iShares U.S. ETF Trust NPORT-P BlackRock Ultra Short-Term Bond ETF (Jul 2024 report)

Schedule of Investments (unaudited)	BlackRock Ultra Short-Term Bond ETF
July 31, 2024	(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		$	14,709,579
BMW Vehicle Lease Trust
5.75%, 07/27/26,
(30-day Avg SOFR + 0.400%)(a)		6,670			6,673,305
5.95%, 08/25/25		9,225			9,233,949
BMW Vehicle Owner Trust, 5.69%, 02/25/27,
(30-day Avg SOFR + 0.340%)(a)		7,241			7,240,996
CarMax Auto Owner Trust
5.23%, 01/15/26		3,157			3,155,055
5.34%, 12/15/25		399			398,803
5.94%, 11/16/26,
(30-day Avg SOFR + 0.600%)(a)		7,830			7,835,967
6.08%, 12/15/26		10,740			10,777,959
6.14%, 12/15/26,
(30-day Avg SOFR + 0.800%)(a)		552			553,304
6.19%, 06/15/26,
(30-day Avg SOFR + 0.850%)(a)		6,902			6,911,695
Chase Issuance Trust, 3.97%, 09/15/27		14,100			13,937,283
Citibank Credit Card Issuance Trust, 5.23%,
12/08/27		3,474			3,486,196
CNH Equipment Trust
5.34%, 09/15/26		3,957			3,953,744
5.42%, 10/15/27		8,186			8,211,472
5.74%, 10/15/27,
(30-day Avg SOFR + 0.400%)(a)		7,152			7,153,925
Ford Credit Auto Lease Trust
5.18%, 02/15/27		4,507			4,510,163
5.90%, 02/15/26		5,539			5,542,841
Ford Credit Auto Owner Trust
5.40%, 04/15/27		9,253			9,274,511
5.70%, 01/15/27,
(30-day Avg SOFR + 0.360%)(a)		8,820			8,819,932
Honda Auto Receivables Owner Trust
5.36%, 09/15/26		14,719			14,714,634
5.41%, 04/15/26		8,907			8,901,022
Hyundai Auto Lease Securitization Trust
5.47%, 09/15/25(b)		2,897			2,896,331
5.51%, 10/15/26(b)		13,770			13,807,744
5.79%, 10/15/26,
(30-day Avg SOFR + 0.450%)(a)(b)		6,768			6,768,560
6.09%, 09/15/25,
(30-day Avg SOFR + 0.750%)(a)(b)		3,131			3,132,881
Hyundai Auto Receivables Trust, 5.72%, 06/15/27,
(30-day Avg SOFR + 0.370%)(a)		8,056			8,056,760
Mercedes-Benz Auto Lease Trust, 5.24%, 11/17/25		10,769			10,762,131
Mercedes-Benz Auto Receivables Trust, 5.92%,
11/16/26		8,305			8,323,210
Nissan Auto Receivables Owner Trust
4.50%, 08/15/25		355			354,916
5.99%, 02/17/26,
(30-day Avg SOFR + 0.650%)(a)		9,692			9,700,348
Toyota Auto Receivables Owner Trust
5.28%, 05/15/26		6,678			6,672,962
5.69%, 12/15/26,
(30-day Avg SOFR + 0.350%)(a)		21,830			21,834,252
5.86%, 05/15/26,
(30-day Avg SOFR + 0.520%)(a)		6,355			6,357,755
5.89%, 11/16/26,
(30-day Avg SOFR + 0.550%)(a)		10,232			10,241,402

Security		Par (000	)		Value
Toyota Lease Owner Trust, 5.74%, 07/20/26,
(30-day Avg SOFR + 0.400%)(a)(b)	$	10,032		$	10,035,891
USAA Auto Owner Trust
5.25%, 03/15/27(b)		9,116			9,123,977
5.83%, 07/15/26(b)		3,994			3,995,247
Volkswagen Auto Lease Trust, 5.87%, 01/20/26		16,589			16,607,558
Total Asset-Backed Securities — 5.6%
(Cost: $304,594,700)					304,668,260
Certificates of Deposit
Bank of America NA, 5.64%, 02/14/25		12,700			12,702,518
Bank of Montreal, 5.12%, 06/11/25		28,500			28,581,002
Bank of Montreal/Chicago IL, 5.64%, 02/18/25,
(1-day SOFR + 0.260%)(a)		17,250			17,249,655
Bank of Nova Scotia/Houston
5.63%, 02/21/25, (1-day SOFR + 0.300%)(a)		35,000			35,011,329
5.64%, 03/04/25, (1-day SOFR + 0.250%)(a)		14,000			13,999,498
BNP Paribas SA, 5.83%, 08/08/24		10,860			10,860,677
BNP Paribas SA/New York, 5.20%, 07/30/25		35,140			35,105,949
Canadian Imperial Bank of Commerce/New York,
5.62%, 02/20/25, (1-day SOFR + 0.260%)(a)		25,000			25,007,057
Credit Agricole Corporate & Investment Bank SA
5.12%, 06/02/25		15,000			15,041,111
5.13%, 05/30/25		6,000			6,018,164
5.55%, 04/11/25		10,310			10,329,486
Credit Industriel et Commercial
5.26%, 03/11/25		28,360			28,351,549
5.55%, 04/14/25		28,370			28,426,759
Deutsche Bank AG/New York
5.71%, 03/03/25, (1-day SOFR + 0.330%)(a)		13,000			13,003,276
5.83%, 05/22/25, (1-day SOFR + 0.400%)(a)		20,000			20,006,398
HSBC Bank USA NA
5.65%, 03/12/25, (1-day SOFR + 0.320%)(a)(c)		16,830			16,829,529
5.96%, 02/20/25, (1-day SOFR + 0.300%)(a)		35,300			35,296,426
Lloyds Bank Corporate
5.08%, 07/25/25		15,000			15,003,261
5.16%, 05/27/25		28,000			28,065,655
Mitsubishi UFJ Trust & Banking Corp./New York,
5.45%, 10/11/24, (1-day SOFR + 0.420%)(a)		11,250			11,256,334
Mizuho Bank Ltd./New York
5.50%, 08/07/24, (1-day SOFR + 0.170%)(a)		25,000			25,000,340
5.51%, 11/13/24, (1-day SOFR + 0.230%)(a)		15,000			15,003,360
5.58%, 11/06/24(a)		35,000			35,009,704
MUFG Bank Ltd., 5.76%, 08/15/24		18,725			18,726,555
NATIXIS NY, 5.15%, 05/30/25		34,000			34,096,460
Sumitomo Mitsui Banking Corp., 5.58%, 10/29/24(a)		12,250			12,253,014
Sumitomo Mitsui Banking Corp./New York, 5.45%,
11/07/24, (1-day SOFR + 0.240%)(a)		31,700			31,713,029
Toronto-Dominion Bank
5.07%, 07/03/25		15,000			15,044,540
5.24%, 02/20/25		8,000			7,995,927
6.00%, 08/26/24		9,890			9,892,673
6.00%, 09/09/24		16,000			16,006,443
Wells Fargo Bank NA, 5.67%, 01/30/25,
(1-day SOFR + 0.340%)(a)		18,000			18,014,559
Westpac Banking Corp., 5.35%, 01/28/25		14,960			14,962,347
Total Certificates of Deposit — 12.0%
(Cost: $659,398,692)					659,864,584

1

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2024	(Percentages shown are based on Net Assets)

Security		Par (000	)		Value
Commercial Paper
American Honda Finance Corp.
5.41%, 08/05/24	$	46,030		$	45,995,432
5.54%, 09/16/24		8,000			7,942,556
5.55%, 09/26/24		8,020			7,950,159
AstraZeneca PLC, 5.53%, 10/07/24		14,330			14,181,885
Australia & New Zealand Banking Group Ltd.,
5.04%, 06/26/25		26,830			25,645,053
Banco Santander SA, 5.63%, 01/07/25,
(1-day SOFR + 0.460%)(a)(b)		28,385			28,411,994
Bank of Nova Scotia (The), 5.57%, 02/06/25,
(1-day SOFR + 0.290%)(a)(b)		10,000			10,005,007
Bay Square Funding LLC
5.61%, 12/02/24, (1-day SOFR + 0.240%)(a)(b)		10,500			10,499,938
5.62%, 12/10/24		9,000			8,999,499
5.65%, 01/08/25		15,000			15,000,527
5.70%, 02/14/25, (1-day SOFR + 0.300%)(a)(b)		18,450			18,450,923
Bell Telephone Co. of Canada or Bell Canada (The)
5.42%, 08/02/24		30,000			29,990,974
5.44%, 08/07/24		19,510			19,489,401
5.44%, 08/12/24		14,000			13,974,660
BofA Securities Inc.
5.15%, 07/25/25		29,270			27,840,271
5.17%, 06/24/25		20,000			19,099,567
5.18%, 06/17/25		17,500			16,727,079
5.19%, 06/06/25		20,000			19,143,711
BPCE SA
5.19%, 03/21/25		15,010			14,522,589
5.39%, 08/01/24(a)(b)		9,950			9,950,046
5.65%, 02/07/25, (1-day SOFR + 0.300%)(a)(b)		20,000			20,005,140
Britannia Funding Co. LLC
5.43%, 09/05/24		10,680			10,622,349
5.44%, 09/24/24		4,110			4,076,145
Brookfield BRP Holdings Canada Inc., 5.43%,
08/06/24		13,000			12,988,238
Cabot Trail Funding LLC, 5.45%, 10/07/24		12,210			12,085,535
CDP Financial Inc.
5.09%, 07/07/25		28,500			27,189,915
5.14%, 04/28/25		27,000			25,994,190
5.20%, 03/10/25		14,930			14,465,920
5.25%, 02/03/25		8,000			7,787,788
Citigroup Global Markets Inc.
5.16%, 06/03/25		17,000			16,283,919
5.43%, 09/23/24		41,480			41,144,883
Concord Minutemen Capital Co. LLC, 5.35%,
01/27/25		30,000			30,000,000
CRH America Finance Inc.
5.42%, 08/01/24		4,750			4,749,285
5.45%, 08/12/24		15,750			15,721,414
5.55%, 09/23/24		5,000			4,958,750
5.56%, 10/17/24		21,950			21,688,714
5.56%, 10/25/24		18,250			18,010,593
DNB Bank ASA, 5.14%, 04/01/25		7,810			7,546,838
HSBC USA Inc.
5.26%, 06/06/25		13,220			12,646,783
5.32%, 02/14/25		15,600			15,156,260
5.40%, 01/21/25		23,570			22,970,316
5.45%, 11/27/24		10,330			10,147,060
Hyundai Capital America, 5.54%, 09/12/24		8,000			7,947,444
ING U.S. Funding LLC
5.39%, 10/24/24		28,500			28,141,672
5.52%, 11/25/24(a)(b)		29,200			29,207,175

Security		Par (000	)		Value
5.64%, 02/10/25, (1-day SOFR + 0.300%)(a)(b)	$	25,000		$	25,007,851
Ionic Funding LLC, 5.37%, 08/02/24		44,970			44,956,577
Keurig Dr. Pepper Inc.
5.44%, 08/08/24		15,750			15,730,986
5.44%, 08/09/24		9,000			8,987,771
LSEGA Financing PLC
5.44%, 08/12/24		18,250			18,216,968
5.45%, 08/20/24		12,000			11,963,800
5.45%, 08/23/24		14,250			14,200,564
5.47%, 09/19/24		21,750			21,585,969
5.48%, 09/25/24		15,250			15,121,188
LVMH Moet Hennessy Louis Vuitton SE, 5.24%,
01/09/25		31,360			30,636,901
Macquarie Bank Ltd.
5.14%, 07/24/25		33,920			32,270,662
5.14%, 07/29/25		28,400			27,001,745
5.79%, 06/24/25, (1-day SOFR + 0.400%)(a)(b)		40,400			40,425,175
Marriott International Inc./MD
5.53%, 08/29/24		15,000			14,933,444
5.54%, 08/28/24		9,750			9,708,169
Marubeni Finance America LLC
5.55%, 08/05/24		20,750			20,734,013
5.56%, 08/16/24		20,000			19,950,692
Matchpoint Finance PLC, 5.40%, 09/16/24		18,580			18,449,876
Microchip Technology Inc., 5.58%, 08/02/24		15,000			14,995,348
National Australia Bank Ltd.
5.62%, 02/18/25, (1-day SOFR + 0.250%)(a)(b)		22,650			22,654,586
5.62%, 02/21/25, (1-day SOFR + 0.250%)(a)(b)		9,000			9,001,705
5.65%, 04/02/25		20,000			20,003,756
National Bank of Canada
5.14%, 06/05/25		10,000			9,577,125
5.14%, 06/12/25		15,510			14,840,565
5.15%, 05/23/25		10,000			9,593,455
5.17%, 04/30/25		35,000			33,679,313
NextEra Energy Capital Holdings Inc.
5.49%, 08/21/24		15,850			15,799,398
5.51%, 08/27/24		10,500			10,456,758
5.54%, 09/11/24		11,530			11,456,016
Nutrien Financial U.S. LLC, 5.51%, 08/01/24		17,000			16,997,401
NUTRIEN Ltd., 5.49%, 08/12/24		12,000			11,978,067
Paradelle Funding LLC, 5.16%, 05/30/25		41,000			39,292,459
Penske Truck Leasing Co. LP
5.62%, 09/13/24		7,000			6,952,237
5.63%, 08/26/24		20,000			19,919,034
5.63%, 10/04/24		13,500			13,364,231
PFIZER Inc., 5.35%, 09/05/24		7,810			7,768,435
PPG Industries Inc., 5.42%, 08/02/24		28,000			27,991,564
SPIRE Inc.
5.43%, 08/05/24		12,450			12,440,616
5.46%, 08/14/24		6,430			6,416,369
5.47%, 08/15/24		4,440			4,429,910
Swedbank AB, 5.53%, 12/09/24,
(1-day SOFR + 0.240%)(a)(b)		30,000			30,008,383
Telstra Group Ltd., 5.55%, 12/17/24		12,510			12,247,355
TotalEnergies Capital SA, 5.38%, 09/13/24		18,270			18,150,758
UnitedHealth Group Inc., 5.38%, 09/16/24		30,000			29,790,798
Vulcan Materials Co., 5.44%, 08/01/24		40,500			40,493,878
VW Credit Inc.
5.44%, 08/07/24		5,750			5,743,929
5.48%, 08/19/24		8,500			8,475,476
5.49%, 08/22/24		43,750			43,603,593
5.51%, 08/27/24		16,170			16,103,408

2

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2024	(Percentages shown are based on Net Assets)

Security		Par (000	)		Value
Washington Morgan Capital Co. LLC
5.46%, 08/23/24	$	16,000		$	15,944,400
5.60%, 01/17/25		30,000			30,001,020
Western Union Co. (The)
5.48%, 08/01/24		4,250			4,249,353
5.50%, 08/07/24		33,000			32,964,773
Westpac Securities NZ Ltd./London, 5.62%,
01/31/25(a)(b)		33,540			33,551,739
Total Commercial Paper — 33.5%
(Cost: $1,835,651,581)					1,836,177,159
Corporate Bonds & Notes
Aerospace & Defense — 0.3%
General Dynamics Corp., 3.50%, 04/01/27		6,265			6,109,423
Lockheed Martin Corp., 4.95%, 10/15/25		6,195			6,202,362
RTX Corp., 5.00%, 02/27/26(d)		5,590			5,602,508
					17,914,293
Agriculture — 0.7%
Cargill Inc.
3.50%, 04/22/25(b)(d)		6,825			6,743,371
4.88%, 10/10/25(b)(d)		14,235			14,244,148
Philip Morris International Inc., 5.13%, 11/15/24		16,000			15,980,133
					36,967,652
Auto Manufacturers — 6.9%
American Honda Finance Corp.
0.75%, 08/09/24		3,235			3,231,459
5.87%, 01/12/26, (1-day SOFR + 0.500%)(a)		14,260			14,272,734
5.96%, 08/14/25, (1-day SOFR + 0.600%)(a)(d)		29,460			29,531,500
6.04%, 01/10/25, (1-day SOFR + 0.670%)(a)(d)		15,000			15,028,434
BMW U.S. Capital LLC
0.75%, 08/12/24(b)		2,925			2,920,588
5.74%, 08/12/24, (1-day SOFR + 0.380%)(a)(b)		19,960			19,960,546
Daimler Trucks Finance North America LLC
5.00%, 01/15/27(b)		10,660			10,696,857
5.20%, 01/17/25(b)		9,295			9,283,008
5.60%, 08/08/25(b)		10,155			10,193,293
Hyundai Capital America
1.00%, 09/17/24(b)		14,408			14,321,003
5.25%, 01/08/27(b)		12,500			12,576,758
5.45%, 06/24/26(b)		8,765			8,834,527
5.80%, 06/26/25(b)		7,590			7,623,650
5.95%, 09/21/26(b)(d)		15,400			15,671,127
6.25%, 11/03/25(b)(d)		15,600			15,802,160
6.51%, 08/04/25, (1-day SOFR + 1.150%)(a)(b)		14,525			14,596,798
Mercedes-Benz Finance North America LLC
4.88%, 07/31/26(b)		13,690			13,719,787
4.90%, 01/09/26(b)(d)		15,240			15,260,874
5.38%, 08/01/25(b)		15,290			15,329,761
6.04%, 01/09/26, (1-day SOFR + 0.670%)(a)(b)		15,240			15,287,298
Toyota Motor Credit Corp.
3.65%, 08/18/25		13,145			12,977,556
4.40%, 09/20/24		15,000			14,970,843
5.20%, 05/15/26		13,955			14,084,464
5.66%, 09/13/24, (1-day SOFR + 0.290%)(a)		12,000			12,001,464
5.85%, 08/22/24, (1-day SOFR + 0.520%)(a)		15,110			15,113,201
5.90%, 10/16/24, (1-day SOFR + 0.550%)(a)(d)		23,010			23,028,334
Volkswagen Group of America Finance LLC
5.80%, 09/12/25(b)		10,000			10,065,301
6.20%, 03/20/26, (1-day SOFR + 0.830%)(a)(b)(d)		14,160			14,230,764
					380,614,089

Security		Par (000	)		Value
Auto Parts & Equipment — 0.1%
Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25	$	3,275		$	3,215,436
Banks — 16.1%
Australia & New Zealand Banking Group Ltd.
4.83%, 02/03/25(b)		14,970			14,928,809
5.09%, 12/08/25		10,810			10,858,940
6.12%, 07/03/25, (1-day SOFR + 0.750%)(a)(b)(d)		14,655			14,715,293
Australia & New Zealand Banking Group
Ltd./New York
4.75%, 01/18/27(d)		15,240			15,323,640
5.67%, 10/03/25		15,000			15,143,299
Bank of Montreal/Chicago, 5.63%, 02/11/25,
(1-day SOFR + 0.300%)(a)		29,450			29,463,326
Bank of New York Mellon (The), 5.82%, 03/13/26,
(1-day SOFR + 0.450%)(a)		9,135			9,139,019
Banque Federative du Credit Mutuel SA
4.94%, 01/26/26(b)		17,400			17,380,609
5.09%, 01/23/27(b)		15,260			15,325,128
Barclays Bank PLC/New York, 5.71%, 02/06/25,
(1-day SOFR + 0.380%)(a)		28,470			28,493,545
BPCE SA
5.10%, 01/26/26(b)(d)		15,230			15,166,127
5.20%, 01/18/27(b)		9,455			9,518,802
Citibank NA
5.49%, 12/04/26		15,380			15,618,700
6.07%, 08/06/26, (1-day SOFR + 0.708%)(a)		8,400			8,402,520
6.17%, 09/29/25, (1-day SOFR + 0.805%)(a)		15,440			15,504,169
Citigroup Inc., 3.11%, 04/08/26,
(1-day SOFR + 2.842%)(a)		11,310			11,129,540
Commonwealth Bank of Australia, 6.11%, 03/14/25,
(1-day SOFR + 0.740%)(a)(b)		13,580			13,618,839
Commonwealth Bank of Australia/New York
5.08%, 01/10/25(d)		17,800			17,778,025
5.50%, 09/12/25		15,210			15,323,685
Cooperatieve Rabobank UA/New York
3.88%, 08/22/24		16,800			16,782,215
5.50%, 07/18/25(d)		15,300			15,366,155
Deutsche Bank AG/New York, 4.16%, 05/13/25(d)		6,905			6,850,908
Goldman Sachs Bank USA/New York
5.28%, 03/18/27, (1-day SOFR +0.777%)(a)(d)		14,180			14,236,261
6.14%, 03/18/27, (1-day SOFR + 0.770%)(a)		14,180			14,179,248
JPMorgan Chase & Co.
2.08%, 04/22/26, (1-day SOFR + 1.850%)(a)		41,385			40,431,123
5.55%, 12/15/25, (1-day SOFR + 1.070%)(a)		18,135			18,142,653
JPMorgan Chase Bank NA, 5.11%, 12/08/26		12,000			12,105,688
KeyBank NA, 4.70%, 01/26/26		3,275			3,237,600
KeyBank NA/Cleveland OH, 4.15%, 08/08/25(d)		5,370			5,300,473
Macquarie Bank Ltd., 5.39%, 12/07/26(b)		6,210			6,291,928
Mitsubishi UFJ Financial Group Inc.
1.41%, 07/17/25		14,200			13,701,827
5.06%, 09/12/25, (1-year CMT + 1.550%)(a)		15,675			15,662,756
5.72%, 02/20/26, (1-year CMT + 1.080%)(a)		12,775			12,801,207
Morgan Stanley, 1.16%, 10/21/25,
(1-day SOFR + 0.560%)(a)		10,343			10,237,819
Morgan Stanley Bank NA, 5.48%, 07/16/25		7,520			7,539,003
National Australia Bank Ltd., 5.92%, 01/29/26,
(1-day SOFR + 0.550%)(a)(b)(d)		15,220			15,239,520
National Australia Bank Ltd./New York
4.75%, 12/10/25		10,290			10,285,959
4.97%, 01/12/26		17,800			17,843,969
5.20%, 05/13/25		13,305			13,317,093

3

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2024	(Percentages shown are based on Net Assets)

Security		Par (000	)		Value
Banks (continued)
National Securities Clearing Corp., 5.15%,
05/30/25(b)(d)	$	5,105		$	5,098,650
NatWest Markets PLC, 0.80%, 08/12/24(b)		10,119			10,104,210
Nordea Bank Abp
3.60%, 06/06/25(b)		10,665			10,522,769
4.75%, 09/22/25(b)		16,900			16,867,727
PNC Financial Services Group Inc. (The), 5.67%,
10/28/25, (1-day SOFR + 1.090%)(a)		15,526			15,527,805
Societe Generale SA, 4.35%, 06/13/25(b)		15,000			14,871,294
Sumitomo Mitsui Financial Group Inc., 5.46%,
01/13/26		17,800			17,915,125
Sumitomo Mitsui Trust Bank Ltd.
0.80%, 09/16/24(b)		12,000			11,924,237
2.55%, 03/10/25(b)(d)		10,000			9,831,983
5.65%, 09/14/26(b)		12,000			12,192,119
5.81%, 09/16/24, (1-day SOFR + 0.440%)(a)(b)		15,000			15,003,900
Sumitomo Mitsui Trust Bank Ltd./New York, 5.51%,
08/01/24, (1-day SOFR + 0.180%)(a)		14,750			14,750,031
Svenska Handelsbanken AB, 3.65%, 06/10/25(b)(d)		15,900			15,701,058
UBS AG, 6.30%, 09/11/25,
(1-day SOFR + 0.930%)(a)		8,000			8,050,440
UBS AG/London
0.70%, 08/09/24(b)		4,330			4,325,085
1.38%, 01/13/25(b)(d)		6,970			6,843,565
5.80%, 09/11/25		8,000			8,065,556
5.81%, 08/09/24, (1-day SOFR + 0.450%)(a)(b)		8,470			8,470,330
UBS Group AG, 4.49%, 08/05/25,
(1-year CMT + 1.600%)(a)(b)		8,810			8,809,215
Wells Fargo Bank NA
4.81%, 01/15/26		15,250			15,252,719
5.55%, 08/01/25		15,230			15,310,690
6.08%, 01/15/26, (1-day SOFR + 0.710%)(a)		15,250			15,306,700
Westpac Banking Corp.
1.02%, 11/18/24		3,550			3,503,672
5.35%, 10/18/24		17,600			17,593,422
5.66%, 11/18/24, (1-day SOFR + 0.300%)(a)(d)		23,886			23,889,583
6.08%, 11/17/25, (1-day SOFR + 0.720%)(a)		15,440			15,510,390
					883,627,695
Beverages — 0.5%
PepsiCo Inc.
5.25%, 11/10/25		15,440			15,566,768
5.76%, 11/12/24, (1-day SOFR + 0.400%)(a)		11,665			11,673,138
					27,239,906
Chemicals — 0.5%
Linde Inc./CT, 4.80%, 12/05/24(d)		17,700			17,672,216
Sherwin-Williams Co. (The), 4.05%, 08/08/24		7,310			7,307,291
					24,979,507
Computers — 0.3%
Hewlett Packard Enterprise Co., 5.90%, 10/01/24		15,400			15,401,908
Cosmetics & Personal Care — 0.1%
Unilever Capital Corp., 0.63%, 08/12/24		5,975			5,965,269
Diversified Financial Services — 0.9%
American Express Co.
6.12%, 04/23/27, (1-day SOFR + 0.750%)(a)(d)		13,960			13,976,742
6.30%, 03/04/25, (1-day SOFR + 0.930%)(a)(d)		8,235			8,264,889
6.34%, 10/30/26, (1-day SOFR + 1.330%)(a)		15,700			15,929,793
CDP Financial Inc., 4.50%, 02/13/26(b)		9,219			9,197,936
					47,369,360

Security		Par (000	)		Value
Electric — 2.0%
Florida Power & Light Co., 4.45%, 05/15/26(d)	$	7,965		$	7,933,770
National Rural Utilities Cooperative Finance Corp.
6.06%, 05/07/25, (1-day SOFR + 0.700%)(a)		15,580			15,646,153
Series D, 5.70%, 10/18/24,
(1-day SOFR + 0.330%)(a)		5,000			5,001,669
NextEra Energy Capital Holdings Inc.
4.26%, 09/01/24		28,679			28,629,560
6.05%, 03/01/25		11,420			11,467,091
6.13%, 01/29/26, (1-day SOFR + 0.760%)(a)(d)		15,380			15,443,174
WEC Energy Group Inc.
4.75%, 01/09/26		10,000			9,969,824
5.00%, 09/27/25(d)		7,465			7,457,748
Wisconsin Public Service Corp., 5.35%, 11/10/25		8,520			8,565,047
					110,114,036
Electronics — 0.2%
Amphenol Corp.
4.75%, 03/30/26		2,840			2,838,126
5.05%, 04/05/27(d)		5,800			5,861,841
					8,699,967
Environmental Control — 0.2%
Waste Management Inc., 4.95%, 07/03/27(d)		9,390			9,501,439
Food — 1.3%
Nestle Holdings Inc.
0.61%, 09/14/24(b)(d)		35,000			34,784,475
4.00%, 09/12/25(b)(d)		17,000			16,871,209
Walmart Inc., 3.90%, 09/09/25		20,000			19,828,422
					71,484,106
Health Care - Products — 0.2%
Thermo Fisher Scientific Inc., 5.00%, 12/05/26(d)		10,000			10,103,484
Health Care - Services — 0.6%
Roche Holdings Inc., 5.27%, 11/13/26(b)		13,170			13,364,957
UnitedHealth Group Inc.
4.75%, 07/15/26(d)		3,995			4,008,107
5.00%, 10/15/24(d)		17,600			17,579,142
					34,952,206
Insurance — 3.0%
MassMutual Global Funding II
4.15%, 08/26/25(b)		7,302			7,241,787
6.35%, 07/10/26, (1-day SOFR + 0.980%)(a)(b)		15,252			15,379,440
Metropolitan Life Global Funding I, 5.00%,
01/06/26(b)		10,000			10,019,518
New York Life Global Funding
3.60%, 08/05/25(b)		16,500			16,266,321
5.95%, 01/16/26, (1-day SOFR + 0.580%)(a)(b)(d)		25,000			25,100,000
6.07%, 06/13/25, (1-day SOFR + 0.700%)(a)(b)(d)		18,500			18,571,419
Northwestern Mutual Global Funding
4.00%, 07/01/25(b)		16,300			16,148,443
6.07%, 06/13/25, (1-day SOFR + 0.700%)(a)(b)(d)		15,400			15,447,476
Pacific Life Global Funding II, 6.23%, 06/16/25,
(1-day SOFR + 0.860%)(a)(b)		14,705			14,772,698
Principal Life Global Funding II
0.75%, 08/23/24(b)		660			658,070
5.75%, 08/23/24, (1-day SOFR + 0.380%)(a)(b)		635			635,089
Protective Life Global Funding
4.99%, 01/12/27(b)		15,250			15,329,421
5.37%, 01/06/26(b)		10,000			10,057,046
					165,626,728

4

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2024	(Percentages shown are based on Net Assets)

Security		Par (000	)		Value
Internet — 0.5%
Amazon.com Inc., 3.00%, 04/13/25	$	10,000		$	9,862,224
eBay Inc., 5.90%, 11/22/25(d)		17,600			17,777,382
					27,639,606
Machinery — 2.0%
Caterpillar Financial Services Corp.
4.35%, 05/15/26(d)		15,800			15,728,428
5.64%, 09/13/24, (1-day SOFR + 0.270%)(a)(d)		15,620			15,621,417
5.81%, 11/14/24, (1-day SOFR + 0.450%)(a)(d)		15,570			15,583,275
John Deere Capital Corp.
3.40%, 06/06/25		10,390			10,254,198
4.80%, 01/09/26(d)		17,800			17,834,415
4.95%, 06/06/25(d)		7,020			7,017,062
5.57%, 10/11/24, (1-day SOFR + 0.200%)(a)(d)		14,290			14,292,415
5.85%, 10/22/25, (1-day SOFR + 0.480%)(a)(d)		15,240			15,266,621
					111,597,831
Media — 0.1%
Comcast Corp., 5.25%, 11/07/25		2,950			2,967,572
Pharmaceuticals — 1.0%
Bristol-Myers Squibb Co., 5.86%, 02/20/26,
(1-day SOFR + 0.490%)(a)(d)		8,820			8,853,250
Merck & Co. Inc., 2.75%, 02/10/25		17,000			16,771,000
Pfizer Investment Enterprises Pte Ltd., 4.65%,
05/19/25(d)		31,500			31,405,444
					57,029,694
Pipelines — 0.7%
Enterprise Products Operating LLC, 5.05%,
01/10/26(d)		12,365			12,416,922
TransCanada PipeLines Ltd., 1.00%, 10/12/24		27,205			26,937,758
					39,354,680
Real Estate Investment Trusts — 0.2%
Public Storage Operating Co., 5.97%, 07/25/25, (1-day SOFR + 0.600%)(a)(d)		11,250			11,287,565
Retail — 0.9%
Home Depot Inc. (The)
4.00%, 09/15/25		5,170			5,124,989
5.15%, 06/25/26(d)		12,655			12,786,382
Lowe’s Companies Inc.
4.40%, 09/08/25		11,510			11,428,018
4.80%, 04/01/26		6,660			6,655,400
Starbucks Corp., 4.85%, 02/08/27(d)		14,940			15,017,627
					51,012,416
Semiconductors — 0.3%
Analog Devices Inc., 5.62%, 10/01/24,
(1-day SOFR + 0.250%)(a)(d)		15,330			15,331,828
Software — 0.2%
Intuit Inc., 5.25%, 09/15/26		11,165			11,327,239
Total Corporate Bonds & Notes — 39.8%
(Cost: $2,178,042,390)					2,181,325,512
Municipal Debt Obligations
Illinois — 0.1%
State of Illinois GO, 5.25%, 05/01/25		5,865			5,859,215

Security		Par (000	)		Value
New York — 0.0%
Taxable Municipal Funding Trust RB
VRDN, 5.63%, 09/04/24(b)(e)	$	625		$	625,000
VRDN, 5.63%, 09/04/24(b)(e)		1,240			1,240,000
					1,865,000
Total Municipal Debt Obligations — 0.1%
(Cost $7,730,000)					7,724,215
Repurchase Agreements(a)(f)
Bank of America Securities Inc., 5.44%, 08/01/24
(Purchased on 07/31/24 to be repurchased at
$10,001,511, collateralized by non-agency
mortgage-backed security, 3.59% to 7.92%, due
08/15/31 to 08/15/41, par and fair value of
$24,543,596 and $10,798,823, respectively)		10,000			10,000,000
Bank of America Securities Inc., 5.64%, 08/01/24
(Purchased on 07/31/24 to be repurchased at
$54,758,578, collateralized by non-agency
mortgage-backed security, 1.17% to 7.02%, due
07/15/25 to 09/25/58, par and fair value of
$102,449,789 and $58,393,195, respectively)		54,750			54,750,000
Bank of America Securities Inc., 5.82%, 08/01/24
(Purchased on 07/31/24 to be repurchased at
$10,001,617, collateralized by non-agency
mortgage-backed security, 2.31% to 6.65%, due
12/15/24 to 02/15/33, par and fair value of
$10,731,920 and $10,471,193, respectively)		10,000			10,000,000
BNP Paribas, 5.70%, 08/01/24 (Purchased on
07/31/24 to be repurchased at $36,755,819,
collateralized by non-agency mortgage-backed
security, 1.85% to 10.50%, due 12/01/24 to
01/01/2999, par and fair value of $41,128,002
and $39,757,341, respectively)		36,750			36,750,000
Citigroup Global Markets Inc, 5.64%, 08/01/24
(Purchased on 07/31/24 to be repurchased at
$9,001,410, collateralized by non-agency
mortgage-backed security, 6.08% to 7.39%, due
01/21/31 to 05/17/56, par and fair value of
$12,223,803 and $10,298,136, respectively)		9,000			9,000,000
Citigroup Global Markets Inc, 5.66%, 08/01/24
(Purchased on 07/31/24 to be repurchased at
$12,001,887, collateralized by non-agency
mortgage-backed security, 2.50% to 6.81%, due
10/15/38 to 12/25/53, par and fair value of
$19,910,370 and $13,751,558, respectively)		12,000			12,000,000
Deutsche Bank, 5.77%, 08/01/24 (Purchased on
07/31/24 to be repurchased at $30,004,808,
collateralized by non-agency mortgage-backed
security, 3.13% to 9.61%, due 04/15/25 to
01/01/2999, par and fair value of $31,547,000
and 30,974,679, respectively)		30,000			30,000,000
Goldman Sachs & Co. LLC, 5.85%, 08/01/24
(Purchased on 07/31/24 to be repurchased at
$90,014,625, collateralized by non-agency
mortgage-backed security, 1.36% to 9.85%, due
10/09/26 to 08/19/38, par and fair value of
$106,873,489 and 94,210,615, respectively)		90,000			90,000,000

5

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2024	(Percentages shown are based on Net Assets)

Security		Par (000	)		Value
Mizuho Securities USA Inc, 5.77%, 08/01/24
(Purchased on 08/31/24 to be repurchased at
$6,000,962, collateralized by non-agency
mortgage-backed security, 5.74% to 6.66%, due
07/18/34 to 07/25/36, par and fair value of
$246,073,787 and $6,286,492, respectively)	$	6,000		$	6,000,000
Mizuho Securities USA Inc, 5.87%, 08/01/24
(Purchased on 07/31/24 to be repurchased at
$30,004,892, collateralized by non-agency
mortgage-backed security, 2.92% to 5.22%, due
06/15/29 to 07/25/49, par and fair value of
$35,359,000 and $32,960,276, respectively)		30,000			30,000,000
Morgan Stanley, 5.88%, 08/01/24 (Purchased on
07/31/24 to be repurchased at $35,005,717,
collateralized by non-agency mortgage-backed
security, 3.25% to 7.75%, due 04/25/29 to
10/12/52, par and fair value of $159,799,230 and
$38,971,639, respectively)		35,000			35,000,000
Wells Fargo Securities, 5.73%, 08/01/24 (Purchased
on 07/31/24 to be repurchased at $90,014,325,
collateralized by non-agency mortgage-backed
security, 0.00% to 8.26%, due 08/15/24 to
01/25/64, par and fair value of $107,103,623 and
$95,978,082, respectively)		90,000			90,000,000
Total Repurchase Agreements — 7.6%
(Cost: $413,500,000)					413,500,000
U.S. Government Obligations
U.S. Government Obligations — 1.7%
U.S. Treasury Note/Bond
1.63%, 02/15/26		11,860			11,366,605
4.75%, 07/31/25		30,890			30,895,551
4.88%, 11/30/25		21,000			21,082,031
5.00%, 08/31/25		15,530			15,573,071
5.00%, 09/30/25		15,500			15,557,520
Total U.S. Government Obligations — 1.7%
(Cost: $94,041,434)					94,474,778

Security	Shares		Value
Money Market Funds
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.45%(g)(h)(i)	66,173,445	$	66,199,914
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(g)(h)	29,490,000		29,490,000
Total Money Market Funds — 1.7%
(Cost: $95,672,801)			95,689,914
Total Investments — 102.0%
(Cost: $5,588,631,598)			5,593,424,422
Liabilities in Excess of Other Assets — (2.0)%			(111,261,108	)
Net Assets — 100.0%		$	5,482,163,314

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

^(b) 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.

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

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

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

^(f) Maturity date represents next reset date.

^(g) Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended July 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 10/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 07/31/24	Shares Held at 07/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	123,152,749	$	—		$	(56,952,889	)(a)	$	8,531	$	(8,477	)	$	66,199,914	66,173,445	$	129,463	(b)	$	—
BlackRock Cash Funds: Treasury, SL  Agency Shares		—		29,490,000	(a)		—			—		—			29,490,000	29,490,000		375,095			—
									$	8,531	$	(8,477	)	$	95,689,914		$	504,558		$	—

^(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.

6

Schedule of Investments (unaudited) (continued)	BlackRock Ultra Short-Term Bond ETF
July 31, 2024

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	$	—	$	304,668,260	$	—	$	304,668,260
Certificates of Deposit		—		659,864,584		—		659,864,584
Commercial Paper		—		1,836,177,159		—		1,836,177,159
Corporate Bonds & Notes		—		2,181,325,512		—		2,181,325,512
Municipal Debt Obligations		—		7,724,215		—		7,724,215
Repurchase Agreements		—		413,500,000		—		413,500,000
U.S. Government & Agency Obligations		—		94,474,778		—		94,474,778
Short-Term Securities
Money Market Funds		95,689,914		—		—		95,689,914
	$	95,689,914	$	5,497,734,508	$	—	$	5,593,424,422

Portfolio Abbreviation

CMT	Constant Maturity Treasury
GO	General Obligation
RB	Revenue Bond
SOFR	Secured Overnight Financing Rate

7