BlackRock ETF Trust NCSRS Certified semi-annual shareholder report (management investment company)

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. Equity Factor Rotation 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: 01/31/2021

Item 1 – Report to Stockholders

(a) The Report to Shareholders is attached herewith.


		JANUARY 31, 2021

2021 Semi-Annual Report

(Unaudited)

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. Equity Factor Rotation ETF | DYNF | NYSE ARCA

Not FDIC Insured • May Lose Value • No Bank Guarantee

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of January 31, 2021 has been a time of sudden change, as the emergence and spread of the coronavirus (or “COVID-19”) led to a vast disruption in the global economy and financial markets. The threat from the virus became increasingly apparent throughout February and March 2020, and countries around the world took economically disruptive countermeasures. Stay-at-home orders and closures of non-essential businesses became widespread, many workers were laid off, and unemployment claims spiked, causing a global recession and a sharp fall in equity prices.

After markets hit their lowest point of the reporting period in late March 2020, a steady recovery ensued, as businesses began to re-open and governments learned to adapt to life with the virus. Equity prices continued to rise throughout the summer, fed by strong fiscal and monetary support and improving economic indicators. Many equity indices neared or surpassed all-time highs late in the reporting period following a series of successful vaccine trials and passage of additional stimuli. In the United States, both large- and small-capitalization stocks posted a significant advance. International equities from developed economies grew at a more modest pace, lagging emerging market stocks, which rebounded sharply.

During the market downturn, the performance of different types of fixed-income securities initially diverged due to a reduced investor appetite for risk. U.S. Treasuries benefited from the risk-off environment and posted positive returns, as the 10-year U.S. Treasury yield (which is inversely related to bond prices) dropped to historic lows. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and both investment-grade and high-yield bonds recovered to post positive returns.

Following the coronavirus outbreak, the Fed instituted two emergency interest rate cuts, pushing short-term interest rates, already low as the year began, close to zero. To stabilize credit markets, the Fed also implemented a new bond-buying program, as did several other central banks around the world, including the European Central Bank and the Bank of Japan.

Looking ahead, while coronavirus-related disruptions have clearly hindered worldwide economic growth, we believe that the global expansion is likely to accelerate as vaccination efforts continue to ramp up. Significant additional U.S. stimulus spending in early 2021 is being negotiated in Congress, which would provide a solid tailwind for economic growth. Inflation should increase somewhat as the expansion continues, but a shift in central bank policy means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the equity expansion.

Overall, we favor a positive stance toward risk, with an overweight in both equities and credit. We see U.S. and Asian equities benefiting from structural growth trends in tech, while emerging markets should be particularly helped by a vaccine-led economic expansion. In credit, rising inflation should provide tailwinds for inflation-protected bonds, and Euro area peripherals and Asian bonds also present attractive 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,

LOGO

Rob Kapito

President, BlackRock Advisors, LLC

LOGO

Rob Kapito

President, BlackRock Advisors, LLC


Total Returns as of January 31, 2021
	6-Month	12-Month
U.S. large cap equities (S&P 500^® Index)	14.47%	17.25%
U.S. small cap equities (Russell 2000^® Index)	40.89	30.17
International equities (MSCI Europe, Australasia, Far East Index)	17.58	8.94
Emerging market equities (MSCI Emerging Markets Index)	24.07	27.89
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.06	0.54
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(4.56)	4.91
U.S. investment grade bonds (Bloomberg Barclays U.S. Aggregate Bond Index)	(0.91)	4.72
Tax-exempt municipal bonds (S&P Municipal Bond Index)	2.06	3.85
U.S. high yield bonds (Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index)	6.72	7.38
Past performance is no guarantee of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		THIS PAGE IS NOT PART OF YOUR FUND REPORT

Table of Contents


	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		10
Shareholder Expenses		10
Schedules of Investments		11
Financial Statements:
Statements of Assets and Liabilities		26
Statements of Operations		27
Statements of Changes in Net Assets		28
Financial Highlights		30
Notes to Financial Statements		34
Board Review and Approval of Investment Advisory Contract		42
Statement Regarding Liquidity Risk Management Program		45
Supplemental Information		46
Additional Information		47
Glossary of Terms Used in this Report		49


		3


Fund Summary as of January 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		18.03	%
Fund Market		18.38
MSCI ACWI Index		14.66

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 10 for more information.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (09/29/20)	^(a)		Ending Account Value (01/31/21)		Expenses Paid During the Period	^(b)		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,180.30	$	3.15		$	1,000.00	$	1,020.90	$	4.33		0.85	%

^(a)

The beginning of the period (commencement of operations) is September 29, 2020.

^(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 (124 days for actual and 184 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 10 for more information.

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Biotechnology	37.3	%
Health Care Equipment & Supplies	26.7
Life Sciences Tools & Services	12.3
Health Care Providers & Services	10.7
Pharmaceuticals	7.7
Health Care Technology	3.0
Diversified Financial Services	1.4
Other (each representing less than 1%)	0.9

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Genmab A/S	2.9	%
Seagen Inc.	2.8
Amedisys Inc.	2.2
Wuxi Biologics Cayman Inc.	2.1
WuXi AppTec Co. Ltd., Class H	2.0
Hansoh Pharmaceutical Group Co. Ltd.	1.9
Alcon Inc.	1.9
Intuitive Surgical Inc.	1.9
PPD Inc.	1.8
Teleflex Inc.	1.8


4		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of January 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		39.40	%
Fund Market		39.94
Russell 2500^™ Growth Index		29.74

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

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.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (09/29/20)	^(a)		Ending Account Value (01/31/21)		Expenses Paid During the Period	^(b)		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,394.00	$	3.25		$	1,000.00	$	1,021.20	$	4.08		0.80	%

^(a)

The beginning of the period (commencement of operations) is September 29, 2020.

^(b)


FUND SUMMARY		5


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

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Software	17.0	%
Health Care Technology	9.2
Semiconductors & Semiconductor Equipment	9.1
Life Sciences Tools & Services	8.9
Hotels, Restaurants & Leisure	6.3
Aerospace & Defense	5.6
Health Care Equipment & Supplies	4.7
Biotechnology	4.5
Specialty Retail	4.2
Food Products	3.3
Health Care Providers & Services	3.2
Diversified Consumer Services	2.7
IT Services	2.7
Equity Real Estate Investment Trusts (REITs)	2.5
Electronic Equipment, Instruments & Components	2.4
Auto Components	2.2
Building Products	1.8
Machinery	1.7
Entertainment	1.6
Chemicals	1.6
Road & Rail	1.2
Food & Staples Retailing	1.1
Beverages	1.1
Diversified Telecommunication Services	1.0
Electrical Equipment	0.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Axon Enterprise Inc.	3.4	%
Phreesia Inc.	3.3
Vroom Inc.	2.8
10X Genomics Inc., Class A	2.7
Entegris Inc.	2.6
Five9 Inc.	2.6
Freshpet Inc.	2.5
Monolithic Power Systems Inc.	2.5
Penn National Gaming Inc.	2.4
Bill.Com Holdings Inc.	2.3


6		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


Fund Summary as of January 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		43.80	%
Fund Market		43.96
MSCI ACWI Index		14.66

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.

Expense Example


Actual								Hypothetical 5% Return
	Beginning Account Value (09/29/20)	^(a)		Ending Account Value (01/31/21)		Expenses Paid During the Period	^(b)		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	^(b)	Annualized Expense Ratio
$	1,000.00		$	1,438.00	$	3.64		$	1,000.00	$	1,020.80	$	4.48		0.88	%

^(a)

The beginning of the period (commencement of operations) is September 29, 2020.

^(b)

Portfolio Information

ALLOCATION BY SECTOR


Sector		Percent of Total Investments	^(a)
Semiconductors & Semiconductor Equipment		23.7	%
Software		23.6
IT Services		15.9
Internet & Direct Marketing Retail	��	8.1
Entertainment		7.4
Electronic Equipment, Instruments & Components		4.3
Interactive Media & Services		4.3
Automobiles		3.3
Health Care Technology		1.9
Diversified Consumer Services		1.3
Multiline Retail		1.0
Diversified Financial Services		1.0
Other (each representing less than 1%)		4.2

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Tesla Inc.	2.2	%
Enphase Energy Inc.	1.9
Samsung SDI Co. Ltd.	1.8
Farfetch Ltd., Class A	1.7
Lightspeed POS Inc.	1.6
Bilibili Inc.	1.6
Alchip Technologies Ltd.	1.6
Square Inc., Class A	1.5
Locaweb Servicos de Internet SA	1.5
Roku Inc.	1.5


FUND SUMMARY		7


Fund Summary as of January 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
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		16.99	%		13.80	%		15.23	%		13.80	%		30.44	%
Fund Market		17.12			13.68			15.23			13.68			30.43
MSCI USA Index		16.02			20.01			19.81			20.01			40.06

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

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.

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	^(a)		Beginning Account Value (08/01/20)		Ending Account Value (01/31/21)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	1,169.90	$	1.09		$	1,000.00	$	1,024.20	$	1.02		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 (184 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 10 for more information.

Portfolio Management Commentary

The Fund advanced for the reporting period, driven primarily by the information technology and consumer discretionary sectors. The information technology sector benefited from increasing reliance on digitization and cloud computing, which was accelerated by the coronavirus pandemic. Semiconductors manufacturers contributed the most to the sector’s gains. Demand for chips used in data centers, personal computers and gaming consoles remained strong as consumers continued to rely on remote computing for work and school during the coronavirus pandemic. Demand outweighed supply, which supported price increases for some industry manufacturers. Similarly, software and technology hardware and equipment makers were notable contributors amid robust sales of cloud services, personal computing equipment and 5G handsets, as well as revenue growth from streaming services and apps.

Automobile manufacturers drove gains in the consumer discretionary sector, contributing to the Fund’s return. The industry advanced amid enthusiasm about expanded model offerings and strong sales of electric and driverless cars. Retailers also contributed meaningfully, bolstered by demand growth in online ordering and contactless pick-up. Financials stocks also enhanced the Fund’s performance, most notably capital markets stocks, which benefited from higher stock trading volume, particularly among retail investors. Media and entertainment companies drove the communication services sector’s advance amid robust online ad sales and growing demand for streaming services.

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 exposure to these historically rewarded factors, as well as actively emphasizing exposure to the factors that BlackRock Fund Advisors believes will perform best based on forward-looking insights.

The five factors benefited relative performance, as value, low size and momentum factors outperformed the MSCI USA Index, while the minimum volatility and quality 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 also contributed to relative performance, driven primarily by limited exposure to the minimum volatility factor and increasing exposure to the low size and value factors.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.


8		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS


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

Portfolio Information

ALLOCATION BY SECTOR


Sector	Percent of Total Investments	^(a)
Information Technology	28.6	%
Health Care	14.2
Consumer Discretionary	13.1
Communication Services	9.4
Industrials	9.0
Financials	8.8
Consumer Staples	5.4
Utilities	3.6
Materials	3.1
Real Estate	3.0
Energy	1.8

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS


Security	Percent of Total Investments	^(a)
Microsoft Corp.	2.2	%
Apple Inc.	2.0
Intel Corp.	1.9
Tesla Inc.	1.8
AT&T Inc.	1.5
Amazon.com Inc.	1.2
Adobe Inc.	1.1
NVIDIA Corp.	1.1
Nike Inc., Class B	1.0
Target Corp.	1.0


FUND SUMMARY		9

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.


10		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

January 31, 2021

BlackRock Future Health ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Biotechnology — 36.6%
Acceleron Pharma Inc.^(a)		738	$	85,261
Agios Pharmaceuticals Inc.^(a)		1,038		48,755
Akeso Inc.^(a)(b)		6,000		41,863
Akouos Inc.^(a)		655		10,428
Alexion Pharmaceuticals Inc.^(a)		396		60,719
Allakos Inc.^(a)		524		69,865
Alnylam Pharmaceuticals Inc.^(a)		648		97,511
ALX Oncology Holdings Inc.^(a)		672		53,256
Amicus Therapeutics Inc.^(a)		353		6,675
Annexon Inc.^(a)		432		9,504
Apellis Pharmaceuticals Inc.^(a)(c)		402		17,797
Applied Molecular Transport Inc.^(a)		390		13,669
Arcutis Biotherapeutics Inc.^(a)		366		9,988
Arena Pharmaceuticals Inc.^(a)		275		20,416
Argenx SE, ADR^(a)		282		82,632
Arrowhead Pharmaceuticals Inc.^(a)		198		15,280
Avidity Biosciences Inc.^(a)		864		19,768
Beam Therapeutics Inc.^(a)		396		38,186
BioAtla Inc.^(a)		305		13,411
Biohaven Pharmaceutical Holding Co. Ltd.^(a)		113		9,630
BioMarin Pharmaceutical Inc.^(a)		474		39,238
Blueprint Medicines Corp.^(a)		180		17,415
Bridgebio Pharma Inc.^(a)		521		29,572
C4 Therapeutics Inc.^(a)		797		28,788
CareDx Inc.^(a)		534		40,814
ChemoCentryx Inc.^(a)		178		10,148
Cytokinetics Inc.^(a)		604		11,881
Deciphera Pharmaceuticals Inc.^(a)		192		8,486
Dicerna Pharmaceuticals Inc.^(a)		942		21,167
Fate Therapeutics Inc.^(a)		264		23,926
FibroGen Inc.^(a)		378		18,212
Forma Therapeutics Holdings Inc.^(a)		1,272		49,137
Galecto Inc.^(a)		1,297		16,070
Genetron Holdings Ltd.^(a)		2,280		52,554
Genmab A/S^(a)		510		204,100
Genmab A/S, ADR^(a)		1,620		64,282
Global Blood Therapeutics Inc.^(a)		417		20,900
Gracell Biotechnologies Inc.^(a)		1,810		37,503
Immunovant Inc.^(a)		600		23,418
Intellia Therapeutics Inc.^(a)		342		21,416
Iovance Biotherapeutics Inc.^(a)		1,008		44,191
Kadmon Holdings Inc.^(a)		5,269		25,291
Karyopharm Therapeutics Inc.^(a)		954		14,529
Keros Therapeutics Inc.^(a)		498		28,411
Kinnate Biopharma Inc.^(a)		633		20,762
Kodiak Sciences Inc.^(a)		420		53,050
Krystal Biotech Inc.^(a)		384		26,765
Kymera Therapeutics Inc.^(a)		636		39,400
Mersana Therapeutics Inc.^(a)(c)		3,666		69,874
Mirati Therapeutics Inc.^(a)		213		43,735
Nkarta Inc.^(a)		990		39,263
Olema Pharmaceuticals Inc.^(a)		857		36,380
ORIC Pharmaceuticals Inc.^(a)		462		13,546
PMV Pharmaceuticals Inc.^(a)		1,134		38,715
Praxis Precision Medicines Inc.^(a)		1,002		50,992
Prothena Corp. PLC^(a)		852		9,551
PTC Therapeutics Inc.^(a)	��	510		29,488
Rapt Therapeutics Inc.^(a)		444		8,844


Security	Shares		Value

Biotechnology (continued)
Sage Therapeutics Inc.^(a)		138	$	11,130
Sarepta Therapeutics Inc.^(a)		168		15,019
Seagen Inc.^(a)		1,170		192,196
Seres Therapeutics Inc.^(a)		742		17,622
Sigilon Therapeutics Inc.^(a)		757		23,172
Stoke Therapeutics Inc.^(a)		452		27,608
Taysha Gene Therapies Inc.^(a)		420		10,920
TCR2 Therapeutics Inc.^(a)		534		13,740
Travere Therapeutics Inc.^(a)		924		23,331
Twist Bioscience Corp.^(a)		347		57,095
United Therapeutics Corp.^(a)		138		22,607
Vir Biotechnology Inc.^(a)		312		20,136
Zai Lab Ltd., ADR^(a)		456		72,992
Zentalis Pharmaceuticals Inc.^(a)		534		20,490
Zymeworks Inc.^(a)		594		20,089

				2,604,575

Diversified Financial Services — 1.3%
Eucrates Biomedical Acquisition Corp.^(a)		1,857		19,127
Health Assurance Acquisition Corp.^(a)		2,816		34,243
Helix Acquisition Corp.^(a)		445		4,788
Lifesci Acquisition II Corp.^(a)		1,515		16,316
MedTech Acquisition Corp./NY^(a)		1,908		20,225

				94,699

Electronic Equipment, Instruments & Components — 0.5%
908 Devices Inc.^(a)		603		33,231


Health Care Equipment & Supplies — 26.2%
ABIOMED Inc.^(a)(c)		192		66,864
Alcon Inc.^(a)(c)		1,830		131,229
Cardiovascular Systems Inc.^(a)		396		17,816
ConvaTec Group PLC^(b)		10,962		30,136
Demant A/S^(a)		1,644		59,294
DENTSPLY SIRONA Inc.		1,241		66,381
Eargo Inc.^(a)		400		21,032
Edwards Lifesciences Corp.^(a)		660		54,503
Envista Holdings Corp.^(a)		918		32,626
GN Store Nord A/S		1,482		113,777
Haemonetics Corp.^(a)		648		74,060
Hill-Rom Holdings Inc.		342		32,846
Insulet Corp.^(a)		336		89,772
Intuitive Surgical Inc.^(a)		174		130,089
Masimo Corp.^(a)		396		101,344
Nevro Corp.^(a)		588		95,133
NuVasive Inc.^(a)		324		17,412
Penumbra Inc.^(a)		264		68,928
Pulmonx Corp.^(a)		229		12,989
ResMed Inc.		414		83,450
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		500		34,804
SI-BONE Inc.^(a)		326		9,545
Silk Road Medical Inc.^(a)		708		38,607
SmileDirectClub Inc.^(a)		2,783		36,958
Sonova Holding AG, Registered^(a)		169		40,920
STERIS PLC		324		60,624
Straumann Holding AG, Registered		78		86,768
Tandem Diabetes Care Inc.^(a)		316		29,277
Teleflex Inc.		336		126,884
Zimmer Biomet Holdings Inc.		641		98,502

				1,862,570


SCHEDULE OF INVESTMENTS		11

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock Future Health ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Providers & Services — 10.4%
Addus HomeCare Corp.^(a)		102	$	11,480
Amedisys Inc.^(a)		540		155,147
Amplifon SpA^(a)		1,518		60,361
Centene Corp.^(a)		899		54,210
Chemed Corp.		60		31,074
Cigna Corp.		311		67,503
Encompass Health Corp.		972		78,149
Humana Inc.		192		73,557
Jinxin Fertility Group Ltd.^(b)		48,000		96,943
LHC Group Inc.^(a)		582		115,946

				744,370

Health Care Technology — 3.0%
American Well Corp., Class A^(a)		1,566		55,452
Certara Inc.^(a)		1,073		36,933
Teladoc Health Inc.^(a)		458		120,834

				213,219

Insurance — 0.4%
Selectquote Inc.^(a)		1,308		27,625


Life Sciences Tools & Services — 12.1%
10X Genomics Inc., Class A^(a)		114		19,511
Avantor Inc.^(a)		1,800		53,082
Berkeley Lights Inc.^(a)		798		57,456
Charles River Laboratories International Inc.^(a)		216		55,955
Gerresheimer AG		366		39,018
Illumina Inc.^(a)		84		35,821
IQVIA Holdings Inc.^(a)		342		60,808
Lonza Group AG, Registered		84		53,822
PPD Inc.^(a)		3,996		128,511
Sotera Health Co.^(a)(c)		2,597		67,756
WuXi AppTec Co. Ltd., Class H^(b)		6,000		143,155
Wuxi Biologics Cayman Inc.^(a)(b)		10,500		147,739

				862,634

Pharmaceuticals — 7.5%
Astellas Pharma Inc.		2,400		38,798
Chugai Pharmaceutical Co. Ltd		700		36,586
Daiichi Sankyo Co. Ltd		1,000		32,141
Eisai Co. Ltd.		500		36,501
Hansoh Pharmaceutical Group Co. Ltd.^(a)(b)		24,000		131,238
Horizon Therapeutics PLC^(a)		489		35,443
Merck KGaA		468		78,293


Security	Shares		Value

Pharmaceuticals (continued)
Nektar Therapeutics^(a)		834	$	16,430
Relmada Therapeutics Inc.^(a)		618		20,196
Royalty Pharma PLC, Class A		336		15,795
UCB SA		918		95,379

				536,800


Total Common Stocks — 98.0% (Cost: $5,912,993)				6,979,723


Warrants

Diversified Financial Services — 0.0%
Eucrates Biomedical Acquisition Corp., (Expires 12/14/25)^(a)		619		811


Total Warrants — 0.0% (Cost: $871)				811


Short-Term Investments

Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.14%^(d)(e)(f)		334,405		334,606
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		130,000		130,000

				464,606


Total Short-Term Investments — 6.5% (Cost: $464,606)				464,606


Total Investments in Securities — 104.5% (Cost: $6,378,470)				7,445,140

Other Assets, Less Liabilities — (4.5)%				(323,812	)


Net Assets — 100.0%			$	7,121,328

^(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.

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

^(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.


12		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock Future Health ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 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 01/31/21	Shares Held at 01/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	334,606	^(b)	$	—	$	—	$	—	$	334,606	334,405	$	50	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			130,000	^(b)		—		—		—		130,000	130,000		31			—

									$	—	$	—	$	464,606		$	81		$	—

^(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 January 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	$	6,979,723	$	—	$	—	$	6,979,723
Warrants		811		—		—		811
Money Market Funds		464,606		—		—		464,606

	$	7,445,140	$	—	$	—	$	7,445,140

See notes to financial statements.


SCHEDULE OF INVESTMENTS		13

Schedule of Investments (unaudited)

January 31, 2021

BlackRock Future Innovators ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 5.6%
Axon Enterprise Inc.^(a)		2,305	$	378,389
HEICO Corp.		1,035		121,861
Mercury Systems Inc.^(a)		1,789		127,126

				627,376

Auto Components — 2.2%
Fox Factory Holding Corp.^(a)		2,033		243,228


Beverages — 1.1%
Celsius Holdings Inc.^(a)		2,239		119,563


Biotechnology — 4.4%
Halozyme Therapeutics Inc.^(a)		4,393		209,063
Invitae Corp.^(a)		3,044		150,739
Twist Bioscience Corp.^(a)		858		141,175

				500,977

Building Products — 1.8%
AZEK Co. Inc. (The)^(a)		5,021		200,288


Chemicals — 1.6%
Amyris Inc.^(a)		18,705		175,827


Diversified Consumer Services — 2.7%
Bright Horizons Family Solutions Inc.^(a)		713		108,354
Chegg Inc.^(a)		2,057		195,950

				304,304

Diversified Telecommunication Services — 1.0%
Vonage Holdings Corp.^(a)		9,384		117,112


Electrical Equipment — 0.4%
Shoals Technologies Group Inc., Class A^(a)		1,391		47,197


Electronic Equipment, Instruments & Components — 2.4%
908 Devices Inc.^(a)		3,175		174,974
Halma PLC		2,714		92,016

				266,990

Entertainment — 1.6%
Kahoot! AS^(a)		13,879		176,876


Equity Real Estate Investment Trusts (REITs) — 2.5%
Innovative Industrial Properties Inc.		727		136,036
Rexford Industrial Realty Inc.		2,967		145,205

				281,241

Food & Staples Retailing — 1.1%
Naked Wines PLC^(a)		12,342		121,517


Food Products — 3.3%
Freshpet Inc.^(a)		2,007		279,595
Vital Farms Inc.^(a)		3,643		90,092

				369,687

Health Care Equipment & Supplies — 4.6%
Inmode Ltd.^(a)		3,243		190,883
Masimo Corp.^(a)		874		223,674
Outset Medical Inc.^(a)		2,116		109,672

				524,229

Health Care Providers & Services — 3.2%
Guardant Health Inc.^(a)		1,587		246,778
Hims & Hers Health Inc.^(a)		6,042		114,738

				361,516


Security	Shares		Value

Health Care Technology — 9.1%
American Well Corp., Class A^(a)		4,327	$	153,219
Certara Inc.^(a)		3,096		106,564
Health Catalyst Inc.^(a)		4,007		199,068
Phreesia Inc.^(a)		5,615		366,603
Schrodinger Inc.^(a)		2,247		202,972

				1,028,426

Hotels, Restaurants & Leisure — 6.3%
Kambi Group PLC^(a)		2,363		132,750
Penn National Gaming Inc.^(a)		2,604		270,087
Planet Fitness Inc., Class A^(a)		1,863		134,136
Wingstop Inc.		1,154		173,158

				710,131

IT Services — 2.6%
Globant SA^(a)		947		181,824
Wix.com Ltd.^(a)		473		116,855

				298,679

Life Sciences Tools & Services — 8.8%
10X Genomics Inc., Class A^(a)		1,748		299,170
Adaptive Biotechnologies Corp.^(a)		1,781		98,792
Bio-Techne Corp.		736		239,134
Repligen Corp.^(a)		828		165,600
Seer Inc.^(a)		3,111		194,126

				996,822

Machinery — 1.7%
Chart Industries Inc.^(a)		1,615		193,978


Road & Rail — 1.2%
Saia Inc.^(a)		787		139,102


Semiconductors & Semiconductor Equipment — 9.0%
Brooks Automation Inc		2,671		202,355
Cree Inc.^(a)		1,051		106,235
Entegris Inc.		2,967		291,923
Lattice Semiconductor Corp.^(a)		3,473		139,302
Monolithic Power Systems Inc.		782		277,837

				1,017,652

Software — 16.9%
8x8 Inc.^(a)		6,371		224,578
Avalara Inc.^(a)		1,633		244,950
Bill.Com Holdings Inc.^(a)		2,124		258,873
Blackline Inc.^(a)		1,127		146,082
Everbridge Inc.^(a)		331		44,000
Five9 Inc.^(a)		1,751		291,104
Lightspeed POS Inc.^(a)		2,634		170,999
nCino Inc.^(a)		1,983		142,181
Paylocity Holding Corp.^(a)		1,083		203,019
Q2 Holdings Inc.^(a)		1,403		179,570

				1,905,356

Specialty Retail — 4.2%
Leslie’s Inc.^(a)		5,693		162,820
Vroom Inc.^(a)		8,471		311,987

				474,807


Total Common Stocks — 99.3% (Cost: $9,429,278)				11,202,881


14		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock Future Innovators ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)		10,000	$	10,000


Total Short-Term Investments — 0.1% (Cost: $10,000)				10,000


Total Investments in Securities — 99.4% (Cost: $9,439,278)				11,212,881

Other Assets, Less Liabilities — 0.6%				66,187


Net Assets — 100.0%			$	11,279,068

^(a)	Non-income producing security.

^(b)	Affiliate of the Fund.

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

Affiliates


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 01/31/21	Shares Held at 01/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares^(b)	$	—		$	0	^(c)	$	—	$	—	$	—	$	—	—	$	135	^(d)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			10,000	^(c)		—		—		—		10,000	10,000		3			—

									$	—		—	$	10,000		$	138		$	—

^(a)

The Fund commenced operations on September 29, 2020.

^(b)

As of period end, the entity is no longer held.

^(c)

Represents net amount purchased (sold).

^(d)

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	11,202,881	$	—	$	—	$	11,202,881
Money Market Funds		10,000		—		—		10,000

	$	11,212,881	$	—	$	—	$	11,212,881

See notes to financial statements.


SCHEDULE OF INVESTMENTS		15

Schedule of Investments (unaudited)

January 31, 2021

BlackRock Future Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Automobiles — 3.2%
Tesla Inc.^(a)		313	$	248,375
XPeng Inc., ADR^(a)(b)		2,642		127,291

				375,666

Diversified Consumer Services — 1.3%
Chegg Inc.^(a)		1,529		145,652


Diversified Financial Services — 1.0%
Dragoneer Growth Opportunities Corp.^(a)		1,962		26,428
Novus Capital Corp.^(a)(b)		3,389		84,556

				110,984

Diversified Telecommunication Services — 0.7%
Bandwidth Inc., Class A^(a)(b)		448		79,807


Electrical Equipment — 0.3%
Shoals Technologies Group Inc., Class A^(a)		1,173		39,800


Electronic Equipment, Instruments & Components — 4.3%
Cognex Corp.		867		71,207
Dolby Laboratories Inc., Class A		749		65,934
II-VI Inc.^(a)		1,872		157,379
Samsung SDI Co. Ltd.		304		199,478

				493,998

Entertainment — 7.2%
Bilibili Inc., ADR^(a)		1,588		180,857
Kahoot! AS^(a)		7,600		96,856
NCSoft Corp.		93		79,232
Roku Inc.^(a)		426		165,727
Take-Two Interactive Software Inc.^(a)		409		81,984
Tencent Music Entertainment Group, ADR^(a)		3,444		91,611
Ubisoft Entertainment SA^(a)		634		63,468
Zynga Inc., Class A^(a)		8,243		81,688

				841,423

Health Care Technology — 1.8%
Certara Inc.^(a)		1,008		34,695
GoodRx Holdings Inc., Class A^(a)(b)		1,411		65,781
Teladoc Health Inc.^(a)		421		111,073

				211,549

Interactive Media & Services — 4.2%
Kakao Corp.^(a)		396		156,120
Snap Inc., Class A, NVS^(a)		2,997		158,661
Yandex NV, Class A^(a)		1,050		65,772
ZoomInfo Technologies Inc., Class A^(a)		2,189		105,094

				485,647

Internet & Direct Marketing Retail — 7.9%
ContextLogic Inc.^(a)		3,432		103,200
Delivery Hero SE^(a)(c)		836		127,465
Farfetch Ltd., Class A^(a)(b)		3,153		193,090
MercadoLibre Inc.^(a)(b)		91		161,935
Ocado Group PLC^(a)		1,905		72,645
Ozon Holdings PLC^(a)		2,867		138,591
Shop Apotheke Europe NV^(a)(c)		513		120,037

				916,963

IT Services — 15.6%
Adyen NV^(a)(c)		42		87,739
Affirm Holdings Inc.^(a)		473		47,106
BASE Inc.^(a)		800		81,991
Endava PLC, ADR^(a)		1,189		94,002
GDS Holdings Ltd., ADR^(a)		963		99,728


Security	Shares		Value

IT Services (continued)
GMO Payment Gateway Inc.		800	$	114,313
Hennge KK^(a)		400		31,558
Kingsoft Cloud Holdings Ltd., ADR^(a)		2,476		124,469
Locaweb Servicos de Internet SA^(c)		9,069		169,794
MongoDB Inc.^(a)(b)		338		124,928
Okta Inc.^(a)		362		93,762
Pagseguro Digital Ltd., Class A^(a)		2,304		112,781
Shift4 Payments Inc., Class A^(a)		1,802		117,148
Square Inc., Class A^(a)		792		171,040
StoneCo Ltd., Class A^(a)		1,752		125,969
Twilio Inc., Class A^(a)		426		153,117
Wix.com Ltd.^(a)		256		63,245

				1,812,690

Life Sciences Tools & Services — 0.4%
AbCellera Biologics Inc.^(a)		788		41,630


Multiline Retail — 1.0%
Magazine Luiza SA		24,101		111,549


Professional Services — 0.6%
CoStar Group Inc.^(a)		73		65,679


Road & Rail — 0.6%
Lyft Inc., Class A^(a)		1,576		70,069


Semiconductors & Semiconductor Equipment — 23.2%
ACM Research Inc., Class A^(a)		875		78,750
Alchip Technologies Ltd.		6,000		176,770
Ambarella Inc.^(a)		584		55,106
Andes Technology Corp.		3,000		42,425
ASM International NV		313		80,312
ASMedia Technology Inc.		1,000		68,030
BE Semiconductor Industries NV		1,394		95,958
Canadian Solar Inc.^(a)		856		46,866
Cree Inc.^(a)		1,372		138,682
Enphase Energy Inc.^(a)		1,213		221,190
Entegris Inc.		1,269		124,857
Inphi Corp.^(a)		772		130,167
KLA Corp.		240		67,217
Lasertec Corp.		800		107,359
Lattice Semiconductor Corp.^(a)		2,944		118,084
MACOM Technology Solutions Holdings Inc.^(a)		1,426		81,082
Marvell Technology Group Ltd.		2,074		106,728
MKS Instruments Inc.		572		90,416
Monolithic Power Systems Inc.		345		122,575
ON Semiconductor Corp.^(a)		2,684		92,571
Qorvo Inc.^(a)		706		120,641
Silergy Corp.		1,000		93,384
SOITEC^(a)		644		129,878
STMicroelectronics NV		3,149		127,282
Ultra Clean Holdings Inc.^(a)		2,797		107,964
Will Semiconductor Co. Ltd. Shanghai, Class A		1,700		76,420

				2,700,714

Software — 23.1%
Agora Inc., ADR^(a)		1,003		56,659
Altium Ltd.		3,341		78,798
Atlassian Corp. PLC, Class A^(a)		472		109,093
Avalara Inc.^(a)		609		91,350
Cloudflare Inc., Class A^(a)		1,072		82,180
Coupa Software Inc.^(a)		265		82,116
Crowdstrike Holdings Inc., Class A^(a)		634		136,817


16		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock Future Tech ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Software (continued)
Duck Creek Technologies Inc.^(a)		723	$	34,950
Elastic NV^(a)		739		112,298
Exasol AG^(a)		1,237		34,565
Five9 Inc.^(a)		712		118,370
Freee KK^(a)		1,400		119,012
Glodon Co. Ltd., Class A		4,871		62,762
JFrog Ltd.^(a)		365		22,802
Kingdee International Software Group Co. Ltd.		27,000		108,991
Lightspeed POS Inc.^(a)		2,785		181,234
Ming Yuan Cloud Group Holdings Ltd.^(a)		21,000		132,708
Plaid Inc.^(a)		3,600		118,286
Rakus Co. Ltd		5,000		90,740
RingCentral Inc., Class A^(a)		330		123,064
Synopsys Inc.^(a)		440		112,398
Trade Desk Inc. (The), Class A^(a)		120		91,919
Unity Software Inc.^(a)(b)		883		132,291
Weimob Inc.^(a)(c)		47,000		135,475
Xero Ltd.^(a)		1,051		104,741
Zendesk Inc.^(a)		688		99,237
Zscaler Inc.^(a)		560		111,832

				2,684,688

Specialty Retail — 0.6%
Vroom Inc.^(a)		2,040		75,133


Technology Hardware, Storage & Peripherals — 0.9%
Corsair Gaming Inc.^(a)(b)		2,716		102,610


Total Common Stocks — 97.9% (Cost: $8,789,633)				11,366,251


Warrants

IT Services — 0.0%
Dragoneer Growth Opportunities Corp., (Expires 08/14/25)^(a)		392		1,447


Total Warrants — 0.0% (Cost: $1,153)				1,447


Security	Shares		Value

Short-Term Investments

Money Market Funds — 10.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.14%^(d)(e)(f)		835,144	$	835,645
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(d)(e)		400,000		400,000

				1,235,645


Total Short-Term Investments — 10.6% (Cost: $1,235,645)				1,235,645

Total Investments in Securities — 108.5% (Cost: $10,026,431)				12,603,343

Other Assets, Less Liabilities — (8.5)%				(984,060	)


Net Assets — 100.0%			$	11,619,283

^(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


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 01/31/21	Shares Held at 01/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—		$	835,645	^(b)	$	—	$	—	$	—	$	835,645	835,144	$	884	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		—			400,000	^(b)		—		—		—		400,000	400,000		8			—

									$	—	$	—	$	1,235,645		$	892		$	—

^(a)

The Fund commenced operations on September 29, 2020.

^(b)

Represents net amount purchased (sold).

^(c)


SCHEDULE OF INVESTMENTS		17

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock Future Tech ETF

Fair Value Measurements


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	11,233,543	$	132,708	$	—	$	11,366,251
Warrants		1,447		—		—		1,447
Money Market Funds		1,235,645		—		—		1,235,645

	$	12,470,635	$	132,708	$	—	$	12,603,343

See notes to financial statements.


18		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited)

January 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.		2,782	$	253,162
Alphabet Inc., Class A^(a)		336		613,993
Alphabet Inc., Class C, NVS^(a)		340		624,152
Altice USA Inc., Class A^(a)		1,039		36,957
AT&T Inc.		37,477		1,072,966
Cable One Inc.		16		32,000
Charter Communications Inc., Class A^(a)(b)		289		175,585
Comcast Corp., Class A		4,618		228,914
Discovery Inc., Class A^(a)(b)		1,580		65,444
Discovery Inc., Class C, NVS^(a)		2,630		92,129
DISH Network Corp., Class A^(a)		1,899		55,109
Electronic Arts Inc.		1,053		150,790
Facebook Inc., Class A^(a)		1,461		377,420
Fox Corp., Class A, NVS		1,935		60,333
Fox Corp., Class B^(a)		1,018		30,428
IAC/InterActiveCorp.^(a)		437		91,748
Interpublic Group of Companies Inc. (The)		2,831		68,142
Liberty Broadband Corp., Class C, NVS^(a)		489		71,418
Liberty Global PLC, Class A^(a)		874		21,098
Liberty Global PLC, Class C, NVS^(a)		1,747		42,208
Liberty Media Corp.-Liberty Formula One, Class C, NVS^(a)		872		35,081
Liberty Media Corp.-Liberty SiriusXM, Class A^(a)		681		27,526
Liberty Media Corp.-Liberty SiriusXM, Class C, NVS^(a)		1,114		45,184
Live Nation Entertainment Inc.^(a)		518		34,421
Lumen Technologies Inc.		9,230		114,267
Match Group Inc.^(a)		684		95,664
Netflix Inc.^(a)		676		359,896
News Corp., Class A, NVS		3,666		71,120
Omnicom Group Inc.		931		58,076
Pinterest Inc., Class A^(a)		2,378		162,917
Roku Inc.^(a)		288		112,041
Sirius XM Holdings Inc.^(b)		6,403		40,083
Snap Inc., Class A, NVS^(a)		3,258		172,479
T-Mobile U.S. Inc.^(a)		2,029		255,816
Take-Two Interactive Software Inc.^(a)		634		127,085
Twitter Inc.^(a)		781		39,464
Verizon Communications Inc.		5,147		281,798
ViacomCBS Inc., Class B, NVS		4,182		202,827
Walt Disney Co. (The)^(a)		1,802		303,042
Zillow Group Inc., Class A^(a)		279		38,703
Zillow Group Inc., Class C, NVS^(a)		595		77,624

				6,819,110

Consumer Discretionary — 13.1%
Advance Auto Parts Inc.		240		35,794
Amazon.com Inc.^(a)		265		849,643
Aptiv PLC		313		41,817
Aramark		975		33,433
Autoliv Inc.		424		37,613
AutoZone Inc.^(a)		55		61,510
Best Buy Co. Inc.		2,235		243,213
Booking Holdings Inc.^(a)		174		338,313
BorgWarner Inc.		2,110		88,599
Burlington Stores Inc.^(a)		150		37,335
CarMax Inc.^(a)		340		40,045
Carnival Corp.		1,989		37,135
Carvana Co.^(a)		301		78,618
Chewy Inc., Class A^(a)		713		72,598
Chipotle Mexican Grill Inc.^(a)		30		44,400


Security	Shares		Value

Consumer Discretionary (continued)
Darden Restaurants Inc.		322	$	37,639
Dollar General Corp.		796		154,910
Dollar Tree Inc.^(a)		587		59,674
Domino’s Pizza Inc.		128		47,457
DR Horton Inc.		2,623		201,446
DraftKings Inc., Class A^(a)		741		40,096
eBay Inc.		789		44,586
Etsy Inc.^(a)		562		111,889
Expedia Group Inc.		285		35,368
Ford Motor Co.		28,632		301,495
Garmin Ltd.		910		104,523
General Motors Co.		10,729		543,746
Genuine Parts Co.		355		33,327
Hasbro Inc.		363		34,057
Hilton Worldwide Holdings Inc.		315		31,938
Home Depot Inc. (The)		350		94,787
Las Vegas Sands Corp.		575		27,652
Lear Corp.		632		95,280
Lennar Corp., Class A		1,907		158,567
LKQ Corp.^(a)		1,758		61,688
Lowe’s Companies Inc.		1,574		262,622
Lululemon Athletica Inc.^(a)		687		225,803
Marriott International Inc./MD, Class A		262		30,473
McDonald’s Corp.		657		136,551
MercadoLibre Inc.^(a)		160		284,722
MGM Resorts International		1,261		36,014
Mohawk Industries Inc.^(a)		612		87,883
Newell Brands Inc.		3,585		86,112
Nike Inc., Class B		5,667		757,055
NVR Inc.^(a)		18		80,037
O’Reilly Automotive Inc.^(a)		120		51,056
Peloton Interactive Inc., Class A^(a)		1,111		162,350
Pool Corp.		373		132,109
PulteGroup Inc.		2,829		123,061
Ross Stores Inc.		1,084		120,638
Royal Caribbean Cruises Ltd.		473		30,745
Starbucks Corp.		859		83,160
Target Corp.		4,062		735,913
Tesla Inc.^(a)		1,652		1,310,912
TJX Companies Inc. (The)		655		41,946
Tractor Supply Co.		777		110,132
Ulta Beauty Inc.^(a)		125		34,970
Vail Resorts Inc.		130		34,575
VF Corp.		385		29,595
Wayfair Inc., Class A^(a)(b)		301		81,968
Whirlpool Corp.		561		103,835
Wynn Resorts Ltd.		357		35,532
Yum! Brands Inc.		301		30,548

				9,500,508

Consumer Staples — 5.4%
Altria Group Inc.		5,649		232,061
Archer-Daniels-Midland Co.		699		34,957
Brown-Forman Corp., Class B, NVS		1,195		85,646
Bunge Ltd.		585		38,282
Campbell Soup Co.		975		46,907
Church & Dwight Co. Inc.		750		63,323
Clorox Co. (The)		562		117,717
Coca-Cola Co. (The)		9,134		439,802
Colgate-Palmolive Co.		710		55,380
Conagra Brands Inc.		2,088		72,245


SCHEDULE OF INVESTMENTS		19

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock U.S. Equity Factor Rotation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Consumer Staples (continued)
Constellation Brands Inc., Class A		167	$	35,225
Costco Wholesale Corp.		757		266,790
Estee Lauder Companies Inc. (The), Class A		133		31,474
General Mills Inc.		810		47,061
Hershey Co. (The)		1,121		163,038
Hormel Foods Corp.		2,050		96,063
JM Smucker Co. (The)		906		105,468
Kellogg Co.		1,019		60,060
Keurig Dr Pepper Inc.		1,101		35,012
Kimberly-Clark Corp.		1,781		235,270
Kraft Heinz Co. (The)		4,714		157,966
Kroger Co. (The)		6,776		233,772
Lamb Weston Holdings Inc.		489		36,528
McCormick & Co. Inc./MD, NVS		778		69,662
Molson Coors Beverage Co., Class B		2,120		106,339
Mondelez International Inc., Class A		1,278		70,852
Monster Beverage Corp.^(a)		1,874		162,719
PepsiCo Inc.		994		135,751
Philip Morris International Inc.		517		41,179
Procter & Gamble Co. (The)		1,038		133,082
Sysco Corp.		451		32,251
Tyson Foods Inc., Class A		1,876		120,646
Walmart Inc.		815		114,499
Walgreens Boots Alliance Inc.		5,163		259,441

				3,936,468

Energy — 1.8%
Baker Hughes Co.		8,474		170,243
Cabot Oil & Gas Corp.		2,471		45,293
Cheniere Energy Inc.^(a)		1,387		87,839
Chevron Corp.		393		33,483
ConocoPhillips		1,891		75,697
Devon Energy Corp.		2,392		39,372
EOG Resources Inc.		1,807		92,085
Exxon Mobil Corp.		5,550		248,862
Halliburton Co.		2,236		39,421
Hess Corp.		781		42,158
Kinder Morgan Inc./DE		5,460		76,877
Marathon Petroleum Corp.		838		36,168
Occidental Petroleum Corp.		2,727		54,704
ONEOK Inc.		1,053		41,941
Phillips 66		541		36,680
Pioneer Natural Resources Co.		374		45,216
Schlumberger Ltd.		1,637		36,358
Valero Energy Corp.		1,139		64,274
Williams Companies Inc. (The)		1,624		34,477

				1,301,148

Financials — 8.7%
Aflac Inc.		2,916		131,745
AGNC Investment Corp.		3,479		54,272
Alleghany Corp.		56		31,744
Allstate Corp. (The)		824		88,316
Ally Financial Inc.		2,196		83,097
American Express Co.		409		47,550
American Financial Group Inc./OH		417		39,256
American International Group Inc.		3,176		118,909
Ameriprise Financial Inc.		619		122,482
Annaly Capital Management Inc.		7,005		56,881
Aon PLC, Class A		1,238		251,438
Apollo Global Management Inc.		868		39,876


Security	Shares		Value

Financials (continued)
Arch Capital Group Ltd.^(a)		1,001	$	31,441
Arthur J Gallagher & Co.		769		88,750
Assurant Inc.		274		37,119
Athene Holding Ltd., Class A^(a)		1,210		49,477
Bank of America Corp.		1,338		39,672
Bank of New York Mellon Corp. (The)		1,938		77,191
Berkshire Hathaway Inc., Class B^(a)		354		80,666
Blackstone Group Inc. (The), Class A		838		56,305
Brown & Brown Inc.		1,936		83,422
Capital One Financial Corp.		1,370		142,836
Carlyle Group Inc. (The)		1,545		49,857
Cboe Global Markets Inc.		687		63,019
Charles Schwab Corp. (The)		814		41,954
Cincinnati Financial Corp.		453		38,093
Citigroup Inc.		5,576		323,352
Citizens Financial Group Inc.		2,039		74,301
CME Group Inc.		502		91,233
Discover Financial Services		449		37,509
Equitable Holdings Inc.		2,889		71,589
Erie Indemnity Co., Class A, NVS		322		78,278
Everest Re Group Ltd.		372		78,522
FactSet Research Systems Inc.		281		84,958
Fidelity National Financial Inc.		1,735		62,980
Fifth Third Bancorp		2,211		63,964
First Republic Bank/CA		309		44,802
Franklin Resources Inc.		2,156		56,681
Globe Life Inc.		704		63,635
Goldman Sachs Group Inc. (The)		741		200,937
Hartford Financial Services Group Inc. (The)		1,086		52,150
Huntington Bancshares Inc./OH		3,084		40,786
Intercontinental Exchange Inc.		935		103,177
Invesco Ltd.		3,482		71,694
JPMorgan Chase & Co.		386		49,667
KeyCorp.		2,294		38,677
KKR & Co. Inc.		1,027		40,002
Lincoln National Corp.		1,383		62,913
Loews Corp.		1,253		56,748
M&T Bank Corp.		293		38,814
Markel Corp.^(a)		61		59,138
MarketAxess Holdings Inc.		298		161,146
Marsh & McLennan Companies Inc.		816		89,687
MetLife Inc.		2,573		123,890
Moody’s Corp.		192		51,122
Morgan Stanley		2,597		174,129
MSCI Inc.		216		85,385
Nasdaq Inc.		457		61,818
Northern Trust Corp.		478		42,633
PNC Financial Services Group Inc. (The)		295		42,338
Principal Financial Group Inc.		1,161		57,202
Progressive Corp. (The)		2,761		240,732
Prudential Financial Inc.		1,440		112,723
Raymond James Financial Inc.		536		53,562
Regions Financial Corp.		3,830		65,148
Reinsurance Group of America Inc.		385		40,444
RenaissanceRe Holdings Ltd.		408		61,380
S&P Global Inc.		154		48,818
SEI Investments Co.		1,345		71,083
State Street Corp.		633		44,310
SVB Financial Group^(a)		246		107,694
Synchrony Financial		1,314		44,216


20		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock U.S. Equity Factor Rotation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Financials (continued)
T Rowe Price Group Inc.		1,250	$	195,600
Tradeweb Markets Inc., Class A		702		42,675
Travelers Companies Inc. (The)		580		79,054
Truist Financial Corp.		704		33,778
U.S. Bancorp		868		37,194
Voya Financial Inc.		1,210		67,107
Wells Fargo & Co.		5,169		154,450
Willis Towers Watson PLC		269		54,591
WR Berkley Corp.		587		36,476

				6,372,260

Health Care — 14.2%
10X Genomics Inc., Class A^(a)		472		80,783
Abbott Laboratories		548		67,727
AbbVie Inc.		5,417		555,134
ABIOMED Inc.^(a)		131		45,621
Agilent Technologies Inc.		1,170		140,599
Alexion Pharmaceuticals Inc.^(a)		605		92,765
Align Technology Inc.^(a)		238		125,040
Alnylam Pharmaceuticals Inc.^(a)		289		43,489
AmerisourceBergen Corp.		588		61,270
Amgen Inc.		769		185,660
Anthem Inc.		598		177,594
Avantor Inc.^(a)		2,278		67,178
Baxter International Inc.		936		71,913
Becton Dickinson and Co.		227		59,426
Biogen Inc.^(a)		680		192,175
BioMarin Pharmaceutical Inc.^(a)		698		57,780
Bio-Rad Laboratories Inc., Class A^(a)		155		88,934
Boston Scientific Corp.^(a)		892		31,612
Bristol-Myers Squibb Co.		3,869		237,673
Cardinal Health Inc.		1,186		63,724
Catalent Inc.^(a)		633		72,827
Centene Corp.^(a)		1,399		84,360
Cerner Corp.		515		41,257
Cigna Corp.		924		200,554
Cooper Companies Inc. (The)		169		61,523
CVS Health Corp.		3,599		257,868
Danaher Corp.		2,287		543,940
DaVita Inc.^(a)		462		54,225
DENTSPLY SIRONA Inc.		827		44,236
DexCom Inc.^(a)		104		38,984
Edwards Lifesciences Corp.^(a)		951		78,534
Elanco Animal Health Inc.^(a)		1,167		33,878
Eli Lilly & Co.		802		166,792
Exact Sciences Corp.^(a)		313		42,931
Gilead Sciences Inc.		4,518		296,381
HCA Healthcare Inc.		219		35,583
Henry Schein Inc.^(a)		704		46,358
Hologic Inc.^(a)		949		75,664
Horizon Therapeutics PLC^(a)		1,294		93,789
Humana Inc.		150		57,466
IDEXX Laboratories Inc.^(a)		254		121,585
Illumina Inc.^(a)		218		92,964
Incyte Corp.^(a)		812		72,877
Insulet Corp.^(a)(b)		125		33,397
Intuitive Surgical Inc.^(a)		126		94,203
Ionis Pharmaceuticals Inc.^(a)		896		53,823
IQVIA Holdings Inc.^(a)		198		35,204
Jazz Pharmaceuticals PLC^(a)		350		54,425
Johnson & Johnson		3,095		504,887


Security	Shares		Value

Health Care (continued)
Laboratory Corp. of America Holdings^(a)		175	$	40,059
Masimo Corp.^(a)(b)		309		79,079
McKesson Corp.		533		92,993
Medtronic PLC		1,079		120,125
Merck & Co. Inc.		4,014		309,359
Mettler-Toledo International Inc.^(a)		98		114,474
Moderna Inc.^(a)		1,492		258,355
Molina Healthcare Inc.^(a)		168		35,886
Neurocrine Biosciences Inc.^(a)		525		57,619
Novocure Ltd.^(a)		464		74,685
PerkinElmer Inc.		540		79,418
Perrigo Co. PLC		955		40,778
Pfizer Inc.		13,964		501,308
PPD Inc.^(a)		1,268		40,779
Quest Diagnostics Inc.		324		41,845
Regeneron Pharmaceuticals Inc.^(a)		512		257,966
ResMed Inc.		473		95,343
Royalty Pharma PLC, Class A		825		38,783
Sarepta Therapeutics Inc.^(a)		256		22,886
Seagen Inc.^(a)		448		73,593
STERIS PLC		186		34,802
Stryker Corp.		343		75,806
Teladoc Health Inc.^(a)		445		117,404
Teleflex Inc.		92		34,742
Thermo Fisher Scientific Inc.		1,098		559,651
UnitedHealth Group Inc.		1,002		334,247
Universal Health Services Inc., Class B		401		49,997
Varian Medical Systems Inc.^(a)		464		81,464
Veeva Systems Inc., Class A^(a)		567		156,741
Vertex Pharmaceuticals Inc.^(a)		658		150,735
Viatris Inc.^(a)		5,648		95,960
Waters Corp.^(a)		149		39,436
West Pharmaceutical Services Inc.		391		117,101
Zimmer Biomet Holdings Inc.		256		39,340
Zoetis Inc.		1,399		215,796

				10,315,167

Industrials — 9.0%
3M Co.		1,285		225,723
A O Smith Corp.		890		48,327
Allegion PLC		506		54,147
AMERCO		141		65,204
AMETEK Inc.		275		31,147
Boeing Co. (The)		163		31,653
Carrier Global Corp.		6,024		231,924
Caterpillar Inc.		197		36,019
CH Robinson Worldwide Inc.		1,233		105,495
Cintas Corp.		96		30,540
Copart Inc.^(a)		779		85,495
CoStar Group Inc.^(a)		101		90,871
CSX Corp.		387		33,187
Cummins Inc.		1,051		246,375
Deere & Co.		693		200,138
Delta Air Lines Inc.		945		35,872
Dover Corp.		300		34,947
Eaton Corp. PLC		1,124		132,295
Emerson Electric Co.		428		33,962
Equifax Inc.		232		41,090
Expeditors International of Washington Inc.		804		71,974
Fastenal Co.		2,006		91,454
FedEx Corp.		1,503		353,716


SCHEDULE OF INVESTMENTS		21

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock U.S. Equity Factor Rotation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Industrials (continued)
Fortive Corp.		467	$	30,859
Fortune Brands Home & Security Inc.		685		59,081
Generac Holdings Inc.^(a)		422		103,989
General Dynamics Corp.		464		68,060
General Electric Co.		10,513		112,279
HEICO Corp.		97		11,421
HEICO Corp., Class A		190		20,199
Honeywell International Inc.		1,620		316,499
Howmet Aerospace Inc.		1,539		37,829
Huntington Ingalls Industries Inc.		345		54,279
IDEX Corp.		177		32,956
IHS Markit Ltd.		862		75,063
Illinois Tool Works Inc.		911		176,925
Ingersoll Rand Inc.^(a)		747		31,254
Jacobs Engineering Group Inc.		335		33,822
JB Hunt Transport Services Inc.		263		35,416
Johnson Controls International PLC		2,424		120,764
Kansas City Southern		190		38,507
Knight-Swift Transportation Holdings Inc.		1,393		55,720
L3Harris Technologies Inc.		588		100,848
Lennox International Inc.		117		32,232
Lockheed Martin Corp.		217		69,835
Masco Corp.		616		33,455
Nordson Corp.		174		31,144
Norfolk Southern Corp.		152		35,966
Northrop Grumman Corp.		261		74,805
Old Dominion Freight Line Inc.		540		104,760
Otis Worldwide Corp.		597		38,596
Owens Corning		888		68,909
PACCAR Inc.		1,213		110,650
Parker-Hannifin Corp.		140		37,045
Pentair PLC		786		42,806
Raytheon Technologies Corp.		2,451		163,555
Republic Services Inc.		1,346		121,840
Robert Half International Inc.		791		53,392
Rockwell Automation Inc.		308		76,547
Rollins Inc.		2,183		78,632
Roper Technologies Inc.		82		32,219
Sensata Technologies Holding PLC^(a)		811		44,199
Snap-on Inc.		283		50,937
Southwest Airlines Co.		1,187		52,157
Stanley Black & Decker Inc.		184		31,922
Sunrun Inc.^(a)		1,093		75,712
Teledyne Technologies Inc.^(a)		93		33,202
Textron Inc.		1,368		61,916
Trane Technologies PLC		736		105,506
TransDigm Group Inc.^(a)		57		31,537
TransUnion		334		29,071
Uber Technologies Inc.^(a)		670		34,123
Union Pacific Corp.		175		34,557
United Parcel Service Inc., Class B		1,884		292,020
United Rentals Inc.^(a)		470		114,215
Verisk Analytics Inc.		308		56,518
Waste Connections Inc.		1,176		115,848
Waste Management Inc.		1,184		131,803
Westinghouse Air Brake Technologies Corp.		925		68,644
WW Grainger Inc.		174		63,404
XPO Logistics Inc.^(a)		336		37,098
Xylem Inc./NY		368		35,545

				6,533,647


Security	Shares		Value

Information Technology — 28.5%
Accenture PLC, Class A		1,263	$	305,545
Adobe Inc.^(a)		1,780		816,611
Advanced Micro Devices Inc.^(a)		2,702		231,399
Akamai Technologies Inc.^(a)		769		85,382
Amphenol Corp., Class A		664		82,920
Analog Devices Inc.		254		37,422
ANSYS Inc.^(a)		231		81,859
Apple Inc.		11,242		1,483,494
Applied Materials Inc.		3,674		355,202
Arista Networks Inc.^(a)		216		66,433
Arrow Electronics Inc.^(a)		793		77,421
Autodesk Inc.^(a)		724		200,859
Automatic Data Processing Inc.		980		161,818
Avalara Inc.^(a)		468		70,200
Black Knight Inc.^(a)		1,345		109,873
Booz Allen Hamilton Holding Corp.		658		56,042
Broadcom Inc.		132		59,466
Broadridge Financial Solutions Inc.		428		60,481
Cadence Design Systems Inc.^(a)		1,187		154,773
CDW Corp./DE		240		31,598
Ceridian HCM Holding Inc.^(a)		662		61,506
Cisco Systems Inc.		12,820		571,516
Citrix Systems Inc.		831		110,781
Cloudflare Inc., Class A^(a)		1,159		88,849
Cognex Corp.		498		40,901
Cognizant Technology Solutions Corp., Class A		1,990		155,120
Corning Inc.		3,524		126,406
Coupa Software Inc.^(a)(b)		246		76,228
Crowdstrike Holdings Inc., Class A^(a)		771		166,382
Datadog Inc., Class A^(a)		1,005		103,264
Dell Technologies Inc., Class C^(a)		1,283		93,518
DocuSign Inc.^(a)		860		200,285
Dropbox Inc., Class A^(a)		1,927		43,608
Dynatrace Inc.^(a)		1,301		54,005
Enphase Energy Inc.^(a)		696		126,916
EPAM Systems Inc.^(a)		240		82,663
F5 Networks Inc.^(a)		376		73,677
Fair Isaac Corp.^(a)		104		46,811
Fidelity National Information Services Inc.		1,577		194,696
Fiserv Inc.^(a)		838		86,054
FleetCor Technologies Inc.^(a)		197		47,822
Fortinet Inc.^(a)		477		69,046
Gartner Inc.^(a)		218		33,116
Global Payments Inc.		177		31,244
GoDaddy Inc., Class A^(a)		483		37,954
Guidewire Software Inc.^(a)		351		40,274
Hewlett Packard Enterprise Co.		11,812		145,760
HP Inc.		8,763		213,291
HubSpot Inc.^(a)		200		74,440
Intel Corp.		24,691		1,370,597
International Business Machines Corp.		3,878		461,909
Intuit Inc.		410		148,104
IPG Photonics Corp.^(a)		180		40,217
Jack Henry & Associates Inc.		651		94,258
Juniper Networks Inc.		3,427		83,687
Keysight Technologies Inc.^(a)		767		108,600
KLA Corp.		319		89,342
Lam Research Corp.		642		310,696
Leidos Holdings Inc.		525		55,681
Marvell Technology Group Ltd.		1,961		100,913


22		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock U.S. Equity Factor Rotation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Information Technology (continued)
Mastercard Inc., Class A		1,478	$	467,477
Maxim Integrated Products Inc.		738		64,730
Microchip Technology Inc.		260		35,389
Micron Technology Inc.^(a)		7,782		609,097
Microsoft Corp.		6,739		1,563,179
MongoDB Inc.^(a)		239		88,337
Monolithic Power Systems Inc.		240		85,270
Motorola Solutions Inc.		592		99,190
NetApp Inc.		1,165		77,403
NortonLifeLock Inc.		2,452		51,664
NVIDIA Corp.		1,501		779,905
NXP Semiconductors NV		1,184		189,996
Okta Inc.^(a)		369		95,575
ON Semiconductor Corp.^(a)		2,564		88,432
Oracle Corp.		1,712		103,456
Palo Alto Networks Inc.^(a)		171		59,978
Paychex Inc.		1,707		149,055
Paycom Software Inc.^(a)		224		85,062
PayPal Holdings Inc.^(a)		3,000		702,930
PTC Inc.^(a)		354		47,050
Qorvo Inc.^(a)		834		142,514
QUALCOMM Inc.		2,451		383,042
RingCentral Inc., Class A^(a)		120		44,750
salesforce.com Inc.^(a)		1,842		415,482
Seagate Technology PLC		1,614		106,718
ServiceNow Inc.^(a)		547		297,109
Skyworks Solutions Inc.		1,045		176,866
Slack Technologies Inc., Class A^(a)		1,323		55,791
Snowflake Inc., Class A^(a)		130		35,419
SolarEdge Technologies Inc.^(a)		306		88,229
Splunk Inc.^(a)		432		71,293
Square Inc., Class A^(a)		1,275		275,349
SS&C Technologies Holdings Inc.		862		54,203
Synopsys Inc.^(a)		495		126,448
TE Connectivity Ltd.		1,003		120,761
Teradyne Inc.		771		87,493
Texas Instruments Inc.		1,591		263,613
Trade Desk Inc. (The), Class A^(a)		144		110,303
Trimble Inc.^(a)(b)		607		40,007
Twilio Inc., Class A^(a)		527		189,420
Tyler Technologies Inc.^(a)		339		143,326
VeriSign Inc.^(a)		294		57,057
Visa Inc., Class A		2,530		488,922
VMware Inc., Class A^(a)		220		30,327
Western Digital Corp.		2,468		139,269
Western Union Co. (The)		4,048		90,149
Workday Inc., Class A^(a)		147		33,447
Xilinx Inc.		497		64,893
Zebra Technologies Corp., Class A^(a)		101		39,171
Zendesk Inc.^(a)		496		71,543
Zoom Video Communications Inc., Class A^(a)		992		369,093
Zscaler Inc.^(a)		542		108,237

				20,752,354

Materials — 3.1%
Air Products & Chemicals Inc.		515		137,381
Albemarle Corp.		493		80,191
Amcor PLC		4,314		47,195
Avery Dennison Corp.		373		56,274
Axalta Coating Systems Ltd.^(a)		1,127		30,418
Ball Corp.		1,028		90,485


Security	Shares		Value

Materials (continued)
Celanese Corp.		257	$	31,393
CF Industries Holdings Inc.		1,099		45,477
Corteva Inc.		2,424		96,621
Crown Holdings Inc.^(a)		342		30,831
Dow Inc.		608		31,555
DuPont de Nemours Inc.^(b)		564		44,810
Eastman Chemical Co.		714		70,222
Ecolab Inc.		767		156,859
FMC Corp.		294		31,837
Freeport-McMoRan Inc.		5,216		140,363
International Flavors & Fragrances Inc.^(b)		297		33,377
International Paper Co.		1,576		79,289
Linde PLC		153		37,546
LyondellBasell Industries NV, Class A		1,416		121,436
Martin Marietta Materials Inc.		130		37,363
Mosaic Co. (The)		3,107		80,658
Newmont Corp.		3,344		199,302
Nucor Corp.		1,462		71,243
Packaging Corp. of America		392		52,708
PPG Industries Inc.		506		68,163
RPM International Inc.		382		31,504
Sealed Air Corp.		813		34,366
Sherwin-Williams Co. (The)		150		103,770
Steel Dynamics Inc.		1,720		58,944
Vulcan Materials Co.		248		36,987
Westrock Co.		1,934		80,126

				2,248,694

Real Estate — 3.0%
Alexandria Real Estate Equities Inc.		211		35,260
American Tower Corp.		377		85,715
AvalonBay Communities Inc.		412		67,432
Boston Properties Inc.		342		31,214
Camden Property Trust		361		36,876
CBRE Group Inc., Class A^(a)		2,746		167,451
Crown Castle International Corp.		476		75,808
Digital Realty Trust Inc.		238		34,260
Duke Realty Corp.		1,484		58,707
Equinix Inc.		56		41,438
Equity LifeStyle Properties Inc.		523		31,819
Equity Residential		1,120		69,037
Essex Property Trust Inc.		133		31,868
Extra Space Storage Inc.		526		59,854
Healthpeak Properties Inc.		1,209		35,847
Host Hotels & Resorts Inc.		9,479		128,440
Invitation Homes Inc.		1,171		34,521
Iron Mountain Inc.		1,983		66,768
Medical Properties Trust Inc.		1,808		38,167
Mid-America Apartment Communities Inc.		275		36,506
Omega Healthcare Investors Inc.		1,055		38,212
Prologis Inc.		1,453		149,950
Public Storage		1,162		264,494
Realty Income Corp.		1,034		61,068
Regency Centers Corp.		728		34,347
SBA Communications Corp.		150		40,300
Simon Property Group Inc.		1,229		114,211
Sun Communities Inc.		267		38,216
UDR Inc.		875		33,644
Ventas Inc.		713		32,848
VEREIT Inc.		989		34,842
VICI Properties Inc.		1,392		35,190


SCHEDULE OF INVESTMENTS		23

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock U.S. Equity Factor Rotation ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Real Estate (continued)
Vornado Realty Trust		935	$	37,176
Welltower Inc.		535		32,421
Weyerhaeuser Co.		1,213		37,833
WP Carey Inc.		475		31,540

				2,183,280

Utilities — 3.6%
AES Corp. (The)		1,593		38,853
Alliant Energy Corp.		827		40,234
Ameren Corp.		399		29,015
American Electric Power Co. Inc.		803		64,971
American Water Works Co. Inc.		280		44,526
Atmos Energy Corp.		2,722		242,258
CenterPoint Energy Inc.		1,431		30,180
CMS Energy Corp.		793		45,106
Consolidated Edison Inc.		1,343		95,057
Dominion Energy Inc.		810		59,041
DTE Energy Co.		245		29,086
Duke Energy Corp.		1,187		111,578
Edison International		524		30,476
Entergy Corp.		278		26,502
Essential Utilities Inc.		802		37,133
Evergy Inc.		1,135		60,984
Eversource Energy		625		54,687
Exelon Corp.		4,372		181,700
FirstEnergy Corp.		1,211		37,250
NextEra Energy Inc.		5,028		406,614
NiSource Inc.		1,278		28,308
NRG Energy Inc.		1,702		70,480
OGE Energy Corp.		5,102		155,713
PG&E Corp.^(a)		7,057		80,661
Pinnacle West Capital Corp.		416		31,304
PPL Corp.		3,023		83,646
Public Service Enterprise Group Inc.		601		33,914


Security	Shares		Value

Utilities (continued)
Sempra Energy		253	$	31,311
Southern Co. (The)		1,978		116,544
UGI Corp.		1,430		51,466
Vistra Corp.		4,013		80,140
WEC Energy Group Inc.		917		81,521
Xcel Energy Inc.		1,641		105,008

				2,615,267


Total Common Stocks — 99.8% (Cost: $60,648,861)				72,577,903


Short-Term Investments

Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 0.14%^(c)(d)(e)		533,850		534,170
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(c)(d)		62,000		62,000

				596,170


Total Short-Term Investments — 0.8% (Cost: $595,952)				596,170


Total Investments In Securities — 100.6% (Cost: $61,244,813)				73,174,073

Other Assets, Less Liabilities — (0.6)%				(465,436	)


Net Assets — 100.0%			$	72,708,637

^(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 six months ended January 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 01/31/21		Shares Held at 01/31/21		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	677,741	$	—	$	(143,298	)^(a)	$	(57	)	$	(216	)	$	534,170		533,850	$	1,071	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		132,000		—		(70,000	)^(a)		—			—			62,000		62,000		56			—

								$	(57	)	$	(216	)	$	596,170			$	1,127		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Fair Value Measurements


24		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Schedule of Investments (unaudited) (continued)

January 31, 2021

BlackRock U.S. Equity Factor Rotation ETF

Fair Value Measurements (continued)


	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	72,577,903	$	—	$	—	$	72,577,903
Money Market Funds		596,170		—		—		596,170

	$	73,174,073	$	—	$	—	$	73,174,073

See notes to financial statements.


SCHEDULE OF INVESTMENTS		25

Statements of Assets and Liabilities (unaudited)

January 31, 2021


	BlackRock Future Health ETF		BlackRock Future Innovators ETF		BlackRock Future Tech ETF		BlackRock U.S. Equity Factor Rotation ETF

ASSETS
Investments in securities, at value (including securities on loan)^(a):
Unaffiliated^(b)	$	6,980,534	$	11,202,881	$	11,367,698	$	72,577,903
Affiliated^(c)		464,606		10,000		1,235,645		596,170
Cash		2,114		1,273		37,419		3,006
Foreign currency, at value^(d)		—		—		29,113		—
Receivables:
Investments sold		23,253		79,522		667		—
Securities lending income — Affiliated		51		50		872		74
Capital shares sold		—		39,404		33,569		—
Dividends		168		440		732		80,794
Tax reclaims		9		—		6		—

Total assets		7,470,735		11,333,570		12,705,721		73,257,947


LIABILITIES
Collateral on securities loaned, at value		334,606		—		835,645		534,437
Payables:
Investments purchased		9,540		48,134		244,077		—
Investment advisory fees		5,261		6,368		6,716		14,873

Total liabilities		349,407		54,502		1,086,438		549,310


NET ASSETS	$	7,121,328	$	11,279,068	$	11,619,283	$	72,708,637


NET ASSETS CONSIST OF:
Paid-in capital	$	6,041,627	$	9,045,024	$	8,997,213	$	55,002,199
Accumulated earnings		1,079,701		2,234,044		2,622,070		17,706,438

NET ASSETS	$	7,121,328	$	11,279,068	$	11,619,283	$	72,708,637


Shares outstanding		240,000		230,000		320,000		2,300,000


Net asset value	$	29.67	$	49.04	$	36.31	$	31.61


Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited


Par value		None		None		None		None


^(a) Securities loaned, at value	$	323,734	$	—	$	805,591	$	505,997
^(b) Investments, at cost — Unaffiliated	$	5,913,864	$	9,429,278	$	8,790,786	$	60,648,861
^(c) Investments, at cost — Affiliated	$	464,606	$	10,000	$	1,235,645	$	595,952
^(d) Foreign currency, at cost	$	—	$	—	$	29,106	$	—

See notes to financial statements.


26		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended January 31, 2021


		BlackRock Future Health ETF	^(a)		BlackRock Future Innovators ETF	^(a)		BlackRock Future Tech ETF	^(a)		BlackRock U.S. Equity Factor Rotation ETF

INVESTMENT INCOME
Dividends — Unaffiliated	$	2,014		$	8,115		$	3,151		$	799,680
Dividends — Affiliated		31			3			8			56
Securities lending income — Affiliated — net		50			135			884			1,071
Foreign taxes withheld		(104	)		—			(206	)		(282	)

Total investment income		1,991			8,253			3,837			800,525


EXPENSES
Investment advisory fees		19,489			20,723			22,614			134,372

Total expenses		19,489			20,723			22,614			134,372

Less:
Investment advisory fees waived		(42	)		(7	)		(29	)		(44,791	)

Total expenses after fees waived		19,447			20,716			22,585			89,581

Net investment income (loss)		(17,456	)		(12,463	)		(18,748	)		710,944


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — Unaffiliated		30,749			474,057			65,396			2,655,072
Investments — Affiliated		—			—			—			(57	)
In-kind redemptions — Unaffiliated		—			—			—			8,640,773
Foreign currency transactions		(260	)		(1,156	)		(2,416	)		—

Net realized gain		30,489			472,901			62,980			11,295,788

Net change in unrealized appreciation (depreciation) on:
Investments — Unaffiliated		1,066,670			1,773,603			2,576,912			2,910,709
Investments — Affiliated		—			—			—			(216	)
Foreign currency translations		(2	)		3			926			—

Net change in unrealized appreciation (depreciation)		1,066,668			1,773,606			2,577,838			2,910,493

Net realized and unrealized gain		1,097,157			2,246,507			2,640,818			14,206,281

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,079,701		$	2,234,044		$	2,622,070		$	14,917,225

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

See notes to financial statements.


FINANCIAL STATEMENTS		27

Statements of Changes in Net Assets


	BlackRock Future Health ETF			BlackRock Future Innovators ETF			BlackRock Future Tech ETF
		Period From 09/29/20 to 01/31/21 (unaudited	^(a) )		Period From 09/29/20 to 01/31/21 (unaudited	^(a) )		Period From 09/29/20 to 01/31/21 (unaudited	^(a) )

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment loss	$	(17,456	)	$	(12,463	)	$	(18,748	)
Net realized gain		30,489			472,901			62,980
Net change in unrealized appreciation (depreciation)		1,066,668			1,773,606			2,577,838

Net increase in net assets resulting from operations		1,079,701			2,234,044			2,622,070


DISTRIBUTIONS TO SHAREHOLDERS
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			9,045,024			8,997,213


NET ASSETS
Total increase in net assets		7,121,328			11,279,068			11,619,283
Beginning of period		—			—			—

End of period	$	7,121,328		$	11,279,068		$	11,619,283

^(a)	Commencement of operations.

See notes to financial statements.


28		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statements of Changes in Net Assets (continued)


	BlackRock U.S. Equity Factor Rotation ETF
	Six Months Ended 01/31/21 (unaudited)			Year Ended 07/31/20

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	710,944		$	1,358,176
Net realized gain (loss)		11,295,788			(1,973,552	)
Net change in unrealized appreciation (depreciation)		2,910,493			7,774,743

Net increase in net assets resulting from operations		14,917,225			7,159,367


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(810,907	)		(1,213,492	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(31,389,506	)		62,831,748


NET ASSETS
Total increase (decrease) in net assets		(17,283,188	)		68,777,623
Beginning of period		89,991,825			21,214,202

End of period	$	72,708,637		$	89,991,825

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

See notes to financial statements.


FINANCIAL STATEMENTS		29

Financial Highlights

(For a share outstanding throughout the period)


	BlackRock Future Health ETF
		Period From 09/29/20 to 01/31/21 (unaudited	^(a) )

Net asset value, beginning of period	$	25.13

Net investment loss^(b)		(0.07	)
Net realized and unrealized gain^(c)		4.61

Net increase from investment operations		4.54


Net asset value, end of period	$	29.67


Total Return
Based on net asset value		18.03	%^(d)


Ratios to Average Net Assets
Total expenses		0.85	%^(e)

Total expenses after fees waived		0.85	%^(e)

Net investment loss		(0.76	)%^(e)


Supplemental Data
Net assets, end of period (000)	$	7,121

Portfolio turnover rate^(f)		15	%^(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.


30		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout the period)


	BlackRock Future Innovators ETF
		Period From 09/29/20 to 01/31/21 (unaudited	^(a) )

Net asset value, beginning of period	$	35.18

Net investment loss^(b)		(0.07	)
Net realized and unrealized gain^(c)		13.93

Net increase from investment operations		13.86


Net asset value, end of period	$	49.04


Total Return
Based on net asset value		39.40	%^(d)


Ratios to Average Net Assets
Total expenses		0.80	%^(e)

Total expenses after fees waived		0.80	%^(e)

Net investment loss		(0.48	)%^(e)


Supplemental Data
Net assets, end of period (000)	$	11,279

Portfolio turnover rate^(f)		29	%^(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.


FINANCIAL HIGHLIGHTS		31

Financial Highlights (continued)

(For a share outstanding throughout the period)


	BlackRock Future Tech ETF
		Period From 09/29/20 to 01/31/21 (unaudited	^(a) )

Net asset value, beginning of period	$	25.25

Net investment loss^(b)		(0.08	)
Net realized and unrealized gain^(c)		11.14

Net increase from investment operations		11.06


Net asset value, end of period	$	36.31


Total Return
Based on net asset value		43.80	%^(d)


Ratios to Average Net Assets
Total expenses		0.88	%^(e)

Total expenses after fees waived		0.88	%^(e)

Net investment loss		(0.73	)%^(e)


Supplemental Data
Net assets, end of period (000)	$	11,619

Portfolio turnover rate^(f)		12	%^(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.


32		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Financial Highlights (continued)

(For a share outstanding throughout each period)


	BlackRock U.S. Equity Factor Rotation ETF
		Six Months Ended 01/31/21 (unaudited	)		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)		0.24			0.52			0.16
Net realized and unrealized gain^(c)		4.37			0.67			1.48

Net increase from investment operations		4.61			1.19			1.64


Distributions^(d)
From net investment income		(0.27	)		(0.44	)		(0.12	)

Total distributions		(0.27	)		(0.44	)		(0.12	)


Net asset value, end of period	$	31.61		$	27.27		$	26.52


Total Return
Based on net asset value		16.99	%^(e)		4.61	%		6.59	%^(e)


Ratios to Average Net Assets
Total expenses		0.30	%^(f)		0.30	%		0.30	%^(f)

Total expenses after fees waived		0.20	%^(f)		0.20	%		0.20	%^(f)

Net investment income		1.59	%^(f)		1.97	%		1.74	%^(f)


Supplemental Data
Net assets, end of period (000)	$	72,709		$	89,992		$	21,214

Portfolio turnover rate^(g)		59	%^(e)		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.


FINANCIAL HIGHLIGHTS		33

Notes to Financial Statements (unaudited)

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. Equity Factor Rotation		Non-diversified

^(a)

The Fund commenced operations on September 29, 2020.

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 statement 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: The 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 statement 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 January 31, 2021, if any, are disclosed in the statement 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 statement of operations includes tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

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.


34		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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.

If events (e.g., a market closure, 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 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.


NOTES TO FINANCIAL STATEMENTS		35

Notes to Financial Statements (unaudited) (continued)

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 as of January 31, 2021:


BlackRock ETF and Counterparty		Market Value of Securities on Loan		Cash Collateral Received	^(a)		Non-Cash Collateral Received		Net Amount

Future Health
BofA Securities, Inc.	$	69,169	$	69,169		$	—	$	—
Citigroup Global Markets Inc.		66,168		66,168			—		—
Nomura Securities International Inc.		41,744		41,744			—		—
TD Prime Services LLC		17,575		17,575			—		—
UBS AG		129,078		129,078			—		—

	$	323,734	$	323,734		$	—	$	—


Future Tech
BofA Securities, Inc.	$	165,348	$	165,348		$	—	$	—
Citigroup Global Markets Inc.		329,524		329,524			—		—
Credit Suisse Securities (USA) LLC		46,900		46,900			—		—
Goldman Sachs & Co.		149,427		149,427			—		—
TD Prime Services LLC		114,392		114,392			—		—

	$	805,591	$	805,591		$	—	$	—


U.S. Equity Factor Rotation
Barclays Capital Inc.	$	164,041	$	164,041		$	—	$	—
BNP Paribas Securities Corp.		77,892		77,892			—		—
Citigroup Global Markets Inc.		32,863		32,863			—		—
Goldman Sachs & Co.		9,889		9,889			—		—
HSBC Bank PLC		77,032		77,032			—		—
JPMorgan Securities LLC		29,284		29,284			—		—
Morgan Stanley & Co. LLC		11,093		11,093			—		—
UBS AG		75,298		75,298			—		—
Virtu Americas LLC		28,605		28,605			—		—

	$	505,997	$	505,997		$	—	$	—

^(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.

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.


36		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

5.	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. 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

Expense Waivers: 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 November 30, 2021.

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



BlackRock ETF	Amounts waived

Future Health	$	42

Future Innovators		7

Future Tech		29

U.S. Equity Factor Rotation		3

BFA has voluntarily agreed to waive its management fee payable by the BlackRock 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.


NOTES TO FINANCIAL STATEMENTS		37

Notes to Financial Statements (unaudited) (continued)

This amount is included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2021, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:



BlackRock ETF	Amounts waived

U.S. Equity Factor Rotation	$	44,788

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 the 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 the 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 and BlackRock U.S. Equity Factor Rotation ETF (the “Group 1 Fund”), 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, the BlackRock Future Tech ETF (the “Group 2 Fund”), 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) the 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. The 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 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) the 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 statement of operations. For the six months ended January 31, 2021, the Funds paid BTC the following amounts for securities lending agent services:



BlackRock ETF	Fees Paid to BTC

Future Health	$	21

Future Innovators		49

Future Tech		216

U.S. Equity Factor Rotation		412

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


38		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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 six months ended January 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	$	4,666,763	$	7,895,873	$	500,686

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 statement of operations.

6.	PURCHASES AND SALES

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



BlackRock ETF	Purchases		Sales

Future Health	$	951,401	$	973,404

Future Innovators		2,262,848		2,321,877

Future Tech		2,667,838		934,441

U.S. Equity Factor Rotation		50,675,113		51,929,129

For the six months ended January 31, 2021, purchases and sales related to in-kind transactions were as follows:



BlackRock ETF	In-kind Purchases		In-kind Sales

Future Health	$	5,908,522	$	—

Future Innovators		9,014,250		—

Future Tech		6,995,843		—

U.S. Equity Factor Rotation		—		30,161,082

7.	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.

Management has analyzed tax laws and regulations and their application to the Funds as of January 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.

As of July 31, 2020, the U.S. Equity Factor Rotation had non-expiring capital loss carryforwards available to offset future realized capital gains of $2,957,755.

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.

As of January 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	$	6,378,470	$	1,230,091	$	(163,421	)	$	1,066,670

Future Innovators		9,439,278		1,889,667		(116,064	)		1,773,603

Future Tech		10,026,431		2,639,777		(62,865	)		2,576,912

U.S. Equity Factor Rotation		63,892,208		12,478,832		(3,196,967	)		9,281,865

8.	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


NOTES TO FINANCIAL STATEMENTS		39

Notes to Financial Statements (unaudited) (continued)

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 statement of assets and liabilities, less any collateral held by 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 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”) by the end of 2021, and it is expected that LIBOR will cease to be published after that time. 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.

9.	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 01/31/21

BlackRock ETF	Shares		Amount

Future Health
Shares sold		240,000	$	6,041,627


Future Innovators
Shares sold		230,000	$	9,045,024


Future Tech
Shares sold		320,000	$	8,997,213


40		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)



	Six Months Ended 01/31/21						Year Ended 07/31/20

BlackRock ETF	Shares			Amount			Shares			Amount

U.S. Equity Factor Rotation
Shares sold		—		$	—			3,300,000		$	84,056,705
Shares redeemed		(1,000,000	)		(31,389,506	)		(800,000	)		(21,224,957	)

Net increase (decrease)		(1,000,000	)	$	(31,389,506	)		2,500,000		$	62,831,748

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 statement of assets and liabilities.

As of January 31, 2021, BlackRock Financial Management, Inc., an affiliate of the Funds, owned 110,000 BlackRock Shares of BlackRock Future Health ETF.

10.

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.


NOTES TO FINANCIAL STATEMENTS		41

Board Review and Approval of Investment Advisory Contract

The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock ETF Trust (the “Trust”) met on May 11-13, 2020 (the “Organizational Meeting”) to consider the approval of the proposed investment advisory agreement (the “Agreement”) between the Trust, on behalf of BlackRock Future Health ETF (the “Future Health ETF”), BlackRock Future Innovators ETF (the “Future Innovators ETF”) and BlackRock Future Tech ETF (the “Future Tech ETF” and, together with the Future Health ETF and the Future Innovators ETF, the “Funds” and, each individually, a “Fund”), each a series of the Trust, and BlackRock Fund Advisors (the “Manager” or “BlackRock”), the Trust’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.

Activities and Composition of the Board

On the date of the Organizational Meeting, the Board consisted of fourteen individuals, twelve of whom were not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Board Members”). The Board Members are responsible for the oversight of the operations of the Trust and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Board Members have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Board Member. The Board has established five standing committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a Performance Oversight Committee and an Ad Hoc Topics Committee, each of which is chaired by an Independent Board Member and composed of Independent Board Members (except for the Ad Hoc Topics Committee, which also has one interested Board Member).

The Agreement

Consistent with the requirements of the 1940 Act, the Trust is required to consider the initial approval of the Agreement. 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.

Board Considerations in Approving the Agreement

The Approval Process: At the Organizational Meeting, the Board 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 did not identify any particular information as determinative, and each Board Member may have attributed different weights to the various items 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.


42		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (continued)

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.

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 & 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 Fund’s contractual management fee rate and estimated total expense ratio each ranked in the fourth quartile, and that the estimated actual management fee rate ranked in the fourth quartile relative to the pertinent Fund’s Expense Peers. The Board also noted, however, that given the comparability limitations of each Fund’s Expense Peers, BlackRock provided the Board a supplemental peer group consisting of funds that are generally relevant comparisons for each Fund. The Board noted that the total expense ratio for each of the Future Health ETF and Future Tech ETF ranked second out of four funds relative to the supplemental peer group. The Board noted that the total expense ratio for the Future Innovator ETF ranked fifth out of eight funds relative to the supplemental peer group.

The Board also noted that each 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 a Fund were to decrease, the Fund could lose the benefit of one or more breakpoints.

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


BOARD REVIEW AND APPROVAL OF INVESTMENT ADVISORY CONTRACT		43

Board Review and Approval of Investment Advisory Contract (continued)

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.

The Board noted the competitive nature of the open-end fund marketplace, and that shareholders are able to redeem 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.


44		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), BlackRock ETF Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for BlackRock Future Health ETF, BlackRock Future Innovators ETF, BlackRock Future Tech ETF and BlackRock U.S. Equity Factor Rotation ETF (the “Funds”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on November 10-11, 2020 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Advisors, LLC or BlackRock Fund Advisors (“BlackRock”), each an investment adviser to certain Funds, as the program administrator for each Fund’s Program, as applicable. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2019 through September 30, 2020 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing a Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish a Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including the impact of the coronavirus outbreak on the Funds and the overall market.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure with a focus on Funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Where a Fund participated in borrowings for investment purposes (such as tender option bonds and reverse repurchase agreements), such borrowings were factored into the Program’s calculation of a Fund’s liquidity bucketing. Derivative exposure was also considered in such calculation.

Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size (“RATS”). The Committee may also take into consideration a Fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs that redeem in-kind generally do not hold more than de minimis amounts of cash, and that ETFs generally do not borrow.

The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs and reviewed any persistent deviations from long-term averages.

The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review.

There were no material changes to the Program during the Program Reporting Period. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.


STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM		45

Supplemental Information (unaudited)

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.

January 31, 2021



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date

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)	$	0.235436	$	—	$	0.030368	$	0.265804		89	%		—	%		11	%		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.


46		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

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 schedule 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.

Availability of Proxy Voting Policies and Procedures

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available upon request and without charge (1) by calling (800) 441-7762; (2) 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.

Availability of Proxy Voting Record

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) at blackrock.com; or by calling (800) 441-7762 and (2) on the SEC’s website at sec.gov.

BlackRock’s Mutual Fund Family

BlackRock offers a diverse lineup of open-end mutual funds crossing all investment styles and managed by experts in equity, fixed-income and tax-exempt investing. Visit blackrock.com for more information.

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.


ADDITIONAL INFORMATION		47

Additional Information (continued)

Fund and Service Providers

Investment Adviser

BlackRock Fund Advisors

San Francisco, CA 94105

Administrator, Custodian and Transfer Agent

State Street Bank and Trust Company

Boston, MA, 02111

Distributor

BlackRock Investments, LLC

New York, NY 10022

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania 19103

Legal Counsel

Sidley Austin LLP

New York, NY 10019

Address of the Trust

100 Bellevue Parkway

Wilmington, DE 19809


48		2 0 2 1 BLACK ROCK SEMI - ANNUAL REPORT TO SHAREHOLDERS

Glossary of Terms Used in this Report


Portfolio Abbreviations - Equity

ADR		American Depositary Receipt

NVS		Non-Voting Shares


GLOSSARY OF TERMS USED IN THIS REPORT		49

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-1/21-SAR

(b) Not Applicable

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

Item 5 –

Audit Committee of Listed Registrant – Not Applicable

Item 6 –

Investments

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

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)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Section 302 Certifications are attached

(a)(3) Not Applicable

(a)(4) Not Applicable

(b) Section 906 Certifications are attached

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: April 5, 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: April 5, 2021


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

Date: April 5, 2021

BlackRock ETF Trust N-CSRSCertified semi-annual shareholder report (management investment company)