Schedule of Investments (unaudited) April 30, 2022 | BlackRock Future Health ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Biotechnology — 25.9% | ||||||||
AbbVie Inc. | 725 | $ | 106,488 | |||||
Acumen Pharmaceuticals Inc.(a)(b) | 668 | 2,579 | ||||||
Agios Pharmaceuticals Inc.(a) | 799 | 17,554 | ||||||
Alkermes PLC(a) | 3,791 | 109,370 | ||||||
Alnylam Pharmaceuticals Inc.(a) | 275 | 36,693 | ||||||
Ambrx Biopharma Inc., ADR(a) | 428 | 1,631 | ||||||
Applied Molecular Transport Inc.(a) | 301 | 1,291 | ||||||
Arcus Biosciences Inc.(a) | 587 | 14,211 | ||||||
Arcutis Biotherapeutics Inc.(a)(b) | 2,686 | 54,230 | ||||||
Argenx SE, ADR(a) | 249 | 71,543 | ||||||
Arrowhead Pharmaceuticals Inc.(a) | 306 | 12,580 | ||||||
BioAtla Inc.(a) | 466 | 1,622 | ||||||
Biogen Inc.(a) | 205 | 42,525 | ||||||
Biohaven Pharmaceutical Holding Co. Ltd.(a) | 600 | 53,502 | ||||||
BioMarin Pharmaceutical Inc.(a) | 1,186 | 96,481 | ||||||
Blueprint Medicines Corp.(a) | 245 | 14,296 | ||||||
Connect Biopharma Holdings Ltd.(a) | 211 | 428 | ||||||
Decibel Therapeutics Inc.(a) | 469 | 943 | ||||||
Design Therapeutics Inc.(a) | 243 | 2,901 | ||||||
Enanta Pharmaceuticals Inc.(a) | 208 | 13,395 | ||||||
Exact Sciences Corp.(a) | 772 | 42,499 | ||||||
Exelixis Inc.(a) | 1,911 | 42,692 | ||||||
Fate Therapeutics Inc.(a) | 163 | 4,655 | ||||||
Galapagos NV, ADR(a) | 588 | 34,210 | ||||||
Genmab A/S(a) | 110 | 38,681 | ||||||
Genmab A/S, ADR(a) | 362 | 12,735 | ||||||
Halozyme Therapeutics Inc.(a) | 3,038 | 121,216 | ||||||
Horizon Therapeutics PLC(a) | 915 | 90,182 | ||||||
Imago Biosciences Inc.(a) | 412 | 6,736 | ||||||
Immunocore Holdings PLC(a) | 200 | 6,522 | ||||||
Ionis Pharmaceuticals Inc.(a) | 1,528 | 56,169 | ||||||
Iovance Biotherapeutics Inc.(a) | 700 | 10,605 | ||||||
Karuna Therapeutics Inc.(a) | 107 | 11,926 | ||||||
Keros Therapeutics Inc.(a) | 763 | 40,447 | ||||||
Kinnate Biopharma Inc.(a) | 843 | 6,297 | ||||||
Krystal Biotech Inc.(a) | 261 | 15,819 | ||||||
Kymera Therapeutics Inc.(a) | 907 | 28,434 | ||||||
Mirati Therapeutics Inc.(a) | 301 | 18,599 | ||||||
Monte Rosa Therapeutics Inc.(a)(b) | 458 | 4,992 | ||||||
MoonLake Immunotherapeutics, NVS | 593 | 3,677 | ||||||
Neurocrine Biosciences Inc.(a) | 952 | 85,709 | ||||||
PMV Pharmaceuticals Inc.(a) | 963 | 13,954 | ||||||
Prothena Corp. PLC(a) | 1,212 | 35,342 | ||||||
RAPT Therapeutics Inc.(a) | 629 | 9,517 | ||||||
REVOLUTION Medicines Inc.(a)(b) | 811 | 16,196 | ||||||
Sarepta Therapeutics Inc.(a) | 1,462 | 105,732 | ||||||
Seagen Inc.(a) | 581 | 76,117 | ||||||
Sierra Oncology Inc.(a)(b) | 633 | 34,505 | ||||||
Sigilon Therapeutics Inc.(a) | 962 | 1,010 | ||||||
Talaris Therapeutics Inc.(a) | 381 | 2,690 | ||||||
Tenaya Therapeutics Inc.(a) | 472 | 4,352 | ||||||
TScan Therapeutics Inc.(a) | 1,836 | 3,947 | ||||||
Twist Bioscience Corp.(a) | 595 | 17,160 | ||||||
United Therapeutics Corp.(a) | 213 | 37,820 | ||||||
Vertex Pharmaceuticals Inc.(a) | 728 | 198,904 | ||||||
Zentalis Pharmaceuticals Inc.(a) | 820 | 21,746 | ||||||
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1,916,057 |
Security | Shares | Value | ||||||
Diversified Financial Services — 1.7% | ||||||||
DA32 Life Science Tech Acquisition Corp., Class A(a) | 4,241 | $ | 41,350 | |||||
Eucrates Biomedical Acquisition Corp.(a) | 2,475 | 24,453 | ||||||
Health Assurance Acquisition Corp., Class A(a) | 3,754 | 37,014 | ||||||
MedTech Acquisition Corp./NY, Class A(a) | 2,544 | 25,008 | ||||||
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127,825 | ||||||||
Electronic Equipment, Instruments & Components — 0.2% | ||||||||
908 Devices Inc.(a) | 864 | 15,336 | ||||||
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Health Care Equipment & Supplies — 27.8% | ||||||||
Abbott Laboratories | 809 | 91,820 | ||||||
ABIOMED Inc.(a) | 327 | 93,712 | ||||||
Alcon Inc. | 2,812 | 200,243 | ||||||
Align Technology Inc.(a) | 115 | 33,340 | ||||||
Boston Scientific Corp.(a) | 1,865 | 78,535 | ||||||
ConvaTec Group PLC(c) | 15,684 | 41,489 | ||||||
Cooper Companies Inc. (The) | 341 | 123,115 | ||||||
Demant A/S(a) | 1,492 | 65,564 | ||||||
Dexcom Inc.(a) | 269 | 109,908 | ||||||
Edwards Lifesciences Corp.(a) | 681 | 72,036 | ||||||
Globus Medical Inc., Class A(a) | 306 | 20,263 | ||||||
Hologic Inc.(a) | 886 | 63,783 | ||||||
IDEXX Laboratories Inc.(a) | 115 | 49,505 | ||||||
Insulet Corp.(a) | 329 | 78,628 | ||||||
Intuitive Surgical Inc.(a) | 228 | 54,560 | ||||||
Nevro Corp.(a) | 1,623 | 100,123 | ||||||
Novocure Ltd.(a)(b) | 395 | 30,249 | ||||||
Nyxoah SA(a) | 1,824 | 29,640 | ||||||
Omnicell Inc.(a) | 451 | 49,236 | ||||||
Penumbra Inc.(a) | 356 | 61,431 | ||||||
Pulmonx Corp.(a) | 585 | 14,098 | ||||||
ResMed Inc. | 608 | 121,582 | ||||||
SI-BONE Inc.(a) | 596 | 11,908 | ||||||
Sonova Holding AG, Registered | 258 | 93,042 | ||||||
STERIS PLC | 322 | 72,144 | ||||||
Tandem Diabetes Care Inc.(a) | 1,069 | 103,137 | ||||||
Teleflex Inc. | 296 | 84,544 | ||||||
Zimmer Biomet Holdings Inc. | 843 | 101,792 | ||||||
Zimvie Inc.(a) | 105 | 2,362 | ||||||
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2,051,789 | ||||||||
Health Care Providers & Services — 19.0% | ||||||||
Addus HomeCare Corp.(a) | 147 | 12,389 | ||||||
agilon health Inc.(a) | 844 | 14,998 | ||||||
Amedisys Inc.(a) | 523 | 66,761 | ||||||
AmerisourceBergen Corp. | 1,071 | 162,032 | ||||||
Amplifon SpA | 943 | 37,621 | ||||||
Anthem Inc. | 374 | 187,722 | ||||||
Centene Corp.(a) | 1,169 | 94,163 | ||||||
Encompass Health Corp. | 1,386 | 95,398 | ||||||
Guardant Health Inc.(a) | 720 | 44,424 | ||||||
HCA Healthcare Inc. | 290 | 62,220 | ||||||
Henry Schein Inc.(a) | 664 | 53,850 | ||||||
LHC Group Inc.(a) | 331 | 54,896 | ||||||
McKesson Corp. | 482 | 149,232 | ||||||
Quest Diagnostics Inc. | 1,267 | 169,575 | ||||||
R1 RCM Inc.(a) | 2,191 | 49,341 | ||||||
UnitedHealth Group Inc. | 290 | 147,480 | ||||||
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1,402,102 | ||||||||
Health Care Technology — 0.1% | ||||||||
Sophia Genetics SA(a) | 825 | 5,305 | ||||||
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1 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Future Health ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Life Sciences Tools & Services — 9.9% | ||||||||
10X Genomics Inc., Class A(a) | 290 | $ | 13,850 | |||||
Agilent Technologies Inc. | 313 | 37,332 | ||||||
Avantor Inc.(a) | 2,119 | 67,554 | ||||||
Bruker Corp. | 1,227 | 70,540 | ||||||
Cytek Biosciences Inc.(a) | 2,380 | 22,491 | ||||||
Illumina Inc.(a) | 125 | 37,081 | ||||||
IQVIA Holdings Inc.(a) | 183 | 39,892 | ||||||
IsoPlexis Corp(a) | 480 | 1,046 | ||||||
Lonza Group AG, Registered | 60 | 35,378 | ||||||
Mettler-Toledo International Inc.(a) | 31 | 39,604 | ||||||
QIAGEN NV(a) | 2,078 | 94,279 | ||||||
Sotera Health Co.(a) | 3,729 | 75,997 | ||||||
Waters Corp.(a) | 420 | 127,268 | ||||||
West Pharmaceutical Services Inc. | 114 | 35,917 | ||||||
Wuxi Biologics Cayman Inc., New(a)(c) | 4,000 | 29,523 | ||||||
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727,752 | ||||||||
Pharmaceuticals — 9.4% | ||||||||
Astellas Pharma Inc. | 6,100 | 92,877 | ||||||
AstraZeneca PLC | 627 | 41,633 | ||||||
Bristol-Myers Squibb Co. | 748 | 56,302 | ||||||
Daiichi Sankyo Co. Ltd. | 4,600 | 115,823 | ||||||
H Lundbeck A/S | 1,306 | 29,931 | ||||||
Johnson & Johnson | 435 | 78,500 | ||||||
Merck & Co. Inc. | 856 | 75,919 | ||||||
Merck KGaA | 284 | 52,690 | ||||||
Pfizer Inc. | 756 | 37,097 | ||||||
UCB SA | 997 | 113,331 | ||||||
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694,103 | ||||||||
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Total Common Stocks — 94.0% | 6,940,269 | |||||||
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Warrants | ||||||||
Diversified Financial Services — 0.0% | ||||||||
Eucrates Biomedical Acquisition Corp., | 825 | 174 |
Security | Shares | Value | ||||||
Diversified Financial Services (continued) | ||||||||
Health Assurance Acquisition Corp., | 938 | $ | 460 | |||||
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634 | ||||||||
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Total Warrants — 0.0% | 634 | |||||||
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Short-Term Investments | ||||||||
Money Market Funds — 7.8% | ||||||||
BlackRock Cash Funds: Institutional, | 139,327 | 139,327 | ||||||
BlackRock Cash Funds: Treasury, | 440,000 | 440,000 | ||||||
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579,327 | ||||||||
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Total Short-Term Investments — 7.8% | 579,327 | |||||||
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Total Investments in Securities — 101.8% | 7,520,230 | |||||||
Other Assets, Less Liabilities — (1.8)% | (132,425 | ) | ||||||
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Net Assets — 100.0% | $ | 7,387,805 | ||||||
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(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(d) | Affiliate of the Fund. |
(e) | Annualized 7-day yield as of period end. |
(f) | All or a portion of this security was purchased with the cash collateral from loaned securities. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended April 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/21 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 04/30/22 | Shares Held at 04/30/22 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, | $ | 185,281 | $ | — | $ | (45,761 | )(a) | $ | (236 | ) | $ | 43 | $ | 139,327 | 139,327 | $ | 763 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, | 430,000 | 10,000 | (a) | — | — | — | 440,000 | 440,000 | 188 | — | ||||||||||||||||||||||||||
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$ | (236 | ) | $ | 43 | $ | 579,327 | $ | 951 | $ | — | ||||||||||||||||||||||||||
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(a) | Represents net amount purchased (sold). |
(b) | All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities. |
Fair Value Measurements
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; |
2 |
Schedule of Investments (unaudited) (continued) April 30, 2022 | BlackRock Future Health ETF |
Fair Value Measurements (continued)
• | 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 BlackRock Global Valuation Methodologies Committee’s (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. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments | ||||||||||||||||
Assets | ||||||||||||||||
Common Stocks | $ | 6,194,319 | $ | 745,950 | $ | — | $ | 6,940,269 | ||||||||
Warrants | 634 | — | — | 634 | ||||||||||||
Money Market Funds | 579,327 | — | — | 579,327 | ||||||||||||
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$ | 6,774,280 | $ | 745,950 | $ | — | $ | 7,520,230 | |||||||||
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Portfolio Abbreviations - Equity | ||
ADR | American Depositary Receipt | |
NVS | Non-Voting Shares |
3 |