226,788
Perrigo Co. PLC		30,809		1,479,756
Pfizer Inc.		141,876		6,073,712
Viatris Inc.		42,788		602,027
				49,744,114
Professional Services — 1.3%
CoStar Group Inc.(a)		101,340		9,004,059
Equifax Inc.		2,252		586,871
IHS Markit Ltd.		4,504		526,247
Jacobs Engineering Group Inc.		38,284		5,177,911
Leidos Holdings Inc.		16,890		1,797,434
TransUnion		2,252		270,375
Verisk Analytics Inc., Class A		4,504		855,490
				18,218,387
Real Estate Management & Development — 0.0%
Opendoor Technologies Inc.(a)		29,276		433,870
Road & Rail — 0.9%
CSX Corp.		124,986		4,039,547
JB Hunt Transport Services Inc.		12,386		2,086,422
Knight-Swift Transportation Holdings Inc.		55,174		2,741,596
Old Dominion Freight Line Inc.		1,126		303,063
Uber Technologies Inc.(a)		13,512		587,232
Union Pacific Corp.		12,386		2,709,561
				12,467,421
Semiconductors & Semiconductor Equipment — 5.2%
Advanced Micro Devices Inc.(a)		70,938		7,532,906
Analog Devices Inc.		30,402		5,089,903
Applied Materials Inc.		22,520		3,151,224
Broadcom Inc.		19,142		9,291,527
Intel Corp.		90,080		4,839,098
Marvell Technology Inc.		48,356		2,926,021
Maxim Integrated Products Inc.		63,292		6,323,504
Microchip Technology Inc.		22,520		3,223,062
MKS Instruments Inc.		6,756		1,056,909
Monolithic Power Systems Inc.		2,252		1,011,733
NVIDIA Corp.		81,072		15,808,229
QUALCOMM Inc.		21,394		3,204,821

26 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Carbon Transition Readiness ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Skyworks Solutions Inc.		6,756	$	1,246,550
Texas Instruments Inc.		30,402		5,795,229
Universal Display Corp.		12,386		2,904,393
Xilinx Inc.		5,008		750,399
				74,155,508
Software — 10.9%
Adobe Inc.(a)		23,733		14,753,145
Atlassian Corp. PLC, Class A(a)		2,252		732,170
Autodesk Inc.(a)		3,378		1,084,777
Bill.com Holdings Inc.(a)		1,126		232,879
C3.ai Inc., Class A(a)		5,630		283,470
Cadence Design Systems Inc.(a)		30,402		4,488,855
Citrix Systems Inc.		6,756		680,667
Cloudflare Inc., Class A(a)		9,008		1,068,619
Coupa Software Inc.(a)		1,126		244,342
Crowdstrike Holdings Inc., Class A(a)		4,857		1,231,784
Datadog Inc., Class A(a)		2,252		249,296
DocuSign Inc., Class A(a)		4,504		1,342,372
Dolby Laboratories Inc., Class A		65,567		6,366,556
Fortinet Inc.(a)		4,504		1,226,169
Guidewire Software Inc.(a)		7,882		908,006
Intuit Inc.		29,718		15,749,648
Microsoft Corp.		245,468		69,936,288
NortonLifeLock Inc.		129,490		3,213,942
Oracle Corp.		41,662		3,630,427
Palantir Technologies Inc., Class A(a)		65,308		1,417,837
Palo Alto Networks Inc.(a)		2,705		1,079,430
Proofpoint Inc.(a)		5,745		1,003,422
PTC Inc.(a)		2,371		321,152
salesforce.com Inc.(a)		41,662		10,079,288
ServiceNow Inc.(a)		12,894		7,580,254
Trade Desk Inc. (The), Class A(a)		4,504		368,923
Unity Software Inc.(a)		2,252		241,234
Workday Inc., Class A(a)		15,764		3,695,082
Zoom Video Communications Inc., Class A(a)		6,756		2,554,444
				155,764,478
Specialty Retail — 2.1%
AutoNation Inc.(a)		22,520		2,732,352
Best Buy Co. Inc.		4,504		506,024
Carvana Co., Class A(a)		2,252		760,185
GameStop Corp., Class A(a)		2,252		362,842
Home Depot Inc. (The)		40,536		13,303,510
L Brands Inc.		4,637		371,285
Lowe’s Companies Inc.		34,906		6,726,037
Ross Stores Inc.		10,134		1,243,340

Security	Shares		Value
Specialty Retail (continued)
TJX Companies Inc. (The)		32,654	$	2,246,922
Ulta Beauty Inc.(a)		2,252		756,222
Williams-Sonoma Inc.		2,252		341,628
				29,350,347
Technology Hardware, Storage & Peripherals — 5.8%
Apple Inc.		521,413		76,053,300
Dell Technologies Inc., Class C(a)		27,024		2,611,059
Hewlett Packard Enterprise Co.		183,735		2,664,157
Pure Storage Inc., Class A(a)		61,930		1,208,874
				82,537,390
Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica Inc.(a)		3,378		1,351,774
Nike Inc., Class B		35,912		6,015,619
				7,367,393
Thrifts & Mortgage Finance — 0.0%
Rocket Companies Inc., Class A		23,646		407,657
Wireless Telecommunication Services — 0.6%
T-Mobile U.S. Inc.(a)		61,561		8,866,015
Total Common Stocks — 98.6% (Cost: $1,307,080,839)				1,404,678,913
Short-Term Investments
Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(c)(d)(e)		1,051,299		1,051,825
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		17,150,000		17,150,000
				18,201,825
Total Short-Term Investments — 1.3% (Cost: $18,201,886)				18,201,825
Total Investments in Securities — 99.9% (Cost: $1,325,282,725)				1,422,880,738
Other Assets, Less Liabilities — 0.1%				1,008,142
Net Assets — 100.0%			$	1,423,888,880

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

^(e)  All or a portion of this security was purchased with cash collateral received from loaned securities.

S C H E D U L E   O F   I N V E S T M E N T S 27

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Carbon Transition Readiness ETF

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 04/06/21	(a)		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		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	1,052,324	(b)	$	—		$	(438	)	$	(61	)	$	1,051,825	1,051,299	$	27,448	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			17,150,000	(b)		—			—			—			17,150,000	17,150,000		260			—
BlackRock Inc.		—			4,516,854			(8,025	)		208			373,130			4,882,167	5,630		23,252			—
										$	(230	)	$	373,069		$	23,083,992		$	50,960		$	—

^(a)  The Fund commenced operations on April 06, 2021.

^(b)  Represents net amount purchased (sold).

^(c)  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.

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		81		09/17/21	$	17,777	$	324,095

Derivative Financial Instruments Categorized by Risk Exposure

As of July 31, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	324,095

^(a)  Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended July 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	395,044
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	324,095

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	15,463,418

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

28 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Carbon Transition Readiness ETF

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 the Notes to 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
Common Stocks	$	1,404,678,913	$	—	$	—	$	1,404,678,913
Money Market Funds		18,201,825		—		—		18,201,825
	$	1,422,880,738	$	—	$	—	$	1,422,880,738
Derivative financial instruments(a)
Assets
Futures Contracts	$	324,095	$	—	$	—	$	324,095

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

S C H E D U L E   O F   I N V E S T M E N T S 29

Schedule of Investments July 31, 2021 BlackRock U.S. Equity Factor Rotation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Communication Services — 9.4%
Activision Blizzard Inc.		2,882	$	240,993
Alphabet Inc., Class A(a)		658		1,773,001
Alphabet Inc., Class C, NVS(a)		667		1,803,848
Altice USA Inc., Class A(a)		1,498		46,034
AT&T Inc.		4,034		113,154
Cable One Inc.		32		60,416
Charter Communications Inc., Class A(a)		88		65,476
Comcast Corp., Class A		1,074		63,183
Discovery Inc., Class A(a)		532		15,433
Discovery Inc., Class C, NVS(a)		1,135		30,770
DISH Network Corp., Class A(a)		1,165		48,802
Electronic Arts Inc.		1,389		199,960
Facebook Inc., Class A(a)		4,640		1,653,232
Fox Corp., Class A, NVS		1,864		66,470
Fox Corp., Class B		1,150		38,226
IAC/InterActiveCorp.(a)		942		129,327
Interpublic Group of Companies Inc. (The)		4,785		169,198
Liberty Broadband Corp., Class A(a)		27		4,635
Liberty Broadband Corp., Class C, NVS(a)		324		57,507
Liberty Global PLC, Class A(a)(b)		858		23,037
Liberty Global PLC, Class C, NVS(a)		1,526		40,988
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)		1,236		58,006
Liberty Media Corp.-Liberty SiriusXM, Class A(a)		418		19,516
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS(a)		1,002		46,292
Live Nation Entertainment Inc.(a)		602		47,492
Lumen Technologies Inc.		3,996		49,830
Match Group Inc.(a)(b)		343		54,630
Netflix Inc.(a)		99		51,239
News Corp., Class A, NVS		5,425		133,618
Omnicom Group Inc.		2,339		170,326
Pinterest Inc., Class A(a)		3,459		203,735
Roku Inc.(a)		473		202,591
Sirius XM Holdings Inc.(b)		9,413		60,902
Snap Inc., Class A, NVS(a)		5,055		376,193
T-Mobile U.S. Inc.(a)		421		60,632
Take-Two Interactive Software Inc.(a)		685		118,793
Twitter Inc.(a)		896		62,496
Verizon Communications Inc.		1,302		72,626
ViacomCBS Inc., Class B, NVS		2,806		114,850
Walt Disney Co. (The)(a)		2,498		439,698
Zillow Group Inc., Class A(a)		133		14,248
Zillow Group Inc., Class C, NVS(a)		308		32,728
				9,034,131
Consumer Discretionary — 12.1%
Advance Auto Parts Inc.		270		57,256
Airbnb Inc., Class A(a)		341		49,107
Amazon.com Inc.(a)		15		49,914
Aptiv PLC(a)		397		66,239
Aramark		1,461		51,325
Autoliv Inc.		576		58,107
AutoZone Inc.(a)		36		58,449
Best Buy Co. Inc.		2,354		264,472
Booking Holdings Inc.(a)		24		52,278
BorgWarner Inc.		1,161		56,866
Burlington Stores Inc.(a)		413		138,272
Caesars Entertainment Inc.(a)		77		6,727
CarMax Inc.(a)		416		55,723
Carnival Corp.(a)		1,765		38,212

Security	Shares		Value
Consumer Discretionary (continued)
Carvana Co., Class A(a)		425	$	143,463
Chewy Inc., Class A(a)(b)		669		55,995
Chipotle Mexican Grill Inc., Class A(a)		40		74,538
Darden Restaurants Inc.		371		54,122
Dollar General Corp.		285		66,302
Dollar Tree Inc.(a)		483		48,199
Domino’s Pizza Inc.		123		64,635
DR Horton Inc.		3,225		307,762
DraftKings Inc., Class A(a)		1,070		51,895
eBay Inc.		6,231		425,017
Etsy Inc.(a)		712		130,659
Expedia Group Inc.(a)		1,008		162,157
Ford Motor Co.(a)		5,430		75,749
Garmin Ltd.		1,586		249,319
General Motors Co.(a)		7,729		439,316
Genuine Parts Co.		458		58,129
Hasbro Inc.		547		54,394
Hilton Worldwide Holdings Inc.(a)		504		66,251
Home Depot Inc. (The)		199		65,310
L Brands Inc.		2,638		211,225
Las Vegas Sands Corp.(a)		947		40,105
Lear Corp.		322		56,344
Lennar Corp., Class A		602		63,300
LKQ Corp.(a)		1,100		55,825
Lowe’s Companies Inc.		290		55,880
Lululemon Athletica Inc.(a)		1,089		435,785
Marriott International Inc./MD, Class A(a)		411		59,998
McDonald’s Corp.		285		69,172
MercadoLibre Inc.(a)		172		269,816
MGM Resorts International		2,947		110,601
Mohawk Industries Inc.(a)		509		99,204
Newell Brands Inc.		1,940		48,015
Nike Inc., Class B		8,341		1,397,201
NVR Inc.(a)		38		198,459
O’Reilly Automotive Inc.(a)		110		66,422
Peloton Interactive Inc., Class A(a)		490		57,845
Pool Corp.		613		292,904
PulteGroup Inc.		2,911		159,727
Ross Stores Inc.		416		51,039
Royal Caribbean Cruises Ltd.(a)		569		43,739
Starbucks Corp.		552		67,029
Target Corp.		5,653		1,475,716
Tesla Inc.(a)		2,797		1,922,098
TJX Companies Inc. (The)		779		53,603
Tractor Supply Co.		1,626		294,192
Ulta Beauty Inc.(a)		159		53,392
Vail Resorts Inc.(a)		172		52,494
VF Corp.		649		52,050
Wayfair Inc., Class A(a)(b)		151		36,445
Whirlpool Corp.		241		53,391
Wynn Resorts Ltd.(a)		426		41,889
Yum! Brands Inc.		540		70,951
				11,612,015
Consumer Staples — 4.1%
Altria Group Inc.		1,466		70,427
Archer-Daniels-Midland Co.		3,362		200,779
Boston Beer Co. Inc. (The), Class A, NVS(a)		74		52,540
Brown-Forman Corp., Class B, NVS		1,795		127,301
Bunge Ltd.		1,450		112,563
Campbell Soup Co.		1,178		51,502

30 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Equity Factor Rotation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Staples (continued)
Church & Dwight Co. Inc.		1,527	$	132,208
Clorox Co. (The)		869		157,193
Coca-Cola Co. (The)		1,244		70,945
Colgate-Palmolive Co.		937		74,492
Conagra Brands Inc.		1,795		60,115
Constellation Brands Inc., Class A		244		54,739
Costco Wholesale Corp.		1,715		736,970
Estee Lauder Companies Inc. (The), Class A		1,111		370,885
General Mills Inc.		1,041		61,273
Hershey Co. (The)		1,213		216,981
Hormel Foods Corp.		1,376		63,819
JM Smucker Co. (The)		496		65,031
Kellogg Co.		979		62,029
Keurig Dr Pepper Inc.		1,730		60,913
Kimberly-Clark Corp.		489		66,367
Kraft Heinz Co. (The)		1,494		57,474
Kroger Co. (The)		1,631		66,382
Lamb Weston Holdings Inc.		698		46,605
McCormick & Co. Inc./MD, NVS		751		63,212
Molson Coors Beverage Co., Class B(a)		993		48,548
Mondelez International Inc., Class A		1,253		79,265
Monster Beverage Corp.(a)		2,414		227,688
PepsiCo Inc.		502		78,789
Philip Morris International Inc.		631		63,157
Procter & Gamble Co. (The)		554		78,795
Sysco Corp.		605		44,891
Tyson Foods Inc., Class A		788		56,310
Walmart Inc.		901		128,438
Walgreens Boots Alliance Inc.		1,172		55,260
				3,963,886
Energy — 2.0%
Baker Hughes Co., Class A		8,018		170,302
Cheniere Energy Inc.(a)		1,746		148,288
Chevron Corp.		586		59,661
ConocoPhillips		1,057		59,255
Devon Energy Corp.		5,064		130,854
EOG Resources Inc.		3,307		240,948
Exxon Mobil Corp.		1,043		60,045
Halliburton Co.		2,148		44,421
Hess Corp.		640		48,922
Kinder Morgan Inc.		7,441		129,324
Marathon Petroleum Corp.		6,585		363,624
Occidental Petroleum Corp.		5,999		156,574
ONEOK Inc.		876		45,526
Phillips 66		658		48,317
Pioneer Natural Resources Co.		420		61,055
Schlumberger Ltd.		1,696		48,896
Valero Energy Corp.		391		26,185
Williams Companies Inc. (The)		2,166		54,258
				1,896,455
Financials — 14.5%
Aflac Inc.		6,292		346,060
AGNC Investment Corp.		3,255		51,657
Alleghany Corp.(a)		95		62,994
Allstate Corp. (The)		466		60,603
Ally Financial Inc.		3,349		172,005
American Express Co.		388		66,166
American Financial Group Inc./OH		438		55,403
American International Group Inc.		3,127		148,063

Security	Shares		Value
Financials (continued)
Ameriprise Financial Inc.		1,698	$	437,337
Annaly Capital Management Inc.		6,387		54,226
Aon PLC, Class A		1,918		498,738
Apollo Global Management Inc., Class A		946		55,682
Arch Capital Group Ltd.(a)		1,517		59,163
Arthur J Gallagher & Co.		1,444		201,164
Assurant Inc.		215		33,929
Athene Holding Ltd., Class A(a)		888		57,383
Bank of America Corp.		35,851		1,375,244
Bank of New York Mellon Corp. (The)		1,262		64,778
Berkshire Hathaway Inc., Class B(a)		5,616		1,562,877
Blackstone Group Inc. (The), NVS		3,735		430,533
Brown & Brown Inc.		1,301		70,774
Capital One Financial Corp.		2,839		459,066
Carlyle Group Inc. (The)		2,082		105,079
Cboe Global Markets Inc.		486		57,576
Charles Schwab Corp. (The)		7,743		526,137
Cincinnati Financial Corp.		1,058		124,717
Citigroup Inc.		1,120		75,734
Citizens Financial Group Inc.		3,123		131,666
CME Group Inc.		259		54,942
Discover Financial Services		432		53,706
Equitable Holdings Inc.		3,544		109,403
Erie Indemnity Co., Class A, NVS		490		90,596
Everest Re Group Ltd.		244		61,691
FactSet Research Systems Inc.		492		175,782
Fidelity National Financial Inc.		2,039		90,960
Fifth Third Bancorp		4,505		163,486
First Republic Bank/CA		315		61,431
Franklin Resources Inc.		1,512		44,680
Globe Life Inc.		1,344		125,140
Goldman Sachs Group Inc. (The)		858		321,647
Hartford Financial Services Group Inc. (The)		2,324		147,853
Huntington Bancshares Inc./OH		3,723		52,420
Intercontinental Exchange Inc.		582		69,741
Invesco Ltd.		5,200		126,776
JPMorgan Chase & Co.		305		46,293
KeyCorp		2,833		55,697
KKR & Co. Inc.		1,063		67,777
Lincoln National Corp.		869		53,548
Loews Corp.		2,132		114,339
M&T Bank Corp.		387		51,800
Markel Corp.(a)		54		65,133
MarketAxess Holdings Inc.		451		214,302
Marsh & McLennan Companies Inc.		447		65,807
MetLife Inc.		3,030		174,831
Moody’s Corp.		184		69,184
Morgan Stanley		2,982		286,212
MSCI Inc., Class A		112		66,748
Nasdaq Inc.		399		74,505
Northern Trust Corp.		495		55,861
PNC Financial Services Group Inc. (The)		2,308		421,002
Principal Financial Group Inc.		1,025		63,683
Progressive Corp. (The)		6,016		572,483
Prudential Financial Inc.		744		74,608
Raymond James Financial Inc.		1,134		146,830
Regions Financial Corp.		2,902		55,863
Reinsurance Group of America Inc.		437		48,149
RenaissanceRe Holdings Ltd.		396		60,465
S&P Global Inc.		163		69,881

S C H E D U L E   O F   I N V E S T M E N T S 31

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Equity Factor Rotation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Financials (continued)
SEI Investments Co.		2,039	$	123,971
State Street Corp.		669		58,297
SVB Financial Group(a)		806		443,268
Synchrony Financial		1,133		53,274
T Rowe Price Group Inc.		2,435		497,130
Tradeweb Markets Inc., Class A		659		57,155
Travelers Companies Inc. (The)		436		64,929
Truist Financial Corp.		1,038		56,498
U.S. Bancorp		1,134		62,982
Voya Financial Inc.		950		61,180
W R Berkley Corp.		846		61,902
Wells Fargo & Co.		6,012		276,191
Willis Towers Watson PLC		212		43,689
				13,930,475
Health Care — 12.0%
10X Genomics Inc., Class A(a)		699		128,078
Abbott Laboratories		485		58,675
AbbVie Inc.		619		71,990
ABIOMED Inc.(a)		283		92,581
Agilent Technologies Inc.		2,280		349,364
Align Technology Inc.(a)		500		347,900
Alnylam Pharmaceuticals Inc.(a)		361		64,597
AmerisourceBergen Corp., Class A		499		60,963
Amgen Inc.		1,453		350,958
Anthem Inc.		153		58,753
Avantor Inc.(a)		3,392		127,471
Baxter International Inc.		774		59,869
Becton Dickinson and Co.		252		64,449
Biogen Inc.(a)		504		164,672
BioMarin Pharmaceutical Inc.(a)		686		52,637
Bio-Rad Laboratories Inc., Class A(a)		92		68,035
Bio-Techne Corp.		349		168,302
Boston Scientific Corp.(a)		1,422		64,843
Bristol-Myers Squibb Co.		1,162		78,865
Cardinal Health Inc.		1,032		61,280
Catalent Inc.(a)		527		63,140
Centene Corp.(a)		770		52,830
Cerner Corp.		904		72,672
Charles River Laboratories International Inc.(a)		416		169,279
Cigna Corp.		245		56,225
Cooper Companies Inc. (The)		271		114,300
CVS Health Corp.		829		68,276
Danaher Corp.		239		71,100
DaVita Inc.(a)		469		56,397
DENTSPLY SIRONA Inc.		840		55,474
Dexcom Inc.(a)		146		75,264
Edwards Lifesciences Corp.(a)		1,810		203,209
Elanco Animal Health Inc.(a)		1,412		51,496
Eli Lilly & Co.		2,342		570,277
Exact Sciences Corp.(a)		496		53,489
Gilead Sciences Inc.		921		62,895
HCA Healthcare Inc.		252		62,546
Henry Schein Inc.(a)		960		76,944
Hologic Inc.(a)		805		60,407
Horizon Therapeutics PLC(a)		1,256		125,625
Humana Inc.		118		50,251
IDEXX Laboratories Inc.(a)		676		458,686
Illumina Inc.(a)		125		61,969
Incyte Corp.(a)		679		52,521
Insulet Corp.(a)		214		59,854

Security	Shares		Value
Health Care (continued)
Intuitive Surgical Inc.(a)		69	$	68,411
IQVIA Holdings Inc.(a)		260		64,402
Jazz Pharmaceuticals PLC(a)		319		54,077
Johnson & Johnson		6,153		1,059,547
Laboratory Corp. of America Holdings(a)		204		60,415
Masimo Corp.(a)		246		67,008
McKesson Corp.		303		61,760
Medtronic PLC		530		69,594
Merck & Co. Inc.		7,009		538,782
Mettler-Toledo International Inc.(a)		131		193,056
Moderna Inc.(a)		2,882		1,019,075
Molina Healthcare Inc.(a)		148		40,405
Neurocrine Biosciences Inc.(a)		560		52,198
Novavax Inc.(a)		523		93,790
Novocure Ltd.(a)		627		96,564
Oak Street Health Inc.(a)(b)		835		52,638
PerkinElmer Inc.		383		69,794
Pfizer Inc.		1,875		80,269
PPD Inc.(a)		1,510		69,641
Quest Diagnostics Inc.		431		61,116
Regeneron Pharmaceuticals Inc.(a)		340		195,367
ResMed Inc.		552		150,034
Royalty Pharma PLC, Class A		1,254		47,903
Seagen Inc.(a)		347		53,226
STERIS PLC		303		66,039
Stryker Corp.		257		69,632
Teladoc Health Inc.(a)		341		50,621
Teleflex Inc.		145		57,627
Thermo Fisher Scientific Inc.		121		65,341
UnitedHealth Group Inc.		2,033		838,043
Universal Health Services Inc., Class B		358		57,427
Veeva Systems Inc., Class A(a)		477		158,703
Vertex Pharmaceuticals Inc.(a)		274		55,233
Viatris Inc.		3,362		47,303
Waters Corp.(a)		177		68,996
West Pharmaceutical Services Inc.		331		136,283
Zimmer Biomet Holdings Inc.		383		62,590
Zoetis Inc.		1,278		259,051
				11,611,369
Industrials — 12.2%
3M Co.		3,063		606,290
A O Smith Corp.		1,488		104,651
Allegion PLC		864		118,022
AMERCO		171		100,541
AMETEK Inc.		574		79,815
Boeing Co. (The)(a)		197		44,617
Booz Allen Hamilton Holding Corp., Class A		661		56,720
Carrier Global Corp.		4,925		272,106
Caterpillar Inc.		183		37,835
CH Robinson Worldwide Inc.		1,184		105,577
Cintas Corp.		167		65,828
Clarivate PLC(a)		1,670		38,076
Copart Inc.(a)		1,496		219,912
CoStar Group Inc.(a)		645		57,308
CSX Corp.		2,165		69,973
Cummins Inc.		264		61,274
Deere & Co.		2,196		794,052
Delta Air Lines Inc.(a)		1,202		47,960
Dover Corp.		492		82,223
Eaton Corp. PLC		509		80,447

32 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Equity Factor Rotation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrials (continued)
Emerson Electric Co.		694	$	70,018
Equifax Inc.		710		185,026
Expeditors International of Washington Inc.		1,406		180,320
Fastenal Co.		4,275		234,142
FedEx Corp.		198		55,430
Fortive Corp.		880		63,941
Fortune Brands Home & Security Inc.		558		54,388
Generac Holdings Inc.(a)		618		259,164
General Dynamics Corp.		396		77,628
General Electric Co.		12,696		164,413
HEICO Corp.		213		28,808
HEICO Corp., Class A		198		24,015
Honeywell International Inc.		303		70,838
Howmet Aerospace Inc.(a)		3,357		110,177
Huntington Ingalls Industries Inc.		469		96,206
IDEX Corp.		308		69,821
IHS Markit Ltd.		1,852		216,388
Illinois Tool Works Inc.		1,921		435,433
Ingersoll Rand Inc.(a)		1,177		57,520
Jacobs Engineering Group Inc.		441		59,645
JB Hunt Transport Services Inc.		352		59,294
Johnson Controls International PLC		4,802		342,959
Kansas City Southern		829		222,006
Knight-Swift Transportation Holdings Inc.		1,192		59,230
L3Harris Technologies Inc.		303		68,702
Leidos Holdings Inc.		568		60,447
Lennox International Inc.		177		58,309
Lockheed Martin Corp.		1,923		714,721
Lyft Inc., Class A(a)		3,150		174,258
Masco Corp.		1,005		60,009
Nordson Corp.		298		67,387
Norfolk Southern Corp.		245		63,168
Northrop Grumman Corp.		180		65,344
Old Dominion Freight Line Inc.		1,041		280,185
Otis Worldwide Corp.		758		67,879
Owens Corning		605		58,177
PACCAR Inc.		723		60,002
Parker-Hannifin Corp.		199		62,094
Pentair PLC		889		65,493
Plug Power Inc.(a)		6,207		169,327
Raytheon Technologies Corp.		800		69,560
Republic Services Inc., Class A		719		85,101
Robert Half International Inc.		1,744		171,278
Rockwell Automation Inc.		1,000		307,420
Rollins Inc.		2,673		102,456
Roper Technologies Inc.		139		68,296
Sensata Technologies Holding PLC(a)		1,083		63,485
Snap-on Inc.		460		100,271
Southwest Airlines Co.(a)		974		49,206
Stanley Black & Decker Inc.		278		54,780
Sunrun Inc.(a)(b)		1,191		63,087
Teledyne Technologies Inc.(a)		140		63,388
Textron Inc.		2,156		148,786
Trane Technologies PLC		1,185		241,278
TransDigm Group Inc.(a)		88		56,416
TransUnion		561		67,354
Uber Technologies Inc.(a)		6,548		284,576
Union Pacific Corp.		302		66,066
United Parcel Service Inc., Class B		3,283		628,235
United Rentals Inc.(a)		532		175,321

Security	Shares		Value
Industrials (continued)
Verisk Analytics Inc., Class A		360	$	68,378
Waste Connections Inc.		584		73,987
Waste Management Inc.		575		85,250
Westinghouse Air Brake Technologies Corp.		759		64,416
WW Grainger Inc.		384		170,719
XPO Logistics Inc.(a)		372		51,593
Xylem Inc./NY		545		68,588
				11,784,830
Information Technology — 23.6%
Accenture PLC, Class A		1,619		514,324
Adobe Inc.(a)		1,202		747,199
Advanced Micro Devices Inc.(a)		627		66,581
Akamai Technologies Inc.(a)(b)		466		55,883
Amphenol Corp., Class A		1,069		77,492
Analog Devices Inc.		453		75,841
ANSYS Inc.(a)		173		63,744
Apple Inc.		8,419		1,227,995
Applied Materials Inc.		9,831		1,375,652
Arista Networks Inc.(a)		161		61,243
Arrow Electronics Inc.(a)		867		102,800
Autodesk Inc.(a)		594		190,751
Automatic Data Processing Inc.		1,319		276,502
Avalara Inc.(a)		419		70,044
Bentley Systems Inc., Class B(b)		1,370		83,310
Black Knight Inc.(a)		861		71,299
Broadcom Inc.		134		65,044
Broadridge Financial Solutions Inc.		382		66,273
Cadence Design Systems Inc.(a)		1,039		153,408
CDW Corp./DE		357		65,456
Ceridian HCM Holding Inc.(a)		588		57,859
Cisco Systems Inc.		10,078		558,019
Citrix Systems Inc.		440		44,330
Cloudflare Inc., Class A(a)(b)		2,579		305,947
Cognex Corp.		726		65,638
Cognizant Technology Solutions Corp., Class A		890		65,442
Corning Inc.		1,488		62,288
Coupa Software Inc.(a)		217		47,089
Crowdstrike Holdings Inc., Class A(a)		1,623		411,609
Datadog Inc., Class A(a)		572		63,320
Dell Technologies Inc., Class C(a)		2,016		194,786
DocuSign Inc., Class A(a)		248		73,914
Dropbox Inc., Class A(a)		1,961		61,752
Dynatrace Inc.(a)		1,655		105,705
Enphase Energy Inc.(a)		392		74,323
EPAM Systems Inc.(a)		404		226,159
F5 Networks Inc.(a)		315		65,051
Fair Isaac Corp.(a)		193		101,115
Fidelity National Information Services Inc.		499		74,376
Fiserv Inc.(a)		581		66,879
FleetCor Technologies Inc.(a)		211		54,484
Fortinet Inc.(a)		1,231		335,127
Gartner Inc.(a)		233		61,682
Global Payments Inc.		315		60,924
GoDaddy Inc., Class A(a)		671		56,263
Guidewire Software Inc.(a)		591		68,083
Hewlett Packard Enterprise Co.		10,684		154,918
HP Inc.		10,046		290,028
HubSpot Inc.(a)		366		218,143
Intel Corp.		9,906		532,150
International Business Machines Corp.		586		82,603

S C H E D U L E     O F     I N V E S T M E N T S 33

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Equity Factor Rotation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Information Technology (continued)
Intuit Inc.		619	$	328,051
IPG Photonics Corp.(a)		276		60,212
Jack Henry & Associates Inc.		501		87,219
Juniper Networks Inc.		2,436		68,549
Keysight Technologies Inc.(a)		416		68,453
KLA Corp.		1,147		399,340
Lam Research Corp.		1,145		729,834
Marvell Technology Inc.		1,135		68,679
Mastercard Inc., Class A		2,513		969,867
Maxim Integrated Products Inc.		1,258		125,687
Microchip Technology Inc.		404		57,820
Micron Technology Inc.(a)		998		77,425
Microsoft Corp.		4,393		1,251,610
MongoDB Inc., Class A(a)(b)		182		65,323
Monolithic Power Systems Inc.		257		115,460
Motorola Solutions Inc.		276		61,802
NetApp Inc.		1,662		132,279
NortonLifeLock Inc.		1,978		49,094
NVIDIA Corp.		5,029		980,605
NXP Semiconductors NV		1,250		257,987
Okta Inc.(a)		218		54,018
ON Semiconductor Corp.(a)		1,560		60,934
Oracle Corp.		643		56,031
Palantir Technologies Inc., Class A(a)		6,690		145,240
Palo Alto Networks Inc.(a)		572		228,257
Paychex Inc.		1,332		151,608
Paycom Software Inc.(a)		252		100,800
PayPal Holdings Inc.(a)		4,833		1,331,636
PTC Inc.(a)		441		59,733
Qorvo Inc.(a)		783		148,449
QUALCOMM Inc.		411		61,568
RingCentral Inc., Class A(a)(b)		206		55,058
salesforce.com Inc.(a)		322		77,901
Seagate Technology Holdings PLC		2,024		177,910
ServiceNow Inc.(a)		110		64,668
Skyworks Solutions Inc.		688		126,943
Snowflake Inc., Class A(a)		212		56,333
SolarEdge Technologies Inc.(a)		220		57,086
Splunk Inc.(a)		436		61,903
Square Inc., Class A(a)		2,147		530,867
SS&C Technologies Holdings Inc.		947		74,235
Synopsys Inc.(a)		250		71,998
TE Connectivity Ltd.		539		79,486
Teradyne Inc.		829		105,283
Texas Instruments Inc.		2,785		530,877
Trade Desk Inc. (The), Class A(a)		623		51,030
Trimble Inc.(a)		2,180		186,390
Twilio Inc., Class A(a)		650		242,834
Tyler Technologies Inc.(a)		133		65,521
Unity Software Inc.(a)		525		56,238
VeriSign Inc.(a)		278		60,151
Visa Inc., Class A		3,576		881,091
VMware Inc., Class A(a)(b)		318		48,889
Western Digital Corp.(a)		737		47,853
Western Union Co. (The)		2,316		53,754
Workday Inc., Class A(a)		224		52,506
Xilinx Inc.		936		140,250
Zebra Technologies Corp., Class A(a)		388		214,362
Zendesk Inc.(a)		428		55,867
Zoom Video Communications Inc., Class A(a)		146		55,203

Security	Shares		Value
Information Technology (continued)
Zscaler Inc.(a)		285	$	67,234
				22,754,138
Materials — 3.4%
Air Products & Chemicals Inc.		922		268,330
Albemarle Corp.		1,005		207,070
Amcor PLC		4,970		57,453
Avery Dennison Corp.		1,014		213,629
Ball Corp.		686		55,484
Celanese Corp., Class A		806		125,551
CF Industries Holdings Inc.		1,838		86,845
Corteva Inc.		1,284		54,930
Crown Holdings Inc.		589		58,759
Dow Inc.		775		48,174
DuPont de Nemours Inc.		687		51,559
Eastman Chemical Co.		516		58,164
Ecolab Inc.		288		63,599
FMC Corp.		555		59,357
Freeport-McMoRan Inc.		5,011		190,919
International Flavors & Fragrances Inc.		402		60,557
International Paper Co.		924		53,370
Linde PLC		237		72,851
LyondellBasell Industries NV, Class A		520		51,652
Martin Marietta Materials Inc.		363		131,878
Mosaic Co. (The)		3,600		112,428
Newmont Corp.		935		58,737
Nucor Corp.		1,787		185,884
Packaging Corp. of America		394		55,751
PPG Industries Inc.		1,177		192,463
RPM International Inc.		695		60,180
Sealed Air Corp.		992		56,296
Sherwin-Williams Co. (The)		1,245		362,332
Steel Dynamics Inc.		2,120		136,634
Vulcan Materials Co.		284		51,117
Westrock Co.		912		44,880
				3,286,833
Real Estate — 3.5%
Alexandria Real Estate Equities Inc.		368		74,093
American Tower Corp.		223		63,064
AvalonBay Communities Inc.		659		150,140
Boston Properties Inc.		525		61,624
Camden Property Trust		539		80,521
CBRE Group Inc., Class A(a)		3,274		315,810
Crown Castle International Corp.		306		59,086
Digital Realty Trust Inc.		343		52,877
Duke Realty Corp.		2,323		118,194
Equinix Inc.		75		61,531
Equity LifeStyle Properties Inc.		938		78,604
Equity Residential		1,643		138,226
Essex Property Trust Inc.		358		117,460
Extra Space Storage Inc.		397		69,134
Healthpeak Properties Inc.		1,888		69,799
Host Hotels & Resorts Inc.(a)		3,006		47,886
Invitation Homes Inc.		1,695		68,953
Iron Mountain Inc.		1,249		54,656
Medical Properties Trust Inc.		2,966		62,375
Mid-America Apartment Communities Inc.		406		78,399
Omega Healthcare Investors Inc.		1,534		55,654
Prologis Inc.		2,513		321,765
Public Storage		817		255,296

34 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments(continued) July 31, 2021 BlackRock U.S. Equity Factor Rotation ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate (continued)
Realty Income Corp.		1,853	$	130,247
Regency Centers Corp.		891		58,280
SBA Communications Corp., Class A		190		64,788
Simon Property Group Inc.		441		55,795
Sun Communities Inc.		383		75,110
UDR Inc.		1,341		73,742
Ventas Inc.		928		55,476
VEREIT Inc.		1,255		61,457
VICI Properties Inc.		3,070		95,753
Vornado Realty Trust		1,212		52,722
Welltower Inc.		676		58,717
Weyerhaeuser Co.		1,503		50,696
WP Carey Inc.		853		68,829
				3,356,759
Utilities — 3.0%
AES Corp. (The)		4,884		115,751
Alliant Energy Corp.		8,061		471,810
Ameren Corp.		856		71,836
American Electric Power Co. Inc.		766		67,500
American Water Works Co. Inc.		411		69,915
Atmos Energy Corp.		4,671		460,514
CenterPoint Energy Inc.		2,192		55,808
CMS Energy Corp.		1,064		65,745
Consolidated Edison Inc.		732		54,000
Dominion Energy Inc.		875		65,511
DTE Energy Co.		539		63,235
Duke Energy Corp.		646		67,901
Edison International		1,114		60,713
Entergy Corp.		596		61,340
Essential Utilities Inc.		1,367		67,147
Evergy Inc.		1,043		68,024
Eversource Energy		740		63,840
Exelon Corp.		1,644		76,939
FirstEnergy Corp.		1,448		55,487
NextEra Energy Inc.		901		70,188
NiSource Inc.		2,548		63,114
NRG Energy Inc.		1,561		64,376

Security	Shares		Value
Utilities (continued)
PG&E Corp.(a)		4,910	$	43,159
Pinnacle West Capital Corp.		721		60,240
PPL Corp.		2,216		62,868
Public Service Enterprise Group Inc.		1,061		66,026
Sempra Energy		462		60,360
Southern Co. (The)		1,156		73,834
UGI Corp.		1,462		67,237
Vistra Corp.		3,404		65,187
WEC Energy Group Inc.		657		61,850
Xcel Energy Inc.		919		62,722
				2,904,177
Total Common Stocks — 99.8% (Cost: $78,617,129)				96,135,068
Short-Term Investments
Money Market Funds — 1.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.06%(c)(d)(e)		637,047		637,365
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		282,000		282,000
				919,365
Total Short-Term Investments — 1.0% (Cost: $919,162)				919,365
Total Investments In Securities — 100.8% (Cost: $79,536,291)				97,054,433
Other Assets, Less Liabilities — (0.8)%				(766,248	)
Net Assets — 100.0%			$	96,288,185

^(a)  Non-income producing security.

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

^(c) Affiliate of the Fund.

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

^(e) All or a portion of this security was purchased with cash collateral received from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year 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 07/31/20		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		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	677,741	$	—		$	(40,028	)(a)	$	(117	)	$	(231	)	$	637,365		637,047	$	1,922	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		132,000		150,000	(a)		—			—			—			282,000		282,000		63			—
									$	(117	)	$	(231	)	$	919,365			$	1,985		$	—

^(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.

S C H E D U L E    O F    I N V E S T M E N T S 35

Schedule of Investments  (continued) July 31, 2021 BlackRock U.S. Equity Factor Rotation ETF

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 the Notes to 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
Common Stocks	$	96,135,068	$	—	$	—	$	96,135,068
Money Market Funds		919,365		—		—		919,365
	$	97,054,433	$	—	$	—	$	97,054,433

See notes to financial statements.

36 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments July 31, 2021 BlackRock World ex U.S. Carbon Transition Readiness ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Australia — 7.2%
ASX Ltd.		1,680	$	95,171
Australia & New Zealand Banking Group Ltd.		115,584		2,353,126
BlueScope Steel Ltd.		35,280		625,632
Brambles Ltd.		236,712		2,026,650
Cochlear Ltd.		31,920		5,774,931
Commonwealth Bank of Australia		60,480		4,433,672
CSL Ltd.		15,301		3,257,439
Glencore PLC		420,168		1,887,037
Insurance Australia Group Ltd.		50,064		178,536
Macquarie Group Ltd.		15,960		1,842,876
Magellan Financial Group Ltd.		5,712		206,084
National Australia Bank Ltd.		124,656		2,377,158
Oil Search Ltd.		257,880		720,771
Qantas Airways Ltd.(a)		229,320		773,043
QBE Insurance Group Ltd.		68,712		550,651
Ramsay Health Care Ltd.		5,544		262,197
Rio Tinto Ltd.		23,520		2,305,194
Rio Tinto PLC		46,536		3,952,787
Seek Ltd.		46,368		1,003,030
Sonic Healthcare Ltd.		4,536		134,022
Stockland		115,920		374,899
Suncorp Group Ltd.		65,352		555,025
Tabcorp Holdings Ltd.		130,368		475,857
Treasury Wine Estates Ltd.		70,392		617,459
Wesfarmers Ltd.		66,696		3,007,099
Westpac Banking Corp.		132,888		2,386,993
Woodside Petroleum Ltd.		82,824		1,330,481
				43,507,820
Austria — 0.2%
Erste Group Bank AG		6,760		261,954
Verbund AG		10,080		929,776
				1,191,730
Belgium — 1.0%
Ageas SA/NV		6,552		345,983
Anheuser-Busch InBev SA/NV		79,800		5,036,345
KBC Group NV		8,359		673,089
				6,055,417
Canada — 10.2%
Alimentation Couche-Tard Inc., Class B		34,440		1,388,256
Ballard Power Systems Inc.(a)		40,488		655,545
Bank of Montreal		22,008		2,179,103
Bank of Nova Scotia (The)		41,832		2,610,979
BlackBerry Ltd.(a)		25,368		258,235
Brookfield Asset Management Inc., Class A		138,432		7,473,064
CAE Inc.(a)		7,896		240,943
Cameco Corp.		18,144		322,712
Canadian Imperial Bank of Commerce		12,264		1,426,049
Enbridge Inc.		151,368		5,966,879
Fairfax Financial Holdings Ltd.		1,176		495,379
Franco-Nevada Corp.		36,792		5,884,774
Great-West Lifeco Inc.		18,648		561,114
Hydro One Ltd.(b)		154,392		3,811,537
iA Financial Corp. Inc.		6,048		334,589
IGM Financial Inc.		4,872		171,941
Intact Financial Corp.		3,864		526,515
Keyera Corp.		27,384		733,108
Manulife Financial Corp.		110,880		2,143,656
National Bank of Canada		8,400		642,927

Security	Shares		Value
Canada (continued)
Northland Power Inc.		45,719	$	1,604,343
Onex Corp.		2,352		179,284
Open Text Corp.		17,976		933,669
Parkland Corp./Canada		16,968		540,076
Power Corp. of Canada		23,352		745,332
RioCan REIT		87,024		1,575,723
Royal Bank of Canada		43,680		4,417,716
Shopify Inc., Class A(a)		3,528		5,296,525
Sun Life Financial Inc.		21,672		1,128,765
TC Energy Corp.		41,328		2,014,723
Toronto-Dominion Bank (The)		61,152		4,065,853
West Fraser Timber Co. Ltd.		1,344		96,405
Wheaton Precious Metals Corp.		22,344		1,032,129
WSP Global Inc.		1,176		139,591
				61,597,439
Denmark — 2.8%
Carlsberg A/S, Class B		12,432		2,297,252
DSV Panalpina A/S		25,536		6,224,779
GN Store Nord A/S		672		58,890
Novozymes A/S, Class B		31,416		2,468,191
Orsted A/S(b)		11,424		1,694,409
Vestas Wind Systems A/S		109,200		4,026,700
				16,770,221
Finland — 1.2%
Neste OYJ		5,208		320,140
Nokia OYJ(a)		118,104		725,671
Orion OYJ, Class B		67,032		2,853,248
Sampo OYJ, Class A		6,384		307,253
Stora Enso OYJ, Class R		25,536		505,656
UPM-Kymmene OYJ		22,848		933,692
Wartsila OYJ Abp		100,632		1,515,970
				7,161,630
France — 9.4%
Air Liquide SA		2,352		409,033
Airbus SE(a)		16,464		2,258,344
Atos SE		6,384		305,300
AXA SA		72,072		1,866,450
BioMerieux		9,240		1,101,744
BNP Paribas SA		42,840		2,612,346
Bollore SA		278,208		1,554,716
Bouygues SA		2,688		103,599
Capgemini SE		10,920		2,360,387
Carrefour SA		70,056		1,301,239
Cie. de Saint-Gobain		19,656		1,404,976
Cie. Generale des Etablissements Michelin SCA		8,904		1,454,400
CNP Assurances		11,592		197,043
Credit Agricole SA		52,752		735,548
Dassault Systemes SE		27,888		1,538,363
Electricite de France SA		45,024		546,571
Gecina SA		2,520		399,649
Getlink SE		115,920		1,856,874
Hermes International		336		513,669
Ipsen SA		7,560		807,865
Kering SA		1,680		1,507,193
Klepierre SA		24,024		581,668
La Francaise des Jeux SAEM(b)		30,912		1,652,610
Legrand SA		35,616		4,013,776
L’Oreal SA		5,208		2,382,626
LVMH Moet Hennessy Louis Vuitton SE		7,896		6,322,067

S C H E D U L E   O F   I N V E S T M E N T S 37

Schedule of Investments  (continued) July 31, 2021 BlackRock World ex U.S. Carbon Transition Readiness ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
France (continued)
Pernod Ricard SA		1,680	$	370,787
Publicis Groupe SA		5,880		371,208
Remy Cointreau SA		672		147,619
Renault SA(a)		10,584		401,987
Sanofi		41,832		4,311,758
Sartorius Stedim Biotech		672		383,607
SEB SA		1,848		307,060
Societe Generale SA		34,104		998,760
Teleperformance		5,208		2,196,717
Thales SA		2,688		282,118
TotalEnergies SE		90,384		3,941,349
Vinci SA		7,056		747,050
Vivendi SE		4,704		158,931
Worldline SA(a)(b)		25,872		2,421,620
				56,828,627
Germany — 6.8%
adidas AG		4,872		1,768,309
Allianz SE, Registered		10,584		2,630,794
BASF SE		11,760		924,082
Bayer AG, Registered		46,536		2,772,568
Bayerische Motoren Werke AG		15,288		1,520,105
Bechtle AG		840		173,446
Commerzbank AG(a)		18,112		116,640
Daimler AG, Registered		37,128		3,313,281
Delivery Hero SE(a)(b)		672		100,459
Deutsche Bank AG, Registered(a)		60,480		762,426
Deutsche Boerse AG		1,712		285,671
Deutsche Post AG, Registered		2,688		182,169
Deutsche Telekom AG, Registered		208,152		4,320,017
Evonik Industries AG		1,848		64,255
Fresenius SE & Co. KGaA		7,560		397,353
HeidelbergCement AG		21,504		1,905,635
HelloFresh SE(a)		2,688		251,971
Henkel AG & Co. KGaA		9,408		855,422
Infineon Technologies AG		62,664		2,394,650
KION Group AG		5,040		535,218
LANXESS AG		5,208		377,182
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, Registered		3,192		861,278
SAP SE		31,584		4,532,659
Siemens AG, Registered		31,752		4,954,360
Siemens Healthineers AG(b)		10,584		698,770
Telefonica Deutschland Holding AG		33,096		89,212
United Internet AG, Registered		47,208		1,953,812
Volkswagen AG		1,848		613,326
Zalando SE(a)(b)		17,808		1,978,688
				41,333,758
Hong Kong — 2.6%
AIA Group Ltd.		537,600		6,432,793
Bank of East Asia Ltd. (The)		67,200		110,721
BOC Hong Kong Holdings Ltd.		252,000		809,243
Budweiser Brewing Co. APAC Ltd.(b)		588,000		1,640,998
Futu Holdings Ltd., ADR(a)		4,368		447,545
Galaxy Entertainment Group Ltd.(a)		13,000		88,102
Hang Seng Bank Ltd.		50,400		965,233
Melco Resorts & Entertainment Ltd., ADR(a)		10,416		144,991
MTR Corp. Ltd.		357,500		2,119,492
Swire Pacific Ltd., Class A		124,000		770,267
WH Group Ltd.(b)		1,008,000		835,195

Security	Shares		Value
Hong Kong (continued)
Wynn Macau Ltd.(a)		201,600	$	258,372
Xinyi Glass Holdings Ltd.		336,000		1,255,753
				15,878,705
Ireland — 0.1%
Kerry Group PLC, Class A		3,528		523,136
Smurfit Kappa Group PLC		4,368		246,416
				769,552
Israel — 0.4%
Bank Hapoalim BM(a)		37,128		295,462
Bank Leumi Le-Israel BM(a)		46,032		351,739
Israel Discount Bank Ltd., Class A(a)		26,880		125,919
Mizrahi Tefahot Bank Ltd.(a)		3,360		101,827
Nice Ltd.(a)		3,528		981,782
Teva Pharmaceutical Industries Ltd., ADR(a)		45,024		434,482
Wix.com Ltd.(a)		840		250,858
				2,542,069
Italy — 1.9%
Amplifon SpA		23,520		1,161,523
Assicurazioni Generali SpA		17,640		351,709
Atlantia SpA(a)		66,024		1,197,575
CNH Industrial NV		32,592		544,207
Enel SpA		668,976		6,164,967
Intesa Sanpaolo SpA		472,920		1,306,463
Poste Italiane SpA(b)		10,080		133,383
UniCredit SpA		74,592		892,222
				11,752,049
Japan — 20.4%
Advantest Corp.		5,100		450,233
Aeon Co. Ltd.		2,400		65,676
Ajinomoto Co. Inc.		47,300		1,205,057
Asahi Kasei Corp.		16,800		183,203
Astellas Pharma Inc.		139,800		2,226,647
Capcom Co. Ltd.		3,300		90,736
Central Japan Railway Co.		16,800		2,443,806
Chugai Pharmaceutical Co. Ltd.		26,600		980,223
Daifuku Co. Ltd.		12,100		1,084,272
Dai-ichi Life Holdings Inc.		33,600		618,409
Daiichi Sankyo Co. Ltd.		63,600		1,259,553
Daikin Industries Ltd.		15,800		3,299,556
Daiwa House REIT Investment Corp.		336		1,000,372
Denso Corp.		6,100		419,077
Eisai Co. Ltd.		9,800		806,077
ENEOS Holdings Inc.		450,300		1,891,527
Fast Retailing Co. Ltd.		1,700		1,152,945
FUJIFILM Holdings Corp.		41,100		2,949,452
Fujitsu Ltd.		19,100		3,249,491
Hankyu Hanshin Holdings Inc.		42,000		1,241,972
Honda Motor Co. Ltd.		100,800		3,237,481
Ito En Ltd.		1,800		106,207
Japan Metropolitan Fund Invest		336		351,972
Japan Post Holdings Co. Ltd.		50,400		427,817
Japan Real Estate Investment Corp.		168		1,055,115
Kajima Corp.		11,400		146,750
Komatsu Ltd.		50,400		1,262,975
Kubota Corp.		33,600		702,625
Kurita Water Industries Ltd.		48,000		2,331,290
M3 Inc.		17,900		1,170,780
Mazda Motor Corp.(a)		27,200		268,325
Misumi Group Inc.		24,800		864,408

38 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) July 31, 2021 BlackRock World ex U.S. Carbon Transition Readiness ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Japan (continued)
Mitsubishi Electric Corp.		134,400	$	1,823,437
Mitsubishi Heavy Industries Ltd.		50,400		1,456,218
Mitsubishi UFJ Financial Group Inc.		352,800		1,863,728
Miura Co. Ltd.		1,600		70,654
Mizuho Financial Group Inc.		16,800		240,065
Nabtesco Corp.		16,800		636,324
Nidec Corp.		34,300		3,849,952
Nihon M&A Center Inc.		16,800		467,863
Nintendo Co. Ltd.		8,100		4,164,234
Nippon Building Fund Inc.		168		1,085,725
Nippon Express Co. Ltd.		17,900		1,307,590
Nippon Paint Holdings Co. Ltd.		50,400		643,315
Nippon Prologis REIT Inc.		504		1,683,140
Nippon Shinyaku Co. Ltd.		16,800		1,263,888
Nippon Steel Corp.		18,100		313,986
Nippon Telegraph & Telephone Corp.		136,500		3,495,507
Nissan Chemical Corp.		7,400		362,701
Nissan Motor Co. Ltd.(a)		39,100		226,930
Nisshin Seifun Group Inc.		100,800		1,625,157
Nitto Denko Corp.		6,600		490,370
Nomura Holdings Inc.		100,800		504,764
Nomura Real Estate Master Fund Inc.		504		800,843
Nomura Research Institute Ltd.		33,600		1,081,243
NTT Data Corp.		50,400		780,672
Obayashi Corp.		156,200		1,277,287
Olympus Corp.		66,700		1,372,642
Omron Corp.		42,400		3,628,381
Ono Pharmaceutical Co. Ltd.		111,800		2,552,187
Oriental Land Co. Ltd.		8,400		1,150,803
ORIX Corp.		50,400		881,768
Orix JREIT Inc.		504		961,674
Otsuka Corp.		6,300		327,352
Panasonic Corp.		183,200		2,212,152
Pigeon Corp.		17,200		495,243
Recruit Holdings Co. Ltd.		50,400		2,612,263
Renesas Electronics Corp.(a)		12,800		138,927
Ryohin Keikaku Co. Ltd.		75,300		1,527,549
Sekisui Chemical Co. Ltd.		244,800		4,224,135
Sekisui House Ltd.		94,700		1,875,580
Shimadzu Corp.		23,100		931,634
Shimizu Corp.		29,600		217,990
Shin-Etsu Chemical Co. Ltd.		8,200		1,337,659
Shiseido Co. Ltd.		38,400		2,566,490
Softbank Corp.		26,400		344,816
SoftBank Group Corp.		16,800		1,056,479
Sony Group Corp.		30,300		3,165,334
Subaru Corp.		3,400		66,800
SUMCO Corp.		72,100		1,667,552
Sumitomo Dainippon Pharma Co. Ltd.		46,600		806,892
Sumitomo Metal Mining Co. Ltd.		34,900		1,414,405
Sumitomo Mitsui Financial Group Inc.		33,600		1,132,624
Sysmex Corp.		4,700		559,256
Tokio Marine Holdings Inc.		2,900		138,217
Tokyo Electron Ltd.		800		329,940
Tokyu Corp.		62,700		840,349
Toray Industries Inc.		84,000		553,071
Toshiba Corp.		36,300		1,562,405
Toyo Suisan Kaisha Ltd.		5,000		190,887
Toyota Motor Corp.		103,700		9,309,717
United Urban Investment Corp.		504		741,373

Security	Shares		Value
Japan (continued)
Z Holdings Corp.		153,100	$	766,293
				123,720,461
Netherlands — 5.0%
Aegon NV		88,032		374,805
Akzo Nobel NV		55,440		6,848,349
ArcelorMittal SA		16,296		569,145
ASML Holding NV		11,928		9,117,569
EXOR NV		4,200		345,054
ING Groep NV		128,184		1,644,690
Koninklijke Ahold Delhaize NV		50,064		1,556,231
Koninklijke DSM NV		12,936		2,607,656
Koninklijke Philips NV		36,792		1,696,458
Koninklijke Vopak NV		4,604		194,945
Prosus NV		13,104		1,169,118
Royal Dutch Shell PLC, Class A		134,400		2,701,568
Royal Dutch Shell PLC, Class B		87,528		1,729,481
				30,555,069
New Zealand — 0.1%
a2 Milk Co. Ltd. (The)(a)		57,590		250,394
Mercury NZ Ltd.		53,256		245,033
Meridian Energy Ltd.		20,328		73,910
				569,337
Norway — 0.6%
DNB Bank ASA		14,616		299,525
Norsk Hydro ASA		461,664		3,071,447
Orkla ASA		56,280		511,158
				3,882,130
Portugal — 0.2%
Galp Energia SGPS SA		97,776		953,484
Singapore — 1.0%
CapitaLand Integrated Commercial Trust		69,600		110,287
DBS Group Holdings Ltd.		57,100		1,277,689
Keppel Corp. Ltd.		690,100		2,789,927
Mapletree Commercial Trust		45,000		71,643
Oversea-Chinese Banking Corp. Ltd.		100,800		911,961
United Overseas Bank Ltd.		33,600		649,608
				5,811,115
Spain — 2.5%
Amadeus IT Group SA(a)		21,000		1,377,196
Banco Bilbao Vizcaya Argentaria SA		250,824		1,605,644
Banco Santander SA		644,784		2,361,942
CaixaBank SA		143,136		425,101
Iberdrola SA		505,407		6,082,615
Industria de Diseno Textil SA		18,816		638,170
Repsol SA		12,432		136,167
Siemens Gamesa Renewable Energy SA(a)		51,408		1,433,710
Telefonica SA		225,792		1,032,964
				15,093,509
Sweden — 4.2%
Alfa Laval AB		22,008		919,074
Assa Abloy AB, Class B		43,853		1,406,641
Atlas Copco AB, Class A		35,448		2,400,716
Atlas Copco AB, Class B		2,688		152,835
Boliden AB		40,824		1,590,991
Electrolux AB, Series B		68,712		1,804,607
EQT AB		7,728		372,506
Evolution AB(b)		7,056		1,227,746
Fastighets AB Balder, Class B(a)		13,272		915,881

S C H E D U L E   O F   I N V E S T M E N T S 39

Schedule of Investments  (continued) July 31, 2021 BlackRock World ex U.S. Carbon Transition Readiness ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Sweden (continued)
H & M Hennes & Mauritz AB, Class B(a)		4,003	$	83,690
Hexagon AB, Class B		316,848		5,244,975
Husqvarna AB, Class B		62,664		876,897
ICA Gruppen AB		88,536		4,376,199
Investor AB, Class B		4,704		116,492
Lundin Energy AB		27,216		848,441
Skanska AB, Class B		16,464		464,773
Telefonaktiebolaget LM Ericsson, Class B		119,616		1,379,672
Volvo AB, Class B		42,840		1,010,242
				25,192,378
Switzerland — 9.1%
Adecco Group AG, Registered		2,184		130,791
Chocoladefabriken Lindt & Spruengli AG, Participation Certificates, NVS		168		1,882,431
Chocoladefabriken Lindt & Spruengli AG, Registered		1		115,913
Credit Suisse Group AG, Registered		98,952		993,409
Geberit AG, Registered		3,192		2,620,880
Givaudan SA, Registered		1,008		5,031,173
Holcim Ltd.		55,608		3,259,805
Julius Baer Group Ltd.		8,232		543,328
Kuehne + Nagel International AG, Registered		672		226,688
Nestle SA, Registered		85,680		10,849,629
Novartis AG, Registered		74,592		6,898,147
Partners Group Holding AG		545		931,058
Roche Holding AG, NVS		26,712		10,319,168
Siemens Energy AG(a)		41,664		1,133,462
Sonova Holding AG, Registered		1,680		659,627
STMicroelectronics NV		38,136		1,569,439
Swiss Life Holding AG, Registered		504		259,965
Swiss Prime Site AG, Registered		18,480		1,967,803
Swiss Re AG		9,576		868,165
Temenos AG, Registered		5,544		880,656
UBS Group AG, Registered		126,840		2,089,787
Zurich Insurance Group AG		4,200		1,693,334
				54,924,658
United Kingdom — 11.2%
3i Group PLC		27,888		495,659
Abrdn PLC		91,896		362,524
Antofagasta PLC		8,736		181,388
AstraZeneca PLC		40,992		4,710,386
Auto Trader Group PLC(a)(b)		212,856		1,928,509
Aviva PLC		160,104		859,861
Barclays PLC		747,936		1,809,317
Berkeley Group Holdings PLC		26,208		1,764,531
BP PLC		574,056		2,304,275
British Land Co. PLC (The)		33,096		234,317
BT Group PLC(a)		670,992		1,616,242
Coca-Cola Europacific Partners PLC		33,264		2,064,364
Diageo PLC		25,368		1,257,904
Entain PLC(a)		29,232		737,123
Experian PLC		29,232		1,286,962
Ferguson PLC		42,504		5,958,597
GlaxoSmithKline PLC		282,912		5,585,767
Halma PLC		24,192		971,091
Hargreaves Lansdown PLC		5,376		121,932
Hikma Pharmaceuticals PLC		8,232		302,703
HSBC Holdings PLC		663,600		3,663,201
Informa PLC(a)		18,816		129,291
Intertek Group PLC		2,688		192,584

Security	Shares		Value
United Kingdom (continued)
J Sainsbury PLC		530,712	$	2,089,853
JD Sports Fashion PLC		40,152		500,302
Johnson Matthey PLC		16,800		694,416
Land Securities Group PLC		41,832		411,726
Legal & General Group PLC		248,640		900,690
Lloyds Banking Group PLC		2,546,712		1,610,202
London Stock Exchange Group PLC		10,080		1,051,055
M&G PLC		148,344		464,501
Melrose Industries PLC		85,848		190,778
Natwest Group PLC		252,168		707,764
Ocado Group PLC(a)		11,928		307,355
Pearson PLC		13,440		161,958
Prudential PLC		87,696		1,646,828
RELX PLC		60,816		1,787,643
Rentokil Initial PLC		32,760		258,066
Rolls-Royce Holdings PLC(a)		131,208		181,214
Sage Group PLC (The)		86,520		843,344
Segro PLC		112,056		1,894,221
St. James’s Place PLC		12,096		266,499
Standard Chartered PLC		85,008		509,606
Taylor Wimpey PLC		166,824		381,404
Unilever PLC		119,112		6,855,083
Vodafone Group PLC		2,543,688		4,090,127
Whitbread PLC(a)		15,120		639,058
Wm Morrison Supermarkets PLC		251,496		935,475
WPP PLC		17,808		230,311
				68,148,007
Total Common Stocks — 98.1% (Cost: $577,583,310)				594,239,165
Preferred Stocks
Germany — 1.2%
Bayerische Motoren Werke AG, Preference Shares, NVS		18,312		1,571,792
Henkel AG & Co. KGaA, Preference Shares, NVS		30,240		3,065,870
Porsche Automobil Holding SE, Preference Shares, NVS		5,712		618,216
Volkswagen AG, Preference Shares, NVS		7,896		1,923,232
				7,179,110
Total Preferred Stocks — 1.2% (Cost: $7,572,015)				7,179,110
Short-Term Investments
Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%(c)(d)		3,020,000		3,020,000
Total Short-Term Investments — 0.5% (Cost: $3,020,000)				3,020,000
Total Investments in Securities — 99.8% (Cost: $588,175,325)				604,438,275
Other Assets, Less Liabilities — 0.2%				1,161,187
Net Assets — 100.0%			$	605,599,462

^(a) Non-income producing security.

^(b) 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.

40 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments  (continued) July 31, 2021 BlackRock World ex U.S. Carbon Transition Readiness ETF

^(c)  Affiliate of the Fund.

^(d)  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    04/06/21(a)		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		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	—	$	3,020,000	(b)	$	—	$	—	$	—	$	3,020,000		3,020,000	$	139	$	—

^(a) The Fund commenced operations on April 06, 2021.

^(b) Represents net amount purchased (sold).

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
MSCI EAFE Index		33		09/17/21	$	3,827	$	(810	)

Derivative Financial Instruments Categorized by Risk Exposure

As of July 31, 2021, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	810

^(a) Net cumulative appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended July 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	393,112
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(810	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	7,951,783

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

S C H E D U L E   O F   I N V E S T M E N T S 41

Schedule of Investments  (continued) July 31, 2021 BlackRock World ex U.S. Carbon Transition Readiness ETF

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 the Notes to 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
Common Stocks	$	78,317,333		$	515,921,832	$	—	$	594,239,165
Preferred Stocks		—			7,179,110		—		7,179,110
Money Market Funds		3,020,000			—		—		3,020,000
	$	81,337,333		$	523,100,942	$	—	$	604,438,275
Derivative financial instruments(a)
Liabilities
Futures Contracts	$	(810	)	$	—	$	—	$	(810	)

^(a) Shown at the unrealized appreciation (depreciation) on the contracts.

See notes to financial statements.

42 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Assets and Liabilities

July 31, 2021

	BlackRock Future Health ETF		BlackRock Future Innovators ETF		BlackRock Future Tech ETF		BlackRock U.S. Carbon Transition Readiness ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	6,730,815	$	23,023,212	$	19,573,631	$	1,399,796,746
Affiliated(c)		615,281		3,204,417		3,850,120		23,083,992
Cash		384		2,897		1,805		84,504
Foreign currency, at value(d)		29		291		1,885		—
Cash pledged:
Futures contracts		—		—		—		900,000
Receivables:
Investments sold		87,847		13,426		—		—
Securities lending income — Affiliated		117		595		781		1,558
Dividends		9		1,315		1,846		1,336,234
Tax reclaims		343		—		—		—
Total assets		7,434,825		26,246,153		23,430,068		1,425,203,034
LIABILITIES
Collateral on securities loaned, at value		185,326		3,154,584		2,980,294		1,052,324
Payables:
Investments purchased		35,742		51,361		115,856		—
Variation margin on futures contracts		—		—		—		90,335
Investment advisory fees		5,178		15,429		15,098		171,495
Total liabilities		226,246		3,221,374		3,111,248		1,314,154
NET ASSETS	$	7,208,579	$	23,024,779	$	20,318,820	$	1,423,888,880
NET ASSETS CONSIST OF:
Paid-in capital	$	6,005,026	$	21,386,952	$	18,056,333	$	1,320,078,789
Accumulated earnings		1,203,553		1,637,827		2,262,487		103,810,091
NET ASSETS	$	7,208,579	$	23,024,779	$	20,318,820	$	1,423,888,880
Shares outstanding		240,000		460,000		560,000		28,150,000
Net asset value	$	30.04	$	50.05	$	36.28	$	50.58
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Securities loaned, at value	$	178,604	$	3,055,580	$	2,888,973	$	1,022,222
(b) Investments, at cost — Unaffiliated	$	5,522,696	$	21,085,640	$	16,557,719	$	1,302,571,802
(c)  Investments, at cost — Affiliated	$	615,281	$	3,204,417	$	3,850,120	$	22,710,923
(d) Foreign currency, at cost	$	29	$	291	$	1,888	$	—

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 43

Statements of Assets and Liabilities  (continued)

July 31, 2021

	BlackRock U.S. Equity Factor Rotation ETF		BlackRock World ex U.S. Carbon Transition Readiness ETF
ASSETS
Investments in securities, at value (including securities on loan)(a):
Unaffiliated(b)	$	96,135,068	$	601,418,275
Affiliated(c)		919,365		3,020,000
Cash		5,665		29,384
Foreign currency, at value(d)		—		404,478
Cash pledged:
Futures contracts		—		238,000
Receivables:
Securities lending income — Affiliated		95		—
Dividends		78,650		479,843
Tax reclaims		—		357,955
Total assets		97,138,843		605,947,935
LIABILITIES
Collateral on securities loaned, at value		637,707		—
Payables:
Investments purchased		197,436		224,555
Variation margin on futures contracts		—		21,780
Investment advisory fees		15,515		102,138
Total liabilities		850,658		348,473
NET ASSETS	$	96,288,185	$	605,599,462
NET ASSETS CONSIST OF:
Paid-in capital	$	74,902,172	$	586,499,102
Accumulated earnings		21,386,013		19,100,360
NET ASSETS	$	96,288,185	$	605,599,462
Shares outstanding		2,600,000		12,600,000
Net asset value	$	37.03	$	48.06
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Securities loaned, at value	$	651,817	$	—
(b) Investments, at cost — Unaffiliated	$	78,617,129	$	585,155,325
(c)  Investments, at cost — Affiliated	$	919,162	$	3,020,000
(d) Foreign currency, at cost	$	—	$	406,232

See notes to financial statements.

44 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations

Period Ended July 31, 2021

		BlackRock Future Health ETF	(a)		BlackRock Future Innovators ETF	(a)		BlackRock Future Tech ETF	(a)		BlackRock U.S. Carbon Transition Readiness ETF	(b)
INVESTMENT INCOME
Dividends — Unaffiliated	$	12,981		$	12,993		$	16,248		$	5,081,982
Dividends — Affiliated		45			7			26			23,512
Securities lending income — Affiliated — net		604			3,415			11,425			27,448
Foreign taxes withheld		(1,358	)		—			(1,419	)		—
Total investment income		12,272			16,415			26,280			5,132,942
EXPENSES
Investment advisory fees		49,315			103,756			95,190			1,245,114
Total expenses		49,315			103,756			95,190			1,245,114
Less:
Investment advisory fees waived		(158	)		(38	)		(212	)		(636,291	)
Total expenses after fees waived		49,157			103,718			94,978			608,823
Net investment income (loss)		(36,885	)		(87,303	)		(68,698	)		4,524,119
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		(4,076	)		(299,587	)		(694,000	)		3,561,141
Investments — Affiliated		(45	)		(167	)		(173	)		(438	)
In-kind redemptions — Unaffiliated		—			—			—			50,068
In-kind redemptions — Affiliated		—			—			—			208
Futures contracts		—			—			—			395,044
Foreign currency transactions		(159	)		(1,294	)		(3,913	)		—
Net realized gain (loss)		(4,280	)		(301,048	)		(698,086	)		4,006,023
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,208,119			1,937,572			3,015,912			97,224,944
Investments — Affiliated		—			—			—			373,069
Futures contracts		—			—			—			324,095
Foreign currency translations		(2	)		9			20			—
Net change in unrealized appreciation (depreciation)		1,208,117			1,937,581			3,015,932			97,922,108
Net realized and unrealized gain		1,203,837			1,636,533			2,317,846			101,928,131
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,166,952		$	1,549,230		$	2,249,148		$	106,452,250

^(a)  For the period from September 29, 2020 (commencement of operations) to July 31, 2021.

^(b)  For the period from April 06, 2021 (commencement of operations) to July 31, 2021.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 45

Statements of Operations  (continued)

Year Ended July 31, 2021

		BlackRock U.S. Equity Factor Rotation ETF			BlackRock World ex U.S. Carbon Transition Readiness ETF	(a)
INVESTMENT INCOME
Dividends — Unaffiliated	$	1,391,230		$	5,419,016
Dividends — Affiliated		63			139
Non-cash dividends — Unaffiliated		—			386,121
Securities lending income — Affiliated — net		1,922			—
Foreign taxes withheld		(631	)		(629,391	)
Total investment income		1,392,584			5,175,885
EXPENSES
Investment advisory fees		259,132			651,613
Total expenses		259,132			651,613
Less:
Investment advisory fees waived		(86,377	)		(280,324	)
Total expenses after fees waived		172,755			371,289
Net investment income		1,219,829			4,804,596
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		8,451,883			1,490,047
Investments — Affiliated		(117	)		—
In-kind redemptions — Unaffiliated		10,006,526			—
Futures contracts		—			393,112
Foreign currency transactions		—			6,320
Net realized gain		18,458,292			1,889,479
Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		8,499,606			16,262,950
Investments — Affiliated		(231	)		—
Futures contracts		—			(810	)
Foreign currency translations		—			(3,972	)
Net change in unrealized appreciation (depreciation)		8,499,375			16,258,168
Net realized and unrealized gain		26,957,667			18,147,647
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	28,177,496		$	22,952,243

^(a)  For the period from April 06, 2021 (commencement of operations) to July 31, 2021.

See notes to financial statements.

46 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets

	BlackRock Future Health ETF			BlackRock Future Innovators ETF
		Period From 09/29/20 to 07/31/21	(a)		Period From 09/29/20 to 07/31/21	a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment loss	$	(36,885	)	$	(87,303	)
Net realized loss		(4,280	)		(301,048	)
Net change in unrealized appreciation (depreciation)		1,208,117			1,937,581
Net increase in net assets resulting from operations		1,166,952			1,549,230
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		—			—
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		6,041,627			21,475,549
NET ASSETS
Total increase in net assets		7,208,579			23,024,779
Beginning of period		—			—
End of period	$	7,208,579		$	23,024,779

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 47

Statements of Changes in Net Assets  (continued)

	BlackRock Future Tech ETF			BlackRock U.S. Carbon Transition Readiness ETF
		Period From 09/29/20 to 07/31/21	(a)		Period From 04/06/21 to 07/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)	$	(68,698	)	$	4,524,119
Net realized gain (loss)		(698,086	)		4,006,023
Net change in unrealized appreciation (depreciation)		3,015,932			97,922,108
Net increase in net assets resulting from operations		2,249,148			106,452,250
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		—			(2,591,883	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		18,069,672			1,320,028,513
NET ASSETS
Total increase in net assets		20,318,820			1,423,888,880
Beginning of period		—			—
End of period	$	20,318,820		$	1,423,888,880

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

48 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	BlackRock U.S. Equity Factor Rotation ETF						BlackRock World ex U.S. Carbon Transition Readiness ETF
		Year Ended 07/31/21			Year Ended 07/31/20			Period From 04/06/21 to 07/31/21	(a)
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,219,829		$	1,358,176		$	4,804,596
Net realized gain (loss)		18,458,292			(1,973,552	)		1,889,479
Net change in unrealized appreciation (depreciation)		8,499,375			7,774,743			16,258,168
Net increase in net assets resulting from operations		28,177,496			7,159,367			22,952,243
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders		(1,313,062	)		(1,213,492	)		(3,851,883	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(20,568,074	)		62,831,748			586,499,102
NET ASSETS
Total increase in net assets		6,296,360			68,777,623			605,599,462
Beginning of period		89,991,825			21,214,202			—
End of period	$	96,288,185		$	89,991,825		$	605,599,462

^(a)  Commencement of operations.

^(b)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 49

Financial Highlights

(For a share outstanding throughout the period)

	BlackRock Future Health ETF
		Period From 09/29/20 to 07/31/21	(a)
Net asset value, beginning of period	$	25.13
Net investment loss(b)		(0.15	)
Net realized and unrealized gain(c)		5.06
Net increase from investment operations		4.91
Net asset value, end of period	$	30.04
Total Return
Based on net asset value		19.50	%(d)
Ratios to Average Net Assets
Total expenses		0.85	%(e)
Total expenses after fees waived		0.85	%(e)
Net investment loss		(0.64	)%(e)
Supplemental Data
Net assets, end of period (000)	$	7,209
Portfolio turnover rate(f)		39	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

50 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout the period)

	BlackRock Future Innovators ETF
		Period From 09/29/20 to 07/31/21	(a)
Net asset value, beginning of period	$	35.18
Net investment loss(b)		(0.27	)
Net realized and unrealized gain(c)		15.14
Net increase from investment operations		14.87
Net asset value, end of period	$	50.05
Total Return
Based on net asset value		42.27	%(d)
Ratios to Average Net Assets
Total expenses		0.80	%(e)
Total expenses after fees waived		0.80	%(e)
Net investment loss		(0.67	)%(e)
Supplemental Data
Net assets, end of period (000)	$	23,025
Portfolio turnover rate(f)		50	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T S 51

Financial Highlights  (continued)

(For a share outstanding throughout the period)

	BlackRock Future Tech ETF
		Period From 09/29/20 to 07/31/21	(a)
Net asset value, beginning of period	$	25.25
Net investment loss(b)		(0.18	)
Net realized and unrealized gain(c)		11.21
Net increase from investment operations		11.03
Net asset value, end of period	$	36.28
Total Return
Based on net asset value		43.68	%(d)
Ratios to Average Net Assets
Total expenses		0.88	%(e)
Total expenses after fees waived		0.88	%(e)
Net investment loss		(0.64	)%(e)
Supplemental Data
Net assets, end of period (000)	$	20,319
Portfolio turnover rate(f)		38	%(d)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Not annualized.

^(e)  Annualized.

^(f)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

52 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout the period)

	BlackRock U.S. Carbon Transition Readiness ETF
		Period From 04/06/21 to 07/31/21	(a)
Net asset value, beginning of period	$	46.60
Net investment income(b)		0.17
Net realized and unrealized gain(c)		3.90
Net increase from investment operations		4.07
Distributions(d)
From net investment income		(0.09	)
Total distributions		(0.09	)
Net asset value, end of period	$	50.58
Total Return
Based on net asset value		8.74	%(e)
Ratios to Average Net Assets
Total expenses		0.29	%(f)
Total expenses after fees waived		0.14	%(f)
Net investment income		1.07	%(f)
Supplemental Data
Net assets, end of period (000)	$	1,423,889
Portfolio turnover rate(g)		13	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T S 53

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	BlackRock U.S. Equity Factor Rotation ETF
		Year Ended 07/31/21			Year Ended 07/31/20			Period From 03/19/19 to 07/31/19	(a)
Net asset value, beginning of period	$	27.27		$	26.52		$	25.00
Net investment income(b)		0.45			0.52			0.16
Net realized and unrealized gain(c)		9.78			0.67			1.48
Net increase from investment operations		10.23			1.19			1.64
Distributions(d)
From net investment income		(0.47	)		(0.44	)		(0.12	)
Total distributions		(0.47	)		(0.44	)		(0.12	)
Net asset value, end of period	$	37.03		$	27.27		$	26.52
Total Return
Based on net asset value		37.87	%		4.61	%		6.59	%(e)
Ratios to Average Net Assets
Total expenses		0.30	%		0.30	%		0.30	%(f)
Total expenses after fees waived		0.20	%		0.20	%		0.20	%(f)
Net investment income		1.41	%		1.97	%		1.74	%(f)
Supplemental Data
Net assets, end of period (000)	$	96,288		$	89,992		$	21,214
Portfolio turnover rate(g)		146	%		175	%		42	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

54 2 0 2 1   B L A C K R O C K   A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights  (continued)

(For a share outstanding throughout the period)

	BlackRock World ex U.S. Carbon Transition Readiness ETF
		Period From 04/06/21 to 07/31/21	(a)
Net asset value, beginning of period	$	46.16
Net investment income(b)		0.39
Net realized and unrealized gain(c)		1.82
Net increase from investment operations		2.21
Distributions(d)
From net investment income		(0.31	)
Total distributions		(0.31	)
Net asset value, end of period	$	48.06
Total Return
Based on net asset value		4.77	%(e)
Ratios to Average Net Assets
Total expenses		0.35	%(f)
Total expenses after fees waived		0.20	%(f)
Net investment income		2.58	%(f)
Supplemental Data
Net assets, end of period (000)	$	605,599
Portfolio turnover rate(g)		19	%(e)

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amount reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Not annualized.

^(f)  Annualized.

^(g)  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T S 55

Notes to Financial Statements

1. ORGANIZATION

BlackRock ETF Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund,” and collectively, the “Funds”):

BlackRock ETF	Diversification Classification
Future Health(a)	Non-diversified
Future Innovators(a)	Non-diversified
Future Tech(a)	Non-diversified
U.S. Carbon Transition Readiness(b)	Non-diversified
U.S. Equity Factor Rotation	Non-diversified
World ex U.S. Carbon Transition Readiness(b)	Non-diversified

^(a) The Fund commenced operations on September 29, 2020.

^(b) The Fund commenced operations on April 06, 2021.

The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, are included in a complex of equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Currency Translation: Each Fund’s books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using prevailing market rates as quoted by one or more data service providers. Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.

Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the statements of operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.

Foreign Taxes: Certain Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its statements of operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of July 31, 2021, if any, are disclosed in the statements of assets and liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The statements of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Segregation and Collateralization: In cases where a Fund enters into certain investments (e.g., futures contracts ) that would be treated as “senior securities” for 1940 Act purposes, a Fund may segregate or designate on its books and record cash or liquid assets having a market value at least equal to the amount of its future obligations

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Notes to Financial Statements  (continued)

under such investments. Doing so allows the investment to be excluded from treatment as a “senior security.” Furthermore, if required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments or obligations.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.    INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under policies approved by the Board of Trustees of the Trust (the “Board”). If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with a policy approved by the Board as reflecting fair value. The BlackRock Global Valuation Methodologies Committee (the “Global Valuation Committee”) is the committee formed by management to develop global pricing policies and procedures and to oversee the pricing function for all financial instruments.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Global Valuation Committee, in accordance with a policy approved by the Board as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Global Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Global Valuation Committee, or its delegate, seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Global Valuation Committee, or its delegate, deems relevant and consistent with the principles of fair value measurement. The pricing of all Fair Valued Investments is subsequently reported to the Board or a committee thereof on a quarterly basis.

Fair Value Hierarchy: 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

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Notes to Financial Statements  (continued)

companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.    SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BlackRock Fund Advisors (“BFA”), the Funds’ investment adviser, or its affiliates is disclosed in the schedules of investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s schedule of investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the statements of assets and liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

BlackRock ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Future Health
Barclays Bank PLC	$	140,123	$	140,123		$	—	$	—
BofA Securities, Inc.		6,173		6,173			—		—
Citadel Clearing LLC		11,800		11,800			—		—
Jefferies LLC		12,948		12,948			—		—
UBS AG		7,560		7,560			—		—
	$	178,604	$	178,604		$	—	$	—
Future Innovators
Barclays Bank PLC	$	577,261	$	577,261		$	—	$	—
BofA Securities, Inc.		632,922		632,922			—		—
Citadel Clearing LLC		395,024		395,024			—		—
Citigroup Global Markets Inc.		930,341		930,341			—		—
Pershing LLC		99,153		99,153			—		—
UBS AG		420,879		420,879			—		—
	$	3,055,580	$	3,055,580		$	—	$	—

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Notes to Financial Statements  (continued)

BlackRock ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	(a)		Non-Cash Collateral Received		Net Amount
Future Tech
Barclays Bank PLC	$	611,873	$	611,873		$	—	$	—
BNP Paribas Securities Corp.		231,408		231,408			—		—
BofA Securities, Inc.		117,364		117,364			—		—
Citigroup Global Markets Inc.		912,677		912,677			—		—
Goldman Sachs & Co.		676,157		676,157			—		—
Nomura Securities International Inc.		122,714		122,714			—		—
TD Prime Services LLC		216,780		216,780			—		—
	$	2,888,973	$	2,888,973		$	—	$	—
U.S. Carbon Transition Readiness
Credit Suisse Securities (USA) LLC	$	204,288	$	204,288		$	—	$	—
JPMorgan Securities LLC		817,934		817,934			—		—
	$	1,022,222	$	1,022,222		$	—	$	—
U.S. Equity Factor Rotation
BNP Paribas Prime Brokerage International Ltd.	$	125,437	$	121,351		$	—	$	(4,086)	(b)
BNP Paribas Securities Corp.		7,724		7,724			—		—
Credit Suisse Securities (USA) LLC		20,003		18,548			—		(1,455)	(b)
JPMorgan Securities LLC		48,384		48,328			—		(56)	(b)
Morgan Stanley & Co. LLC		105,547		102,138			—		(3,409)	(b)
Scotia Capital (USA) Inc.		53,233		53,233			—		—
State Street Bank & Trust Company		252		243			—		(9)	(b)
UBS AG		291,237		285,382			—		(5,855)	(b)
	$	651,817	$	636,947		$	—	$	(14,870)

^(a) Collateral received in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s statement of assets and liabilities.

^(b)  The market value of the loaned securities is determined as of July 31, 2021. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by a counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.    DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the statements of assets and liabilities.

Securities deposited as initial margin are designated in the schedule of investments and cash deposited, if any, are shown as cash pledged for futures contracts in the statements of assets and liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the statements of assets and liabilities. When the contract is closed, a realized gain or loss is recorded in the statements of operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

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Notes to Financial Statements  (continued)

6.    INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to the BlackRock Future Health ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Investment Advisory Fee
First $1 billion		0.85	%
Over $1 billion, up to and including $3 billion		0.80
Over $3 billion, up to and including $5 billion		0.77
Over $5 billion, up to and including $10 billion		0.74
Over $10 billion		0.72

For its investment advisory services to the BlackRock Future Innovators ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Investment Advisory Fee
First $1 billion		0.80	%
Over $1 billion, up to and including $3 billion		0.75
Over $3 billion, up to and including $5 billion		0.72
Over $5 billion, up to and including $10 billion		0.70
Over $10 billion		0.68

For its investment advisory services to the BlackRock Future Tech ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Investment Advisory Fee
First $1 billion		0.88	%
Over $1 billion, up to and including $3 billion		0.83
Over $3 billion, up to and including $5 billion		0.79
Over $5 billion, up to and including $10 billion		0.77
Over $10 billion		0.75

For its investment advisory services to the BlackRock U.S. Carbon Transition Readiness ETF and BlackRock U.S. Equity Factor Rotation ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Investment Advisory Fee
First $1 billion		0.30	%
Over $1 billion, up to and including $3 billion		0.28
Over $3 billion, up to and including $5 billion		0.27
Over $5 billion, up to and including $10 billion		0.26
Over $10 billion		0.25

For its investment advisory services to the BlackRock World ex U.S. Carbon Transition Readiness ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows:

Average Daily Net Assets	Investment Advisory Fee
First $1 billion		0.35	%
Over $1 billion, up to and including $3 billion		0.33
Over $3 billion, up to and including $5 billion		0.32
Over $5 billion, up to and including $10 billion		0.30
Over $10 billion		0.29

Expense Waivers: Effective April 27, 2021, BFA has contractually agreed to waive 0.15% of its management fee payable for each of the U.S. Carbon Transition Readiness and World ex U.S. Carbon Transition Readiness ETFs, through June 30, 2024. The contractual agreement may be terminated upon 90 days’ notice by a majority of the

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Notes to Financial Statements  (continued)

non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. Prior to April 27, 2021, such agreement to waive a portion of each Fund’s management fee was voluntary.

For the U.S. Equity Factor Rotation ETF, BFA has voluntarily agreed to waive its management fee payable by the U.S. Equity Factor Rotation ETF to limit the annual management fee paid by the Fund to 0.20%. BFA may also from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

BlackRock ETF	Amounts waived
U.S. Carbon Transition Readiness	$	633,851
U.S. Equity Factor Rotation		86,372
World ex U.S. Carbon Transition Readiness		279,262

Additionally, BFA has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BFA indirectly through its investment in money market funds managed by BFA or its affiliates, through June 30, 2023 for each of the U.S. Carbon Transition Readiness and World ex U.S. Carbon Transition Readiness ETFs, and through November 30, 2021 for each of the Future Health ETF, Future Innovators ETF, Future Tech ETF and U.S. Equity Factor Rotation ETF. These amounts are included in investment advisory fees waived in the Statements of Operations. For the year ended July 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:

BlackRock ETF	Amounts waived
Future Health	$	158
Future Innovators		38
Future Tech		212
U.S. Carbon Transition Readiness		2,440
U.S. Equity Factor Rotation		5
World ex U.S. Carbon Transition Readiness		1,062

Distributor: BlackRock Investments, LLC, an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Funds are responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits a remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each of BlackRock Future Health ETF, BlackRock Future Innovators ETF, BlackRock U.S. Carbon Transition Readiness ETF and BlackRock U.S. Equity Factor Rotation ETF (the “Group 1 Funds”), retains 77% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Pursuant to the current securities lending agreement, each of BlackRock Future Tech ETF and BlackRock World ex U.S. Carbon Transition Readiness ETF (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees earned across the BlackRock Multi-Asset Complex in a calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

Prior to January 1, 2021, each Group 1 Fund retained 75% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. Each Group 2 Fund retained 82% of securities lending income (which excludes collateral investment fees) and the amount retained was not less than 70% of the total of securities lending income plus the collateral investment fees. In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees earned across the BlackRock Multi-Asset

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Notes to Financial Statements  (continued)

Complex in a calendar year exceeded a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 80% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund, pursuant to the securities lending agreement, retained for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its statements of operations. For the year ended July 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:

BlackRock ETF	Fees Paid to BTC
Future Health	$	245
Future Innovators		1,318
Future Tech		2,865
U.S. Carbon Transition Readiness		8,400
U.S. Equity Factor Rotation		757

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the year ended July 31, 2021, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

BlackRock ETF	Purchases		Sales		Net Realized Gain (Loss)
U.S. Equity Factor Rotation	$	4,742,454	$	8,415,696	$	536,105

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends – affiliated in the statements of operations.

7.    PURCHASES AND SALES

For the year ended July 31, 2021, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

BlackRock ETF	Purchases		Sales
Future Health	$	2,588,888	$	2,967,232
Future Innovators		7,709,354		7,703,296
Future Tech		7,486,913		4,829,270
U.S. Carbon Transition Readiness		147,287,083		149,880,970
U.S. Equity Factor Rotation		125,062,825		126,161,040
World ex U.S. Carbon Transition Readiness		112,462,520		91,444,980

For the year ended July 31, 2021, in-kind transactions were as follows:

BlackRock ETF	In-kind Purchases		In-kind Sales
Future Health	$	5,908,522	$	—
Future Innovators		21,383,470		—
Future Tech		14,597,925		—
U.S. Carbon Transition Readiness		1,308,773,960		2,336,441
U.S. Equity Factor Rotation		14,263,725		33,722,044
World ex U.S. Carbon Transition Readiness		562,472,369		—

8.    INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

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Notes to Financial Statements  (continued)

Management has analyzed tax laws and regulations and their application to the Funds as of July 31, 2021, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of July 31, 2021, the following permanent differences attributable to certain deemed distributions, net operating loss and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

BlackRock ETF	Paid-in Capital			Accumulated Earnings
Future Health	$	(36,601	)	$	36,601
Future Innovators		(88,597	)		88,597
Future Tech		(13,339	)		13,339
U.S. Carbon Transition Readiness		50,276			(50,276	)
U.S. Equity Factor Rotation		9,078,541			(9,078,541	)

The tax character of distributions paid was as follows:

BlackRock ETF	Period Ended 07/31/21
U.S. Carbon Transition Readiness Ordinary income	$	2,591,883

BlackRock ETF	Year Ended 07/31/21		Year Ended 07/31/20
U.S. Equity Factor Rotation(a)
Ordinary income	$	1,341,151	$	1,213,492
Long-term capital gains(b)		35,485		—
	$	1,376,636	$	1,213,492

BlackRock ETF	Period Ended 07/31/21
World ex U.S. Carbon Transition Readiness
Ordinary income	$	3,851,883

^(a)  Distribution amounts may include a portion of the proceeds from redeemed shares.

^(b)  The Fund designate these amounts paid during the fiscal year ended July 31, 2021 as capital gain dividends, subject to a long-term capital gains tax rate of not greater than 20%.

As of July 31, 2021, the tax components of accumulated net earnings (losses) were as follows:

BlackRock ETF		Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Non-expiring Capital Loss Carryforwards	(a)		Net Unrealized Gains (Losses)	(b)		Qualified Late-Year Losses	(c)		Total
Future Health	$	—	$	—	$	(3,716	)	$	1,207,269		$	—		$	1,203,553
Future Innovators		—		—		(183,439	)		1,821,266			—			1,637,827
Future Tech		—		—		(685,890	)		3,007,649			(59,272	)		2,262,487
U.S. Carbon Transition Readiness		6,234,126		431,483		—			97,144,482			—			103,810,091
U.S. Equity Factor Rotation		2,175,909		2,630,619		—			16,579,485			—			21,386,013
World ex U.S. Carbon Transition
Readiness		3,067,710		235,381		—			15,797,269			—			19,100,360

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and the realization for tax purposes of unrealized gains on investments in passive foreign investment companies.

^(c)  The Funds have elected to defer certain qualified late-year losses and recognize such losses in the next taxable year.

For the year ended July 31, 2021, the U.S. Equity Factor Rotation utilized $2,957,755 of its capital loss carryforwards.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

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Notes to Financial Statements  (continued)

As of July 31, 2021, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

BlackRock ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Future Health	$	6,138,825	$	1,350,888	$	(143,617)		$	1,207,271
Future Innovators		24,406,372		3,388,252		(1,566,995	)		1,821,257
Future Tech		20,416,122		3,429,659		(422,030	)		3,007,629
U.S. Carbon Transition Readiness		1,325,736,256		116,229,164		(19,084,682	)		97,144,482
U.S. Equity Factor Rotation		80,474,948		17,549,661		(970,176	)		16,579,485
World ex U.S. Carbon Transition Readiness		588,637,034		33,631,717		(17,830,476	)		15,801,241

9.    LINE OF CREDIT

BlackRock ETF Trust, on behalf of each Fund, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is a party to a 364-day, $2.25 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month LIBOR (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum or (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed. The agreement expires in April 2022 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the year ended July 31, 2021, the Funds did not borrow under the credit agreement.

10.  PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. The duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the statements of assets and liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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Notes to Financial Statements  (continued)

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Concentration Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its schedule of investments.

Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.

Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. In addition, the United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the schedule of investments.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates will be phased out by the end of 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

11. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Period Ended 07/31/21
BlackRock ETF	Shares			Amount
Future Health
Shares sold		240,000		$	6,041,627
Future Innovators
Shares sold		460,000		$	21,475,549
Future Tech
Shares sold		560,000		$	18,069,672
U.S. Carbon Transition Readiness
Shares sold		28,200,000		$	1,322,397,975
Shares redeemed		(50,000	)		(2,369,462	)
Net increase		28,150,000		$	1,320,028,513

	Year Ended 07/31/21						Year Ended 07/31/20
BlackRock ETF	Shares			Amount			Shares			Amount
U.S. Equity Factor Rotation
Shares sold		400,000		$	14,424,612			3,300,000		$	84,056,705
Shares redeemed		(1,100,000	)		(34,992,686	)		(800,000	)		(21,224,957	)
Net increase (decrease)		(700,000	)	$	(20,568,074	)		2,500,000		$	62,831,748

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 65

Notes to Financial Statements  (continued)

	Period Ended 07/31/21
BlackRock ETF	Shares		Amount
World ex U.S. Carbon Transition Readiness
Shares sold		12,600,000	$	586,499,102

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the statements of assets and liabilities.

As of July 31, 2021, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows:

BlackRock ETF	Shares
U.S. Carbon Transition Readiness		50,000
World ex U.S. Carbon Transition Readiness		75,000

12. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of BlackRock ETF Trust and Shareholders of BlackRock Future Health ETF,

BlackRock Future Innovators ETF, BlackRock Future Tech ETF, BlackRock U.S. Carbon Transition Readiness ETF,

BlackRock World ex U.S. Carbon Transition Readiness ETF and BlackRock U.S. Equity Factor Rotation ETF

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of BlackRock Future Health ETF, BlackRock Future Innovators ETF, BlackRock Future Tech ETF, BlackRock U.S. Carbon Transition Readiness ETF, BlackRock World ex U.S. Carbon Transition Readiness ETF and BlackRock U.S. Equity Factor Rotation ETF (constituting BlackRock ETF Trust, hereafter collectively referred to as the “Funds”) as of July 31, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2021, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Fund	Statements of operations	Statements of     changes in net assets	Financial highlights
BlackRock Future Health ETF	For the period September 29, 2020 (commencement of operations) to July 31, 2021
BlackRock Future Innovators ETF	For the period September 29, 2020 (commencement of operations) to July 31, 2021
BlackRock Future Tech ETF	For the period September 29, 2020 (commencement of operations) to July 31, 2021
BlackRock U.S. Carbon Transition Readiness ETF	For the period April 6, 2021 (commencement of operations) to July 31, 2021
BlackRock World ex     U.S. Carbon Transition     Readiness ETF	For the period April 6, 2021 (commencement of operations) to July 31, 2021
BlackRock U.S. Equity Factor     Rotation ETF	For the year ended July 31, 2021	For the two years ended     July 31, 2021	For the two years ended July 31, 2021 and the period March 19, 2019 (commencement of operations) to July 31, 2019

Basis for Opinions

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

September 21, 2021

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended July 31, 2021 qualified for the dividends-received deduction for corporate shareholders:

BlackRock ETF	Dividends-Received Deduction
U.S. Carbon Transition Readiness		100.00	%
U.S. Equity Factor Rotation		94.24	%

The following amount(s), or maximum amount(s) allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended July 31, 2021:

BlackRock ETF	Qualified Dividend  Income
Future Health	$	12,631
Future Innovators		8,179
Future Tech		13,321
U.S. Carbon Transition Readiness		5,048,746
U.S. Equity Factor Rotation		1,274,648
World ex U.S. Carbon Transition Readiness		5,054,777

The Funds intend to pass through to their shareholders the following amount(s), or maximum amount(s) allowable by law, of foreign source income earned and foreign taxes paid for the fiscal year ended July 31, 2021:

iShares ETF	Foreign Source Income Earned		Foreign  Taxes Paid
World ex U.S. Carbon Transition Readiness	$	5,806,418	$	513,500

The following amount(s), or maximum amount(s) allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended July 31, 2021:

BlackRock ETF	Qualified Business  Income
U.S. Equity Factor Rotation	$	31,669

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Disclosure of Investment Advisory Agreement

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock ETF Trust (the “Trust”) met on January 7, 2021 (the “Organizational Meeting”) to consider the approval of the proposed investment advisory agreement (the “Agreement”) between the Trust, on behalf of BlackRock U.S. Carbon Transition Readiness ETF (the “U.S. Carbon Transition Readiness ETF”) and BlackRock World ex U.S. Carbon Transition Readiness ETF (the “World ex U.S. Carbon Transition Readiness ETF” and, together with the U.S. Carbon Transition Readiness ETF, the “Funds” and, each individually, a “Fund”) and BlackRock Fund Advisors (the “Manager” or “BlackRock”), each Fund’s investment advisor. The Agreement was the same agreement that had been previously approved by the Board with respect to certain series of the Trust.

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Trust is required to consider the initial approval of the Agreement. The Board members whom are not “interested persons” of the Funds, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). In connection with this deliberative process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Funds by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of each Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services.

At the Organizational Meeting, the Board received and reviewed materials relating to its consideration of the proposed Agreement. The Board considered all factors it believed relevant with respect to the Funds, including, among other things: (a) the nature, extent and quality of the services to be provided by BlackRock; (b) the investment performance of each Funds as compared with a peer group of funds and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits to be realized by BlackRock and its affiliates from their relationship with the Funds; (d) the existence and sharing of potential economies of scale; (e) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Funds; (f) possible alternatives to the proposed Agreement; (g) the policies and practices of BlackRock with respect to portfolio transactions for each Fund; (h) BlackRock’s portfolio compliance systems and capabilities; and (i) other factors deemed relevant by the Board Members.

In considering approval of the Agreement, the Board met with the relevant investment advisory personnel from BlackRock and considered all information it deemed reasonably necessary to evaluate the terms of the Agreement. The Board received materials in advance of the Organizational Meeting relating to its consideration of the Agreement, including (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) regarding each Fund’s fees and estimated expense ratio as compared with a peer group of funds as determined by Broadridge (“Expense Peers”); (b) information regarding BlackRock’s economic outlook for each Fund and its general investment outlook for the markets; (c) information regarding fees paid to service providers that are affiliates of BlackRock; and (d) information outlining the legal duties of the Board under the 1940 Act with respect to the consideration and approval of the Agreement. The Board also noted information received at prior Board meetings concerning compliance records and regulatory matters relating to BlackRock.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management and BlackRock’s services related to the valuation and pricing of the Funds’ portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services to be provided by BlackRock, including the investment advisory services to be provided to the Funds. The Board received information concerning the investment philosophy and investment process to be used by BlackRock in managing the Funds, as well as a description of the capabilities, personnel and services of BlackRock. The Board considered the scope of the services provided by BlackRock to the Funds under the Agreement relative to services typically provided by third parties to other funds. The Board noted that the standard of care applicable under the Agreement was comparable to that found generally in investment company advisory agreements. The Board concluded that the scope of BlackRock’s services to be provided to the Funds was consistent with each Fund’s operational requirements, including, in addition to seeking to meet the pertinent Fund’s investment objective(s), compliance with investment restrictions, tax and reporting requirements and related shareholder services.

The Board, including the Independent Board Members, also considered the quality of the administrative and other non-investment advisory services to be provided by BlackRock and its affiliates to the Funds. The Board evaluated the procedures of BlackRock designed to fulfill its fiduciary duty to the Funds with respect to possible conflicts of interest, including BlackRock’s code of ethics (regulating the personal trading of BlackRock’s officers and employees), the procedures by which BlackRock allocates trades among its various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of BlackRock in these matters. The Board also noted information received at prior Board meetings concerning standards of BlackRock with respect to the execution of portfolio transactions.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and each Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives. The Board also considered the business reputation of BlackRock and its financial resources and concluded that BlackRock would be able to meet any reasonably foreseeable obligation under the Agreement.

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Disclosure of Investment Advisory Agreement  (continued)

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services to be provided to the Funds. The Board considered that BlackRock and its affiliates will provide the Funds with certain administrative, shareholder and other services (in addition to any such services provided to the Funds by third parties) and officers and other personnel as are necessary for the operations of the pertinent Fund. In particular, BlackRock and its affiliates will provide the Funds with administrative services, including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, each Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Funds, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing each Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations.

B. The Investment Performance of the Funds and BlackRock

The Board, including the Independent Board Members, previously received and considered information about BlackRock’s investment performance for other funds. The Board, however, did not consider the performance history of the Funds because the Funds was newly organized and had not yet commenced operations as of the date of the Organizational Meeting.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services to be Provided and Estimated Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Funds

In connection with the initial approval of the Agreement, the Board, including the Independent Board Members, reviewed each Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared each Fund’s estimated total expense ratio, as well as its estimated actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund. Additionally, the Board noted information received at prior Board meetings concerning the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

The Board noted that each of U.S. Carbon Transition Readiness ETF’s and World ex U.S. Carbon Transition Readiness ETF’s contractual management fee rate ranked in the second quartile, and that the estimated actual management fee rate and estimated total expense ratio each ranked in the first quartile relative to the pertinent Fund’s Expense Peers.

The Board also noted that each Fund has a management fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board noted that if the size of a Fund were to decrease, the Fund could lose the benefit of one or more breakpoints. In addition, the Board noted that BlackRock has voluntarily agreed to waive a portion of the management fee payable by each Fund.

Following consideration of this information, the Board, including the independent Board Members, concluded that the fees to be paid pursuant to the Agreement were fair and reasonable in light of the services provided.

As the Funds had not commenced operations as of the date of the Organizational Meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Funds. BlackRock, however, will provide the Board with such information at future meetings.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Funds increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and expense caps had been approved by the Board.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Funds, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Funds, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

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Disclosure of Investment Advisory Agreement  (continued)

The Board noted the competitive nature of the ETF marketplace, and that shareholders are able to redeem or sell their Fund shares if they believe that the pertinent Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

The Board Members present at the Organizational Meeting, including the Independent Board Members, unanimously approved the Agreement between the Manager and the Trust, with respect to each Fund, for a two-year term beginning on the effective date of the Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of each Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

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Disclosure of Investment Advisory Agreement  (continued)

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock ETF Trust (the “Trust”) met on April 7, 2021 (the “April Meeting”) and May 10-12, 2021 (the “May Meeting”) to consider the approval to continue the investment advisory agreement (the “Agreement”) between the Trust, on behalf of BlackRock U.S. Equity Factor Rotation ETF (the “Fund”), and BlackRock Fund Advisors (the “Manager” or “BlackRock”), the Fund’s investment advisor.

The Approval Process

Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Board considers the approval of the continuation of the Agreement for the Fund on an annual basis. The Board members whom are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”). The Board’s consideration entailed a year-long deliberative process during which the Board and its committees assessed BlackRock’s various services to the Fund, including through the review of written materials and oral presentations, and the review of additional information provided in response to requests from the Independent Board Members. The Board had four quarterly meetings per year, each typically extending for two days, as well as additional ad hoc meetings and executive sessions throughout the year, as needed. The committees of the Board similarly met throughout the year. The Board also had a fifth one-day meeting to consider specific information surrounding the renewal of the Agreement. In particular, the Board assessed, among other things, the nature, extent and quality of the services provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services. Throughout the year, including during the contract renewal process, the Independent Board Members were advised by independent legal counsel, and met with independent legal counsel in various executive sessions outside of the presence of BlackRock’s management.

During the year, the Board, acting directly and through its committees, considered information that was relevant to its annual consideration of the renewal of the Agreement, including the services and support provided by BlackRock to the Fund and its shareholders. BlackRock also furnished additional information to the Board in response to specific questions from the Board. Among the matters the Board considered were: (a) investment performance for one-year, three-year, five-year, and/or since inception periods, as applicable, against peer funds, relevant benchmarks, and other performance metrics, as applicable, as well as BlackRock senior management’s and portfolio managers’ analyses of the reasons for any outperformance or underperformance relative to its peers, benchmarks, and other performance metrics, as applicable; (b) fees, including advisory, administration, if applicable, and other amounts paid to BlackRock and its affiliates by the Fund for services; (c) Fund operating expenses and how BlackRock allocates expenses to the Fund; (d) the resources devoted to, risk oversight of, and compliance reports relating to, implementation of the Fund’s investment objective, policies and restrictions, and meeting regulatory requirements; (e) BlackRock’s and the Fund’s adherence to applicable compliance policies and procedures; (f) the nature, character and scope of non-investment management services provided by BlackRock and its affiliates and the estimated cost of such services, as available; (g) BlackRock’s and other service providers’ internal controls and risk and compliance oversight mechanisms; (h) BlackRock’s implementation of the proxy voting policies approved by the Board; (i) the use of brokerage commissions and execution quality of portfolio transactions; (j) BlackRock’s implementation of the Fund’s valuation and liquidity procedures; (k) an analysis of management fees paid to BlackRock for products with similar investment mandates across the open-end fund, exchange-traded fund (“ETF”), closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable, and the similarities and differences between these products and the services provided as compared to the Fund; (l) BlackRock’s compensation methodology for its investment professionals and the incentives and accountability it creates, along with investment professionals’ investments in the fund(s) they manage; and (m) periodic updates on BlackRock’s business.

Prior to and in preparation for the April Meeting, the Board received and reviewed materials specifically relating to the renewal of the Agreement. The Independent Board Members continuously engaged in a process with their independent legal counsel and BlackRock to review the nature and scope of the information provided to the Board to better assist its deliberations. The materials provided in connection with the April Meeting included, among other things: (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), based on either a Lipper classification or Morningstar category, regarding the Fund’s fees and expenses as compared with a peer group of funds as determined by Broadridge (“Expense Peers”) and the investment performance of the Fund as compared with a peer group of funds (“Performance Peers”); (b) information on the composition of the Expense Peers and Performance Peers and a description of Broadridge’s methodology; (c) information on the estimated profits realized by BlackRock and its affiliates pursuant to the Agreement and a discussion of fall-out benefits to BlackRock and its affiliates; (d) a general analysis provided by BlackRock concerning investment management fees received in connection with other types of investment products, such as institutional accounts, sub-advised mutual funds, ETFs, closed-end funds, open-end funds, and separately managed accounts, under similar investment mandates, as well as the performance of such other products, as applicable; (e) a review of non-management fees; (f) the existence, impact and sharing of potential economies of scale, if any, with the Fund; (g) a summary of aggregate amounts paid by the Fund to BlackRock; (h) sales and redemption data regarding the Fund’s shares; and (i) various additional information requested by the Board as appropriate regarding BlackRock’s and the Fund’s operations.

At the April Meeting, the Board reviewed materials relating to its consideration of the Agreement. As a result of the discussions that occurred during the April Meeting, and as a culmination of the Board’s year-long deliberative process, the Board presented BlackRock with questions and requests for additional information. BlackRock responded to these questions and requests with additional written information in advance of the May Meeting.

At the May Meeting, the Board concluded its assessment of, among other things: (a) the nature, extent and quality of the services provided by BlackRock; (b) the investment performance of the Fund as compared to its Performance Peers and to other metrics, as applicable; (c) the advisory fee and the estimated cost of the services and estimated profits realized by BlackRock and its affiliates from their relationship with the Fund; (d) the Fund’s fees and expenses compared to its Expense Peers; (e) the existence and sharing of potential economies of scale; (f) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; and (g) other factors deemed relevant by the Board Members.

The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management, and BlackRock’s services related to the valuation and pricing of Fund portfolio holdings. The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board. The members of the Board gave attention to all of the information that was furnished, and each Board Member placed varying degrees of importance on the various pieces of information that were provided to them. The Board evaluated the information available to it on a fund

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Disclosure of Investment Advisory Agreement  (continued)

by fund basis. The following paragraphs provide more information about some of the primary factors that were relevant to the Board’s decision. The Board Members did not identify any particular information, or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.

A. Nature, Extent and Quality of the Services Provided by BlackRock

The Board, including the Independent Board Members, reviewed the nature, extent and quality of services provided by BlackRock, including the investment advisory services, and the resulting performance of the Fund. Throughout the year, the Board compared Fund performance to the performance of a comparable group of mutual funds, relevant benchmarks, and performance metrics, as applicable. The Board met with BlackRock’s senior management personnel responsible for investment activities, including the senior investment officers. The Board also reviewed the materials provided by the Fund’s portfolio management team discussing the Fund’s performance, investment strategies and outlook.

The Board considered, among other factors, with respect to BlackRock: the number, education and experience of investment personnel generally and the Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group. The Board engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.

In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services provided to the Fund. BlackRock and its affiliates provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund. In particular, BlackRock and its affiliates provide the Fund with administrative services including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with regulators; (iv) overseeing and coordinating the activities of third-party service providers including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund’s distribution partners, and shareholder call center and other services. The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans, including in light of the ongoing COVID-19 pandemic.

B. The Investment Performance of the Fund and BlackRock

The Board, including the Independent Board Members, reviewed and considered the performance history of the Fund throughout the year and at the April Meeting. In preparation for the April Meeting, the Board was provided with reports independently prepared by Broadridge, which included an analysis of the Fund’s performance as of December 31, 2020, as compared to its Performance Peers. Broadridge ranks funds in quartiles, ranging from first to fourth, where first is the most desirable quartile position and fourth is the least desirable. In connection with its review, the Board received and reviewed information regarding the investment performance of the Fund as compared to its Performance Peers. The Board and its Performance Oversight Committee regularly review and meet with Fund management to discuss the performance of the Fund throughout the year.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records. The Board also noted that while it found the data provided by Broadridge generally useful, it recognized the limitations of such data, including in particular, that notable differences may exist between a fund and its Performance Peers (for example, the investment objectives and strategies). Further, the Board recognized that the performance data reflects a snapshot of a period as of a particular date and that selecting a different performance period could produce significantly different results. The Board also acknowledged that long-term performance could be impacted by even one period of significant outperformance or underperformance, and that a single investment theme could have the ability to disproportionately affect long-term performance.

The Board noted that for each of the one-year and since-inception periods reported, the Fund ranked in the third quartile against its Performance Peers. The Board and BlackRock reviewed the Fund’s underperformance relative to its Performance Peers during the applicable periods.

C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services and Estimated Profits Realized by BlackRock and its Affiliates from their Relationship with the Fund

The Board, including the Independent Board Members, reviewed the Fund’s contractual management fee rate compared with those of its Expense Peers. The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers. The Board also compared the Fund’s total expense ratio, as well as its actual management fee rate, to those of its Expense Peers. The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees. The total expense ratio gives effect to any expense reimbursements or fee waivers, and the actual management fee rate gives effect to any management fee reimbursements or waivers. The Board considered the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).

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Disclosure of Investment Advisory Agreement  (continued)

The Board received and reviewed statements relating to BlackRock’s financial condition. The Board reviewed BlackRock’s profitability methodology and was also provided with an estimated profitability analysis that detailed the revenues earned and the expenses incurred by BlackRock for services provided to the Fund. The Board reviewed BlackRock’s estimated profitability with respect to the Fund and other funds the Board currently oversees for the year ended December 31, 2020 compared to available aggregate estimated profitability data provided for the prior two years. The Board reviewed BlackRock’s estimated profitability with respect to certain other U.S. fund complexes managed by the Manager and/or its affiliates. The Board reviewed BlackRock’s assumptions and methodology of allocating expenses in the estimated profitability analysis, noting the inherent limitations in allocating costs among various advisory products. The Board recognized that profitability may be affected by numerous factors including, among other things, fee waivers and expense reimbursements by the Manager, the types of funds managed, precision of expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at the individual fund level is difficult.

The Board noted that, in general, individual fund or product line profitability of other advisors is not publicly available. The Board reviewed BlackRock’s overall operating margin, in general, compared to that of certain other publicly traded asset management firms. The Board considered the differences between BlackRock and these other firms, including the contribution of technology at BlackRock, BlackRock’s expense management, and the relative product mix.

The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreement and to continue to provide the high quality of services that is expected by the Board. The Board further considered factors including but not limited to BlackRock’s commitment of time, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.

The Board noted that the Fund’s contractual management fee rate ranked in the second quartile, and that the actual management fee rate and total expense ratio each ranked in the first quartile relative to the Fund’s Expense Peers. The Board also noted that the Fund has an advisory fee arrangement that includes breakpoints that adjust the fee rate downward as the size of the Fund increases above certain contractually specified levels. The Board noted that if the size of the Fund were to decrease, the Fund could lose the benefit of one or more breakpoints. The Board also noted that BlackRock had voluntarily agreed to waive a portion of the advisory fee payable by the Fund.

D. Economies of Scale

The Board, including the Independent Board Members, considered the extent to which economies of scale might be realized as the assets of the Fund increase, including the existence of fee waivers and/or expense caps, as applicable, noting that any contractual fee waivers and contractual expense caps had been approved by the Board. In its consideration, the Board further considered the continuation and/or implementation of fee waivers and/or expense caps, as applicable. The Board also considered the extent to which the Fund benefits from such economies of scale in a variety of ways, and whether there should be changes in the advisory fee rate or breakpoint structure in order to enable the Fund to more fully participate in these economies of scale. The Board considered the Fund’s asset levels and whether the current fee schedule was appropriate.

E. Other Factors Deemed Relevant by the Board Members

The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and its risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, distribution, securities lending and cash management services. The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations. The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.

In connection with its consideration of the Agreement, the Board also received information regarding BlackRock’s brokerage and soft dollar practices. The Board received reports from BlackRock which included information on brokerage commissions and trade execution practices throughout the year.

The Board noted the competitive nature of the ETF marketplace, and that shareholders are able to redeem or sell their Fund shares if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Conclusion

The Board, including the Independent Board Members, unanimously approved the continuation of the Agreement between the Manager and the Trust, on behalf of the Fund, for a one-year term ending June 30, 2022. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.

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Supplemental Information (unaudited)

Regulation Regarding Derivatives

On October 28, 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Funds will be required to implement and comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a fund can enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require funds whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

July 31, 2021

	Total Cumulative Distributions for the Fiscal Year								% Breakdown of the Total Cumulative Distributions for the Fiscal Year
BlackRock ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
U.S. Equity Factor Rotation(a)	$	0.462638	$	—	$	0.009433	$	0.472071		98	%		—	%		2	%		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

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Trustee and Officer Information

Independent Trustees(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Mark Stalnecker 1951	Chair of the Board     and Trustee     (Since 2019)	Chief Investment Officer, University of Delaware from 1999 to 2013; Trustee and Chair of the Finance and Investment Committees, Winterthur Museum and Country Estate from 2005 to 2016; Member of the Investment Committee, Delaware Public Employees’ Retirement System since 2002; Member of the Investment Committee, Christiana Care Health System from 2009 to 2017; Member of the Investment Committee, Delaware Community Foundation from 2013 to 2014; Director and Chair of the Audit Committee, SEI Private Trust Co. from 2001 to 2014.	36 RICs consisting of 155 Portfolios	None
Bruce R. Bond 1946	Trustee     (Since 2019)	Board Member, Amsphere Limited (software) since 2018; Trustee and Member of the Governance Committee, State Street Research Mutual Funds from 1997 to 2005; Board Member of Governance, Audit and Finance Committee, Avaya Inc. (computer equipment) from 2003 to 2007.	36 RICs consisting of 155 Portfolios	None
Susan J. Carter 1956	Trustee     (Since 2019)	Director, Pacific Pension Institute from 2014 to 2018; Advisory Board Member, Center for Private Equity and Entrepreneurship at Tuck School of Business since 1997; Senior Advisor, Commonfund Capital, Inc. (“CCI”) (investment adviser) in 2015; Chief Executive Officer, CCI from 2013 to 2014; President & Chief Executive Officer, CCI from 1997 to 2013; Advisory Board Member, Girls Who Invest from 2015 to 2018 and Board Member thereof since 2018; Advisory Board Member, Bridges Fund Management since 2016; Trustee, Financial Accounting Foundation since 2017; Practitioner Advisory Board Member, Private Capital Research Institute (“PCRI”) since 2017; Lecturer in the Practice of Management, Yale School of Management since 2019; Advisor to Finance Committee, Altman Foundation since 2020.	36 RICs consisting of 155 Portfolios	None
Collette Chilton 1958	Trustee     (Since 2019)	Chief Investment Officer, Williams College since 2006; Chief Investment Officer, Lucent Asset Management Corporation from 1998 to 2006; Director, Boys and Girls Club of Boston since 2017; Director, B1 Capital since 2018; Director, David and Lucile Packard Foundation since 2020.	36 RICs consisting of 155 Portfolios	None
Neil A. Cotty 1954	Trustee     (Since 2019)	Bank of America Corporation from 1996 to 2015, serving in various senior finance leadership roles, including Chief Accounting Officer, from 2009 to 2015, Chief Financial Officer of Global Banking, Markets and Wealth Management from 2008 to 2009, Chief Accounting Officer from 2004 to 2008, Chief Financial Officer of Consumer Bank from 2003 to 2004, Chief Financial Officer of Global Corporate Investment Bank from 1999 to 2002.	36 RICs consisting of 155 Portfolios	None

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Trustee and Officer Information  (continued)

		Independent Trustees(a) (continued)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of  Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Lena G. Goldberg 1949	Trustee (Since 2019)	Director, Charles Stark Draper Laboratory, Inc. since 2013; Senior Lecturer, Harvard Business School, from 2008 to 2021; FMR LLC/Fidelity Investments (financial services) from 1996 to 2008, serving in various senior roles including Executive Vice President – Strategic Corporate Initiatives and Executive Vice President and General Counsel; Partner, Sullivan & Worcester LLP from 1985 to 1996 and Associate thereof from 1979 to 1985.	36 RICs consisting of 155 Portfolios	None
Henry R. Keizer 1956	Trustee (Since 2019)	Director, Park Indemnity Ltd. (captive insurer) since 2010; Director, MUFG Americas Holdings Corporation and MUFG Union Bank, N.A. (financial and bank holding company) from 2014 to 2016; Director, American Institute of Certified Public Accountants from 2009 to 2011; Director, KPMG LLP (audit, tax and advisory services) from 2004 to 2005 and 2010 to 2012; Director, KPMG International in 2012, Deputy Chairman and Chief Operating Officer thereof from 2010 to 2012 and U.S. Vice Chairman of Audit thereof from 2005 to 2010; Global Head of Audit, KPMGI (consortium of KPMG firms) from 2006 to 2010; Director, YMCA of Greater New York from 2006 to 2010.	36 RICs consisting of 155 Portfolios	Hertz Global Holdings (car rental); Sealed Air Corp. (packaging); Montpelier Re Holdings, Ltd. (publicly held property and casualty reinsurance) from 2013 to 2015; WABCO (commercial vehicle safety systems) from 2015 to 2020.
Cynthia A. Montgomery 1952	Trustee (Since 2019)	Professor, Harvard Business School since 1989.	36 RICs consisting of 155 Portfolios	Newell Rubbermaid, Inc. (manufacturing) from 1995 to 2016.
Donald C. Opatrny 1952	Trustee (Since 2019)	Trustee, Vice Chair, Member of the Executive Committee and Chair of the Investment Committee, Cornell University from 2004 to 2019; President, Trustee and Member of the Investment Committee, The Aldrich Contemporary Art Museum from 2007 to 2014; Member of the Board and Investment Committee, University School from 2007 to 2018; Member of the Investment Committee, Mellon Foundation from 2009 to 2015; Trustee, Artstor (a Mellon Foundation affiliate) from 2010 to 2015; President and Trustee, the Center for the Arts, Jackson Hole from 2011 to 2018; Director, Athena Capital Advisors LLC (investment management firm) since 2013; Trustee and Chair of the Investment Committee, Community Foundation of Jackson Hole since 2014; Member of Affordable Housing Supply Board of Jackson, Wyoming since 2017; Member, Investment Funds Committee, State of Wyoming since 2017; Trustee, Phoenix Art Museum since 2018; Trustee, Arizona Community Foundation and Member of Investment Committee since 2020.	36 RICs consisting of 155 Portfolios	None
Joseph P. Platt 1947	Trustee (Since 2019)	General Partner, Thorn Partners, LP (private investments) since 1998; Director, WQED Multi-Media (public broadcasting not-for-profit) since 2001; Chair, Basic Health International (non-profit) since 2015.	36 RICs consisting of 155 Portfolios	Greenlight Capital Re, Ltd. (reinsurance company); Consol Energy Inc.

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Trustee and Officer Information  (continued)

Independent Trustees(a) (continued)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Kenneth L. Urish 1951	Trustee (Since 2019)	Managing Partner, Urish Popeck & Co., LLC (certified public accountants and consultants) since 1976; Past-Chairman of the Professional Ethics Committee of the Pennsylvania Institute of Certified Public Accountants and Committee Member thereof since 2007; Member of External Advisory Board, The Pennsylvania State University Accounting Department since founding in 2001; Principal, UP Strategic Wealth Investment Advisors, LLC since 2013; Trustee, The Holy Family Institute from 2001 to 2010; President and Trustee, Pittsburgh Catholic Publishing Associates from 2003 to 2008; Director, Inter-Tel from 2006 to 2007; Member, Advisory Board, ESG Competent Boards since 2020.	36 RICs consisting of 155 Portfolios	None
Claire A. Walton 1957	Trustee (Since 2019)	Chief Operating Officer and Chief Financial Officer of Liberty Square Asset Management, LP from 1998 to 2015; General Partner of Neon Liberty Capital Management, LLC since 2003; Director, Boston Hedge Fund Group from 2009 to 2018; Director, Woodstock Ski Runners since 2013; Director, Massachusetts Council on Economic Education from 2013 to 2015.	36 RICs consisting of 155 Portfolios	None
(a) The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.     (b) Independent Trustees serve until their resignation, retirement, removal or death, or until December 31 of the year in which they turn 75. The Board may determine to extend the terms of Independent Trustees on a case-by-case basis, as appropriate.
Interested Trustees(a)(b)
Name Year of Birth	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years	Number of BlackRock-Advised Registered Investment Companies (“RICs”) Consisting of Investment Portfolios (“Portfolios”) Overseen	Public Company and Other Investment Company Directorships Held During Past Five Years
Robert Fairbairn 1965	Trustee (since 2019)	Vice Chairman of BlackRock, Inc. since 2019; Member of BlackRock’s Global Executive and Global Operating Committees; Co-Chair of BlackRock’s Human Capital Committee; Senior Managing Director of BlackRock, Inc. from 2010 to 2019; oversaw BlackRock’s Strategic Partner Program and Strategic Product Management Group from 2012 to 2019; Member of the Board of Managers of BlackRock Investments, LLC from 2011 to 2018; Global Head of BlackRock’s Retail and iShares® businesses from 2012 to 2016.	103 RICs consisting of 252 Portfolios	None
John M. Perlowski(c) 1964	Trustee and President and Chief Executive Officer (since 2019)	Managing Director of BlackRock, Inc. since 2009; Head of BlackRock Global Accounting and Product Services since 2009; Advisory Director of Family Resource Network (charitable foundation) since 2009.	105 RICs consisting of 254 Portfolios	None
(a) The address of each Trustee is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055. (b) Mr. Fairbairn and Mr. Perlowski are both “interested persons,” as defined in the 1940 Act, of the Trust based on their positions with BlackRock, Inc. and its affiliates. Mr. Fairbairn and Mr. Perlowski are also board members of the BlackRock Fixed-Income Complex. (c)  Mr. Perlowski is also a trustee of the BlackRock Credit Strategies Fund and BlackRock Private Investments Fund.

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Trustee and Officer Information (continued)

Officers Who Are Not Trustees(a)
Name Year of Birth(b)	Position(s) Held (Length of Service)	Principal Occupation(s) During Past Five Years
Jennifer McGovern 1977	Vice President (since 2019)	Managing Director of BlackRock, Inc. since 2016; Director of BlackRock, Inc. from 2011 to 2015; Head of Americas Product Development and Governance for BlackRock’s Global Product Group since 2019; Head of Product Structure and Oversight for BlackRock’s U.S. Wealth Advisory Group from 2013 to 2019.
Trent Walker 1974	Chief Financial Officer (since 2021)	Managing Director of BlackRock, Inc. since September 2019; Executive Vice President of PIMCO from 2016 to 2019; Senior Vice President of PIMCO from 2008 to 2015; Treasurer from 2013 to 2019 and Assistant Treasurer from 2007 to 2017 of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds.
Jay M. Fife 1970	Treasurer (since 2019)	Managing Director of BlackRock, Inc. since 2007.
Charles Park 1967	Chief Compliance Officer (since 2019)	Anti-Money Laundering Compliance Officer for certain BlackRock-advised Funds from 2014 to 2015; Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex since 2014; Principal of and Chief Compliance Officer for iShares® Delaware Trust Sponsor LLC since 2012 and BlackRock Fund Advisors (“BFA”) since 2006; Chief Compliance Officer for the BFA-advised iShares® exchange traded funds since 2006; Chief Compliance Officer for BlackRock Asset Management International Inc. since 2012.
Lisa Belle 1968	Anti-Money Laundering Compliance Officer (since 2019)	Managing Director of BlackRock, Inc. since 2019; Global Financial Crime Head for Asset and Wealth Management of JP Morgan from 2013 to 2019; Managing Director of RBS Securities from 2012 to 2013; Head of Financial Crimes for Barclays Wealth Americas from 2010 to 2012.
Janey Ahn 1975	Secretary (since 2019)	Managing Director of BlackRock, Inc. since 2018; Director of BlackRock, Inc. from 2009 to 2017.

^(a)  The address of each Officer is c/o BlackRock, Inc., 55 East 52nd Street, New York, New York 10055.

^(b)  Officers of the Trust serve at the pleasure of the Board.

Further information about the Trust’s Trustees and Officers is available in the Trust’s Statement of Additional Information, which can be obtained without charge by calling (800) 441-7762.

T R U S T E E   A N D   O F F I C E R   I N F O R M A T I O N 79

Additional Information

General Information

Quarterly performance, semi-annual and annual reports, current net asset value and other information regarding the Funds may be found on BlackRock’s website, which can be accessed at blackrock.com. Any reference to BlackRock’s website in this report is intended to allow investors public access to information regarding the Funds and does not, and is not intended to, incorporate BlackRock’s website in this report.

Householding

The Funds will mail only one copy of shareholder documents, including prospectuses, annual and semi-annual reports, Rule 30e-3 notices and proxy statements, to shareholders with multiple accounts at the same address. This practice is commonly called “householding” and is intended to reduce expenses and eliminate duplicate mailings of shareholder documents. Mailings of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please call the Funds at (800) 441-7762.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at ishares.com/fundreports and blackrock.com/fundreports.

Availability of Proxy Voting Policies, Procedures and Voting Records

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information about how the Funds voted proxies relating to securities held in the Funds’ portfolios during the most recent 12-month period ended June 30 is available upon request and without charge (1) by calling (800) 441-7762; (2) on the BlackRock website at blackrock.com; and (3) on the SEC’s website at sec.gov.

A description of the Company’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

BlackRock Privacy Principles

BlackRock is committed to maintaining the privacy of its current and former fund investors and individual clients (collectively, “Clients”) and to safeguarding their non-public personal information. The following information is provided to help you understand what personal information BlackRock collects, how we protect that information and why in certain cases we share such information with select parties.

If you are located in a jurisdiction where specific laws, rules or regulations require BlackRock to provide you with additional or different privacy-related rights beyond what is set forth below, then BlackRock will comply with those specific laws, rules or regulations.

BlackRock obtains or verifies personal non-public information from and about you from different sources, including the following: (i) information we receive from you or, if applicable, your financial intermediary, on applications, forms or other documents; (ii) information about your transactions with us, our affiliates, or others; (iii) information we receive from a consumer reporting agency; and (iv) from visits to our websites.

BlackRock does not sell or disclose to non-affiliated third parties any non-public personal information about its Clients, except as permitted by law or as is necessary to respond to regulatory requests or to service Client accounts. These non-affiliated third parties are required to protect the confidentiality and security of this information and to use it only for its intended purpose.

We may share information with our affiliates to service your account or to provide you with information about other BlackRock products or services that may be of interest to you. In addition, BlackRock restricts access to non-public personal information about its Clients to those BlackRock employees with a legitimate business need for the information. BlackRock maintains physical, electronic and procedural safeguards that are designed to protect the non-public personal information of its Clients, including procedures relating to the proper storage and disposal of such information.

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Additional Information  (continued)

Fund and Service Providers

Investment Adviser BlackRock Fund Advisors San Francisco, CA 94105	Independent Registered Public Accounting Firm PricewaterhouseCoopers LLP Philadelphia, Pennsylvania 19103
Administrator, Custodian and Transfer Agent State Street Bank and Trust Company Boston, MA, 02111	Legal Counsel Sidley Austin LLP New York, NY 10019
Distributor BlackRock Investments, LLC New York, NY 10022	Address of the Trust 100 Bellevue Parkway Wilmington, DE 19809

A D D I T I O N A L   I N F O R M A T I O N 81

Glossary of Terms Used in this Report

Portfolio Abbreviations - Equity

ADR	American Depositary Receipt
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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Want to know more?

blackrock.com   |   (800) 441-7762

This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.

USEFR-7/21-AR

(b) Not Applicable

Item 2 – Code of Ethics — The registrant (or the “Fund”) has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the code of ethics was amended to update certain information and to make other non-material changes. During the period covered by this report, there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, who calls 1-800-441-7762.

Item 3 – Audit Committee Financial Expert – The registrant’s board of directors (the “board of directors”), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:

Neil A. Cotty

Henry R. Keizer

Kenneth L. Urish

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.

Item 4 – Principal Accountant Fees and Services

The following table presents fees billed by Pricewaterhouse Coopers (“PwC”) in each of the last two fiscal years for the services rendered to the Fund:

	(a) Audit Fees		(b) Audit-Related Fees1		(c) Tax Fees2		(d) All Other Fees
Entity Name	Current     Fiscal Year     End	Previous     Fiscal Year     End	Current     Fiscal Year     End	Previous     Fiscal Year     End	Current     Fiscal Year     End	Previous     Fiscal Year     End	Current     Fiscal Year     End	Previous     Fiscal Year     End
BlackRock Future Health ETF	$11,400	N/A	$0	$0	$6,028	N/A	$0	$0
BlackRock Future Innovators ETF	$11,400	N/A	$0	$0	$6,028	N/A	$0	$0
BlackRock Future Tech ETF	$11,400	N/A	$0	$0	$6,028	N/A	$0	$0
BlackRock U.S. Carbon Transition Readiness ETF	$11,400	N/A	$0	$0	$6,028	N/A	$0	$0
BlackRock U.S. Equity Factor Rotation ETF	$12,000	$12,000	$0	$0	$6,028	$6,028	$0	$0
BlackRock World ex U.S. Carbon Transition Readiness ETF	$13,900	N/A	$0	$0	$6,028	N/A	$0	$0

2

The following table presents fees billed by PwC that were required to be approved by the registrant’s audit committee (the “Committee”) for services that relate directly to the operations or financial reporting of the Fund and that are rendered on behalf of BlackRock Advisors, LLC (the “Investment Adviser” or “BlackRock”) and entities controlling, controlled by, or under common control with BlackRock (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund (“Affiliated Service Providers”):

	Current Fiscal Year End	Previous Fiscal Year End
(b) Audit-Related Fees1	$0	$0
(c) Tax Fees2	$0	$0
(d) All Other Fees3	$0	$0

¹ The nature of the services includes assurance and related services reasonably related to the performance of the audit or review of financial statements not included in Audit Fees, including accounting consultations, agreed-upon procedure reports, attestation reports, comfort letters, out-of-pocket expenses and internal control reviews not required by regulators.

² The nature of the services includes tax compliance and/or tax preparation, including services relating to the filing or amendment of federal, state or local income tax returns, regulated investment company qualification reviews, taxable income and tax distribution calculations.

³ Aggregate fees borne by BlackRock in connection with the review of compliance procedures and attestation thereto performed by PwC with respect to all of the registered closed-end funds and some of the registered open-end funds advised by BlackRock.

(e)(1) Audit Committee Pre-Approval Policies and Procedures:

The Committee has adopted policies and procedures with regard to the pre-approval of services. Audit, audit-related and tax compliance services provided to the registrant on an annual basis require specific pre-approval by the Committee. The Committee also must approve other non-audit services provided to the registrant and those non-audit services provided to the Investment Adviser and Affiliated Service Providers that relate directly to the operations and the financial reporting of the registrant. Certain of these non-audit services that the Committee believes are (a) consistent with the SEC’s auditor independence rules and (b) routine and recurring services that will not impair the independence of the independent accountants may be approved by the Committee without consideration on a specific case-by-case basis (“general pre-approval”). The term of any general pre-approval is 12 months from the date of the pre-approval, unless the Committee provides for a different period. Tax or other non-audit services provided to the registrant which have a direct impact on the operations or financial reporting of the registrant will only be deemed pre-approved provided that any individual project does not exceed $10,000 attributable to the registrant or $50,000 per project. For this purpose, multiple projects will be aggregated to determine if they exceed the previously mentioned cost levels.

Any proposed services exceeding the pre-approved cost levels will require specific pre-approval by the Committee, as will any other services not subject to general pre-approval (e.g., unanticipated but permissible services). The Committee is informed of each service approved subject to general pre-approval at the next regularly scheduled in-person board meeting. At this meeting, an analysis of such services is presented to the Committee for ratification. The Committee may delegate to the Committee Chairman the authority to approve the provision of and fees for any specific engagement of permitted non-audit services, including services exceeding pre-approved cost levels.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the Committee pursuant to the de minimis exception in paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

3

(g) The aggregate non-audit fees, defined as the sum of the fees shown under “Audit-Related Fees,” “Tax Fees” and “All Other Fees,” paid to the accountant for services rendered by the accountant to the registrant, the Investment Adviser and the Affiliated Service Providers were:

Entity Name	Current Fiscal Year End	Previous Fiscal Year End
BlackRock Future Health ETF	$6,028	N/A
BlackRock Future Innovators ETF	$6,028	N/A
BlackRock Future Tech ETF	$6,028	N/A!
BlackRock U.S. Carbon Transition Readiness ETF	$6,028	N/A
BlackRock U.S. Equity Factor Rotation ETF	$6,028	$6,028
BlackRock World ex U.S. Carbon Transition Readiness ETF	$6,028	N/A

(h) The Committee has considered and determined that the provision of non-audit services that were rendered to the Investment Adviser and the Affiliated Service Providers that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

Item 5 – Audit Committee of Listed Registrant

(a) The following individuals are members of the registrant’s separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Michael Castellano

Frank J. Fabozzi

J. Phillip Holloman

Catherine A. Lynch Karen P. Robards

(b) Not Applicable

Item 6 – Investments (a)

(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

4

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

Item 10 – Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies –Not Applicable

Item 13 – Exhibits attached hereto

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

5

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock ETF Trust

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock ETF Trust

Date: October 4, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ John M. Perlowski
	John M. Perlowski
	Chief Executive Officer (principal executive officer) of
	BlackRock ETF Trust

Date: October 4, 2021

By:	/s/ Trent Walker
	Trent Walker
	Chief Financial Officer (principal financial officer) of
	BlackRock ETF Trust

Date: October 4, 2021

6

EX-99.CERT

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, John M. Perlowski, Chief Executive Officer (principal executive officer) of BlackRock ETF Trust, certify that:

1.            I have reviewed this report on Form N-CSR of BlackRock ETF Trust;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)            designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)            designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)            evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)            disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)            all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)            any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 4, 2021

/s/ John M. Perlowski        

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust

EX-99. CERT

CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE 1940 ACT AND SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

I, Trent Walker, Chief Financial Officer (principal financial officer) of BlackRock ETF Trust, certify that:

1.            I have reviewed this report on Form N-CSR of BlackRock ETF Trust;

2.            Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.            Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.            The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a)            designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)            designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)            evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d)            disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.            The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)            all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b)            any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: October 4, 2021

/s/ Trent Walker        

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust

EX-99.906 CERT

Exhibit 99.906CERT

Certification Pursuant to Rule 30a-2(b) under the 1940 Act and

Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock ETF Trust (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant’s Report on Form N-CSR for the period ended July 31, 2021 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: October 4, 2021

/s/ John M. Perlowski        

John M. Perlowski

Chief Executive Officer (principal executive officer) of

BlackRock ETF Trust

Pursuant to 18 U.S.C. § 1350, the undersigned officer of BlackRock ETF Trust (the “registrant”), hereby certifies, to the best of his knowledge, that the registrant’s Report on Form N-CSR for the period ended July 31, 2021 (the “Report”) fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: October 4, 2021

/s/ Trent Walker        

Trent Walker

Chief Financial Officer (principal financial officer) of

BlackRock ETF Trust

This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.