iShares U.S. ETF Trust NPORT-P BlackRock Ultra Short-Term Bond ETF (Jul 2023 report)

Schedule of Investments (unaudited)	BlackRock Ultra Short-Term Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Asset-Backed Securities
American Express Credit Account Master Trust, Class A, 4.95%, 10/15/27	$	14,709	$	14,635,390
BMW Vehicle Lease Trust, 5.27%, 02/25/25		5,228		5,217,657
BMW Vehicle Owner Trust, 2.52%, 12/26/24		4,292		4,266,607
Carmax Auto Owner Trust
5.92%, 06/15/26		16,756		16,803,517
11.13%, 11/16/26		12,180		12,187,071
CarMax Auto Owner Trust
2.81%, 05/15/25		1,009		1,003,224
5.23%, 01/15/26		20,200		20,130,397
Carmax Auto Owner Trust 2022-4, 5.34%, 12/15/25		10,008		9,983,072
Chase Issuance Trust, 3.97%, 09/15/27		14,100		13,739,278
CNH Equipment Trust, 5.34%, 09/15/26		8,421		8,384,162
Ford Credit Auto Lease Trust
2.78%, 10/15/24		835		832,966
5.19%, 06/15/25		3,875		3,865,158
Ford Credit Auto Owner Trust
0.73%, 09/15/24		314		313,685
3.44%, 02/15/25		4,015		3,992,073
Honda Auto Receivables Owner Trust
1.44%, 10/15/24		4,236		4,202,899
5.41%, 04/15/26		15,800		15,757,043
Hyundai Auto Lease Securitization Trust
2.75%, 10/15/24(a)		7,423		7,388,076
4.34%, 01/15/25(a)		1,674		1,665,519
5.20%, 04/15/25(a)		10,151		10,114,947
5.47%, 09/15/25(a)		7,460		7,424,658
5.82%, 09/15/25(a)		8,061		8,064,402
Mercedes-Benz Auto Lease Trust, 5.24%, 11/17/25		29,750		29,612,894
Nissan Auto Receivables 2023-A Owner Trust, 5.72%, 02/17/26		21,992		22,025,694
Nissan Auto Receivables Owner Trust, 4.50%, 08/15/25		7,743		7,698,367
Toyota Auto Receivables Owner Trust
2.35%, 01/15/25		3,209		3,186,371
5.28%, 05/15/26		13,555		13,503,314
5.59%, 05/15/26		12,898		12,905,198
Total Asset-Backed Securities — 4.2%
(Cost: $259,883,795)		.		258,903,639
Certificates of Deposit
Bank of Montreal
5.40%, 10/13/23		25,000		24,985,676
5.41%, 05/17/24		31,600		31,453,469
5.93%, 04/12/24		25,000		25,001,112
Bank of Nova Scotia, 5.79%, 01/26/24,
(1-day SOFR + 0.490%)(b)		31,700		31,715,557
Barclays Bank PLC
5.55%, 02/07/24		16,800		16,764,840
5.70%, 02/16/24		25,000		24,963,675
BNP Paribas SA, 5.70%, 03/04/24		20,000		19,979,661
Canadian Imperial Bank of Commerce
4.65%, 09/14/23		17,000		16,983,096
5.40%, 02/08/24		25,000		24,948,709
5.80%, 02/05/24, (1-day SOFR + 0.500%)(b)		26,350		26,377,828
5.93%, 06/28/24		17,400		17,402,293
5.94%, 04/12/24		15,980		15,992,089
5.98%, 07/01/24, (1-day SOFR + 0.680%)(b)		15,500		15,518,225
CDP Financial Inc., 5.78%, 02/23/24		31,400		30,389,642

Security	Par (000)		Value
Citibank NA, 5.92%, 09/21/23,
(1-day SOFR + 0.620%)(b)	$	10,000	$	10,006,195
Cooperatieve Rabobank UA, 2.18%, 02/01/24		25,000		24,935,307
Credit Industriel et Commercial
5.60%, 11/27/23		27,800		27,799,397
5.73%, 01/12/24		11,135		11,136,832
DNB Bank ASA
5.63%, 12/14/23		6,770		6,770,149
5.65%, 12/20/23		8,230		8,230,431
HSBC Bank USA NA, 5.38%, 11/03/23		15,000		14,988,250
Lloyds Bank Corporate Markets PLC, 5.24%, 10/12/23		15,000		14,984,889
Mizuho Bank Ltd.
5.53%, 02/21/24		20,000		19,944,535
5.80%, 01/29/24		61,320		61,318,252
Natixis SA
5.15%, 11/02/23		12,500		12,480,285
5.26%, 02/02/24		20,000		19,927,630
5.70%, 12/01/23		50,000		49,992,823
5.97%, 05/20/24		39,040		39,038,806
Nordea Bank Abp, 5.90%, 04/12/24,
(1-day SOFR + 0.600%)(b)		17,500		17,516,808
Royal Bank of Canada
4.05%, 08/22/23		25,000		24,977,931
5.88%, 06/27/24		15,400		15,388,287
State Street Bank & Trust Co., 5.80%, 03/28/24,
(1-day SOFR + 0.500%)(b)		15,000		15,005,570
Sumitomo Mitsui Banking Corp.
5.62%, 08/11/23, (1-day SOFR + 0.310%)(b)		25,000		25,001,325
6.01%, 09/28/23, (1-day SOFR + 0.700%)(b)		15,000		15,011,688
Svenska Handelsbanken/New York NY
5.65%, 10/25/23, (1-day SOFR + 0.350%)(b)		19,958		19,964,688
5.85%, 04/29/24, (1-day SOFR + 0.550%)(b)		47,390		47,405,045
Swedbank AB, 5.41%, 11/02/23		47,300		47,281,958
Toronto-Dominion Bank
4.35%, 09/13/23		17,000		16,975,124
5.20%, 10/11/23		25,000		24,976,432
5.33%, 02/06/24		20,150		20,094,230
5.52%, 02/22/24		31,600		31,547,518
6.05%, 07/03/24		15,400		15,411,241
Wells Fargo Bank NA
5.80%, 01/22/24, (1-day SOFR + 0.500%)(b)		47,700		47,736,739
5.94%, 07/08/24, (1-day SOFR + 0.640%)(b)		25,000		25,008,908
Westpac Banking Corp.
4.22%, 09/06/23		17,000		16,977,882
5.63%, 11/06/23, (1-day SOFR + 0.320%)(b)		31,550		31,554,908
Total Certificates of Deposit — 18.0%
(Cost: $1,102,548,929)		.		1,101,865,935
Commercial Paper
ABN AMRO Funding USA LLC, 5.51%, 10/13/23		6,847		6,770,379
Amazon.com Inc.
5.29%, 11/06/23		10,887		10,732,325
5.34%, 11/13/23		5,366		5,283,771
5.35%, 11/16/23		10,884		10,711,989
Amcor Flexibles North America Inc.
5.49%, 08/07/23		32,300		32,265,582
5.61%, 08/15/23		6,300		6,285,300
5.66%, 08/28/23		44,000		43,808,355
Ameren Illinois Co., 5.46%, 08/04/23		17,500		17,489,383

1

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
American Electric Power Co. Inc., 5.47%, 08/16/23	$	50,000	$	49,878,667
American Honda Finance Corp., 5.44%, 08/03/23		50,600		50,577,062
ANZ New Zealand International Ltd., 5.42%, 11/09/23		23,350		22,999,982
ASB Bank Ltd.
5.31%, 08/11/23		20,000		19,967,587
5.38%, 09/12/23		15,000		14,904,289
Australia & New Zealand Banking Group Ltd., 5.40%, 11/01/23		20,000		19,724,823
AutoZone Inc., 5.35%, 08/04/23		6,750		6,745,992
Banco Santander SA, 5.80%, 02/01/24		57,000		55,350,586
BASF SE
5.48%, 10/02/23		60,000		59,430,165
5.77%, 12/18/23		8,810		8,616,630
Brighthouse Financial Short Term Funding LLC
5.56%, 10/16/23		8,720		8,617,587
5.69%, 11/14/23		4,413		4,340,313
Brookfield BRP Holdings Canada Inc., 5.47%, 08/10/23		17,671		17,644,199
CDP Financial Inc.
5.31%, 08/10/23		25,000		24,963,174
5.36%, 09/07/23		10,000		9,943,707
Chariot Funding LLC
5.46%, 09/21/23		16,500		16,370,800
5.52%, 10/18/23		11,600		11,461,114
Collateralized Commercial Paper V Co. LLC, 5.37%, 08/21/23		30,000		29,906,235
Commonwealth Bank of Australia, 5.80%, 03/18/24,
(1-day SOFR + 0.500%)(a)(b)		15,400		15,404,557
DNB Bank ASA, 5.28%, 08/18/23		53,290		53,149,634
Duke Energy Corp., 5.47%, 08/08/23		25,000		24,969,667
E.ON SE, 5.47%, 08/14/23		32,182		32,113,667
Federation des Caisses Desjardins du Quebec, 5.71%, 01/12/24		27,270		26,573,945
Fidelity National Information Services Inc.
5.46%, 08/01/23		1,000		999,848
5.46%, 08/03/23		20,000		19,990,900
5.47%, 08/14/23		27,500		27,441,608
Fiserv Inc.
5.48%, 08/03/23		16,297		16,289,558
5.48%, 08/04/23		20,000		19,987,822
GlaxoSmithKline LLC, 5.51%, 11/06/23		26,240		25,852,343
HSBC Bank PLC, 6.16%, 11/01/23,
(1-day SOFR + 0.850%)(a)(b)		20,000		20,027,926
HSBC USA Inc.
5.36%, 08/14/23		15,000		14,968,815
5.46%, 09/07/23		20,000		19,885,303
5.60%, 10/17/23		29,412		29,059,723
5.63%, 11/01/23		6,422		6,329,991
Hyundai Capital America, 5.58%, 09/11/23		56,500		56,135,613
ING U.S. Funding LLC, 5.35%, 08/22/23		25,000		24,918,600
JP Morgan Securities LLC
5.25%, 11/03/23(a)		10,000		9,985,168
5.88%, 03/25/24		16,000		15,400,980
Korea Development Bank
5.32%, 08/07/23		4,026		4,021,843
5.32%, 08/08/23		6,338		6,330,520
Korea Development Bank (The), 5.44%, 10/06/23		9,745		9,647,298
LMA-Americas LLC, 5.53%, 09/25/23		8,000		7,931,767
L’Oreal SA, 5.42%, 11/20/23		12,800		12,587,628
LSEGA Financing PLC, 5.55%, 08/07/23		8,745		8,735,580
LVMH Moet Hennessy Louis Vuitton Inc., 5.59%, 01/16/24		15,000		14,616,722

Security	Par (000)		Value
LVMH Moet Hennessy Louis Vuitton SE
5.28%, 08/02/23	$	9,481	$	9,478,217
5.64%, 02/09/24		15,681		15,220,394
5.65%, 02/12/24		8,190		7,945,513
5.77%, 05/17/24		16,700		15,955,251
Mackinac Funding Co. LLC, 5.32%, 08/01/23		10,090		10,088,508
Macquarie Bank Ltd.
5.38%, 08/17/23		10,000		9,974,646
5.41%, 09/08/23		11,500		11,433,012
5.83%, 02/12/24		17,500		16,961,299
5.95%, 01/09/24, (1-day SOFR + 0.640%)(a)(b)		15,000		15,016,560
Marriott International Inc., 5.70%, 08/08/23		17,251		17,229,183
Mitsubishi HC Finance America LLC, 5.47%, 08/14/23		22,393		22,345,452
MUFG Bank Ltd.
5.77%, 01/17/24		15,800		15,380,611
5.79%, 04/12/24		25,700		24,683,879
National Australia Bank Ltd.
5.55%, 03/01/24, (1-day SOFR + 0.250%)(a)(b)		20,000		19,976,640
5.65%, 10/25/23, (1-day SOFR + 0.350%)(a)(b)		32,500		32,508,405
Nestle Finance International Ltd., 5.29%, 09/29/23		15,000		14,869,000
Nordea Bank Abp, 6.03%, 08/01/23,
(1-day SOFR + 0.730%)(a)(b)		30,000		30,000,510
Northrop Grumman Corp., 5.47%, 08/17/23		42,500		42,390,421
Nutrien Financial U.S. LLC
5.49%, 08/17/23		34,709		34,619,296
5.52%, 08/21/23		30,000		29,903,750
Nutrien Ltd.
5.50%, 08/02/23		13,317		13,312,931
5.51%, 08/11/23		23,327		23,287,798
5.52%, 08/18/23		9,015		8,990,209
Pricoa Short Term Funding LLC
5.42%, 09/13/23		15,000		14,901,312
5.50%, 10/18/23		9,130		9,021,108
Procter & Gamble Co. (The), 5.25%, 10/24/23		7,240		7,151,365
PSP Capital Inc., 5.46%, 11/13/23		9,250		9,104,960
Pure Grove Funding, 5.77%, 01/08/24		20,000		19,496,517
RTX Corp., 5.46%, 08/04/23		35,000		34,978,767
RWE AG, 5.90%, 08/01/23		20,000		19,996,722
Salisbury Receivables Co. LLC, 5.31%, 08/02/23		20,000		19,994,100
Skandinaviska Enskilda Banken AB, 6.05%, 08/02/23,
(1-day SOFR + 0.750%)(a)(b)		17,500		17,500,623
Societe Generale SA, 5.98%, 04/24/24		27,160		26,001,843
Sony Capital Corp., 5.51%, 08/04/23		10,000		9,993,879
Spire Inc.
5.47%, 08/09/23		3,510		3,505,209
5.47%, 08/16/23		15,250		15,212,993
Suncorp-Metway Ltd., 6.21%, 01/30/24		16,250		15,752,640
TELUS Corp., 5.66%, 09/25/23		15,500		15,364,809
Toyota Finance Australia Ltd., 5.34%, 08/21/23		24,000		23,925,436
Toyota Industries Commercial Finance Inc.
5.72%, 01/26/24		16,400		15,946,776
5.73%, 02/05/24		6,053		5,876,377
5.79%, 04/22/24		7,510		7,201,805
TransCanada PipeLines Ltd., 5.50%, 08/24/23		5,250		5,230,890
UBS AG/London, 5.89%, 09/26/23,
(1-day SOFR + 0.650%)(a)(b)		10,000		10,003,095
Union Electric Co., 5.47%, 08/07/23		26,845		26,816,499
United Overseas Bank Ltd., 5.58%, 10/18/23		10,000		9,879,042
Vulcan Materials Co., 5.62%, 08/11/23		10,485		10,467,027
VW Credit Inc.
5.46%, 08/01/23		26,968		26,963,910

2

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
5.47%, 08/07/23	$	12,130	$	12,117,122
5.47%, 08/14/23		32,640		32,570,695
5.56%, 09/05/23		23,150		23,022,814
Westpac Banking Corp., 5.83%, 05/06/24		34,270		32,784,548
Westpac Securities NZ Ltd., 5.15%, 02/23/24		10,000		9,712,124
Total Commercial Paper — 33.0%
(Cost: $2,020,969,689)		.		2,020,213,514
Corporate Bonds & Notes
Aerospace & Defense — 0.3%
Lockheed Martin Corp., 4.95%, 10/15/25 (Call 09/15/25)		6,195		6,182,557
RTX Corp.
3.65%, 08/16/23		4,000		3,996,448
5.00%, 02/27/26 (Call 01/27/26)(c)		5,590		5,585,096
				15,764,101
Agriculture — 0.8%
Cargill Inc.
0.40%, 02/02/24 (Call 01/02/24)(a)(c)		10,165		9,876,999
3.50%, 04/22/25 (Call 08/31/23)(a)(c)		6,825		6,630,092
4.88%, 10/10/25 (Call 09/10/25)(a)(c)		14,235		14,159,299
Philip Morris International Inc., 5.13%, 11/15/24		16,000		15,947,514
				46,613,904
Auto Manufacturers — 4.5%
American Honda Finance Corp.
0.65%, 09/08/23(c)		20,000		19,899,647
0.75%, 08/09/24		3,235		3,082,274
5.93%, 09/08/23, (3-mo. LIBOR US + 0.420%)(b)		5,790		5,792,068
5.95%, 01/10/25(b)		15,000		15,006,965
BMW U.S. Capital LLC
0.75%, 08/12/24(a)		2,925		2,785,323
0.80%, 04/01/24(a)(c)		3,350		3,242,012
5.51%, 08/12/24, (1-day SOFR + 0.380%)(a)(b)(c)		19,960		19,972,913
5.79%, 04/01/24, (1-day SOFR + 0.530%)(a)(b)		15,615		15,630,225
Daimler Finance North America LLC, 0.75%, 03/01/24(a)		26,690		25,859,426
Daimler Trucks Finance North America LLC
1.13%, 12/14/23(a)(c)		4,000		3,934,750
5.20%, 01/17/25(a)		9,295		9,236,320
Hyundai Capital America
0.80%, 01/08/24(a)		3,000		2,933,475
5.80%, 06/26/25(a)(c)		7,590		7,594,493
Hyundai Capital Services Inc., 0.75%, 09/15/23(a)		20,000		19,874,000
Mercedes-Benz Finance North America LLC, 5.38%, 08/01/25		15,290		15,284,649
PACCAR Financial Corp., 3.15%, 06/13/24(c)		8,865		8,686,238
Toyota Motor Credit Corp.
0.50%, 06/18/24		4,000		3,825,446
2.50%, 03/22/24(c)		15,000		14,706,612
3.65%, 08/18/25		13,145		12,769,979
4.40%, 09/20/24		15,000		14,830,113
5.50%, 09/13/24, (1-day SOFR + 0.290%)(b)		12,000		11,979,964
5.86%, 03/22/24, (1-day SOFR + 0.320%)(b)(c)		10,000		10,020,104
5.93%, 06/13/24(b)		15,210		15,238,747
Volkswagen Group of America Finance LLC, 6.15%, 06/07/24, (1-day SOFR + 0.950%)(a)(b)		12,380		12,433,914
				274,619,657
Auto Parts & Equipment — 0.0%
Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25 (Call 08/11/23)		3,275		3,114,623

Security	Par (000)		Value
Banks — 12.6%
Australia & New Zealand Banking Group Ltd.
4.83%, 02/03/25(a)	$	14,970	$	14,835,527
5.09%, 12/08/25		10,810		10,759,722
6.02%, 07/03/25(a)(c)		14,655		14,688,231
Banco Santander SA
3.89%, 05/24/24(c)		15,800		15,538,363
5.74%, 06/30/24, (1-year CMT + 0.450%)(b)		8,200		8,175,439
Bank of America Corp.
5.63%, 06/14/24 (Call 05/14/24),
(1-day SOFR + 0.410%)(b)		18,580		18,557,147
Series 2025, 5.76%, 02/04/25 (Call 02/04/24),
(1-day SOFR + 0.660%)(b)		15,000		14,973,565
Bank of Montreal, 5.66%, 12/04/23		20,000		20,001,758
Bank of New York Mellon Corp. (The), 3.43%, 06/13/25
(Call 06/13/24), (1-day SOFR + 0.565%)(b)(c)		16,100		15,755,777
Banque Federative du Credit Mutuel SA, 4.93%, 01/26/26(a)		17,400		17,060,521
Canadian Imperial Bank of Commerce, 3.50%, 09/13/23(c)		4,500		4,487,556
Citigroup Inc., 4.14%, 05/24/25 (Call 05/24/24),
(1-day SOFR + 1.372%)(b)(c)		4,770		4,709,132
Commonwealth Bank of Australia/New York NY, 5.08%, 01/10/25(c)		17,800		17,732,037
Cooperatieve Rabobank UA, 5.50%, 07/18/25		15,300		15,327,937
Cooperatieve Rabobank UA/NY, 3.88%, 08/22/24		16,800		16,498,405
Credit Suisse AG/New York NY
0.50%, 02/02/24		5,335		5,180,240
5.73%, 02/02/24, (1-day SOFR + 0.390%)(b)		15,000		14,947,613
5.78%, 01/19/24, (1-day SOFR + 0.540%)(b)		10,000		10,004,782
Deutsche Bank AG/New York NY
4.16%, 05/13/25(c)		6,905		6,722,245
Series E, 0.96%, 11/08/23		20,815		20,521,750
Series E, 5.61%, 11/08/23,
(1-day SOFR + 0.500%)(b)		16,220		16,185,419
Goldman Sachs Group Inc. (The), 1.22%, 12/06/23
(Call 08/07/23)		12,000		11,801,075
HSBC Holdings PLC, 1.16%, 11/22/24 (Call 11/22/23),
(1-day SOFR + 0.580%)(b)(c)		6,995		6,875,726
JPMorgan Chase & Co., 3.85%, 06/14/25
(Call 06/14/24), (1-day SOFR + 0.980%)(b)		16,100		15,797,664
KeyBank NA, 4.70%, 01/26/26 (Call 12/26/25)(c)		3,275		3,124,181
KeyBank NA/Cleveland OH
4.15%, 08/08/25		5,370		5,139,078
5.53%, 06/14/24 (Call 08/31/23),
(1-day SOFR + 0.320%)(b)(c)		10,000		9,812,500
5.53%, 06/14/24 (Call 08/31/23),
(1-day SOFR + 0.320%)(b)		15,565		15,227,141
Mitsubishi UFJ Financial Group Inc.
4.79%, 07/18/25 (Call 07/18/24),
(1-year CMT + 1.700%)(b)		9,010		8,907,561
5.06%, 09/12/25 (Call 09/12/24),
(1-year CMT + 1.550%)(b)		15,675		15,508,433
5.72%, 02/20/26 (Call 02/20/25),
(1-year CMT + 1.080%)(b)		12,775		12,733,892
Morgan Stanley
3.62%, 04/17/25 (Call 04/17/24),
(1-day SOFR + 1.160%)(b)		6,865		6,750,470
5.59%, 11/10/23 (Call 10/10/23),
(1-day SOFR + 0.466%)(b)		15,000		14,992,958

3

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Banks (continued)
5.79%, 01/25/24 (Call 12/25/23),
(1-day SOFR + 0.455%)(b)	$	21,000	$	20,991,831
5.95%, 01/24/25 (Call 01/24/24),
(1-day SOFR + 0.625%)(b)(c)		15,000		14,975,850
6.46%, 04/17/25 (Call 04/17/24),
(1-day SOFR + 0.950%)(b)		10,000		10,037,987
Morgan Stanley Bank NA, 5.48%, 07/16/25
(Call 06/16/25)		7,520		7,533,212
National Australia Bank Ltd.
4.97%, 01/12/26(c)		17,800		17,735,647
5.20%, 05/13/25(c)		13,305		13,278,911
National Securities Clearing Corp., 5.15%, 05/30/25(a)(c)		5,105		5,099,696
Nordea Bank Abp
3.60%, 06/06/25(a)(c)		10,665		10,261,062
4.75%, 09/22/25(a)(c)		16,900		16,597,611
PNC Financial Services Group Inc. (The), 5.67%, 10/28/25 (Call 10/28/24), (1-day SOFR + 1.090%)(b)		15,526		15,449,024
Societe Generale SA, 4.35%, 06/13/25(a)(c)		15,000		14,576,411
Sumitomo Mitsui Financial Group Inc.
0.51%, 01/12/24		3,580		3,491,883
5.46%, 01/13/26		17,800		17,774,845
Sumitomo Mitsui Trust Bank Ltd.
0.80%, 09/12/23(a)		12,744		12,671,649
0.80%, 09/16/24(a)(c)		12,000		11,337,802
2.55%, 03/10/25(a)(c)		10,000		9,482,129
5.66%, 09/16/24, (1-day SOFR + 0.440%)(a)(b)		15,000		14,957,608
Svenska Handelsbanken AB, 3.65%, 06/10/25(a)(c)		15,900		15,344,372
Swedbank AB, 0.60%, 09/25/23(a)(c)		14,500		14,382,405
Truist Bank, 5.50%, 01/17/24 (Call 08/11/23),
(1-day SOFR + 0.200%)(b)		45,000		44,705,700
UBS AG/London
0.45%, 02/09/24(a)		7,000		6,795,206
0.70%, 08/09/24(a)(c)		4,330		4,114,592
1.38%, 01/13/25 (Call 12/13/24)(a)(c)		6,970		6,550,508
5.48%, 02/09/24, (1-day SOFR + 0.360%)(a)(b)		5,000		4,994,165
5.57%, 08/09/24, (1-day SOFR + 0.450%)(a)(b)		8,470		8,451,451
UBS Group AG, 4.49%, 08/05/25 (Call 08/05/24),
(1-year CMT + 1.600%)(a)(b)(c)		8,810		8,644,471
Westpac Banking Corp.
1.02%, 11/18/24		3,550		3,355,436
5.35%, 10/18/24		17,600		17,559,595
5.44%, 11/18/24, (1-day SOFR + 0.300%)(b)		12,445		12,416,547
				772,901,451
Biotechnology — 0.3%
Gilead Sciences Inc., 0.75%, 09/29/23 (Call 08/11/23)		15,971		15,848,270
Chemicals — 0.5%
Ecolab Inc., 0.90%, 12/15/23 (Call 08/11/23)(c)		8,800		8,643,620
Linde Inc., 4.80%, 12/05/24(c)		17,700		17,626,385
Sherwin-Williams Co. (The), 4.05%, 08/08/24		7,310		7,186,565
				33,456,570
Computers — 0.3%
Hewlett Packard Enterprise Co., 5.90%, 10/01/24		15,400		15,413,202
Cosmetics & Personal Care — 0.2%
GSK Consumer Healthcare Capital U.S. LLC, 3.02%, 03/24/24 (Call 08/16/23)(c)		9,235		9,065,994
Unilever Capital Corp., 0.63%, 08/12/24
(Call 08/16/23)(c)		5,975		5,688,396
				14,754,390

Security	Par (000)		Value
Diversified Financial Services — 1.0%
American Express Co.
0.75%, 11/03/23(c)	$	10,000	$	9,879,195
3.38%, 05/03/24		7,600		7,469,141
5.31%, 11/03/23, (1-day SOFR + 0.230%)(b)		10,000		9,994,994
6.11%, 03/04/25 (Call 02/01/25),
(1-day SOFR + 0.930%)(b)		8,235		8,268,377
Capital One Financial Corp., 4.17%, 05/09/25
(Call 05/09/24), (1-day SOFR + 1.370%)(b)		15,800		15,457,495
CDP Financial Inc., 4.50%, 02/13/26(a)		9,219		9,110,089
LSEGA Financing PLC, 0.65%, 04/06/24
(Call 03/06/24)(a)		3,895		3,755,126
				63,934,417
Electric — 3.4%
Dominion Energy Inc., Series D, 6.08%, 09/15/23
(Call 08/21/23), (3-mo. LIBOR US + 0.530%)(b)		30,560		30,561,460
Eversource Energy, 5.38%, 08/15/23,
(1-day SOFR + 0.250%)(b)(c)		23,850		23,831,874
Florida Power & Light Co.
4.45%, 05/15/26 (Call 04/15/26)		7,965		7,889,792
5.67%, 01/12/24 (Call 08/11/23),
(1-day SOFR + 0.250%)(b)		8,240		8,239,999
National Rural Utilities Cooperative Finance Corp.
5.51%, 08/07/23, (1-day SOFR + 0.330%)(b)(c)		16,150		16,149,615
Series D, 5.63%, 10/18/24,
(1-day SOFR + 0.330%)(b)		5,000		4,984,316
NextEra Energy Capital Holdings Inc.
2.94%, 03/21/24 (Call 08/31/23)		15,000		14,727,917
4.26%, 09/01/24		10,000		9,850,156
5.48%, 11/03/23 (Call 08/31/23),
(1-day SOFR + 0.400%)(b)		30,000		29,994,200
6.05%, 03/01/25		5,275		5,313,256
WEC Energy Group Inc.
0.55%, 09/15/23(c)		21,955		21,772,863
4.75%, 01/09/26 (Call 12/09/25)		10,000		9,862,299
5.00%, 09/27/25 (Call 08/27/25)(c)		7,465		7,416,717
Wisconsin Public Service Corp., 5.35%, 11/10/25
(Call 10/10/25)		8,520		8,550,995
Xcel Energy Inc., 0.50%, 10/15/23 (Call 09/15/23)		7,560		7,480,263
				206,625,722
Electronics — 0.0%
Amphenol Corp., 4.75%, 03/30/26		2,840		2,815,899
Food — 1.3%
Hormel Foods Corp., 0.65%, 06/03/24 (Call 08/16/23)(c)		12,125		11,631,877
Nestle Holdings Inc.
0.61%, 09/14/24 (Call 09/14/23)(a)		35,000		33,221,266
4.00%, 09/12/25 (Call 08/12/25)(a)(c)		17,000		16,700,485
Walmart Inc., 3.90%, 09/09/25		20,000		19,629,818
				81,183,446
Health Care - Products — 0.6%
Thermo Fisher Scientific Inc.
0.80%, 10/18/23 (Call 08/11/23)		30,000		29,687,134
5.83%, 10/18/24 (Call 08/11/23),
(1-day SOFR + 0.530%)(b)		9,215		9,215,000
				38,902,134
Health Care - Services — 1.1%
Roche Holdings Inc.
1.88%, 03/08/24(a)		15,000		14,658,670
5.42%, 03/05/24, (1-day SOFR + 0.240%)(a)(b)		5,370		5,368,597

4

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
Health Care - Services (continued)
5.53%, 09/11/23, (1-day SOFR + 0.240%)(a)(b)(c)	$	15,000	$	14,998,785
UnitedHealth Group Inc.
0.55%, 05/15/24 (Call 08/11/23)(c)		15,135		14,554,618
5.00%, 10/15/24		17,600		17,563,215
				67,143,885
Insurance — 3.3%
Athene Global Funding, 2.51%, 03/08/24(a)		10,000		9,767,146
Brighthouse Financial Global Funding, 1.20%, 12/15/23(a)		17,000		16,714,316
MassMutual Global Funding II
4.15%, 08/26/25(a)(c)		7,302		7,117,429
6.28%, 07/10/26(a)		15,252		15,331,183
Metropolitan Life Global Funding I
0.55%, 06/07/24(a)(c)		3,590		3,434,045
5.00%, 01/06/26(a)(c)		10,000		9,925,102
5.60%, 01/07/24, (1-day SOFR + 0.320%)(a)(b)		27,000		26,992,283
New York Life Global Funding
3.15%, 06/06/24(a)		8,400		8,215,032
3.60%, 08/05/25(a)(c)		16,500		15,948,567
5.62%, 06/06/24, (1-day SOFR + 0.430%)(a)(b)		9,130		9,131,011
5.92%, 06/13/25(a)		18,500		18,549,395
Northwestern Mutual Global Funding
4.00%, 07/01/25(a)		16,300		15,824,955
5.92%, 06/13/25(a)		15,400		15,401,301
Pacific Life Global Funding II, 6.08%, 06/16/25(a)		14,705		14,723,381
Principal Life Global Funding II
0.75%, 08/23/24(a)		660		626,165
5.54%, 08/23/24, (1-day SOFR + 0.380%)(a)(b)		635		633,903
Protective Life Global Funding
0.63%, 10/13/23(a)		4,820		4,768,400
5.37%, 01/06/26(a)(c)		10,000		9,965,170
				203,068,784
Internet — 0.8%
Amazon.com Inc.
2.73%, 04/13/24		20,000		19,608,213
3.00%, 04/13/25		10,000		9,674,805
eBay Inc., 5.90%, 11/22/25 (Call 10/22/25)		17,600		17,838,919
				47,121,937
Machinery — 1.9%
Caterpillar Financial Services Corp.
0.95%, 01/10/24		20,000		19,603,451
4.35%, 05/15/26(c)		15,800		15,601,857
5.38%, 05/17/24, (1-day SOFR + 0.245%)(b)(c)		10,000		10,003,347
5.48%, 09/13/24, (1-day SOFR + 0.270%)(b)		15,620		15,613,968
John Deere Capital Corp.
0.90%, 01/10/24		3,605		3,528,175
3.40%, 06/06/25		10,390		10,069,158
4.80%, 01/09/26		17,800		17,743,988
5.47%, 10/11/24, (1-day SOFR + 0.200%)(b)(c)		14,290		14,272,280
Rockwell Automation Inc., 0.35%, 08/15/23
(Call 08/11/23)		9,050		9,033,133
				115,469,357
Manufacturing — 0.3%
Siemens Financieringsmaatschappij NV, 5.63%, 03/11/24, (1-day SOFR + 0.430%)(a)(b)		18,980		19,007,521
Media — 0.0%
Comcast Corp., 5.25%, 11/07/25		2,950		2,965,397

Security		Par (000)		Value
Oil & Gas — 0.9%
Chevron USA Inc., 5.54%, 08/11/23,
(3-mo. LIBOR US + 0.200%)(b)		$	37,065	$	37,067,302
ConocoPhillips Co., 2.13%, 03/08/24 (Call 08/11/23)(c)			16,000		15,663,357
					52,730,659
Pharmaceuticals — 0.8%	��
Merck & Co. Inc., 2.75%, 02/10/25 (Call 11/10/24)			17,000		16,398,988
Pfizer Investment Enterprises Pte. Ltd., 4.65%, 05/19/25			31,500		31,230,374
					47,629,362
Pipelines — 1.0%
Enbridge Inc.
0.55%, 10/04/23			5,380		5,330,314
2.15%, 02/16/24			5,530		5,412,603
5.77%, 02/16/24, (1-day SOFR + 0.630%)(b)			10,125		10,129,486
Enterprise Products Operating LLC, 5.05%, 01/10/26			12,365		12,355,761
TransCanada PipeLines Ltd., 1.00%, 10/12/24
(Call 09/12/24)(c)			27,205		25,729,150
					58,957,314
Real Estate Investment Trusts — 0.2%
Public Storage, 5.93%, 07/25/25			11,250		11,260,365
Retail — 0.6%
Home Depot Inc. (The), 4.00%, 09/15/25 (Call 08/15/25)			5,170		5,074,394
Lowe’s Companies Inc.
4.40%, 09/08/25			11,510		11,295,572
4.80%, 04/01/26 (Call 03/01/26)			6,660		6,611,886
Starbucks Corp., 5.55%, 02/14/24 (Call 08/11/23),
(1-day SOFR + 0.420%)(b)			11,515		11,515,537
					34,497,389
Savings & Loans — 0.3%
Nationwide Building Society, 0.55%, 01/22/24(a)			16,520		16,108,121
Semiconductors — 0.3%
Analog Devices Inc., 5.51%, 10/01/24,
(1-day SOFR + 0.250%)(b)(c)			15,330		15,316,480
NVIDIA Corp., 0.58%, 06/14/24 (Call 08/11/23)			5,305		5,084,763
					20,401,243
Software — 0.1%
salesforce.com Inc., 0.63%, 07/15/24 (Call 08/11/23)			9,415		8,994,505
Telecommunications — 0.8%
Bell Telephone Co. of Canada or Bell Canada (The), Series US-3, 0.75%, 03/17/24(c)			21,081		20,406,235
NTT Finance Corp.
0.58%, 03/01/24(a)(c)			6,005		5,824,104
4.14%, 07/26/24(a)(c)			2,830		2,786,487
Verizon Communications Inc.
0.75%, 03/22/24(c)			3,580		3,464,372
5.74%, 03/22/24, (1-day SOFR + 0.500%)(b)			16,955		16,963,674
					49,444,872
Total Corporate Bonds & Notes — 38.2%
(Cost: $2,368,491,803)			.		2,340,748,497
Municipal Debt Obligations
Alabama — 0.1%
Alabama Federal Aid Highway Finance Authority RB, 0.45%, 09/01/23			3,545		3,530,593
Illinois — 0.1%
State of Illinois GO, 5.25%, 05/01/25			5,865		5,815,517

5

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2023	(Percentages shown are based on Net Assets)

Security	Par (000)		Value
New York — 0.4%
Mizuho Floater/Residual Trust RB
VRDN, 5.72%, 02/15/41 (Put 09/04/23)(a)(d)	$	3,727	$	3,727,490
VRDN, 5.74%, 03/01/31 (Put 10/29/23)(a)(d)		18,000		18,000,000
Taxable Municipal Funding Trust RB
VRDN, 5.60%, 01/16/25 (Put 09/04/23)(a)(d)		1,040		1,040,000
VRDN, 5.60%, 09/01/30 (Put 09/04/23)(a)(d)		2,440		2,440,000
				25,207,490
Total Municipal Debt Obligations — 0.6%
(Cost $34,617,490)				34,553,600
Repurchase Agreements(b)(e)
Bank of America Securities Inc., 5.44%, 08/01/23 (Purchased on 07/31/23 to be repurchased at $10,001,511, collateralized by non-agency mortgage-backed security, 5.11%, due 05/19/43, par and fair value of $10,507,000 and $10,500,276, respectively)		10,000		10,000,000
Bank of America Securities Inc., 5.64%, 08/01/23 (Purchased on 07/31/23 to be repurchased at $54,758,578, collateralized by non-agency mortgage-backed security, 4.50% to 5.30%, due 04/27/48 to 06/25/59, par and fair value of $70,348,389 and $61,113,927, respectively)		54,750		54,750,000
Bank of America Securities Inc., 5.82%, 08/01/23 (Purchased on 07/31/23 to be repurchased at $10,001,617, collateralized by non-agency mortgage-backed security, 0.00% to 3.65%, due 10/25/59 to 07/25/60, par and fair value of $37,727,457 and $11,919,076, respectively)		10,000		10,000,000
BNP Paribas, 5.67%, 08/01/23 (Purchased on 07/31/23 to be repurchased at $36,755,788, collateralized by non-agency mortgage-backed security, 1.13% to 10.50%, due 12/15/23 to 12/31/79, par and fair value of $49,244,871 and $40,295,551, respectively)		36,750		36,750,000
Citigroup Global Markets Inc., 5.61%, 08/01/23 (Purchased on 07/31/23 to be repurchased at $9,001,403, collateralized by non-agency mortgage-backed security, 1.15% to 7.47%, due 10/20/30 to 09/25/40, par and fair value of $19,363,839 and $10,339,917, respectively)		9,000		9,000,000
Citigroup Global Markets Inc., 5.63%, 08/01/23 (Purchased on 07/31/23 to be repurchased at $12,001,877, collateralized by non-agency mortgage-backed security, 1.15% to 7.47%, due 10/20/30 to 09/25/40, par and fair value of $57,824,898 and $13,613,926, respectively)		12,000		12,000,000
Goldman Sachs & Co. LLC, 5.82%, 08/01/23 (Purchased on 07/31/23 to be repurchased at $90,014,550, collateralized by non-agency mortgage-backed security, 3.21% to 9.46%, due 08/08/25 to 02/15/39, par and fair value of $95,374,221 and $94,500,001, respectively)		90,000		90,000,000
Mizuho Securities USA Inc., 5.77%, 08/01/23 (Purchased on 07/31/23 to be repurchased at $6,000,962, collateralized by U.S. Treasury, 3.63%, due 05/15/53, par and fair value of $6,526,300 and $6,120,005, respectively)		6,000		6,000,000

Security	Par/ Shares (000)		Value
Mizuho Securities USA Inc., 5.87%, 08/01/23 (Purchased on 07/31/23 to be repurchased at $30,004,892, collateralized by non-agency mortgage-backed security, 4.21% to 5.22%, due 11/15/27 to 07/25/49, par and fair value of $35,608,000 and $33,015,043, respectively)	$	30,000	$	30,000,000
Wells Fargo Securities, 5.70%, 08/01/23 (Purchased on 07/31/23 to be repurchased at $77,012,192, collateralized by non-agency mortgage-backed security, 1.02% to 8.12%, due 09/20/24 to 10/21/35, par and fair value of $83,816,780 and $80,850,018, respectively)		77,000		77,000,000
Total Repurchase Agreements — 5.5%
(Cost: $335,500,000)				335,500,000
U.S. Government Obligations
U.S. Government Obligations — 0.2%
U.S. Treasury Note/Bond, 0.25%, 09/30/23		10,000		9,914,844
Total U.S. Government Obligations — 0.2%
(Cost: $9,999,018)				9,914,844
Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.42%(f)(g)(h)		64,302		64,321,652
Total Money Market Funds — 1.1%
(Cost: $64,304,147)				64,321,652
Total Investments — 100.8%
(Cost: $6,196,314,871)				6,166,021,681
Liabilities in Excess of Other Assets — (0.8)%				(47,148,131	)
Net Assets — 100.0%			$	6,118,873,550

^(a) Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b) Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

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

^(d) Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

^(e) Maturity date represents next reset date.

^(f) Affiliate of the Fund.

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

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

6

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2023

Affiliates

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

Affiliated Issuer	Value at 10/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 07/31/23		Shares Held at 07/31/23 (000)		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	56,987,823	$	7,317,606	(a)	$	—		$	(3,063	)	$	19,286	$	64,321,652		64,302	$	202,961	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares(c)		—		—			0	(a)		—			—		—		—		124,045			—
									$	(3,063	)	$	19,286	$	64,321,652			$	327,006		$	—

^(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.

^(c) As of period end, the entity is no longer held.

Fair Value Hierarchy as of Period End

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

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

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

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

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Asset-Backed Securities	$	—	$	258,903,639	$	—	$	258,903,639
Certificates of Deposit		—		1,101,865,935		—		1,101,865,935
Commercial Paper		—		2,020,213,514		—		2,020,213,514
Corporate Bonds & Notes		—		2,340,748,497		—		2,340,748,497
Municipal Debt Obligations		—		34,553,600		—		34,553,600
Repurchase Agreements		—		335,500,000		—		335,500,000
U.S. Government & Agency Obligations		—		9,914,844		—		9,914,844
Short-Term Securities
Money Market Funds		64,321,652		—		—		64,321,652
	$	64,321,652	$	6,101,700,029	$	—	$	6,166,021,681

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Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2023

Fair Value Hierarchy as of Period End (continued)
Portfolio Abbreviation		LIBOR	London Interbank Offered Rate
		RB	Revenue Bond
CMT	Constant Maturity Treasury	SOFR	Secured Overnight Financing Rate
GO	General Obligation

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