Schedule of Investments (unaudited) October 31, 2023 | BlackRock Future Health ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks | ||||||||
Biotechnology — 40.7% | ||||||||
4D Molecular Therapeutics Inc.(a) | 177 | $ | 1,901 | |||||
Abcam PLC, SP ADR(a) | 2,539 | 58,194 | ||||||
Alkermes PLC(a) | 1,406 | 34,011 | ||||||
Allakos Inc.(a) | 248 | 474 | ||||||
Alnylam Pharmaceuticals Inc.(a) | 203 | 30,815 | ||||||
Amgen Inc. | 414 | 105,860 | ||||||
Apellis Pharmaceuticals Inc.(a) | 100 | 4,866 | ||||||
Apogee Therapeutics Inc., NVS(b) | 329 | 5,652 | ||||||
Arcturus Therapeutics Holdings Inc.(a) | 285 | 5,443 | ||||||
Arcus Biosciences Inc.(a) | 320 | 5,027 | ||||||
Argenx SE, ADR(a) | 218 | 102,366 | ||||||
Arrowhead Pharmaceuticals Inc.(a) | 154 | 3,787 | ||||||
Aura Biosciences Inc.(a) | 311 | 2,538 | ||||||
Bavarian Nordic A/S(a) | 140 | 2,668 | ||||||
BeiGene Ltd., ADR(a) | 165 | 30,736 | ||||||
Biogen Inc.(a)(b) | 174 | 41,332 | ||||||
Biohaven Ltd., NVS(a) | 211 | 5,594 | ||||||
BioMarin Pharmaceutical Inc.(a) | 822 | 66,952 | ||||||
Biomea Fusion Inc.(a) | 281 | 2,872 | ||||||
Black Diamond Therapeutics Inc.(a)(b) | 1,617 | 3,040 | ||||||
Blueprint Medicines Corp.(a) | 710 | 41,791 | ||||||
Bridgebio Pharma Inc.(a) | 120 | 3,125 | ||||||
Cabaletta Bio Inc.(a) | 545 | 7,772 | ||||||
Cerevel Therapeutics Holdings Inc.(a)(b) | 488 | 11,541 | ||||||
CRISPR Therapeutics AG(a)(b) | 91 | 3,543 | ||||||
CureVac NV(a) | 468 | 2,480 | ||||||
Exact Sciences Corp.(a) | 255 | 15,705 | ||||||
Exelixis Inc.(a) | 956 | 19,684 | ||||||
Frequency Therapeutics Inc.(a) | 420 | 102 | ||||||
Galapagos NV, ADR(a)(b) | 296 | 9,898 | ||||||
Genmab A/S(a) | 56 | 15,830 | ||||||
Genmab A/S, ADR(a) | 182 | 5,169 | ||||||
Gilead Sciences Inc. | 726 | 57,020 | ||||||
Halozyme Therapeutics Inc.(a)(b) | 311 | 10,534 | ||||||
Immunocore Holdings PLC(a)(b) | 620 | 27,528 | ||||||
ImmunoGen Inc.(a)(b) | 414 | 6,152 | ||||||
Incyte Corp.(a) | 448 | 24,161 | ||||||
Ionis Pharmaceuticals Inc.(a)(b) | 799 | 35,372 | ||||||
Iovance Biotherapeutics Inc.(a) | 308 | 1,177 | ||||||
Karuna Therapeutics Inc.(a) | 42 | 6,998 | ||||||
Keros Therapeutics Inc.(a) | 229 | 6,536 | ||||||
Kinnate Biopharma Inc.(a) | 369 | 410 | ||||||
Legend Biotech Corp., ADR(a) | 785 | 51,865 | ||||||
MacroGenics Inc.(a) | 348 | 1,817 | ||||||
Merus NV(a) | 795 | 15,987 | ||||||
Mirati Therapeutics Inc.(a) | 334 | 18,547 | ||||||
Monte Rosa Therapeutics Inc.(a) | 230 | 782 | ||||||
MoonLake Immunotherapeutics, Class A, NVS(a) | 492 | 25,490 | ||||||
Morphic Holding Inc.(a) | 148 | 2,953 | ||||||
MorphoSys AG(a) | 97 | 3,135 | ||||||
Neurocrine Biosciences Inc.(a) | 334 | 37,054 | ||||||
Nuvalent Inc., Class A(a) | 463 | 24,118 | ||||||
Prime Medicine Inc., NVS(a)(b) | 704 | 4,569 | ||||||
Protagonist Therapeutics Inc.(a) | 780 | 11,341 | ||||||
PTC Therapeutics Inc.(a) | 428 | 8,025 | ||||||
REVOLUTION Medicines Inc.(a) | 356 | 7,049 | ||||||
Rhythm Pharmaceuticals Inc.(a) | 1,151 | 26,600 | ||||||
Rocket Pharmaceuticals Inc.(a) | 611 | 11,059 | ||||||
Sarepta Therapeutics Inc.(a) | 469 | 31,568 | ||||||
Seagen Inc.(a) | 204 | 43,413 |
Security | Shares | Value | ||||||
Biotechnology (continued) | ||||||||
Tenaya Therapeutics Inc.(a) | 236 | $ | 429 | |||||
TScan Therapeutics Inc.(a) | 2,269 | 8,736 | ||||||
Twist Bioscience Corp.(a)(b) | 253 | 3,987 | ||||||
Ultragenyx Pharmaceutical Inc.(a)(b) | 229 | 8,107 | ||||||
United Therapeutics Corp.(a) | 119 | 26,520 | ||||||
Vaxcyte Inc.(a)(b) | 556 | 26,744 | ||||||
Vertex Pharmaceuticals Inc.(a) | 331 | 119,858 | ||||||
Viking Therapeutics Inc.(a)(b) | 434 | 4,257 | ||||||
Voyager Therapeutics Inc.(a) | 311 | 2,043 | ||||||
Xenon Pharmaceuticals Inc.(a) | 210 | 6,510 | ||||||
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1,359,219 | ||||||||
Electronic Equipment, Instruments & Components — 0.1% | ||||||||
908 Devices Inc.(a)(b) | 432 | 2,562 | ||||||
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Health Care Equipment & Supplies — 19.7% | ||||||||
Abiomed Inc., CVR(c) | 246 | 669 | ||||||
Alcon Inc. | 928 | 66,185 | ||||||
Align Technology Inc.(a) | 262 | 48,363 | ||||||
Becton Dickinson and Co. | 166 | 41,961 | ||||||
Boston Scientific Corp.(a) | 2,092 | 107,089 | ||||||
CONMED Corp. | 180 | 17,543 | ||||||
ConvaTec Group PLC(d) | 7,844 | 19,468 | ||||||
Cooper Companies Inc. (The) | 208 | 64,844 | ||||||
Glaukos Corp.(a) | 200 | 13,640 | ||||||
Hologic Inc.(a) | 366 | 24,218 | ||||||
Inspire Medical Systems Inc.(a) | 91 | 13,392 | ||||||
Intuitive Surgical Inc.(a) | 200 | 52,444 | ||||||
Masimo Corp.(a) | 451 | 36,590 | ||||||
Novocure Ltd.(a) | 385 | 5,121 | ||||||
Nyxoah SA(a)(b) | 912 | 5,125 | ||||||
Penumbra Inc.(a) | 169 | 32,304 | ||||||
Pulmonx Corp.(a) | 587 | 5,160 | ||||||
Shockwave Medical Inc.(a) | 128 | 26,401 | ||||||
SI-BONE Inc.(a) | 300 | 5,103 | ||||||
STAAR Surgical Co.(a) | 126 | 5,269 | ||||||
STERIS PLC | 311 | 65,304 | ||||||
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656,193 | ||||||||
Health Care Providers & Services — 9.2% | ||||||||
AmerisourceBergen Corp. | 536 | 99,241 | ||||||
Centene Corp.(a) | 245 | 16,900 | ||||||
Cigna Group (The) | 85 | 26,282 | ||||||
Elevance Health Inc. | 60 | 27,005 | ||||||
Encompass Health Corp. | 163 | 10,197 | ||||||
Guardant Health Inc.(a) | 375 | 9,705 | ||||||
Humana Inc. | 90 | 47,132 | ||||||
McKesson Corp. | 99 | 45,081 | ||||||
UnitedHealth Group Inc. | 50 | 26,778 | ||||||
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308,321 | ||||||||
Health Care Technology — 0.0% | ||||||||
Sophia Genetics SA(a)(b) | 413 | 1,524 | ||||||
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Life Sciences Tools & Services — 9.6% | ||||||||
10X Genomics Inc., Class A(a) | 359 | 12,666 | ||||||
Avantor Inc.(a) | 1,205 | 21,003 | ||||||
Bio-Rad Laboratories Inc., Class A(a) | 37 | 10,185 | ||||||
Bio-Techne Corp. | 499 | 27,260 | ||||||
Bruker Corp. | 349 | 19,893 | ||||||
Gerresheimer AG | 440 | 41,040 | ||||||
Mettler-Toledo International Inc.(a) | 23 | 22,660 | ||||||
QIAGEN NV(a) | 1,148 | 42,970 | ||||||
Repligen Corp.(a)(b) | 134 | 18,031 | ||||||
Waters Corp.(a) | 67 | 15,981 |
| 1 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Future Health ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Life Sciences Tools & Services (continued) | ||||||||
West Pharmaceutical Services Inc. | 280 | $ | 89,121 | |||||
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320,810 | ||||||||
Personal Care Products — 0.2% | ||||||||
Haleon PLC, ADR, NVS | 809 | 6,545 | ||||||
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Pharmaceuticals — 11.3% | ||||||||
Arvinas Inc.(a) | 429 | 6,915 | ||||||
AstraZeneca PLC | 265 | 16,756 | ||||||
Catalent Inc.(a) | 620 | 21,322 | ||||||
Elanco Animal Health Inc.(a) | 2,670 | 23,523 | ||||||
Eli Lilly & Co. | 191 | 105,800 | ||||||
Merck & Co. Inc. | 400 | 41,080 | ||||||
Novo Nordisk A/S | 808 | 77,953 | ||||||
Sanofi, ADR | 985 | 44,571 | ||||||
Structure Therapeutics Inc.(a) | 299 | 22,216 | ||||||
UCB SA | 227 | 16,603 | ||||||
Ventyx Biosciences Inc.(a) | 54 | 779 | ||||||
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377,518 | ||||||||
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Total Common Stocks — 90.8% | 3,032,692 | |||||||
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Preferred Stocks | ||||||||
Life Sciences Tools & Services — 0.7% | ||||||||
Sartorius AG, Preference Shares, NVS | 95 | 23,811 | ||||||
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Total Preferred Stocks — 0.7% | 23,811 | |||||||
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Total Long-Term Investments — 91.5% | 3,056,503 | |||||||
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Security | Shares | Value | ||||||
Short-Term Securities | ||||||||
Money Market Funds — 13.6% | ||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g) | 195,057 | $ | 195,135 | |||||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%(e)(f) | 260,000 | 260,000 | ||||||
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Total Short-Term Securities — 13.6% | 455,135 | |||||||
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Total Investments — 105.1% | 3,511,638 | |||||||
Liabilities in Excess of Other Assets — (5.1)% | (171,722 | ) | ||||||
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Net Assets — 100.0% | $ | 3,339,916 | ||||||
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(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan. |
(c) | Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy. |
(d) | 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. |
(e) | Affiliate of the Fund. |
(f) | Annualized 7-day yield as of period end. |
(g) | 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 October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 07/31/23 | Purchases at Cost | Proceeds from Sale | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 10/31/23 | Shares Held at 10/31/23 | Income | Capital Gain Distributions from Underlying Funds | |||||||||||||||||||||||||||
BlackRock Cash Funds: Institutional, SL Agency Shares | $ | 519,473 | $ | — | $ | (324,362 | )(a) | $ | 40 | $ | (16 | ) | $ | 195,135 | 195,057 | $ | 513 | (b) | $ | — | ||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares | 260,000 | 0 | (a) | — | — | — | 260,000 | 260,000 | 2,387 | — | ||||||||||||||||||||||||||
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$ | 40 | $ | (16 | ) | $ | 455,135 | $ | 2,900 | $ | — | ||||||||||||||||||||||||||
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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. |
Derivative Financial Instruments Outstanding as of Period End Forward
Foreign Currency Exchange Contracts
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||
USD | 34,692 | EUR | 32,200 | Deutsche Bank Securities Inc. | 12/14/23 | $ | 557 | |||||||||||||||||||||||||||||
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CHF | 36,000 | USD | 40,744 | Barclays Bank PLC | 12/14/23 | (984 | ) | |||||||||||||||||||||||||||||
CHF | 5,700 | USD | 6,451 | Morgan Stanley & Co. International PLC | 12/14/23 | (156 | ) |
2 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Future Health ETF |
Foreign Currency Exchange Contracts (continued)
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||||||||||||||||||
JPY | 13,742,800 | USD | 94,760 | Deutsche Bank Securities Inc. | 12/14/23 | $ | (3,472 | ) | ||||||||||||||||||||||||||||
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(4,612 | ) | |||||||||||||||||||||||||||||||||||
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$ | (4,055 | ) | ||||||||||||||||||||||||||||||||||
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Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:
• | Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access; |
• | Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs); and |
• | Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments). |
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds. There may not be a secondary market, and/or there are a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities. For information about the Fund’s policy regarding valuation of financial instruments, refer to its most recent financial statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Investments | ||||||||||||||||
Long-Term Investments | ||||||||||||||||
Common Stocks | $ | 2,871,251 | $ | 160,772 | $ | 669 | $ | 3,032,692 | ||||||||
Preferred Stocks | — | 23,811 | — | 23,811 | ||||||||||||
Short-Term Securities | ||||||||||||||||
Money Market Funds | 455,135 | — | — | 455,135 | ||||||||||||
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$ | 3,326,386 | $ | 184,583 | $ | 669 | $ | 3,511,638 | |||||||||
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Derivative Financial Instruments(a) | ||||||||||||||||
Assets | ||||||||||||||||
Foreign Currency Exchange Contracts | $ | — | $ | 557 | $ | — | $ | 557 | ||||||||
Liabilities | ||||||||||||||||
Foreign Currency Exchange Contracts | — | (4,612 | ) | — | (4,612 | ) | ||||||||||
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$ | — | $ | (4,055 | ) | $ | — | (4,055 | ) | ||||||||
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(a) | Derivative financial instruments are forward foreign currency exchange contracts. Forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Portfolio Abbreviation | ||||||||||
ADR | American Depositary Receipt | |||||||||
NVS | Non-Voting Shares |
| 3 |
Schedule of Investments (unaudited) (continued) October 31, 2023 | BlackRock Future Health ETF |
Currency Abbreviation | ||||||||||
CHF | Swiss Franc | |||||||||
EUR | Euro | |||||||||
JPY | Japanese Yen | |||||||||
USD | United States Dollar |
4 |