Schedule of Investments  (unaudited)  April 30, 2023 BlackRock Future Innovators ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Industrial REITs — 0.7%
Innovative Industrial Properties Inc.		204	$	13,984
Rexford Industrial Realty Inc.		519		28,945
				42,929
Aerospace & Defense — 6.9%
Axon Enterprise Inc.(a)		1,247		262,755
HEICO Corp.(b)		1,051		177,241
				439,996
Air Freight & Logistics — 1.8%
GXO Logistics Inc.(a)(b)		2,148		114,123
Automobile Components — 2.3%
Fox Factory Holding Corp.(a)		1,304		144,575
Biotechnology — 1.2%
Halozyme Therapeutics Inc.(a)		2,387		76,694
Building Products — 2.0%
AZEK Co. Inc. (The)(a)		4,613		125,197
Capital Markets — 7.2%
MarketAxess Holdings Inc.		441		140,401
TPG Inc.		4,639		134,392
Tradeweb Markets Inc., Class A		2,595		182,714
				457,507
Construction & Engineering — 2.2%
Comfort Systems USA Inc.		926		138,428
Diversified Consumer Services — 2.9%
Bright Horizons Family Solutions Inc.(a)		76		5,785
Duolingo Inc, Class A(a)		1,294		176,191
				181,976
Electronic Equipment, Instruments & Components — 0.5%
Halma PLC		1,105		32,137
Entertainment — 1.1%
Kahoot! ASA(a)(b)		26,808		69,984
Food Products — 0.6%
Freshpet Inc.(a)(b)		519		35,796
Health Care Equipment & Supplies — 5.2%
Figs Inc., Class A(a)		6,744		48,557
Inmode Ltd.(a)		951		35,434
Inspire Medical Systems Inc.(a)(b)		381		101,967
Insulet Corp.(a)		460		146,299
				332,257
Health Care Technology — 3.0%
Certara Inc.(a)		3,761		90,903
Doximity Inc., Class A(a)(b)		1,602		58,874
Phreesia Inc.(a)		1,377		43,568
				193,345
Hotels, Restaurants & Leisure — 9.7%
Domino’s Pizza Inc.		100		31,747
Evolution AB(c)		1,116		149,107
Penn Entertainment Inc.(a)(b)		3,358		100,035
Planet Fitness Inc., Class A(a)		2,188		181,910
Wingstop Inc.		772		154,485
				617,284
Interactive Media & Services — 2.3%
Match Group Inc.(a)		3,899		143,873

Security	Shares		Value
IT Services — 3.3%
DigitalOcean Holdings Inc.(a)(b)		2,083	$	65,698
Globant SA(a)		920		144,320
				210,018
Life Sciences Tools & Services — 10.6%
10X Genomics Inc., Class A(a)		460		24,118
Azenta Inc.(a)		2,123		92,329
Bio-Techne Corp.		2,035		162,556
Charles River Laboratories International Inc.(a)		577		109,699
Olink Holding AB, ADR(a)		1,556		33,563
Repligen Corp.(a)		829		125,701
West Pharmaceutical Services Inc.		345		124,628
				672,594
Machinery — 3.3%
AutoStore Holdings Ltd.(a)(c)		36,687		79,011
Chart Industries Inc.(a)(b)		962		128,042
				207,053
Broadline Retail — 1.0%
Etsy Inc.(a)(b)		623		62,942
Professional Services — 2.8%
Fiverr International Ltd.(a)		2,381		86,954
Paylocity Holding Corp.(a)		462		89,300
				176,254
Ground Transportation — 3.3%
Saia Inc.(a)(b)		704		209,630
Semiconductors & Semiconductor Equipment — 10.7%
Ambarella Inc.(a)		1,556		96,441
Entegris Inc.		2,420		181,306
Lattice Semiconductor Corp.(a)		2,202		175,499
Monolithic Power Systems Inc.		395		182,478
SolarEdge Technologies Inc.(a)		158		45,130
				680,854
Software — 13.9%
Aspen Technology Inc.(a)(b)		602		106,554
Bentley Systems Inc., Class B		1,423		60,563
Bill.com Holdings Inc.(a)		1,104		84,798
Confluent Inc., Class A(a)(b)		6,459		142,098
Five9 Inc.(a)		2,013		130,523
Gitlab Inc., Class A(a)		1,492		45,297
HubSpot Inc.(a)		466		196,163
JFrog Ltd.(a)		2,350		43,639
SiteMinder Ltd.(a)		28,836		69,938
				879,573
Specialty Retail — 0.3%
Leslie’s Inc.(a)(b)		2,066		22,416
Total Long-Term Investments — 98.8% (Cost: $7,998,562)				6,267,435
Short-Term Securities
Money Market Funds — 20.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.02%(d)(e)(f)		1,218,754		1,219,120

1

Schedule of Investments  (unaudited) (continued) April 30, 2023 BlackRock Future Innovators ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.75%(d)(e)		100,000	$	100,000
Total Short-Term Securities — 20.8% (Cost: $1,318,729)				1,319,120
Total Investments — 119.6% (Cost: $9,317,291)				7,586,555
Liabilities in Excess of Other Assets — (19.6)%				(1,242,449	)
Net Assets — 100.0%			$	6,344,106

^(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 the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period endedApril 30, 2023 for purposes of Section 2(a)(3) of the Investment CompanyAct of 1940, as amended, were as follows:

Affiliated Issuer	Value at 07/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 04/30/23		Shares Held at 04/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	979,979	$	238,606	(a)	$	—		$	336	$	199	$	1,219,120		1,218,754	$	3,844	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		210,000		—			(110,000	)(a)		—		—		100,000		100,000		6,449			—
									$	336	$	199	$	1,319,120			$	10,293		$	—

^(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.

Fair Value Hierarchy as of Period End

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

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

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

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

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	5,867,258	$	400,177	$	—	$	6,267,435
Short-Term Securities
Money Market Funds	$	1,319,120	$	—	$	—	$	1,319,120
	$	7,186,378	$	400,177	$	—	$	7,586,555

Portfolio Abbreviation

ADR American Depositary Receipt

2