Schedule of Investments (unaudited)
September 30, 2023
BlackRock Advantage Large Cap Income ETF
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Aerospace & Defense — 3.2% | |||
General Dynamics Corp. | 600 | $ 132,582 | |
Lockheed Martin Corp. | 336 | 137,410 | |
Northrop Grumman Corp. | 240 | 105,646 | |
375,638 | |||
Automobiles — 1.4% | |||
Ford Motor Co. | 168 | 2,087 | |
Tesla, Inc.(a) | 648 | 162,142 | |
164,229 | |||
Banks — 1.8% | |||
Citigroup, Inc. | 3,120 | 128,326 | |
JPMorgan Chase & Co. | 576 | 83,531 | |
211,857 | |||
Beverages — 1.8% | |||
Coca-Cola Europacific Partners PLC | 1,824 | 113,963 | |
PepsiCo, Inc. | 552 | 93,531 | |
207,494 | |||
Biotechnology — 4.0% | |||
AbbVie, Inc. | 1,320 | 196,759 | |
Amgen, Inc. | 600 | 161,256 | |
Exelixis, Inc.(a) | 1,032 | 22,549 | |
Incyte Corp.(a) | 1,536 | 88,735 | |
469,299 | |||
Broadline Retail — 3.8% | |||
Amazon.com, Inc.(a) | 3,504 | 445,429 | |
Building Products — 0.7% | |||
A O Smith Corp. | 1,224 | 80,943 | |
Capital Markets — 1.2% | |||
Moody’s Corp. | 408 | 128,997 | |
S&P Global, Inc. | 48 | 17,540 | |
146,537 | |||
Chemicals — 2.3% | |||
Air Products & Chemicals, Inc. | 72 | 20,405 | |
LyondellBasell Industries NV, Class A | 1,296 | 122,731 | |
Sherwin-Williams Co. (The) | 528 | 134,666 | |
277,802 | |||
Commercial Services & Supplies — 1.4% | |||
Republic Services, Inc. | 840 | 119,708 | |
Rollins, Inc. | 1,200 | 44,796 | |
164,504 | |||
Communications Equipment — 1.2% | |||
Cisco Systems, Inc. | 2,688 | 144,507 | |
Construction & Engineering — 1.1% | |||
EMCOR Group, Inc. | 72 | 15,148 | |
Valmont Industries, Inc. | 480 | 115,301 | |
130,449 | |||
Consumer Finance — 0.4% | |||
OneMain Holdings, Inc. | 1,272 | 50,994 | |
Consumer Staples Distribution & Retail — 1.0% | |||
Sysco Corp. | 1,848 | 122,060 | |
Containers & Packaging — 1.0% | |||
AptarGroup, Inc. | 24 | 3,001 | |
International Paper Co. | 3,216 | 114,071 | |
117,072 |
Security | Shares | Value | |
Diversified Telecommunication Services — 1.7% | |||
AT&T Inc. | 5,184 | $ 77,864 | |
Verizon Communications, Inc. | 3,816 | 123,676 | |
201,540 | |||
Electric Utilities — 1.8% | |||
Evergy, Inc. | 2,232 | 113,163 | |
OGE Energy Corp. | 2,976 | 99,190 | |
212,353 | |||
Electrical Equipment — 0.1% | |||
Emerson Electric Co. | 96 | 9,271 | |
Electronic Equipment, Instruments & Components — 1.2% | |||
Corning, Inc. | 672 | 20,476 | |
TE Connectivity Ltd. | 1,032 | 127,483 | |
147,959 | |||
Energy Equipment & Services — 0.3% | |||
Baker Hughes Co., Class A | 960 | 33,907 | |
Entertainment — 0.6% | |||
Electronic Arts, Inc. | 624 | 75,130 | |
Financial Services — 3.6% | |||
Berkshire Hathaway, Inc., Class B(a) | 240 | 84,072 | |
Fiserv, Inc.(a) | 24 | 2,711 | |
Jack Henry & Associates, Inc. | 72 | 10,882 | |
Mastercard, Inc., Class A | 552 | 218,542 | |
Visa, Inc., Class A | 480 | 110,405 | |
426,612 | |||
Food Products — 3.2% | |||
Archer-Daniels-Midland Co. | 1,464 | 110,415 | |
Hershey Co. (The) | 600 | 120,048 | |
J M Smucker Co. (The) | 408 | 50,147 | |
Mondelez International, Inc., Class A | 1,464 | 101,602 | |
382,212 | |||
Health Care Equipment & Supplies — 0.4% | |||
Stryker Corp. | 168 | 45,909 | |
Health Care Providers & Services — 3.3% | |||
Cencora, Inc. | 192 | 34,554 | |
Elevance Health, Inc. | 288 | 125,401 | |
Ensign Group, Inc. (The) | 168 | 15,612 | |
Humana, Inc. | 144 | 70,059 | |
McKesson Corp. | 288 | 125,237 | |
UnitedHealth Group, Inc. | 48 | 24,201 | |
395,064 | |||
Hotels, Restaurants & Leisure — 1.4% | |||
McDonald’s Corp. | 648 | 170,709 | |
Household Durables — 0.3% | |||
Leggett & Platt, Inc. | 1,392 | 35,371 | |
Household Products — 1.2% | |||
Colgate-Palmolive Co. | 1,848 | 131,411 | |
Procter & Gamble Co. (The) | 96 | 14,003 | |
145,414 | |||
Industrial Conglomerates — 0.2% | |||
Honeywell International, Inc. | 144 | 26,603 | |
Insurance — 4.2% | |||
American Financial Group, Inc. | 1,008 | 112,563 | |
Marsh & McLennan Cos., Inc. | 744 | 141,583 | |
Reinsurance Group of America, Inc. | 768 | 111,506 |
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Schedule of Investments (unaudited) (continued)
September 30, 2023
BlackRock Advantage Large Cap Income ETF
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Insurance (continued) | |||
Travelers Cos., Inc. (The) | 408 | $ 66,631 | |
W R Berkley Corp. | 1,008 | 63,998 | |
496,281 | |||
Interactive Media & Services — 6.2% | |||
Alphabet, Inc., Class A(a) | 2,280 | 298,361 | |
Alphabet, Inc., Class C, NVS(a) | 1,608 | 212,015 | |
Meta Platforms, Inc., Class A(a) | 744 | 223,356 | |
733,732 | |||
Machinery — 1.5% | |||
Oshkosh Corp. | 912 | 87,032 | |
Snap-on, Inc. | 336 | 85,700 | |
172,732 | |||
Media — 1.0% | |||
Comcast Corp., Class A | 2,664 | 118,122 | |
Oil, Gas & Consumable Fuels — 3.5% | |||
Chevron Corp. | 168 | 28,328 | |
EOG Resources, Inc. | 48 | 6,085 | |
Exxon Mobil Corp. | 1,992 | 234,219 | |
Kinder Morgan, Inc. | 7,608 | 126,141 | |
Pioneer Natural Resources Co. | 72 | 16,528 | |
Targa Resources Corp. | 24 | 2,057 | |
413,358 | |||
Pharmaceuticals — 5.8% | |||
Bristol-Myers Squibb Co. | 2,328 | 135,117 | |
Eli Lilly & Co. | 360 | 193,367 | |
Johnson & Johnson | 1,296 | 201,852 | |
Pfizer, Inc. | 4,920 | 163,196 | |
693,532 | |||
Residential REITs — 0.7% | |||
Camden Property Trust | 888 | 83,987 | |
Retail REITs — 0.9% | |||
Agree Realty Corp. | 2,016 | 111,364 | |
Semiconductors & Semiconductor Equipment — 6.0% | |||
Intel Corp. | 2,688 | 95,558 | |
NVIDIA Corp. | 1,008 | 438,470 | |
QUALCOMM, Inc. | 360 | 39,982 | |
Texas Instruments, Inc. | 888 | 141,201 | |
715,211 | |||
Software — 9.0% | |||
Manhattan Associates, Inc.(a) | 576 | 113,852 |
Security | Shares | Value | |
Software (continued) | |||
Microsoft Corp. | 2,736 | $ 863,892 | |
Oracle Corp. | 384 | 40,673 | |
Salesforce, Inc.(a) | 264 | 53,534 | |
1,071,951 | |||
Specialty Retail — 1.7% | |||
Murphy U.S.A., Inc. | 48 | 16,403 | |
TJX Cos., Inc. (The) | 1,656 | 147,186 | |
Ulta Beauty, Inc.(a) | 96 | 38,347 | |
201,936 | |||
Technology Hardware, Storage & Peripherals — 8.0% | |||
Apple Inc. | 4,992 | 854,680 | |
Dell Technologies, Inc., Class C | 888 | 61,183 | |
NetApp, Inc. | 480 | 36,423 | |
952,286 | |||
Textiles, Apparel & Luxury Goods — 0.5% | |||
Skechers U.S.A., Inc., Class A(a) | 1,176 | 57,565 | |
Trading Companies & Distributors — 0.7% | |||
WW Grainger, Inc. | 120 | 83,021 | |
Total Long-Term Investments — 95.3% (Cost: $11,297,906) | 11,321,946 | ||
Short-Term Securities | |||
Money Market Funds — 3.7% | |||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(c) | 435,617 | 435,617 | |
Total Short-Term Securities — 3.7% (Cost: $435,617) | 435,617 | ||
Total Investments Before Options Written — 99.0% (Cost: $11,733,523) | 11,757,563 | ||
Options Written — (0.1)% (Premiums Received: $(15,627)) | (14,460) | ||
Total Investments Net of Options Written — 98.9% (Cost: $11,717,896) | 11,743,103 | ||
Other Assets Less Liabilities — 1.1% | 134,220 | ||
Net Assets — 100.0% | $ 11,877,323 |
(a) | Non-income producing security. |
(b) | Affiliate of the Fund. |
(c) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 09/26/23(a) | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 09/30/23 | Shares Held at 09/30/23 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ — | $ 435,617(b) | $ — | $ — | $ — | $ 435,617 | 435,617 | $ 194 | $ — |
(a) | The Fund commenced operations on September 26, 2023. |
(b) | Represents net amount purchased (sold). |
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Schedule of Investments (unaudited) (continued)
September 30, 2023
BlackRock Advantage Large Cap Income ETF
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description | Number of Contracts | Expiration Date | Notional Amount (000) | Value/ Unrealized Appreciation (Depreciation) |
Long Contracts | ||||
Micro E-Mini S&P 500 Index | 20 | 12/15/23 | $ 433 | $ 576 |
Exchange-Traded Options Written
Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value | ||
Call | |||||||
iShares Core S&P 500 ETF | 3 | 10/27/23 | USD | 4,355.00 | USD | 1,286 | $ (14,460) |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• Level 1 — Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access;
• Level 2 — Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and
• Level 3 — Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | ||||
Assets | |||||||
Investments | |||||||
Long-Term Investments | |||||||
Common Stocks | $ 11,321,946 | $ — | $ — | $ 11,321,946 | |||
Short-Term Securities | |||||||
Money Market Funds | 435,617 | — | — | 435,617 | |||
$ 11,757,563 | $ — | $ — | $ 11,757,563 | ||||
Derivative Financial Instruments(a) | |||||||
Assets | |||||||
Equity Contracts | $ 576 | $ — | $ — | $ 576 | |||
Liabilities | |||||||
Equity Contracts | (14,460) | — | — | (14,460) | |||
$ (13,884) | $ — | $ — | $ (13,884) |
(a) | Derivative financial instruments are futures contracts and options written. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument and options written are shown at value. |
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Schedule of Investments (unaudited) (continued)
September 30, 2023
BlackRock Advantage Large Cap Income ETF
Portfolio Abbreviation | |
ETF | Exchange-Traded Fund |
NVS | Non-Voting Shares |
S&P | Standard & Poor’s |
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