Schedule of Investments (unaudited)
March 31, 2024
BlackRock Advantage Large Cap Income ETF
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Common Stocks | |||
Aerospace & Defense — 1.3% | |||
Lockheed Martin Corp. | 640 | $ 291,117 | |
Northrop Grumman Corp. | 72 | 34,463 | |
325,580 | |||
Air Freight & Logistics — 0.0% | |||
Expeditors International of Washington, Inc. | 72 | 8,753 | |
United Parcel Service, Inc., Class B | 32 | 4,756 | |
13,509 | |||
Automobiles — 0.9% | |||
Ford Motor Co. | 15,550 | 206,504 | |
Tesla, Inc.(a) | 186 | 32,697 | |
239,201 | |||
Banks — 2.4% | |||
Bank of America Corp. | 297 | 11,262 | |
Citigroup, Inc. | 4,772 | 301,781 | |
Columbia Banking System, Inc. | 1,410 | 27,284 | |
JPMorgan Chase & Co. | 1,388 | 278,016 | |
618,343 | |||
Beverages — 0.4% | |||
Coca-Cola Co. (The) | 802 | 49,066 | |
PepsiCo, Inc. | 308 | 53,903 | |
102,969 | |||
Biotechnology — 3.8% | |||
AbbVie, Inc. | 2,353 | 428,481 | |
Amgen, Inc. | 484 | 137,611 | |
Exelixis, Inc.(a) | 1,039 | 24,655 | |
Gilead Sciences, Inc. | 3,558 | 260,624 | |
Incyte Corp.(a) | 2,174 | 123,853 | |
975,224 | |||
Broadline Retail — 3.8% | |||
Amazon.com, Inc.(a)(b) | 5,519 | 995,517 | |
MercadoLibre, Inc.(a) | 1 | 1,512 | |
997,029 | |||
Building Products — 0.2% | |||
A. O. Smith Corp. | 459 | 41,062 | |
Owens Corning | 77 | 12,844 | |
53,906 | |||
Capital Markets — 2.0% | |||
CME Group, Inc., Class A | 1,266 | 272,557 | |
S&P Global, Inc. | 90 | 38,290 | |
XP, Inc., Class A | 8,448 | 216,776 | |
527,623 | |||
Chemicals — 1.3% | |||
LyondellBasell Industries NV, Class A | 386 | 39,480 | |
Sherwin-Williams Co. (The) | 847 | 294,189 | |
333,669 | |||
Commercial Services & Supplies — 1.5% | |||
Republic Services, Inc. | 1,448 | 277,205 | |
Rollins, Inc. | 124 | 5,738 | |
Waste Management, Inc. | 468 | 99,754 | |
382,697 | |||
Construction & Engineering — 0.2% | |||
EMCOR Group, Inc. | 15 | 5,253 | |
Valmont Industries, Inc. | 206 | 47,026 | |
52,279 |
Security | Shares | Value | |
Consumer Staples Distribution & Retail — 0.8% | |||
Sysco Corp. | 2,105 | $ 170,884 | |
Walmart, Inc. | 710 | 42,721 | |
213,605 | |||
Distributors — 0.0% | |||
Genuine Parts Co. | 13 | 2,014 | |
Diversified Telecommunication Services — 1.2% | |||
AT&T Inc. | 17,160 | 302,016 | |
Electric Utilities — 0.8% | |||
OGE Energy Corp. | 5,758 | 197,499 | |
Xcel Energy, Inc. | 98 | 5,268 | |
202,767 | |||
Electronic Equipment, Instruments & Components — 1.2% | |||
Corning, Inc. | 915 | 30,158 | |
TE Connectivity Ltd. | 1,858 | 269,856 | |
300,014 | |||
Entertainment — 0.4% | |||
Electronic Arts, Inc. | 793 | 105,207 | |
Financial Services — 3.5% | |||
Berkshire Hathaway, Inc., Class B(a) | 460 | 193,439 | |
Fiserv, Inc.(a) | 2 | 320 | |
Jack Henry & Associates, Inc. | 6 | 1,042 | |
Mastercard, Inc., Class A | 1,003 | 483,015 | |
Visa, Inc., Class A | 857 | 239,172 | |
916,988 | |||
Food Products — 2.4% | |||
General Mills, Inc. | 3,693 | 258,399 | |
Hershey Co. (The) | 1,002 | 194,889 | |
Mondelez International, Inc., Class A | 2,512 | 175,840 | |
629,128 | |||
Ground Transportation — 0.0% | |||
Old Dominion Freight Line, Inc. | 22 | 4,825 | |
Health Care Equipment & Supplies — 0.5% | |||
Medtronic PLC | 464 | 40,438 | |
Stryker Corp. | 242 | 86,604 | |
127,042 | |||
Health Care Providers & Services — 3.1% | |||
Cencora, Inc. | 1,125 | 273,364 | |
Elevance Health, Inc. | 277 | 143,636 | |
McKesson Corp. | 414 | 222,256 | |
UnitedHealth Group, Inc. | 329 | 162,756 | |
802,012 | |||
Hotel & Resort REITs — 0.0% | |||
Park Hotels & Resorts, Inc. | 316 | 5,527 | |
Hotels, Restaurants & Leisure — 2.2% | |||
Booking Holdings, Inc. | 16 | 58,046 | |
Domino’s Pizza, Inc. | 266 | 132,170 | |
McDonald’s Corp. | 1,211 | 341,442 | |
Texas Roadhouse, Inc. | 196 | 30,276 | |
Wendy’s Co. (The) | 181 | 3,410 | |
565,344 | |||
Household Durables — 0.9% | |||
Leggett & Platt, Inc. | 11,756 | 225,127 | |
Household Products — 2.3% | |||
Colgate-Palmolive Co. | 3,193 | 287,530 |
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Schedule of Investments (unaudited) (continued)
March 31, 2024
BlackRock Advantage Large Cap Income ETF
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Household Products (continued) | |||
Kimberly-Clark Corp. | 2,170 | $ 280,689 | |
Procter & Gamble Co. (The) | 180 | 29,205 | |
597,424 | |||
Industrial Conglomerates — 1.4% | |||
3M Co. | 2,868 | 304,209 | |
Honeywell International, Inc. | 270 | 55,417 | |
359,626 | |||
Insurance — 4.8% | |||
American Financial Group, Inc. | 253 | 34,529 | |
CNA Financial Corp. | 2,789 | 126,676 | |
Everest Group Ltd. | 27 | 10,732 | |
Marsh & McLennan Cos., Inc. | 1,441 | 296,817 | |
Progressive Corp. (The) | 1,358 | 280,862 | |
Reinsurance Group of America, Inc. | 1,312 | 253,059 | |
Travelers Cos., Inc. (The) | 1,026 | 236,124 | |
1,238,799 | |||
Interactive Media & Services — 7.0% | |||
Alphabet, Inc., Class A(a)(b) | 5,216 | 787,251 | |
Alphabet, Inc., Class C, NVS(a) | 2,836 | 431,810 | |
Meta Platforms, Inc., Class A | 1,171 | 568,614 | |
Pinterest, Inc., Class A(a) | 639 | 22,154 | |
1,809,829 | |||
IT Services — 0.4% | |||
Amdocs Ltd. | 706 | 63,801 | |
Cognizant Technology Solutions Corp., Class A | 725 | 53,136 | |
116,937 | |||
Life Sciences Tools & Services — 0.4% | |||
Medpace Holdings, Inc.(a) | 273 | 110,333 | |
Machinery — 2.5% | |||
CNH Industrial NV | 4,981 | 64,554 | |
Flowserve Corp. | 1,401 | 63,998 | |
Oshkosh Corp. | 1,710 | 213,254 | |
PACCAR, Inc. | 2,404 | 297,831 | |
639,637 | |||
Media — 0.9% | |||
Comcast Corp., Class A | 4,995 | 216,533 | |
New York Times Co. (The), Class A | 365 | 15,776 | |
232,309 | |||
Mortgage Real Estate Investment Trusts (REITs) — 0.3% | |||
AGNC Investment Corp. | 5,389 | 53,351 | |
Annaly Capital Management, Inc. | 1,232 | 24,258 | |
77,609 | |||
Multi-Utilities — 0.3% | |||
Sempra | 102 | 7,326 | |
WEC Energy Group, Inc. | 948 | 77,850 | |
85,176 | |||
Oil, Gas & Consumable Fuels — 3.8% | |||
ConocoPhillips | 4 | 509 | |
EOG Resources, Inc. | 2,063 | 263,734 | |
Exxon Mobil Corp. | 2,926 | 340,118 | |
ONEOK, Inc. | 663 | 53,153 | |
Pioneer Natural Resources Co. | 140 | 36,750 | |
Williams Cos., Inc. (The) | 7,462 | 290,794 | |
985,058 | |||
Pharmaceuticals — 5.2% | |||
Bristol-Myers Squibb Co. | 1,291 | 70,011 | |
Eli Lilly & Co. | 480 | 373,421 |
Security | Shares | Value | |
Pharmaceuticals (continued) | |||
Johnson & Johnson | 2,887 | $ 456,694 | |
Merck & Co., Inc. | 3,424 | 451,797 | |
1,351,923 | |||
Residential REITs — 0.6% | |||
Camden Property Trust | 1,665 | 163,836 | |
Retail REITs — 0.6% | |||
Kite Realty Group Trust | 7,341 | 159,153 | |
Semiconductors & Semiconductor Equipment — 8.1% | |||
Broadcom, Inc. | 75 | 99,406 | |
Intel Corp. | 1,965 | 86,794 | |
Lam Research Corp. | 168 | 163,224 | |
NVIDIA Corp.(b) | 1,297 | 1,171,917 | |
QUALCOMM, Inc. | 2,065 | 349,604 | |
Texas Instruments, Inc. | 1,289 | 224,557 | |
2,095,502 | |||
Software — 11.4% | |||
Adobe, Inc.(a) | 227 | 114,544 | |
Cadence Design Systems, Inc.(a) | 404 | 125,757 | |
Intuit, Inc. | 52 | 33,800 | |
Manhattan Associates, Inc.(a) | 961 | 240,471 | |
Microsoft Corp.(b) | 4,842 | 2,037,126 | |
Oracle Corp. | 720 | 90,439 | |
Salesforce, Inc. | 845 | 254,497 | |
ServiceNow, Inc.(a) | 96 | 73,191 | |
2,969,825 | |||
Specialized REITs — 0.0% | |||
Public Storage | 30 | 8,702 | |
Specialty Retail — 3.0% | |||
Best Buy Co., Inc. | 795 | 65,214 | |
Home Depot, Inc. (The) | 600 | 230,160 | |
Murphy U.S.A., Inc. | 4 | 1,677 | |
TJX Cos., Inc. (The) | 3,105 | 314,909 | |
Ulta Beauty, Inc.(a) | 328 | 171,504 | |
783,464 | |||
Technology Hardware, Storage & Peripherals — 7.5% | |||
Apple Inc.(b) | 9,360 | 1,605,053 | |
Dell Technologies, Inc., Class C | 437 | 49,866 | |
HP, Inc. | 8,612 | 260,255 | |
NetApp, Inc. | 432 | 45,347 | |
1,960,521 | |||
Tobacco — 0.9% | |||
Altria Group, Inc. | 5,408 | 235,897 | |
Trading Companies & Distributors — 0.8% | |||
MSC Industrial Direct Co., Inc., Class A | 886 | 85,978 | |
Watsco, Inc. | 230 | 99,353 | |
WW Grainger, Inc. | 14 | 14,242 | |
199,573 | |||
Total Long-Term Investments — 97.0% (Cost: $21,900,395) | 25,204,778 |
2
Schedule of Investments (unaudited) (continued)
March 31, 2024
BlackRock Advantage Large Cap Income ETF
(Percentages shown are based on Net Assets)
Security | Shares | Value | |
Short-Term Securities | |||
Money Market Funds — 2.2% | |||
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d) | 573,877 | $ 573,877 | |
Total Short-Term Securities — 2.2% (Cost: $573,877) | 573,877 | ||
Total Investments Before Options Written — 99.2% (Cost: $22,474,272) | 25,778,655 | ||
Options Written — (0.4)% (Premiums Received: $(97,906)) | (122,265) | ||
Total Investments Net of Options Written — 98.8% (Cost: $22,376,366) | 25,656,390 | ||
Other Assets Less Liabilities — 1.2% | 320,703 | ||
Net Assets — 100.0% | $ 25,977,093 |
(a) | Non-income producing security. |
(b) | All or a portion of the security has been pledged and/or segregated as collateral in connection with outstanding exchange-traded options written. |
(c) | Affiliate of the Fund. |
(d) | Annualized 7-day yield as of period end. |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer | Value at 12/31/23 | Purchases at Cost | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Value at 03/31/24 | Shares Held at 03/31/24 | Income | Capital Gain Distributions from Underlying Funds | |||
BlackRock Cash Funds: Treasury, SL Agency Shares | $ 223,329 | $ 350,548(a) | $ — | $ — | $ — | $ 573,877 | 573,877 | $ 5,477 | $ — |
(a) | Represents net amount purchased (sold). |
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 | 198 | 06/21/24 | $ 5,255 | $ 87,530 |
Exchange-Traded Options Written
Description | Number of Contracts | Expiration Date | Exercise Price | Notional Amount (000) | Value | ||
Call | |||||||
S&P 500 Index | 4 | 04/05/24 | USD | 5,205.00 | USD | 2,102 | $ (24,940) |
S&P 500 Index | 5 | 04/12/24 | USD | 5,165.00 | USD | 2,627 | (55,225) |
S&P 500 Index | 5 | 04/19/24 | USD | 5,285.00 | USD | 2,627 | (21,475) |
S&P 500 Index | 5 | 04/26/24 | USD | 5,300.00 | USD | 2,627 | (20,625) |
$ (122,265) |
3
Schedule of Investments (unaudited) (continued)
March 31, 2024
BlackRock Advantage Large Cap Income ETF
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. 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 | $ 25,204,778 | $ — | $ — | $ 25,204,778 | |||
Short-Term Securities | |||||||
Money Market Funds | 573,877 | — | — | 573,877 | |||
$ 25,778,655 | $ — | $ — | $ 25,778,655 | ||||
Derivative Financial Instruments(a) | |||||||
Assets | |||||||
Equity Contracts | $ 87,530 | $ — | $ — | $ 87,530 | |||
Liabilities | |||||||
Equity Contracts | (122,265) | — | — | (122,265) | |||
$ (34,735) | $ — | $ — | $ (34,735) |
(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. |
Currency Abbreviation | |
USD | United States Dollar |
Portfolio Abbreviation | |
NVS | Non-Voting Shares |
4