BlackRock ETF Trust II NPORT-P BlackRock Flexible Income ETF (Apr 2024 report)

Schedule of Investments (unaudited)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

 

Security	Par (000 )	Value
Asset-Backed Securities
522 Funding CLO Ltd.
6.66%, 04/15/35 (Call 07/15/24), (3-mo. CME Term SOFR + 1.330%)(a)(b)	USD       3,250	$3,249,993
7.64%, 10/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 2.312%)(a)(b)	USD         250	250,036
Affirm Asset Securitization Trust, 5.61%, 02/15/29 (Call 02/15/26)(a)	USD       2,731	2,704,324
AGL CLO 12 Ltd., 6.75%, 07/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.422%)(a)(b)	USD         746	747,440
AGL CLO 19 Ltd., 6.92%, 07/21/35 (Call 07/21/24), (3-mo. SOFR + 1.600%)(a)(b)	USD       1,000	1,002,111
AGL CLO 28 Ltd., 7.00%, 01/21/37 (Call 01/21/26), (3-mo. CME Term SOFR + 1.700%)(a)(b)(c)	USD       1,000	1,003,300
AGL CLO 5 Ltd., 7.29%, 07/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD         300	300,752
AGL CLO 6 Ltd.
6.79%, 07/20/34 (Call 07/20/24), (3-mo. LIBOR US + 1.200%)(a)(b)	USD         250	250,408
7.29%, 07/20/34 (Call 07/20/24), (3-mo. SOFR + 1.961%)(a)(b)	USD         250	250,868
AGL CLO 9 Ltd., 7.32%, 04/20/37 (Call 04/20/26), (3-mo. CME Term SOFR + 2.000%)(a)(b)	USD         450	449,148
Aimco CLO
7.18%, 10/17/34 (Call 07/17/24), (3-mo. CME Term SOFR + 1.862%)(a)(b)	USD         530	532,143
7.33%, 04/16/37 (Call 04/16/26), (3-mo. CME Term SOFR + 2.000%)(a)(b)	USD         250	251,629
Aimco CLO 10 Ltd., 7.19%, 07/22/32 (Call 07/22/24), (3-mo. LIBOR US + 1.600%)(a)(b)	USD         250	250,628
Aimco CLO 11 Ltd., 7.18%, 10/17/34 (Call 07/17/24), (3-mo. CME Term SOFR + 1.862%)(a)(b)	USD         550	552,221
Aimco CLO 12 Ltd., 6.49%, 01/17/32 (Call 07/17/24), (3-mo. CME Term SOFR + 1.170%)(a)(b)	USD         641	641,641
Allegro CLO V Ltd., 6.54%, 10/16/30 (Call 07/16/24), (3-mo. SOFR +1.211%)(a)(b)	USD         671	670,830
ALM Ltd., 7.44%, 10/15/29 (Call 07/15/24), (3-mo. CME Term SOFR + 2.112%)(a)(b)	USD         612	614,332
AMMC CLO 15 Ltd., 6.71%, 01/15/32 (Call 07/15/24), (3-mo. CME Term SOFR + 1.382%)(a)(b)	USD       1,686	1,687,626
AMMC CLO 23 Ltd., 6.62%, 10/17/31, (3-mo. CME Term SOFR + 1.302%)(a)(b)	USD         249	248,966
AMMC CLO XI Ltd.
6.60%, 04/30/31 (Call 04/30/24), (3-mo. CME Term SOFR + 1.272%)(a)(b)	USD         354	354,350
7.19%, 04/30/31 (Call 04/30/24), (3-mo. CME Term SOFR + 1.862%)(a)(b)	USD       1,140	1,139,320
Anchorage Capital CLO 6 Ltd., 6.76%, 04/22/34, (3-mo. CME Term SOFR + 1.440%)(a)(b)	USD         692	693,035
Annisa CLO Ltd., 7.24%, 07/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.912%)(a)(b)	USD       1,000	1,002,500

Security	Par (000 )	Value
Apidos CLO XL Ltd., 7.13%, 07/15/35 (Call 07/15/24), (3-mo. CME Term SOFR + 1.800%)(a)(b)	USD         250	$251,360
Apidos CLO XV, 6.60%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.272%)(a)(b)	USD       1,147	1,147,924
Apidos CLO XXIV, 6.94%, 10/20/30 (Call 07/20/24), (3-mo. CME Term SOFR + 1.612%)(a)(b)	USD         500	499,994
Apidos Clo Xxv, 6.47%, 10/20/31 (Call 10/20/24), (3-mo. CME Term SOFR + 1.150%)(a)(b)	USD       3,378	3,378,538
Apidos CLO XXVI, 7.09%, 07/18/29 (Call 07/18/24), (3-mo. CME Term SOFR + 1.762%)(a)(b)	USD         590	590,422
Apidos CLO XXX, 6.73%, 10/18/31 (Call 07/18/24), (3-mo. CME Term SOFR + 1.402%)(a)(b)	USD       1,435	1,437,180
Apidos CLO XXXII
6.91%, 01/20/33 (Call 07/20/24), (3-mo. CME Term SOFR + 1.582%)(a)(b)	USD         750	751,503
7.44%, 01/20/33 (Call 07/20/24), (3-mo. SOFR + 2.111%)(a)(b)	USD         250	251,552
Apidos CLO XXXIII Series 2020 33A, Class AR, 6.73%, 10/24/34 (Call 07/24/24), (3-mo. SOFR +1.411%)(a)(b)	USD       1,000	1,001,412
Apidos CLO XXXV, 6.64%, 04/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.312%)(a)(b)	USD         250	250,335
Apidos CLO XXXVII, 6.72%, 10/22/34 (Call 07/22/24), (3-mo. CME Term SOFR + 1.392%)(a)(b)	USD         250	250,284
Apidos Loan Fund Ltd., 1.00%, 04/25/35, (3-mo. CME Term SOFR + 1.270%)(a)(b)	USD       1,000	1,000,000
Arbor Realty Commercial Real Estate Notes Ltd.
7.17%, 05/15/37 (Call 05/15/24), (1-mo. CME Term SOFR + 1.850%)(a)(b)	USD         250	249,844
6.78%, 01/15/37 (Call 08/15/24), (30-day Avg SOFR + 1.450%)(a)(b)	USD         225	223,594
6.41%, 12/15/35 (Call 05/15/24), (1-mo. LIBOR US + 0.970%)(a)(b)	USD         134	132,949
AREIT LLC , 7.43%, 08/17/41 (Call 07/17/26), (1-mo. SOFR + 2.111%)(a)(b)	USD         256	256,087
AREIT Ltd., 6.99%, 05/17/41 (Call 03/17/27), (1-mo. CME Term SOFR + 1.686%)(a)(b)	USD       3,770	3,760,579
Ares LXVI CLO Ltd., 7.82%, 07/25/36 (Call 10/25/25), (3-mo. SOFR + 2.500%)(a)(b)	USD         300	301,057
Ares XL CLO Ltd., 7.39%, 01/15/29 (Call 07/15/24), (3-mo. CME Term SOFR + 2.062%)(a)(b)	USD         250	250,500
ARES XLVIII CLO Ltd., 7.17%, 07/20/30 (Call 07/20/24), (3-mo. SOFR + 1.841%)(a)(b)	USD         300	300,744
ARI Fleet Lease Trust
5.41%, 02/17/32 (Call 07/15/26)(a)	USD         620	617,911
5.33%, 02/17/32 (Call 07/15/26)(a)	USD         234	232,576
5.89%, 07/15/32 (Call 01/15/27)(a)	USD         394	396,397
5.30%, 11/15/32 (Call 09/15/27)(a)	USD       2,265	2,249,957
3.79%, 01/15/31 (Call 05/15/25)(a)	USD         685	660,080
5.69%, 02/17/32 (Call 07/15/26)(a)	USD       2,288	2,283,043

  1

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
6.03%, 02/17/32 (Call 07/15/26)(a)	USD       2,492	$2,495,631
5.16%, 11/15/32 (Call 09/15/27)(a)	USD         829	814,524
5.38%, 11/15/32 (Call 09/15/27)(a)	USD         469	460,296
Arini European CLO II DAC, 8.03%, 04/15/38 (Call 10/15/25), (3-mo. EURIBOR + 4.200%)(b)(d)	EUR       1,000	1,067,201
Assurant CLO II Ltd. Series 2018-2A, Class A, 6.63%, 04/20/31 (Call 07/20/24), (3-mo. SOFR + 1.301%)(a)(b)	USD         605	604,806
Atrium XIII, 6.48%, 11/21/30 (Call 07/23/24), (3-mo. CME Term SOFR + 1.150%)(a)(b)	USD         941	941,053
Atrium XIV LLC, 7.29%, 08/23/30 (Call 07/16/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD         250	250,888
Atrium XV, 6.76%, 01/23/31 (Call 07/23/24), (3-mo. SOFR + 1.431%)(a)(b)	USD         983	984,218
Aurium CLO VIII DAC, 6.93%, 06/23/34 (Call 06/23/24), (3-mo. EURIBOR + 3.000%)(b)(d)	EUR         500	526,258
Bain Capital Credit CLO Ltd.
6.55%, 04/23/31 (Call 07/23/24), (3-mo. CME Term SOFR + 1.222%)(a)(b)	USD       1,370	1,370,382
6.67%, 07/19/31 (Call 07/19/24), (3-mo. CME Term SOFR + 1.342%)(a)(b)	USD         208	208,096
Series 2017-1A, Class A1R, 6.56%, 07/20/30 (Call 07/20/24), (3-mo. SOFR + 1.232%)(a)(b)	USD       2,391	2,391,955
Ballyrock CLO 1 Ltd., 6.59%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.262%)(a)(b)	USD         918	918,189
Ballyrock CLO 14 Ltd., 7.29%, 01/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD       1,000	1,005,074
Ballyrock CLO 15 Ltd., 6.65%, 04/15/34 (Call 07/15/24), (3-mo. CME Term SOFR + 1.322%)(a)(b)	USD         250	250,251
Ballyrock CLO 16 Ltd., 6.72%, 07/20/34 (Call 07/20/24), (3-mo. SOFR +1.391%)(a)(b)	USD         250	250,304
Ballyrock CLO 18 Ltd., 6.74%, 01/15/35 (Call 07/15/24), (3-mo. CME Term SOFR + 1.412%)(a)(b)	USD         250	250,275
Ballyrock CLO 19 Ltd., 6.65%, 04/20/35 (Call 07/20/24), (3-mo. SOFR + 1.330%)(a)(b)	USD       1,000	999,327
Ballyrock CLO 2 Ltd., 6.72%, 02/20/36 (Call 02/20/25), (3-mo. CME Term SOFR + 1.400%)(a)(b)	USD         210	209,965
Ballyrock CLO 22 Ltd.
1.00%, 04/15/37, (3-mo. CME Term SOFR + 1.540%)(a)(b)	USD       1,000	1,000,000
1.00%, 04/15/37, (3-mo. CME Term SOFR + 1.950%)(a)(b)	USD       1,000	1,000,000
Barings CLO Ltd.
6.66%, 04/20/31 (Call 07/20/24), (3-mo. SOFR + 1.332%)(a)(b)	USD       1,150	1,150,909
8.12%, 10/20/35 (Call 10/20/24), (3-mo. SOFR + 2.800%)(a)(b)	USD         250	251,477
7.19%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.862%)(a)(b)	USD         250	250,818
6.58%, 01/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.252%)(a)(b)	USD       1,958	1,960,018

Security	Par (000 )	Value
7.14%, 04/15/30 (Call 07/15/24), (3-mo. CME Term SOFR + 1.812%)(a)(b)	USD       1,000	$1,001,893
6.94%, 07/18/29 (Call 07/18/24), (3-mo. CME Term SOFR + 1.612%)(a)(b)	USD         500	501,075
6.66%, 01/20/32 (Call 07/20/24), (3-mo. CME Term SOFR + 1.332%)(a)(b)	USD       1,892	1,898,024
Bean Creek CLO Ltd., 7.04%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.712%)(a)(b)	USD         256	256,384
Benefit Street Partners CLO V-B Ltd., 6.68%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.352%)(a)(b)	USD       1,474	1,474,415
Benefit Street Partners CLO VIII Ltd., 7.04%, 01/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.712%)(a)(b)	USD       1,000	1,000,141
Benefit Street Partners CLO XII Ltd., 6.54%, 10/15/30 (Call 07/15/24), (3-mo. SOFR + 1.212%)(a)(b)	USD         524	524,523
Benefit Street Partners CLO XIV Ltd., 7.04%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.712%)(a)(b)	USD       1,000	1,000,044
Benefit Street Partners CLO XIX Ltd., 6.94%, 01/15/33 (Call 07/15/24), (3-mo. CME Term SOFR + 1.612%)(a)(b)	USD       1,250	1,251,868
Benefit Street Partners CLO XV Ltd., 7.29%, 07/18/31 (Call 07/18/24), (3-mo. SOFR + 1.961%)(a)(b)	USD         250	250,379
Benefit Street Partners CLO XVI Ltd.
7.13%, 01/17/32 (Call 07/17/24), (3-mo. CME Term SOFR + 1.812%)(a)(b)	USD         250	250,077
8.58%, 01/17/32 (Call 07/17/24), (3-mo. CME Term SOFR + 3.262%)(a)(b)	USD         250	251,699
Benefit Street Partners CLO XX Ltd., 6.76%, 07/15/34 (Call 07/15/24), (3-mo. LIBOR US + 1.170%)(a)(b)	USD         250	250,330
Benefit Street Partners CLO XXI Ltd. Series 2020 21A, Class A1R, 6.76%, 10/15/34 (Call 07/15/24), (3-mo. SOFR +1.431%)(a)(b)	USD       2,000	2,002,921
Benefit Street Partners CLO XXIII Ltd., 6.67%, 04/25/34 (Call 07/25/24), (3-mo. SOFR + 1.341%)(a)(b)	USD         250	250,352
Benefit Street Partners CLO XXIV Ltd., 6.76%, 10/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.432%)(a)(b)	USD       1,000	1,001,891
Betony CLO 2 Ltd., 6.67%, 04/30/31 (Call 04/30/24), (3-mo. CME Term SOFR + 1.342%)(a)(b)	USD       1,560	1,562,388
BlueMountain CLO Ltd.
6.77%, 10/22/30 (Call 07/22/24), (3-mo. CME Term SOFR + 1.442%)(a)(b)	USD         785	785,425
6.59%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.262%)(a)(b)	USD         196	196,381
7.27%, 08/15/31 (Call 05/15/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD         250	250,122
6.51%, 10/25/30 (Call 10/25/24), (3-mo. CME Term SOFR + 1.190%)(a)(b)	USD         710	710,807
7.17%, 10/25/30 (Call 10/25/24), (3-mo. CME Term SOFR + 1.850%)(a)(b)	USD         900	899,426
6.51%, 11/15/30 (Call 11/15/24), (3-mo. CME Term SOFR + 1.200%)(a)(b)	USD       2,000	2,007,253
7.01%, 11/15/30 (Call 11/15/24), (3-mo. CME Term SOFR + 1.700%)(a)(b)	USD       1,000	1,007,239

2 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
BlueMountain CLO XXII Ltd.
7.09%, 07/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.762%)(a)(b)	USD         250	$250,568
6.67%, 07/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.342%)(a)(b)	USD         209	209,402
BlueMountain CLO XXIV Ltd., 7.19%, 04/20/34 (Call 07/20/24), (3-mo. SOFR + 1.861%)(a)(b)	USD         250	249,729
BlueMountain CLO XXV Ltd., 7.29%, 07/15/36 (Call 07/15/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD         500	500,053
BlueMountain Fuji U.S. CLO I Ltd., 6.57%, 07/20/29 (Call 07/20/24), (3-mo. CME Term SOFR + 1.242%)(a)(b)	USD       1,258	1,258,776
BlueMountain Fuji U.S. CLO II Ltd., 6.59%, 10/20/30 (Call 07/20/24), (3-mo. CME Term SOFR + 1.262%)(a)(b)	USD         182	182,036
Brex Commercial Charge Card Master Trust, 6.05%, 07/15/27(a)	USD       1,049	1,043,023
Cabinteely Park CLO DAC, 7.25%, 08/15/34 (Call 05/15/24), (3-mo. EURIBOR + 3.350%)(b)(d)	EUR         700	735,613
Canyon Capital CLO Ltd., 7.34%, 04/15/34 (Call 07/15/24), (3-mo. SOFR + 2.011%)(a)(b)	USD         250	250,334
Capital One Multi-Asset Execution Trust, 6.14%, 05/15/28, (3-mo. CME Term SOFR + 0.812%)(b)	USD         192	191,753
Carbone Clo Ltd., 6.73%, 01/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.402%)(a)(b)	USD       1,430	1,432,297
Carlyle Global Market Strategies CLO Ltd.
6.57%, 07/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.242%)(a)(b)	USD       1,577	1,578,667
6.67%, 04/22/32 (Call 07/22/24), (3-mo. CME Term SOFR + 1.342%)(a)(b)	USD         250	250,051
6.69%, 10/15/30 (Call 07/15/24), (3-mo. CME Term SOFR + 1.362%)(a)(b)	USD         510	511,036
6.62%, 05/15/31 (Call 05/15/24), (3-mo. CME Term SOFR + 1.312%)(a)(b)	USD       1,015	1,016,968
6.64%, 07/27/31 (Call 07/27/24), (3-mo. CME Term SOFR + 1.312%)(a)(b)	USD       1,941	1,942,015
6.67%, 01/20/32 (Call 07/20/24), (3-mo. CME Term SOFR + 1.342%)(a)(b)	USD       1,897	1,899,586
Series 2014-1A, Class A1R2, 6.55%, 04/17/31 (Call 07/17/24), (3-mo. SOFR + 1.232%)(a)(b)	USD         703	703,086
Carlyle U.S. CLO Ltd.
7.39%, 01/20/31 (Call 07/20/24), (3-mo. LIBOR US + 1.800%)(a)(b)	USD         250	250,248
6.75%, 07/15/34 (Call 07/15/24), (3-mo. LIBOR US + 1.160%)(a)(b)	USD         250	250,200
6.49%, 07/20/29 (Call 07/20/24), (3-mo. CME Term SOFR + 1.162%)(a)(b)	USD         153	152,982
6.67%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.342%)(a)(b)	USD       2,000	2,002,355
8.43%, 10/15/35 (Call 10/15/24), (3-mo. SOFR + 3.100%)(a)(b)	USD         400	403,271
7.02%, 07/20/29 (Call 07/20/24), (3-mo. CME Term SOFR + 1.692%)(a)(b)	USD       1,000	1,001,303
6.59%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.262%)(a)(b)	USD         824	824,471

Security	Par (000 )	Value
6.73%, 01/25/35 (Call 07/25/24), (3-mo. CME Term SOFR + 1.402%)(a)(b)	USD       1,000	$1,001,436
7.24%, 04/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.912%)(a)(b)	USD         580	582,444
6.48%, 10/15/31 (Call 10/15/24), (3-mo. CME Term SOFR + 1.150%)(a)(b)	USD       1,718	1,719,827
Cedar Funding V CLO Ltd., 6.68%, 07/17/31 (Call 07/17/24), (3-mo. CME Term SOFR + 1.362%)(a)(b)	USD         530	530,227
Cedar Funding VII Clo Ltd., 6.59%, 01/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.262%)(a)(b)	USD       1,612	1,612,370
Cedar Funding VIII Clo Ltd., 7.23%, 10/17/34 (Call 07/17/24), (3-mo. CME Term SOFR + 1.912%)(a)(b)	USD       1,000	1,000,234
Cedar Funding X CLO Ltd., 7.19%, 10/20/32 (Call 07/20/24), (3-mo. LIBOR US + 1.600%)(a)(b)	USD         250	250,081
Cedar Funding XII CLO Ltd., 7.19%, 10/25/34 (Call 07/25/24), (3-mo. SOFR + 1.861%)(a)(b)	USD         500	499,669
Cedar Funding XIV CLO Ltd.
7.19%, 07/15/33 (Call 07/15/24), (3-mo. CME Term SOFR + 1.862%)(a)(b)	USD       1,000	999,575
6.69%, 07/15/33 (Call 07/15/24), (3-mo. CME Term SOFR + 1.362%)(a)(b)	USD         750	750,423
Cedar Funding XV CLO Ltd., 6.64%, 04/20/35 (Call 07/20/24), (3-mo. CME Term SOFR + 1.320%)(a)(b)	USD         500	499,665
Chase Issuance Trust, 5.08%, 09/15/30	USD         400	398,531
Chesapeake Funding II LLC
5.65%, 05/15/35 (Call 03/15/26)(a)	USD         113	112,562
6.16%, 10/15/35 (Call 07/15/26)(a)	USD         437	439,056
CIFC Funding 2017-II Ltd., 7.09%, 04/20/30 (Call 07/20/24), (3-mo. SOFR + 1.761%)(a)(b)	USD         500	500,827
CIFC Funding 2020-IV Ltd., 6.91%, 01/15/34 (Call 07/15/24), (3-mo. SOFR + 1.581%)(a)(b)	USD       1,000	1,001,641
CIFC Funding 2022-VI Ltd., 8.43%, 07/16/35 (Call 10/16/24), (3-mo. SOFR + 3.100%)(a)(b)	USD         400	402,394
CIFC Funding Ltd.
7.34%, 07/16/30 (Call 07/16/24), (3-mo. CME Term SOFR + 2.012%)(a)(b)	USD         850	851,852
6.64%, 07/15/33 (Call 07/15/24), (3-mo. LIBOR US + 1.050%)(a)(b)	USD       1,250	1,251,196
7.19%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.862%)(a)(b)	USD         500	501,321
6.76%, 10/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.432%)(a)(b)	USD         300	300,004
6.53%, 10/24/30 (Call 07/24/24), (3-mo. CME Term SOFR + 1.212%)(a)(b)	USD         634	634,536
6.65%, 04/27/31 (Call 07/27/24), (3-mo. CME Term SOFR + 1.322%)(a)(b)	USD       1,386	1,387,440
6.76%, 11/16/30 (Call 07/17/24), (3-mo. SOFR + 1.442%)(a)(b)	USD         498	498,549
6.59%, 10/18/30 (Call 07/18/24), (3-mo. LIBOR US + 1.000%)(a)(b)	USD         824	825,421
7.19%, 07/18/31 (Call 07/18/24), (3-mo. SOFR + 1.861%)(a)(b)	USD         390	391,093

  3

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
7.14%, 04/25/33 (Call 07/25/24), (3-mo. LIBOR US + 1.550%)(a)(b)	USD         250	$250,465
6.65%, 04/19/35 (Call 07/19/24), (3-mo. SOFR + 1.320%)(a)(b)	USD         250	250,310
8.49%, 07/15/33 (Call 07/15/24), (3-mo. CME Term SOFR + 3.162%)(a)(b)	USD       1,480	1,482,235
6.99%, 01/18/31 (Call 07/18/24), (3-mo. CME Term SOFR + 1.662%)(a)(b)	USD         500	500,296
6.69%, 07/18/31 (Call 07/18/24), (3-mo. CME Term SOFR + 1.362%)(a)(b)	USD       1,617	1,618,736
6.73%, 07/15/36 (Call 07/15/24), (3-mo. CME Term SOFR + 1.402%)(a)(b)	USD         900	901,190
Series 2014-2RA, Class A1, 6.63%, 04/24/30 (Call 07/24/24), (3-mo. SOFR + 1.312%)(a)(b)	USD         911	912,187
Series 2018-1A, Class A, 6.59%, 04/18/31 (Call 07/18/24), (3-mo. SOFR + 1.262%)(a)(b)	USD       1,599	1,600,718
Series 2018-2A, Class A1, 6.63%, 04/20/31 (Call 07/20/24), (3-mo. SOFR + 1.302%)(a)(b)	USD         218	218,098
Series 2020 3A, Class A1R, 6.72%, 10/20/34 (Call 07/20/24), (3 mo. LIBOR US + 1.130%)(a)(b)	USD       2,000	2,002,892
Citibank Credit Card Issuance Trust, 6.21%, 05/14/29, (1-mo. CME Term SOFR + 0.884%)(b)	USD         970	978,300
Clover CLO LLC
6.75%, 04/15/34 (Call 07/15/24), (3-mo. SOFR +1.421%)(a)(b)	USD         250	250,253
6.76%, 07/20/34 (Call 07/20/24), (3-mo. LIBOR US + 1.170%)(a)(b)	USD         250	250,066
Clover CLO Ltd. Series 2019 2A, Class AR, 6.69%, 10/25/33 (Call 07/25/24), (3 mo. LIBOR US + 1.100%)(a)(b)	USD       1,000	1,000,500
College Ave Student Loans LLC
3.06%, 07/26/55 (Call 12/25/34)(a)	USD          97	83,903
6.23%, 06/25/52 (Call 01/25/34), (1-mo. CME Term SOFR + 0.914%)(a)(b)	USD         990	970,860
2.72%, 07/26/55 (Call 12/25/34)(a)	USD         195	169,320
1.60%, 07/25/51 (Call 02/25/32)(a)	USD         431	378,180
College Avenue Student Loans LLC, 6.33%, 07/26/55 (Call 12/25/34), (1-mo. LIBOR US + 0.900%)(a)(b)	USD       1,229	1,199,916
Cumulus Static CLO DAC, 1.00%, 11/15/33 (Call 05/15/25), (3-mo. EURIBOR + 3.700%)(b)(d)	EUR         333	355,378
CVC Cordatus Loan Fund XXX DAC, 7.87%, 05/15/37 (Call 11/15/25), (3-mo. EURIBOR + 4.000%)(b)(d)	EUR       1,000	1,067,725
CVC Cordatus Opportunity Loan Fund DAC, 7.91%, 08/15/33 (Call 05/15/25), (3-mo. EURIBOR + 4.000%)(b)(d)	EUR       1,000	1,070,405
Discover Card Execution Note Trust, 6.04%, 12/15/26, (1-mo. CME Term SOFR + 0.714%)(b)	USD         370	370,238
Dryden 36 Senior Loan Fund, 7.04%, 04/15/29 (Call 07/15/24), (3-mo. CME Term SOFR + 1.712%)(a)(b)	USD       2,000	2,000,505
Dryden 42 Senior Loan Fund, 7.14%, 07/15/30 (Call 07/15/24), (3-mo. CME Term SOFR + 1.812%)(a)(b)	USD         500	501,149

Security	Par (000 )	Value
Dryden 50 Senior Loan Fund, 6.59%, 07/15/30 (Call 07/15/24), (3-mo. CME Term SOFR + 1.262%)(a)(b)	USD       1,712	$1,714,677
Dryden 53 CLO Ltd., 6.71%, 01/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.382%)(a)(b)	USD       2,989	2,992,670
Dryden 55 CLO Ltd., 6.61%, 04/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.282%)(a)(b)	USD         245	245,191
Dryden 60 CLO Ltd., 6.64%, 07/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.312%)(a)(b)	USD       1,895	1,895,565
Dryden 68 CLO Ltd., 7.29%, 07/15/35 (Call 07/15/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD       1,000	999,065
Dryden 70 CLO Ltd., 6.76%, 01/16/32 (Call 07/16/24), (3-mo. SOFR + 1.431%)(a)(b)	USD         906	907,340
Dryden 77 CLO Ltd., 6.70%, 05/20/34 (Call 05/20/24), (3-mo. LIBOR US + 1.120%)(a)(b)	USD         250	250,315
Dryden Senior Loan Fund, 6.57%, 04/15/28 (Call 07/15/24), (3-mo. CME Term SOFR + 1.242%)(a)(b)	USD         342	341,716
Dryden XXVI Senior Loan Fund Series 2013-26A, Class AR, 6.49%, 04/15/29 (Call 07/15/24), (3-mo. SOFR + 1.616%)(a)(b)	USD         916	916,639
Dryden XXVIII Senior Loan Fund, 6.77%, 08/15/30 (Call 05/15/24), (3-mo. SOFR + 1.462%)(a)(b)	USD       1,445	1,445,594
EDvestinU Private Education Loan Issue No. 1 LLC, 3.58%, 11/25/38(a)	USD          81	77,004
ELFI Graduate Loan Program LLC
4.51%, 08/26/47 (Call 03/25/31)(a)	USD         129	120,890
6.37%, 02/04/48 (Call 05/25/34)(a)	USD         391	392,456
Elmwood CLO 14 Ltd., 6.64%, 04/20/35 (Call 07/20/24), (3-mo. SOFR + 1.320%)(a)(b)	USD         250	250,335
Elmwood CLO 22 Ltd., 7.52%, 04/17/36 (Call 04/17/25), (3-mo. SOFR +2.200%)(a)(b)	USD         250	251,092
Elmwood CLO II Ltd., 6.74%, 04/20/34 (Call 07/20/24), (3-mo. LIBOR US + 1.150%)(a)(b)	USD         750	751,000
Elmwood CLO IX Ltd., 6.72%, 07/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.392%)(a)(b)	USD         250	250,046
Elmwood CLO V Ltd., 6.74%, 10/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.412%)(a)(b)	USD       1,000	1,001,322
Elmwood CLO XI Ltd., 7.19%, 10/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.862%)(a)(b)	USD         330	331,245
Enterprise Fleet Financing LLC
4.38%, 07/20/29 (Call 04/20/26)(a)	USD       1,504	1,485,405
6.40%, 03/20/30 (Call 07/20/27)(a)	USD         747	754,406
4.65%, 05/21/29 (Call 12/20/25)(a)	USD       2,829	2,804,052
6.41%, 06/20/30 (Call 07/20/27)(a)	USD         633	647,494
5.42%, 10/22/29 (Call 09/20/26)(a)	USD         226	223,954
5.50%, 04/22/30 (Call 03/20/27)(a)	USD         313	311,663
5.23%, 03/20/30 (Call 09/20/27)(a)	USD       1,793	1,779,771
5.16%, 09/20/30 (Call 09/20/27)(a)	USD       1,654	1,628,205

4 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
5.76%, 10/22/29 (Call 06/20/26)(a)	USD       1,876	$1,875,489
5.51%, 01/22/29 (Call 09/20/26)(a)	USD       2,407	2,401,243
Fair Oaks Loan Funding III DAC, 6.91%, 10/15/34 (Call 07/15/24), (3-mo. EURIBOR + 3.000%)(b)(d)	EUR       1,160	1,223,656
Fidelity Grand Harbour CLO DAC
7.51%, 10/15/34 (Call 07/15/24), (3-mo. EURIBOR + 3.600%)(b)(d)	EUR       1,000	1,053,355
8.02%, 04/15/38 (Call 10/15/25), (3-mo. EURIBOR + 4.100%)(b)(d)	EUR         200	214,699
FirstKey Homes Trust, 5.00%, 05/19/39(a)	USD         500	464,926
Flatiron Clo 17 Ltd., 7.02%, 05/15/30 (Call 05/15/24), (3-mo. CME Term SOFR + 1.712%)(a)(b)	USD         505	504,848
Flatiron CLO 18 Ltd., 6.53%, 04/17/31 (Call 07/17/24), (3-mo. CME Term SOFR + 1.212%)(a)(b)	USD         157	157,389
Flatiron CLO 21 Ltd. Series 2021 1A, Class A1, 6.70%, 07/19/34 (Call 07/19/24), (3-mo. SOFR +1.371%)(a)(b)	USD         250	251,216
Flatiron CLO 28 Ltd., 1.00%, 07/15/36, (3-mo. CME Term SOFR + 1.320%)(a)(b)	USD         500	500,000
Flatiron RR CLO 22 LLC, 7.19%, 10/15/34 (Call 07/15/24), (3-mo. SOFR + 1.861%)(a)(b)	USD         250	251,043
Ford Credit Auto Owner Trust
5.27%, 05/17/27 (Call 06/15/26)	USD         146	145,580
5.28%, 02/15/36 (Call 08/15/28)(a)	USD         166	164,977
4.87%, 08/15/36 (Call 02/15/29)(a)	USD       1,251	1,224,169
Ford Credit Floorplan Master Owner Trust A, 2.64%, 09/15/26	USD         245	241,724
Foundation Finance Trust
2.19%, 01/15/42 (Call 07/15/29)(a)	USD         176	160,219
6.53%, 06/15/49 (Call 01/15/29)(a)	USD         588	592,306
Galaxy XIX CLO Ltd.
6.53%, 07/24/30 (Call 07/24/24), (3-mo. CME Term SOFR + 1.212%)(a)(b)	USD         159	158,858
6.98%, 07/24/30 (Call 07/24/24), (3-mo. CME Term SOFR + 1.662%)(a)(b)	USD         500	500,410
Galaxy XV CLO Ltd., 7.04%, 10/15/30 (Call 07/15/24), (3-mo. SOFR + 1.711%)(a)(b)	USD         500	501,071
Galaxy XX CLO Ltd., 6.59%, 04/20/31 (Call 07/20/24), (3-mo. SOFR + 1.261%)(a)(b)	USD       1,319	1,319,394
Galaxy XXI CLO Ltd., 6.61%, 04/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.282%)(a)(b)	USD       1,455	1,455,909
Galaxy XXV CLO Ltd., 7.33%, 04/25/36, (3-mo. CME Term SOFR + 2.000%)(a)(b)	USD         250	250,000
Galaxy XXVII CLO Ltd., 6.61%, 05/16/31 (Call 05/16/24), (3-mo. SOFR + 1.282%)(a)(b)	USD         600	599,955
Galaxy Xxviii Clo Ltd., 7.19%, 07/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.862%)(a)(b)	USD       1,000	1,003,151
Galaxy XXVIII CLO Ltd., 6.69%, 07/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.362%)(a)(b)	USD         917	917,837
Generate CLO 2 Ltd., 6.74%, 01/22/31 (Call 07/22/24), (3-mo. SOFR + 1.412%)(a)(b)	USD         176	176,022

Security	Par (000 )	Value
Generate CLO 4 Ltd., 6.68%, 04/20/32 (Call 07/20/24), (3-mo. CME Term SOFR + 1.352%)(a)(b)	USD         974	$974,286
Generate CLO 7 Ltd., 6.92%, 04/22/37 (Call 04/22/26), (3-mo. CME Term SOFR + 1.620%)(a)(b)	USD         250	250,168
Generate CLO 8 Ltd., 6.79%, 10/20/34 (Call 07/20/24), (3-mo. SOFR + 1.461%)(a)(b)	USD       1,500	1,502,633
GMF Floorplan Owner Revolving Trust
6.48%, 06/15/28, (30-day SOFR + 1.150%)(a)(b)	USD         920	928,342
5.83%, 06/15/30(a)	USD         188	185,474
6.08%, 03/15/29, (30-day Avg SOFR + 0.750%)(a)(b)	USD       7,500	7,499,952
GoldenTree Loan Management U.S. CLO 12 Ltd., 7.27%, 04/20/34 (Call 07/20/24), (3-mo. SOFR + 1.950%)(a)(b)	USD         250	251,408
GoldenTree Loan Management U.S. CLO 6 Ltd., 6.64%, 04/20/35 (Call 07/20/24), (3-mo. CME Term SOFR + 1.320%)(a)(b)	USD         250	250,261
GoldenTree Loan Management U.S. CLO 8 Ltd., 6.74%, 10/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.412%)(a)(b)	USD       1,000	1,001,172
GoldentTree Loan Management U.S. CLO 1 Ltd., 7.72%, 04/20/37 (Call 04/20/26), (3-mo. CME Term SOFR + 2.400%)(a)(b)	USD         250	249,375
Golub Capital Partners 48 LP, 6.89%, 04/17/33 (Call 07/17/24), (3-mo. LIBOR US + 1.310%)(a)(b)	USD         750	750,727
Golub Capital Partners CLO 55B Ltd., 6.79%, 07/20/34 (Call 07/20/24), (3-mo. SOFR +1.461%)(a)(b)	USD         250	250,284
Golub Capital Partners CLO 58B Ltd., 6.77%, 01/25/35 (Call 07/25/24), (3-mo. SOFR + 1.441%)(a)(b)	USD       1,000	1,000,724
Golub Capital Partners CLO 64B Ltd., 10.82%, 10/25/35 (Call 10/25/24), (3-mo. CME Term SOFR + 5.500%)(a)(b)	USD       1,000	1,013,956
GoodLeap Sustainable Home Solutions Trust, 4.95%, 07/20/49 (Call 07/20/40)(a)	USD         191	174,992
Gracie Point International Funding, 8.46%, 09/01/26 (Call 09/01/25), (90-day Avg SOFR + 3.100%)(a)(b)	USD       1,700	1,724,953
Gracie Point International Funding LLC
7.61%, 03/01/27 (Call 03/01/26), (90-day SOFR + 2.250%)(a)(b)	USD       1,176	1,190,948
7.31%, 09/01/26 (Call 09/01/25), (90-day SOFR + 1.950%)(a)(b)	USD       1,887	1,898,663
7.06%, 03/01/28 (Call 03/01/26), (90-day Avg SOFR + 1.700%)(a)(b)	USD       4,510	4,521,067
Greenwood Park CLO Ltd., 6.60%, 04/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.272%)(a)(b)	USD         668	668,124
Halseypoint Clo 6 Ltd., 7.77%, 10/20/34 (Call 10/20/24), (3-mo. CME Term SOFR + 2.450%)(a)(b)	USD       1,250	1,259,937
Henley CLO IV DAC, 6.88%, 04/25/34 (Call 07/25/24), (3-mo. EURIBOR + 3.000%)(b)(d)	EUR       1,000	1,065,779

  5

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Henley CLO X DAC, 1.00%, 07/20/37 (Call 04/20/26), (3-mo. EURIBOR + 3.750%)(b)(d)	EUR         484	$516,525
Invesco CLO Ltd., 7.12%, 04/20/35 (Call 07/20/24), (3-mo. CME Term SOFR + 1.800%)(a)(b)	USD         500	501,536
KKR Financial CLO Ltd., 1.00%, 04/15/29, (3-mo. CME Term SOFR + 1.450%)(a)(b)	USD       2,000	2,000,000
Lendmark Funding Trust
1.90%, 11/20/31 (Call 05/20/26)(a)	USD         280	252,822
3.41%, 11/20/31 (Call 05/20/26)(a)	USD         710	607,898
5.62%, 07/20/32 (Call 06/20/25)(a)	USD         300	294,250
5.60%, 05/20/33 (Call 04/20/25)(a)	USD         240	235,029
8.69%, 05/20/33 (Call 04/20/25)(a)	USD       1,070	1,093,677
5.53%, 06/21/32 (Call 01/20/27)(a)	USD       2,000	1,984,124
6.40%, 06/21/32 (Call 01/20/27)(a)	USD       1,957	1,928,628
7.21%, 06/21/32 (Call 01/20/27)(a)	USD       5,241	5,229,042
Logan CLO I Ltd., 1.00%, 04/20/37, (3-mo. CME Term SOFR + 1.520%)(a)(b)	USD       1,000	1,000,000
Logan CLO II Ltd., 7.29%, 01/20/35 (Call 07/20/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD         250	251,455
Madison Park Funding LIX Ltd. Series 2021 59A, Class A, 6.73%, 01/18/34 (Call 07/18/24), (3 mo. LIBOR US + 1.140%)(a)(b)	USD       2,000	2,002,956
Madison Park Funding XIII Ltd. Series 2014-13A, Class AR2, 6.54%, 04/19/30 (Call 07/19/24), (3-mo. SOFR + 1.212%)(a)(b)	USD          85	85,132
Madison Park Funding XLV Ltd., 7.29%, 07/15/34 (Call 07/15/24), (3-mo. SOFR +1.961%)(a)(b)	USD         250	251,210
Madison Park Funding XVII Ltd. Series 2015-17A, Class AR2, 6.59%, 07/21/30 (Call 07/21/24), (3-mo. SOFR + 1.262%)(a)(b)	USD       1,109	1,109,250
Madison Park Funding XXIII Ltd. Series 2017-23A, Class AR, 6.56%, 07/27/31 (Call 07/27/24), (3 mo. LIBOR US + 0.970%)(a)(b)	USD       2,980	2,982,573
Madison Park Funding XXXI Ltd., 7.29%, 01/23/31 (Call 07/23/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD         250	250,832
Madison Park Funding XXXII Ltd.
6.59%, 01/22/31 (Call 07/22/24), (3-mo. LIBOR US + 1.000%)(a)(b)	USD         245	245,260
6.99%, 01/22/31 (Call 07/22/24), (3-mo. CME Term SOFR + 1.662%)(a)(b)	USD       1,500	1,499,586
Madison Park Funding XXXIII Ltd., 7.13%, 10/15/32 (Call 07/15/24), (3-mo. CME Term SOFR + 1.800%)(a)(b)	USD         475	475,445
Madison Park Funding XXXIV Ltd., 6.71%, 04/25/32 (Call 07/25/24), (3-mo. CME Term SOFR + 1.382%)(a)(b)	USD         410	410,618
Madison Park Funding XXXVI Ltd., 6.68%, 04/15/35 (Call 07/15/24), (3-mo. SOFR +1.350%)(a)(b)	USD         250	249,871
Mariner Finance Issuance Trust
2.19%, 08/21/34 (Call 05/20/24)(a)	USD          71	70,024
6.45%, 10/20/37 (Call 10/20/24)(a)	USD         597	597,276
2.33%, 03/20/36 (Call 03/20/26)(a)	USD         350	310,090

Security	Par (000 )	Value
7.11%, 10/22/35 (Call 10/20/25)(a)	USD         210	$211,935
6.70%, 10/22/35 (Call 10/20/25)(a)	USD         400	403,030
7.90%, 10/22/35 (Call 10/20/25)(a)	USD       1,395	1,415,748
8.85%, 10/22/35 (Call 10/20/25)(a)	USD       1,225	1,242,714
2.10%, 11/20/36 (Call 11/20/26)(a)	USD       1,987	1,784,364
3.42%, 11/20/36 (Call 11/20/26)(a)	USD       1,177	1,004,197
1.86%, 03/20/36 (Call 03/20/26)(a)	USD         480	439,991
Mercedes-Benz Auto Receivables Trust, 5.09%, 01/15/26 (Call 11/15/26)	USD          38	38,060
MF1 LLC, 7.06%, 03/19/39 (Call 02/19/26), (1-mo. SOFR + 1.737%)(a)(b)	USD       1,295	1,292,167
MidOcean Credit CLO XII Ltd., 6.67%, 04/18/36 (Call 04/18/25), (3-mo. CME Term SOFR + 1.340%)(a)(b)	USD       2,500	2,496,871
Milos CLO Ltd., 6.66%, 10/20/30 (Call 07/20/24), (3-mo. CME Term SOFR + 1.332%)(a)(b)	USD         574	574,736
MMAF Equipment Finance LLC, 5.10%, 07/13/49 (Call 04/13/30)(a)	USD       1,677	1,645,173
Mosaic Solar Loan Trust
1.64%, 04/22/47 (Call 12/20/37)(a)	USD         328	260,897
4.01%, 06/22/43 (Call 08/20/30)(a)	USD          44	40,392
6.40%, 05/20/53 (Call 05/20/35)(a)	USD         152	154,443
4.20%, 02/22/44 (Call 10/20/30)(a)	USD         145	132,459
Navient Private Education Loan Trust
7.04%, 10/15/31 (Call 09/15/26), (1-mo. CME Term SOFR + 1.714%)(a)(b)	USD         274	274,961
3.61%, 12/15/59 (Call 02/15/28)(a)	USD          56	54,850
6.89%, 07/16/40 (Call 06/15/28), (1-mo. CME Term SOFR + 1.564%)(a)(b)	USD         345	346,220
Navient Private Education Refi Loan Trust
3.42%, 01/15/43 (Call 02/15/26)(a)	USD          77	74,513
5.51%, 10/15/71 (Call 10/15/32)(a)	USD         280	277,072
3.33%, 05/15/69 (Call 09/15/27)(a)	USD         100	79,962
7.04%, 11/15/68 (Call 07/15/31), (1-mo. CME Term SOFR + 1.714%)(a)(b)	USD         390	394,399
6.34%, 01/15/43 (Call 02/15/26), (1-mo. CME Term SOFR + 1.014%)(a)(b)	USD          77	76,391
6.49%, 12/15/59 (Call 09/15/31), (1-mo. CME Term SOFR + 1.164%)(a)(b)	USD         734	734,999
0.84%, 05/15/69 (Call 06/15/28)(a)	USD         379	328,221
Series 2020-IA, Class A1B, 6.44%, 04/15/69 (Call 01/15/32), (1-mo. CME Term SOFR + 1.114%)(a)(b)	USD       2,380	2,380,398
Series 2021-DA, Class A, 6.51%, 04/15/60 (Call 05/15/32), (PRIME - 1.990%)(a)(b)	USD         873	839,422
Navient Student Loan Trust, 7.03%, 03/15/72, (30-day SOFR + 1.700%)(a)(b)	USD          85	85,518
Nelnet Student Loan Trust
6.46%, 04/20/62 (Call 09/20/29), (1-mo. CME Term SOFR + 1.144%)(a)(b)	USD       1,764	1,747,321
2.85%, 04/20/62 (Call 08/20/31)(a)	USD         300	242,734
3.36%, 04/20/62 (Call 09/20/31)(a)	USD         664	522,940
6.12%, 04/20/62 (Call 01/20/32), (1-mo. CME Term SOFR + 0.804%)(a)(b)	USD         336	332,091
1.36%, 04/20/62 (Call 09/20/29)(a)	USD         331	296,976
7.58%, 11/25/53 (Call 01/25/32), (30-day SOFR + 2.250%)(a)(b)	USD         489	487,941
2.85%, 04/20/62 (Call 08/20/31)(a)	USD       1,483	1,199,914
1.63%, 04/20/62 (Call 01/20/32)(a)	USD         265	240,379

6 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Series 2021-A, Class A1, 6.23%, 04/20/62 (Call 02/20/29), (1-mo. CME Term SOFR + 0.914%)(a)(b)	USD         314	$312,069
Series 2021-BA, Class AFL, 6.21%, 04/20/62 (Call 07/20/29), (1-mo. CME Term SOFR + 0.894%)(a)(b)	USD       1,714	1,700,369
Neuberger Berman CLO XIV Ltd. Series 2013-14A, Class AR2, 6.62%, 01/28/30 (Call 07/28/24), (3-mo. SOFR + 1.292%)(a)(b)	USD       1,011	1,011,347
Neuberger Berman CLO XV
6.51%, 10/15/29 (Call 07/15/24), (3-mo. CME Term SOFR + 1.182%)(a)(b)	USD         232	231,647
6.94%, 10/15/29 (Call 07/15/24), (3-mo. CME Term SOFR + 1.612%)(a)(b)	USD         250	250,166
Neuberger Berman CLO XVII Ltd.
6.62%, 04/22/29 (Call 07/22/24), (3-mo. CME Term SOFR + 1.292%)(a)(b)	USD         639	638,862
7.09%, 04/22/29 (Call 07/22/24), (3-mo. CME Term SOFR + 1.762%)(a)(b)	USD         885	886,308
Neuberger Berman CLO XX Ltd., 6.75%, 07/15/34 (Call 07/15/24), (3-mo. CME Term SOFR + 1.422%)(a)(b)	USD         500	500,565
Neuberger Berman Loan Advisers CLO 25 Ltd., 6.52%, 10/18/29 (Call 07/18/24), (3-mo. CME Term SOFR + 1.192%)(a)(b)	USD       2,277	2,279,987
Neuberger Berman Loan Advisers CLO 26 Ltd., 6.51%, 10/18/30 (Call 07/18/24), (3-mo. CME Term SOFR + 1.182%)(a)(b)	USD         869	870,144
Neuberger Berman Loan Advisers CLO 31 Ltd., 6.63%, 04/20/31 (Call 07/20/24), (3-mo. LIBOR US + 1.040%)(a)(b)	USD         250	250,373
Neuberger Berman Loan Advisers CLO 32 Ltd., 6.99%, 01/20/32 (Call 07/19/24), (3-mo. CME Term SOFR + 1.662%)(a)(b)	USD         225	225,158
Neuberger Berman Loan Advisers CLO 34 Ltd., 6.56%, 01/20/35 (Call 07/20/24), (3-mo. CME Term SOFR + 1.240%)(a)(b)	USD       2,000	2,000,884
Neuberger Berman Loan Advisers CLO 37 Ltd., 6.56%, 07/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.232%)(a)(b)	USD       1,925	1,927,569
Neuberger Berman Loan Advisers CLO 40 Ltd., 6.65%, 04/16/33 (Call 07/16/24), (3-mo. LIBOR US + 1.060%)(a)(b)	USD         250	250,327
Neuberger Berman Loan Advisers CLO 45 Ltd., 6.72%, 10/14/35 (Call 07/14/24), (3-mo. CME Term SOFR + 1.392%)(a)(b)	USD         255	255,316
Neuberger Berman Loan Advisers CLO 49 Ltd.
6.74%, 07/25/34 (Call 07/25/24), (3-mo. CME Term SOFR + 1.420%)(a)(b)	USD         500	500,999
7.32%, 07/25/34 (Call 07/25/24), (3-mo. SOFR + 2.000%)(a)(b)	USD         250	251,262
Neuberger Berman Loan Advisers Euro Clo 6 DAC, 1.00%, 07/15/37 (Call 07/15/26), (3-mo. EURIBOR + 3.750%)(b)(d)	EUR         588	627,514
New Mountain CLO 4 Ltd., 7.27%, 04/20/36 (Call 04/20/25), (3-mo. CME Term SOFR + 1.950%)(a)(b)	USD       1,000	1,006,235
NYACK Park CLO Ltd., 6.71%, 10/20/34 (Call 07/20/24), (3-mo. SOFR +1.381%)(a)(b)	USD         252	252,373

Security	Par (000 )	Value
Oaktree CLO Ltd., 6.88%, 07/15/33 (Call 01/15/25), (3-mo. CME Term SOFR + 1.550%)(a)(b)	USD       1,000	$1,000,270
OCP CLO Ltd.
6.56%, 04/10/33 (Call 07/10/24), (3 mo. LIBOR US + 1.000%)(a)(b)	USD       1,994	1,996,184
7.08%, 11/20/30 (Call 05/20/24), (3-mo. CME Term SOFR + 1.762%)(a)(b)	USD         680	679,678
6.63%, 07/20/32 (Call 07/20/24), (3-mo. CME Term SOFR + 1.302%)(a)(b)	USD       2,750	2,752,917
6.58%, 01/15/33 (Call 07/15/24), (3-mo. CME Term SOFR + 1.250%)(a)(b)	USD       1,000	1,000,411
6.67%, 04/26/31 (Call 07/26/24), (3-mo. CME Term SOFR + 1.342%)(a)(b)	USD       1,161	1,161,082
7.29%, 07/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD       1,000	1,003,907
6.71%, 07/20/29 (Call 07/20/24), (3-mo. CME Term SOFR + 1.382%)(a)(b)	USD         231	231,548
7.87%, 04/17/36 (Call 04/17/25), (3-mo. CME Term SOFR + 2.550%)(a)(b)	USD         500	504,333
Series 2017-13A, 6.55%, 07/15/30 (Call 07/15/24), (3-mo. SOFR + 1.222%)(a)(b)	USD       2,643	2,644,791
Octagon Investment Partners 18-R Ltd., 6.55%, 04/16/31 (Call 07/16/24), (3-mo. CME Term SOFR + 1.222%)(a)(b)	USD       1,551	1,553,213
Octagon Investment Partners 32 Ltd.
6.54%, 07/15/29 (Call 07/15/24), (3-mo. CME Term SOFR + 1.212%)(a)(b)	USD       1,335	1,335,574
7.17%, 07/15/29 (Call 07/15/24), (3-mo. CME Term SOFR + 1.842%)(a)(b)	USD       1,000	1,002,095
Octagon Investment Partners 35 Ltd., 6.65%, 01/20/31 (Call 07/20/24), (3-mo. CME Term SOFR + 1.322%)(a)(b)	USD         397	397,875
Octagon Investment Partners 36 Ltd., 6.56%, 04/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.232%)(a)(b)	USD         587	587,626
Octagon Investment Partners 48 Ltd., 6.74%, 10/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.412%)(a)(b)	USD       3,000	3,003,015
Octagon Investment Partners XVI Ltd., 6.60%, 07/17/30 (Call 07/17/24), (3-mo. CME Term SOFR + 1.282%)(a)(b)	USD       1,108	1,108,928
Octagon Investment Partners XVII Ltd. Series 2013-1A, Class A1R2, 6.59%, 01/25/31 (Call 07/25/24), (3-mo. SOFR + 1.262%)(a)(b)	USD       1,369	1,369,967
Octagon Investment Partners XXI Ltd., 6.57%, 02/14/31 (Call 05/14/24), (3-mo. LIBOR US + 1.000%)(a)(b)	USD       2,335	2,335,751
OHA Credit Funding 10 Ltd., 6.72%, 01/18/36 (Call 07/18/24), (3-mo. CME Term SOFR + 1.392%)(a)(b)	USD         250	250,233
OHA Credit Funding 2 Ltd., 6.74%, 04/21/34 (Call 07/21/24), (3-mo. CME Term SOFR + 1.412%)(a)(b)	USD         500	500,357
OHA Credit Funding 3 Ltd. Series 2019 3A, Class AR, 6.73%, 07/02/35 (Call 07/20/24), (3-mo. SOFR +1.401%)(a)(b)	USD         500	500,601
OHA Credit Funding 6 Ltd., 8.74%, 07/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 3.412%)(a)(b)	USD       1,000	1,002,780

  7

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
OHA Credit Funding 9 Ltd., 7.29%, 07/19/35 (Call 07/19/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD       2,000	$2,011,781
OHA Credit Partners XVI, 6.74%, 10/18/34 (Call 07/18/24), (3-mo. LIBOR US + 1.150%)(a)(b)	USD         625	625,925
OHA Loan Funding Ltd.
6.74%, 01/19/37 (Call 07/19/24), (3-mo. LIBOR US + 1.150%)(a)(b)	USD         250	250,394
6.85%, 01/20/33 (Call 07/20/24), (3-mo. CME Term SOFR + 1.522%)(a)(b)	USD         250	250,112
7.29%, 01/19/37 (Call 07/19/24), (3-mo. SOFR + 1.961%)(a)(b)	USD         500	503,058
OneMain Direct Auto Receivables Trust
6.93%, 03/14/29 (Call 05/14/26), (30-day SOFR + 1.600%)(a)(b)	USD         678	681,685
5.81%, 02/14/31 (Call 11/14/27)(a)	USD         310	307,066
Onemain Financial Issuance Trust, 5.79%, 05/14/41 (Call 10/14/32)(a)	USD       3,710	3,711,159
OneMain Financial Issuance Trust
3.14%, 10/14/36 (Call 10/14/26)(a)	USD         350	326,110
2.47%, 06/16/36 (Call 06/14/26)(a)	USD         500	416,388
4.89%, 10/14/34 (Call 10/14/24)(a)	USD       1,893	1,876,696
5.94%, 05/15/34 (Call 01/14/25)(a)	USD         620	620,620
1.75%, 09/14/35 (Call 09/14/25)(a)	USD         500	463,207
5.50%, 06/14/38 (Call 06/14/28)(a)	USD       2,310	2,300,494
1.95%, 06/16/36 (Call 06/14/26)(a)	USD         200	172,978
2.21%, 09/14/35 (Call 09/14/25)(a)	USD         392	347,622
7.52%, 09/15/36 (Call 09/14/26)(a)	USD         595	600,260
6.83%, 09/15/36 (Call 09/14/26), (30-day SOFR + 1.500%)(a)(b)	USD       4,250	4,317,575
3.66%, 10/14/36 (Call 10/14/26)(a)	USD         225	198,530
6.17%, 09/15/36 (Call 09/14/26)(a)	USD         323	324,908
7.49%, 06/14/38 (Call 06/14/28)(a)	USD         595	598,874
2.76%, 09/14/35 (Call 09/14/25)(a)	USD         575	507,394
4.04%, 03/14/33 (Call 05/14/24)(a)	USD         340	334,183
5.77%, 03/14/33 (Call 05/14/24)(a)	USD         701	692,059
OZLM VI Ltd., 7.33%, 04/17/31 (Call 07/17/24), (3-mo. CME Term SOFR + 2.012%)(a)(b)	USD         380	380,570
OZLM XVIII Ltd.
6.61%, 04/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.282%)(a)(b)	USD       1,366	1,366,923
7.14%, 04/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.812%)(a)(b)	USD         500	501,137
Palmer Square CLO Ltd.
6.58%, 10/17/31 (Call 07/17/24), (3-mo. SOFR + 1.262%)(a)(b)	USD         368	369,109
6.74%, 07/15/34 (Call 07/15/24), (3-mo. LIBOR US + 1.150%)(a)(b)	USD         250	250,354
7.12%, 07/20/35 (Call 10/20/24), (3-mo. SOFR +1.800%)(a)(b)	USD         250	252,493
6.72%, 11/14/34 (Call 05/14/24), (3-mo. LIBOR US + 1.150%)(a)(b)	USD       1,167	1,168,459
7.92%, 01/20/36 (Call 01/20/25), (3-mo. CME Term SOFR + 2.600%)(a)(b)	USD         250	251,217
7.24%, 01/15/35 (Call 07/15/24), (3-mo. CME Term SOFR + 1.912%)(a)(b)	USD         500	502,221
7.47%, 10/20/33 (Call 10/20/24), (3-mo. SOFR + 2.150%)(a)(b)	USD         250	251,418
7.14%, 07/20/30 (Call 07/20/24), (3-mo. CME Term SOFR + 1.812%)(a)(b)	USD       1,300	1,300,868

Security	Par (000 )	Value
Series 2021-3A, Class A1, 6.74%, 01/15/35 (Call 07/15/24), (3-mo. SOFR + 1.412%)(a)(b)	USD       1,000	$1,001,459
Palmer Square European CLO DAC, 7.91%, 01/15/38 (Call 07/15/25), (3-mo. EURIBOR + 4.000%)(b)(d)	EUR         372	398,284
Palmer Square Loan Funding Ltd.
6.39%, 07/20/29 (Call 07/20/24), (3-mo. CME Term SOFR + 1.062%)(a)(b)	USD         593	593,174
6.38%, 04/15/30 (Call 07/15/24), (3-mo. CME Term SOFR + 1.050%)(a)(b)	USD         143	143,013
6.83%, 05/20/29 (Call 05/20/24), (3-mo. CME Term SOFR + 1.512%)(a)(b)	USD         660	661,092
6.99%, 07/20/29 (Call 07/20/24), (3-mo. CME Term SOFR + 1.662%)(a)(b)	USD       1,690	1,690,017
6.93%, 04/15/31 (Call 10/15/24), (3-mo. CME Term SOFR + 1.600%)(a)(b)	USD       1,000	999,958
6.43%, 04/15/31 (Call 10/15/24), (3-mo. CME Term SOFR + 1.100%)(a)(b)	USD         469	469,722
6.60%, 10/15/30 (Call 07/15/24), (3-mo. CME Term SOFR + 1.270%)(a)(b)	USD         349	349,714
6.84%, 04/20/29 (Call 07/20/24), (3-mo. CME Term SOFR + 1.512%)(a)(b)	USD       2,000	2,002,098
7.39%, 04/20/29 (Call 07/20/24), (3-mo. CME Term SOFR + 2.062%)(a)(b)	USD         890	890,697
6.80%, 01/25/32 (Call 01/25/25), (3-mo. CME Term SOFR + 1.450%)(a)(b)	USD       1,838	1,839,137
Peace Park CLO Ltd. Series 2021 1A, Class A, 6.72%, 10/20/34 (Call 07/20/24), (3 mo. LIBOR US + 1.130%)(a)(b)	USD         287	287,342
PFS Financing Corp.
4.90%, 08/15/27(a)	USD       1,172	1,154,560
6.63%, 01/15/28, (30-day SOFR + 1.300%)(a)(b)	USD       1,900	1,903,096
1.09%, 08/15/26(a)	USD         508	500,041
Pikes Peak CLO 8
6.76%, 07/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.432%)(a)(b)	USD       1,000	999,938
7.34%, 07/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 2.012%)(a)(b)	USD       1,000	1,002,675
Progress Residential Trust, 3.40%, 04/17/41(a)(b)	USD       2,089	1,845,891
Providus Clo VI DAC, 7.12%, 05/20/34 (Call 05/20/24), (3-mo. EURIBOR + 3.200%)(b)(d)	EUR       1,000	1,048,303
Rad CLO 10 Ltd., 6.99%, 04/23/34 (Call 07/23/24), (3-mo. SOFR + 1.661%)(a)(b)	USD         250	249,624
Rad CLO 18 Ltd., 7.28%, 04/15/36 (Call 04/15/25), (3-mo. CME Term SOFR + 1.950%)(a)(b)	USD         250	250,660
RAD CLO 24 Ltd., 1.00%, 07/20/37, (3-mo. CME Term SOFR + 2.000%)(a)(b)	USD       1,000	1,000,000
Rad CLO 5 Ltd., 6.70%, 07/24/32 (Call 07/24/24), (3-mo. CME Term SOFR + 1.382%)(a)(b)	USD       2,000	2,000,000
Rad CLO 7 Ltd., 6.67%, 04/17/36 (Call 04/17/25), (3-mo. CME Term SOFR + 1.350%)(a)(b)	USD       1,500	1,499,939
Recette Clo Ltd., 6.67%, 04/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.342%)(a)(b)	USD       2,000	2,001,312

8 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Regatta VI Funding Ltd., 6.75%, 04/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.422%)(a)(b)	USD       2,000	$2,002,843
Regatta XI Funding Ltd., 6.65%, 07/17/31 (Call 07/17/24), (3-mo. CME Term SOFR + 1.332%)(a)(b)	USD         195	195,371
Regatta XII Funding Ltd., 6.69%, 10/15/32 (Call 07/15/24), (3-mo. CME Term SOFR + 1.362%)(a)(b)	USD       2,000	2,002,663
Regatta XVIII Funding Ltd., 6.69%, 01/15/34 (Call 07/15/24), (3-mo. LIBOR US + 1.100%)(a)(b)	USD         500	500,639
Regatta XX Funding Ltd., 6.75%, 10/15/34 (Call 07/15/24), (3-mo. CME Term SOFR + 1.422%)(a)(b)	USD       1,000	1,001,041
Regatta XXIV Funding Ltd., 6.74%, 01/20/35 (Call 07/20/24), (3-mo. SOFR +1.411%)(a)(b)	USD       1,000	1,001,999
Regatta XXVIII Funding Ltd., 6.88%, 04/25/37 (Call 04/25/26), (3-mo. CME Term SOFR + 1.550%)(a)(b)	USD         750	749,063
Regional Management Issuance Trust
3.07%, 03/15/32 (Call 03/15/25)(a)	USD         317	303,357
7.10%, 11/17/32 (Call 11/15/24)(a)	USD         287	288,988
2.34%, 10/15/30 (Call 05/15/24)(a)	USD         900	885,817
1.68%, 03/17/31 (Call 05/15/24)(a)	USD       5,840	5,664,311
1.90%, 08/15/33 (Call 08/15/26)(a)	USD         350	312,738
2.42%, 03/17/31 (Call 05/15/24)(a)	USD         400	371,926
2.35%, 08/15/33 (Call 08/15/26)(a)(d)	USD       1,710	1,454,411
3.71%, 03/15/32 (Call 03/15/25)(a)	USD       1,080	1,007,400
Republic Finance Issuance Trust, 2.30%, 12/22/31 (Call 12/20/24)(a)	USD      10,775	10,301,023
Rockford Tower CLO Ltd., 6.78%, 10/20/30 (Call 07/20/24), (3-mo. CME Term SOFR + 1.452%)(a)(b)	USD         621	620,926
RR 1 LLC
6.74%, 07/15/35 (Call 07/15/24), (3-mo. CME Term SOFR + 1.412%)(a)(b)	USD       1,125	1,124,754
7.19%, 07/15/35 (Call 07/15/24), (3-mo. SOFR + 1.861%)(a)(b)	USD         250	250,834
RR 16 Ltd., 6.70%, 07/15/36 (Call 07/15/24), (3-mo. LIBOR US + 1.110%)(a)(b)	USD         250	250,972
RR 18 Ltd., 7.19%, 10/15/34 (Call 07/15/24), (3-mo. SOFR + 1.861%)(a)(b)	USD         500	502,129
RR 19 Ltd., 6.73%, 10/15/35 (Call 07/15/24), (3-mo. CME Term SOFR + 1.402%)(a)(b)	USD         500	500,586
RR 3 Ltd. Series 2018-3A, Class A1R2, 6.68%, 01/15/30 (Call 07/15/24), (3-mo. SOFR + 1.362%)(a)(b)	USD       1,020	1,021,124
RR 4 Ltd., 7.14%, 04/15/30 (Call 07/15/24), (3-mo. CME Term SOFR + 1.812%)(a)(b)	USD         595	596,153
RR 8 Ltd., 7.16%, 04/15/33 (Call 07/15/24), (3-mo. SOFR + 1.831%)(a)(b)	USD         500	501,352
RR15 Ltd., 7.04%, 04/15/36 (Call 07/15/24), (3-mo. SOFR + 1.711%)(a)(b)	USD         300	299,530
RRX 4 Ltd. Series 2021 4A, Class A1, 6.79%, 07/15/34 (Call 07/15/24), (3-mo. SOFR +1.461%)(a)(b)	USD         250	250,258
RRX 5 Ltd., 7.39%, 07/15/34 (Call 07/15/24), (3-mo. CME Term SOFR + 2.062%)(a)(b)	USD       1,000	1,004,267
Sandstone Peak Ltd., 7.39%, 10/15/34 (Call 07/15/24), (3-mo. CME Term SOFR + 2.062%)(a)(b)	USD       2,000	2,006,883

Security	Par (000 )	Value
Service Experts Issuer LLC, 2.67%, 02/02/32 (Call 02/20/29)(a)	USD          50	$46,970
Signal Peak CLO 8 Ltd., 6.86%, 04/20/33 (Call 07/20/24), (3-mo. CME Term SOFR + 1.532%)(a)(b)	USD       1,000	1,000,617
Sixth Street CLO XIX Ltd., 7.29%, 07/20/34 (Call 07/20/24), (3-mo. SOFR + 1.961%)(a)(b)	USD         500	502,196
Sixth Street CLO XX Ltd., 7.24%, 10/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.912%)(a)(b)	USD         250	250,957
SLM Private Credit Student Loan Trust
5.83%, 12/16/41 (Call 06/15/29), (3-mo. CME Term SOFR + 0.502%)(b)	USD         491	484,276
6.02%, 09/15/33 (Call 06/15/24), (3-mo. CME Term SOFR + 0.692%)(b)	USD         311	306,654
Series 2004-A, Class A3, 5.99%, 06/15/33 (Call 06/15/24), (3-mo. SOFR + 0.662%)(b)	USD         480	476,857
Series 2005-A, Class A4, 5.90%, 12/15/38 (Call 06/15/24), (3-mo. SOFR + 0.572%)(b)	USD       1,799	1,770,330
Series 2006-A, Class A5, 5.88%, 06/15/39 (Call 12/15/27), (3-mo. SOFR + 0.552%)(b)	USD          96	93,056
SLM Private Education Loan Trust, 10.19%, 10/15/41 (Call 06/15/30), (1-mo. CME Term SOFR + 4.864%)(a)(b)	USD         218	234,461
SMB Private Education Loan Trust
3.44%, 07/15/36(a)	USD         168	161,255
2.76%, 07/15/53(a)	USD       1,016	853,803
2.31%, 01/15/53(a)	USD       1,193	1,109,914
6.24%, 01/15/53, (1-mo. CME Term SOFR + 0.914%)(a)(b)	USD         976	969,726
2.30%, 01/15/53(a)	USD         854	792,059
6.78%, 02/16/55, (30-day SOFR + 1.450%)(a)(b)	USD       1,594	1,598,306
6.44%, 06/15/37, (1-mo. CME Term SOFR + 1.114%)(a)(b)	USD         242	242,623
4.48%, 05/16/50(a)	USD         627	602,630
1.59%, 01/15/53(a)	USD          96	84,441
7.13%, 10/16/56, (30-day SOFR + 1.800%)(a)(b)	USD       1,834	1,868,483
2.84%, 06/15/37(a)	USD         281	265,983
1.34%, 03/17/53(a)	USD          47	41,973
2.23%, 09/15/37(a)	USD         157	146,560
6.19%, 10/15/35, (1-mo. CME Term SOFR + 0.864%)(a)(b)	USD         190	189,999
5.67%, 11/15/52(a)	USD       2,088	2,072,589
6.88%, 11/15/52, (30-day SOFR + 1.550%)(a)(b)	USD         214	215,782
6.27%, 09/15/37, (1-mo. SOFR + 0.944%)(a)(b)	USD         130	129,686
6.16%, 01/15/37, (1-mo. CME Term SOFR + 0.834%)(a)(b)	USD         260	258,343
3.50%, 09/15/43 (Call 09/15/28)(a)	USD          64	62,066
3.50%, 06/17/41(a)	USD         100	93,392
6.17%, 01/15/53, (1-mo. CME Term SOFR + 0.844%)(a)(b)	USD         335	325,791
6.54%, 09/15/34, (1-mo. CME Term SOFR + 1.214%)(a)(b)	USD          89	88,551
3.50%, 02/15/36(a)	USD          48	46,833

  9

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
6.31%, 07/15/36, (1-mo. CME Term SOFR + 0.984%)(a)(b)	USD         319	$317,442
6.28%, 09/15/54, (1-mo. CME Term SOFR + 0.964%)(a)(b)	USD         739	736,411
2.50%, 09/15/54(a)	USD         380	302,354
6.83%, 01/15/53, (30-day SOFR + 1.500%)(a)(b)	USD       1,572	1,586,274
1.07%, 01/15/53(a)	USD         446	389,472
6.54%, 07/15/53, (1-mo. CME Term SOFR + 1.214%)(a)(b)	USD         246	245,410
6.78%, 03/15/56, (30-day Avg SOFR + 1.450%)(a)(b)	USD      10,705	10,783,354
5.88%, 03/15/56(a)	USD       1,802	1,767,736
6.28%, 09/15/54, (1-mo. CME Term SOFR + 0.964%)(a)(b)	USD       3,284	3,274,730
6.24%, 02/15/36, (1-mo. CME Term SOFR + 0.914%)(a)(b)	USD         266	265,446
6.15%, 10/15/58(a)	USD       2,138	2,120,340
5.24%, 03/15/56(a)	USD       2,375	2,319,796
1.39%, 01/15/53(a)	USD         294	256,217
Series 2017-A, Class A2B, 6.34%, 09/15/34, (1-mo. CME Term SOFR + 1.014%)(a)(b)	USD          75	75,015
SoFi Personal Loan Trust
6.00%, 11/12/30	USD         131	130,573
1.00%, 02/12/31(c)	USD       1,459	1,466,733
SoFi Professional Loan Program LLC
3.59%, 01/25/48 (Call 05/25/26)(a)	USD          41	39,963
3.12%, 05/15/46 (Call 09/15/27)(a)	USD         365	292,836
Stratus CLO Ltd.
6.54%, 12/29/29 (Call 07/20/24), (3-mo. CME Term SOFR + 1.212%)(a)(b)	USD         245	245,081
6.49%, 12/28/29 (Call 07/20/24), (3-mo. CME Term SOFR + 1.162%)(a)(b)	USD         131	131,201
Sycamore Tree CLO Ltd.
6.74%, 04/20/36 (Call 04/20/25), (3-mo. CME Term SOFR + 1.420%)(a)(b)	USD       1,000	999,981
6.97%, 04/20/37, (3-mo. CME Term SOFR + 1.650%)(a)(b)	USD       1,000	1,000,000
7.47%, 04/20/37, (3-mo. CME Term SOFR + 2.150%)(a)(b)	USD       1,000	1,000,000
Symphony CLO 38 Ltd., 8.22%, 04/24/36 (Call 04/24/25), (3-mo. CME Term SOFR + 2.900%)(a)(b)	USD         250	253,153
Symphony CLO Ltd., 7.57%, 04/24/36 (Call 04/24/25), (3-mo. SOFR + 2.250%)(a)(b)	USD         250	251,349
Symphony CLO XIX Ltd., 6.55%, 04/16/31 (Call 07/16/24), (3-mo. CME Term SOFR + 1.222%)(a)(b)	USD         425	425,565
Symphony CLO XX Ltd., 7.24%, 01/16/32 (Call 07/16/24), (3-mo. CME Term SOFR + 1.912%)(a)(b)	USD       1,000	1,001,504
Symphony CLO XXII Ltd., 7.29%, 04/18/33 (Call 07/18/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD         250	250,074
TCI-Flatiron CLO Ltd.
6.42%, 01/17/32 (Call 07/17/24), (3-mo. CME Term SOFR + 1.100%)(a)(b)	USD       1,761	1,760,509
6.54%, 11/18/30 (Call 05/17/24), (3-mo. CME Term SOFR + 1.222%)(a)(b)	USD       1,226	1,226,477

Security	Par (000 )	Value
TCI-Symphony CLO Ltd., 6.61%, 10/13/32 (Call 07/13/24), (3-mo. SOFR + 1.282%)(a)(b)	USD       1,769	$1,772,011
TICP CLO V Ltd., 8.73%, 07/17/31 (Call 07/17/24), (3-mo. CME Term SOFR + 3.412%)(a)(b)	USD         500	501,866
TICP CLO VI Ltd., 6.71%, 01/15/34 (Call 07/15/24), (3-mo. LIBOR US + 1.120%)(a)(b)	USD         250	250,259
TICP CLO VII Ltd., 7.23%, 04/15/33 (Call 04/15/25), (3-mo. CME Term SOFR + 1.900%)(a)(b)	USD       1,000	1,003,482
TICP CLO VIII Ltd., 7.29%, 10/20/34 (Call 07/20/24), (3-mo. CME Term SOFR + 1.962%)(a)(b)	USD       1,000	1,000,775
TICP CLO XII Ltd., 6.76%, 07/15/34 (Call 07/15/24), (3-mo. LIBOR US + 1.170%)(a)(b)	USD         250	250,339
TICP CLO XIV Ltd., 7.24%, 10/20/32 (Call 07/20/24), (3-mo. LIBOR US + 1.650%)(a)(b)	USD         250	250,570
Tikehau CLO VI DAC, 7.51%, 01/15/35 (Call 07/15/24), (3-mo. EURIBOR + 3.600%)(b)(d)	EUR       1,000	1,057,840
Trestles CLO II Ltd.
6.68%, 07/25/31 (Call 07/25/24), (3-mo. CME Term SOFR + 1.352%)(a)(b)	USD         423	423,394
1.00%, 07/25/37(a)	USD         750	750,000
Trestles CLO III Ltd., 6.92%, 01/20/33 (Call 07/20/24), (3-mo. CME Term SOFR + 1.592%)(a)(b)	USD         790	790,810
Trestles CLO V Ltd., 6.76%, 10/20/34 (Call 07/20/24), (3-mo. SOFR + 1.432%)(a)(b)	USD         250	250,590
Tricon Residential Trust, 4.75%, 04/17/41 (Call 04/17/29)(a)	USD       1,818	1,712,633
Trimaran CAVU Ltd., 11.15%, 10/22/35 (Call 10/22/24), (3-mo. CME Term SOFR + 5.830%)(a)(b)	USD       1,000	1,017,774
Verizon Master Trust, 4.83%, 12/22/31 (Call 12/20/28)(a)	USD         345	337,839
Voya CLO Ltd.
6.74%, 10/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.412%)(a)(b)	USD       1,436	1,437,581
7.23%, 10/17/32 (Call 07/17/24), (3-mo. CME Term SOFR + 1.912%)(a)(b)	USD         250	250,871
6.65%, 04/15/31 (Call 07/15/24), (3-mo. SOFR + 1.322%)(a)(b)	USD       1,743	1,744,056
6.60%, 04/17/30 (Call 07/17/24), (3-mo. CME Term SOFR + 1.282%)(a)(b)	USD         873	873,587
7.47%, 10/20/36 (Call 10/20/25), (3-mo. SOFR + 2.150%)(a)(b)	USD         400	401,296
6.59%, 07/15/31 (Call 07/15/24), (3-mo. CME Term SOFR + 1.262%)(a)(b)	USD         180	180,177
6.78%, 10/18/31 (Call 07/18/24), (3-mo. CME Term SOFR + 1.452%)(a)(b)	USD       1,669	1,670,172
1.00%, 10/15/31, (3-mo. CME Term SOFR + 1.200%)(a)(b)	USD       2,250	2,250,000
6.52%, 07/20/32 (Call 07/20/24), (3-mo. CME Term SOFR + 1.200%)(a)(b)	USD       2,000	2,002,550

10 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Voya Euro CLO IV DAC, 7.01%, 10/15/34 (Call 07/15/24), (3-mo. EURIBOR + 3.100%)(b)(d)	EUR         500	$522,666
Voya Ltd. Series 2012-4, , 6.59%, 10/15/30 (Call 07/15/24), (3-mo. SOFR + 1.262%)(a)(b)	USD         141	141,510
Whitebox CLO II Ltd.
6.80%, 10/24/34 (Call 07/24/24), (3-mo. LIBOR US + 1.220%)(a)(b)	USD         250	250,372
7.33%, 10/24/34 (Call 07/24/24), (3-mo. CME Term SOFR + 2.012%)(a)(b)	USD         250	250,702
Whitebox CLO IV Ltd., 7.92%, 04/20/36 (Call 04/20/25), (3-mo. CME Term SOFR + 2.600%)(a)(b)	USD       1,000	1,003,997
Total Asset-Backed Securities — 16.4% (Cost: $478,114,936)		478,061,146
Collaterized Mortgage Obligations
Mortgage-Backed Securities — 12.4%
A&D Mortgage Trust, 6.20%, 02/25/69 (Call 01/25/27)(a)(e)	$971	962,796
Angel Oak Mortgage Trust
1.19%, 04/25/66 (Call 05/25/24)(a)(b)	296	243,395
1.45%, 04/25/66 (Call 05/25/24)(a)(b)	1,437	1,183,826
3.35%, 01/25/67 (Call 05/25/24)(a)(b)	212	190,836
4.30%, 07/25/67 (Call 09/25/25)(a)(e)	2,610	2,475,503
4.80%, 11/26/68 (Call 02/25/26)(a)(e)	2,950	2,838,980
5.21%, 08/25/68 (Call 01/25/27)(a)(e)	1,412	1,368,136
5.99%, 01/25/69 (Call 01/25/27)(a)(e)	1,962	1,944,629
6.20%, 01/25/69 (Call 03/25/27)(a)(e)	2,441	2,423,320
Arbor Multifamily Mortgage Securities Trust, 1.75%, 05/15/53 (Call 05/15/30)(a)	190	121,653
BAMLL Commercial Mortgage Securities Trust
6.77%, 09/15/34, (1-mo. LIBOR US + 1.150%)(a)(b)	150	149,910
7.34%, 03/15/37 (Call 03/15/25), (1-mo. CME Term SOFR + 2.014%)(a)(b)	1,500	1,500,000
Series 2018-DSNY, Class A, 6.47%, 09/15/34, (1-mo. CME Term SOFR + 0.897%)(a)(b)	2,500	2,498,437
Bank of America Merrill Lynch Commercial Mortgage Trust, 3.75%, 02/15/50 (Call 02/15/27)	420	390,215
Bank5 Trust, 6.23%, 05/15/57 (Call 05/15/29)	3,770	3,839,563
Bayview MSR Opportunity Master Fund Trust, 3.00%, 10/25/51 (Call 07/25/47)(a)(b)	5,445	4,374,233
BBCMS Mortgage Trust, Series 2018-TALL, Class A, 6.24%, 03/15/37, (1-mo. CME Term SOFR + 0.919%)(a)(b)	2,000	1,900,001
Beast Mortgage Trust
6.19%, 04/15/36 (Call 04/15/25), (1-mo. CME Term SOFR + 0.864%)(a)(b)	2,415	2,388,832
7.54%, 04/15/36 (Call 04/15/25), (1-mo. CME Term SOFR + 2.214%)(a)(b)	68	64,715
Benchmark Mortgage Trust, 1.05%, 07/15/56 (Call 07/15/28)(b)	2,999	89,506
BFLD Trust, 6.53%, 10/15/34, (1-mo. CME Term SOFR + 1.204%)(a)(b)	3,527	3,524,796
BHMS Mortgage Trust
6.87%, 07/15/35, (1-mo. CME Term SOFR + 1.547%)(a)(b)	945	944,161

Security	Par (000 )	Value
Mortgage-Backed Securities (continued)
7.12%, 07/15/35, (1-mo. CME Term SOFR + 1.797%)(a)(b)	$235	$233,789
BINOM Securitization Trust, 2.03%, 06/25/56 (Call 12/25/24)(a)(b)	1,337	1,131,775
BLP Commercial Mortgage Trust, 6.66%, 03/15/41, (1-mo. CME Term SOFR + 1.342%)(a)(b)	3,440	3,435,700
BPR Trust, 6.49%, 09/15/38, (1-mo. CME Term SOFR + 1.164%)(a)(b)	5,573	5,532,448
BRAVO Residential Funding Trust
6.19%, 03/25/64 (Call 03/25/27)(a)(e)	2,226	2,215,160
6.29%, 02/25/64 (Call 02/25/27)(a)(e)	1,969	1,964,153
BWAY Mortgage Trust, 2.81%, 03/10/33 (Call 03/10/25)(a)	440	432,865
BX Commercial Mortgage Trust
6.09%, 05/15/38, (1-mo. LIBOR US + 0.652%)(a)(b)	4,506	4,474,964
6.11%, 06/15/38, (1-mo. LIBOR US + 0.670%)(a)(b)	1,721	1,705,213
6.33%, 02/15/39, (1-mo. CME Term SOFR + 1.012%)(a)(b)	1,435	1,428,274
6.37%, 10/15/37, (1-mo. CME Term SOFR + 1.044%)(a)(b)	389	387,831
6.71%, 03/15/41, (1-mo. CME Term SOFR + 1.392%)(a)(b)	6,573	6,556,433
6.76%, 02/15/39, (1-mo. CME Term SOFR + 1.442%)(a)(b)	2,430	2,430,721
6.76%, 02/15/39, (1-mo. SOFR + 1.442%)(a)(b)	6,391	6,391,000
7.08%, 12/09/40, (1-mo. SOFR + 1.761%)(a)(b)	7,740	7,788,375
7.14%, 10/15/37, (1-mo. CME Term SOFR + 1.814%)(a)(b)	788	781,594
7.44%, 06/15/27, (1-mo. CME Term SOFR + 2.115%)(a)(b)	1,490	1,495,587
7.60%, 06/15/40, (1-mo. CME Term SOFR + 2.281%)(a)(b)	1,450	1,454,078
8.01%, 03/15/41, (1-mo. CME Term SOFR + 2.690%)(a)(b)	2,175	2,169,410
8.46%, 06/15/27, (1-mo. CME Term SOFR + 3.141%)(a)(b)	580	581,812
8.46%, 02/15/39, (1-mo. SOFR + 3.139%)(a)(b)	900	900,000
9.06%, 02/15/39, (1-mo. CME Term SOFR + 3.738%)(a)(b)	1,500	1,502,670
9.21%, 06/15/27, (1-mo. SOFR + 3.888%)(a)(b)	600	603,000
BX Trust
6.14%, 01/15/34, (1-mo. CME Term SOFR + 0.814%)(a)(b)	4,686	4,650,548
6.17%, 01/15/39, (1-mo. CME Term SOFR + 0.850%)(a)(b)	4,730	4,685,656
6.24%, 02/15/36, (1-mo. CME Term SOFR + 0.914%)(a)(b)	2,600	2,585,375
6.32%, 01/15/39, (1-mo. CME Term SOFR + 1.000%)(a)(b)	3,120	3,098,550
6.42%, 05/15/35, (1-mo. CME Term SOFR + 1.097%)(a)(b)	1,435	1,429,619
6.64%, 01/15/34, (1-mo. CME Term SOFR + 1.314%)(a)(b)	115	113,646

  11

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Mortgage-Backed Securities (continued)
6.76%, 04/15/29, (1-mo. CME Term SOFR + 1.442%)(a)(b)	$5,245	$5,238,444
6.79%, 02/15/36, (1-mo. SOFR + 1.464%)(a)(b)	100	98,563
6.81%, 04/15/37, (1-mo. CME Term SOFR + 1.491%)(a)(b)	1,111	1,110,641
6.84%, 05/15/35, (1-mo. CME Term SOFR + 1.517%)(a)(b)	1,540	1,529,894
6.90%, 01/15/39, (1-mo. CME Term SOFR + 1.580%)(a)(b)	60	59,100
6.96%, 02/15/41, (1-mo. SOFR + 1.642%)(a)(b)	1,750	1,751,086
7.08%, 10/15/36, (1-mo. CME Term SOFR + 1.760%)(a)(b)	400	393,000
7.41%, 03/15/41, (1-mo. CME Term SOFR + 2.090%)(a)(b)	2,180	2,178,637
7.49%, 08/15/39, (1-mo. CME Term SOFR + 2.165%)(a)(b)	1,582	1,586,563
7.99%, 08/15/41, (1-mo. CME Term SOFR + 2.664%)(a)(b)	251	252,228
8.01%, 04/15/29, (1-mo. CME Term SOFR + 2.690%)(a)(b)	1,780	1,777,775
8.01%, 05/15/38, (1-mo. CME Term SOFR + 2.690%)(a)(b)	3,500	3,535,000
8.66%, 05/15/38, (1-mo. CME Term SOFR + 3.339%)(a)(b)	1,000	1,006,250
9.38%, 08/15/43, (1-mo. CME Term SOFR + 4.061%)(a)(b)	985	988,513
CD Mortgage Trust, 4.51%, 08/15/51 (Call 08/15/28)(b)	430	396,555
CEDR Commercial Mortgage Trust, 6.31%, 02/15/39, (1-mo. CME Term SOFR + 0.988%)(a)(b)	300	285,395
CENT Trust, 7.94%, 09/15/38, (1-mo. SOFR + 2.620%)(a)(b)	2,710	2,730,325
CFCRE Commercial Mortgage Trust, 3.69%, 05/10/58 (Call 05/10/26)	435	411,012
CFK Trust, 2.39%, 03/15/39(a)	500	438,291
Chase Home Lending Mortgage Trust
6.00%, 01/25/55 (Call 10/25/36)(a)(b)	1,947	1,904,957
6.00%, 02/25/55 (Call 10/25/36)(a)(b)	4,834	4,754,378
6.00%, 02/25/55 (Call 10/25/36)(a)(b)	1,884	1,864,071
CHNGE Mortgage Trust, 3.01%, 01/25/67 (Call 01/25/25)(a)(b)	2,108	1,906,315
CIM Trust, 1.43%, 07/25/61 (Call 09/25/26)(a)(b)	2,329	1,971,049
Citigroup Commercial Mortgage Trust
2.46%, 11/10/42(a)	833	680,007
2.86%, 11/10/42(a)	100	82,621
3.58%, 04/10/49 (Call 03/10/26)	1,000	946,120
4.41%, 06/10/51 (Call 06/10/28)(b)	425	396,880
6.01%, 10/12/40(a)(b)	2,310	2,298,156
COAST Commercial Mortgage Trust, 7.91%, 08/15/36, (1-mo. SOFR + 2.591%)(a)(b)	245	244,002
Cold Storage Trust
8.93%, 11/15/37, (1-mo. CME Term SOFR + 3.607%)(a)(b)	133	132,413
Series 2020-ICE5, Class A, 6.33%, 11/15/37, (1-mo. CME Term SOFR + 1.014%)(a)(b)	516	514,941
COLT Mortgage Loan Trust
1.21%, 07/27/54 (Call 05/25/24)(a)	1,034	885,973
3.70%, 03/25/65 (Call 05/25/24)(a)(b)	1,500	1,383,465

Security	Par (000 )	Value
Mortgage-Backed Securities (continued)
5.84%, 02/25/69 (Call 01/25/27)(a)(e)	$1,888	$1,870,011
6.13%, 04/25/69 (Call 03/25/27)(a)(e)	2,500	2,486,539
Commission Mortgage Trust
3.53%, 02/10/48 (Call 01/10/27)	50	48,841
3.80%, 09/10/50 (Call 09/10/27)	400	358,395
3.83%, 02/10/48 (Call 01/10/27)(b)	205	192,948
Series 2015-CR22, Class AM, 3.60%, 03/10/48 (Call 03/10/25)(b)	325	307,563
Series 2015-CR24, Class A5, 3.70%, 08/10/48 (Call 06/10/26)	100	97,144
Cross Mortgage Trust
6.09%, 12/25/68 (Call 01/25/27)(a)(e)	964	954,426
6.09%, 04/25/69 (Call 03/25/27)(a)(e)	1,985	1,967,897
7.14%, 11/25/68 (Call 10/25/26)(a)(e)	935	941,547
CSAIL Commercial Mortgage Trust
3.59%, 12/15/52 (Call 12/15/29)	72	60,846
3.61%, 06/15/52 (Call 06/15/29)	915	791,373
4.17%, 11/15/48 (Call 11/15/25)(b)	720	689,341
CSMC Trust
0.83%, 03/25/56 (Call 05/25/24)(a)(b)	2,145	1,696,194
1.76%, 10/25/66 (Call 10/25/24)(a)(b)	93	77,734
2.13%, 02/25/43 (Call 05/25/24)(a)(b)	1,278	1,039,290
2.26%, 08/15/37(a)	354	331,830
2.39%, 07/15/31(a)	1,000	909,720
2.82%, 08/15/37(a)	550	515,797
4.05%, 12/15/49 (Call 12/15/26)(b)	900	827,271
6.59%, 11/15/38, (1-mo. CME Term SOFR + 1.264%)(a)(b)	1,500	1,493,437
8.46%, 09/09/24, (1-mo. CME Term SOFR + 3.143%)(a)(b)	615	618,753
DBGS Mortgage Trust, 6.92%, 05/15/35, (1-mo. CME Term SOFR + 1.596%)(a)(b)	475	468,920
DBJPM Mortgage Trust, 3.56%, 06/10/50 (Call 06/10/27)(b)	250	221,028
DBWF Mortgage Trust, 7.04%, 04/15/37, (1-mo. CME Term SOFR + 1.741%)(a)(b)	2,000	2,000,000
DC Trust, 5.73%, 04/13/28(a)(b)	1,240	1,218,344
Deephaven Residential Mortgage Trust
0.72%, 05/25/65 (Call 05/25/24)(a)(b)	215	198,132
1.19%, 08/25/66 (Call 05/25/24)(a)(b)	931	778,159
DK Trust, 6.82%, 03/15/34, (1-mo. CME Term SOFR + 1.500%)(a)(b)	4,910	4,903,862
EFMT, 6.65%, 03/25/69 (Call 04/25/27)(a)(e)	2,691	2,690,971
EverBank Mortgage Loan Trust, 2.50%, 03/25/43 (Call 05/25/24)(a)(b)	155	133,679
Extended Stay America Trust, Series 2021-ESH, Class A, 6.52%, 07/15/38, (1-mo. CME Term SOFR + 1.194%)(a)(b)	5,678	5,670,431
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, 0.44%, 06/25/33 (Call 03/25/33)(b)	4,245	91,107
Freddie Mac Multifamily Structured Pass Through Certificates, 0.65%, 12/25/27 (Call 12/25/27)(b)	69,560	1,186,199
FWD Securitization Trust, 2.44%, 01/25/50 (Call 06/25/24)(a)(b)	590	537,149
GCAT Trust
1.50%, 05/25/66 (Call 06/25/24)(a)(b)	1,937	1,603,946
2.27%, 04/25/65 (Call 05/25/24)(a)(e)	300	276,422
2.89%, 12/27/66 (Call 05/25/32)(a)(b)	1,068	954,978
2.94%, 04/25/65 (Call 05/25/24)(a)(e)	194	181,515

12 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Mortgage-Backed Securities (continued)
3.33%, 02/25/67 (Call 03/25/25)(a)(b)	$1,928	$1,758,292
3.69%, 11/25/59 (Call 05/25/24)(a)(b)	754	707,496
4.25%, 10/25/57 (Call 02/25/26)(a)(b)	4,644	4,200,516
Great Wolf Trust, 6.86%, 03/15/39, (1-mo. CME Term SOFR + 1.542%)(a)(b)	3,800	3,797,620
GS Mortgage Securities Corp. II, 7.68%, 09/10/38(a)(b)	510	502,606
GS Mortgage Securities Corp. Trust
6.32%, 11/15/36, (1-mo. CME Term SOFR + 0.999%)(a)(b)	3,010	2,989,306
6.84%, 12/15/36, (1-mo. SOFR + 1.514%)(a)(b)	1,414	1,397,651
7.41%, 03/15/28, (1-mo. CME Term SOFR + 2.091%)(a)(b)	3,290	3,300,281
7.52%, 08/15/39, (1-mo. CME Term SOFR + 2.195%)(a)(b)	2,111	2,117,597
8.11%, 03/15/28, (1-mo. SOFR + 2.790%)(a)(b)	480	480,600
GS Mortgage Securities Corportation Trust
6.39%, 10/15/36, (1-mo. CME Term SOFR + 1.064%)(a)(b)	3,179	3,133,302
6.59%, 10/15/36, (1-mo. CME Term SOFR + 1.264%)(a)(b)	100	97,531
GS Mortgage Securities Trust, Series 2015-GC32, Class C, 4.55%, 07/10/48 (Call 07/10/25)(b)	205	192,477
GS Mortgage-Backed Securities Trust, 3.75%, 07/25/61 (Call 02/25/26)(a)(b)	1,013	945,881
GWT, 6.99%, 05/15/41, (1-mo. CME Term SOFR + 1.691%)(a)(b)	3,960	3,950,105
Hawaii Hotel Trust, 6.52%, 05/15/38, (1-mo. CME Term SOFR + 1.197%)(a)(b)	130	129,675
Hilton USA Trust, 3.72%, 11/05/38(a)	200	188,522
HONO Mortgage Trust, 6.59%, 10/15/36, (1-mo. CME Term SOFR + 1.264%)(a)(b)	2,200	2,121,628
HTL Commercial Mortgage Trust, 5.88%, 05/10/39(a)(b)	1,790	1,773,983
Hudson Yards Mortgage Trust, 3.04%, 12/10/41(a)(b)	110	93,766
INTOWN Mortgage Trust, 7.81%, 08/15/39 (Call 08/15/24), (1-mo. CME Term SOFR + 2.489%)(a)(b)	4,045	4,065,225
J.P. Morgan Chase Commercial Mortgage Securities Trust, 8.69%, 12/15/36, (1-mo. SOFR + 3.372%)(a)(b)	333	333,211
J.P. Morgan Mortgage Trust
5.25%, 11/25/63 (Call 05/25/43)(a)(b)	465	440,013
5.99%, 07/25/64 (Call 03/25/27)(a)(b)	2,494	2,472,978
JP Morgan Chase Commercial Mortgage Securities Trust
2.95%, 09/06/38(a)(b)	1,180	1,093,383
6.49%, 04/15/38, (1-mo. CME Term SOFR + 0.914%)(a)(b)	2,948	2,940,708
8.19%, 12/15/36, (1-mo. SOFR + 2.872%)(a)(b)	238	238,008
JP Morgan Mortgage Trust
0.00%, 08/25/50 (Call 08/25/36), (1-mo. CME Term SOFR + 3.886%)(a)(b)	479	6,159
2.50%, 12/25/51 (Call 04/25/47)(a)(b)	2,616	2,011,369
5.50%, 05/25/49 (Call 05/25/24), (1-mo. CME Term SOFR + 1.064%)(a)(b)	24	23,245

Security	Par (000 )	Value
Mortgage-Backed Securities (continued)
6.00%, 08/25/50 (Call 08/25/36), (1-mo. CME Term SOFR + 2.114%)(a)(b)	$479	$474,741
6.00%, 08/25/54 (Call 12/25/36)(a)(b)	1,738	1,708,561
JPMBB Commercial Mortgage Securities Trust, 3.97%, 03/17/49 (Call 02/15/26)	430	407,489
KKR Industrial Portfolio Trust, 9.19%, 12/15/37, (1-mo. CME Term SOFR + 3.864%)(a)(b)	352	352,310
KSL Commercial Mortgage Trust
2.36%, 12/15/36(a)(b)	22,000	321,248
7.61%, 12/15/36, (1-mo. SOFR + 2.290%)(a)(b)	1,175	1,180,508
9.61%, 12/15/36, (1-mo. SOFR + 4.287%)(a)(b)	380	381,425
Life Mortgage Trust, 6.14%, 03/15/38, (1-mo. CME Term SOFR + 0.814%)(a)(b)	2,163	2,134,151
LUX, 8.01%, 08/15/40, (1-mo. SOFR + 2.689%)(a)(b)	882	890,820
LUXE Trust, 6.84%, 10/15/38, (1-mo. CME Term SOFR + 1.514%)(a)(b)	2,695	2,687,763
Manhattan West Mortgage Trust, 2.13%, 09/10/39(a)	851	744,006
MCR Mortgage Trust
7.08%, 02/15/37, (1-mo. CME Term SOFR + 1.758%)(a)(b)	868	868,141
9.23%, 02/15/37, (1-mo. CME Term SOFR + 3.905%)(a)(b)	1,550	1,548,062
Med Trust
6.39%, 11/15/38, (1-mo. CME Term SOFR + 1.064%)(a)(b)	476	473,636
6.89%, 11/15/38, (1-mo. CME Term SOFR + 1.564%)(a)(b)	124	123,820
8.59%, 11/15/38, (1-mo. CME Term SOFR + 3.264%)(a)(b)	234	232,708
MF1 Trust
6.39%, 12/15/34, (1-mo. CME Term SOFR + 1.070%)(a)(b)	130	129,350
6.69%, 12/15/34, (SOFR + 1.370%)(a)(b)	100	98,563
MFA Trust
4.26%, 12/25/66 (Call 03/25/25)(a)(b)	1,100	907,596
5.57%, 09/25/67 (Call 09/25/25)(a)(e)	1,937	1,910,936
6.11%, 12/25/68 (Call 12/25/26)(a)(e)	2,679	2,656,378
6.58%, 03/25/69 (Call 04/25/27)(a)(c)(e)	2,000	2,000,043
MHC Commercial Mortgage Trust, 6.24%, 04/15/38, (1 mo. LIBOR US + 0.801%)(a)(b)	2,097	2,084,084
MHP
6.14%, 01/15/27, (1-mo. CME Term SOFR + 0.815%)(a)(b)	4,581	4,539,346
6.14%, 07/15/38, (1-mo. CME Term SOFR + 0.814%)(a)(b)	4,720	4,675,750
6.34%, 07/15/38, (1-mo. CME Term SOFR + 1.014%)(a)(b)	1,300	1,286,187
6.49%, 07/15/38, (1-mo. CME Term SOFR + 1.164%)(a)(b)	215	212,581
6.79%, 07/15/38, (1-mo. CME Term SOFR + 1.464%)(a)(b)	215	212,447
7.19%, 07/15/38, (1-mo. CME Term SOFR + 1.864%)(a)(b)	350	346,281
MIRA Trust, 6.75%, 06/10/38(a)	103	104,885
Morgan Stanley Bank of America Merrill Lynch Trust, 4.67%, 10/15/48 (Call 09/15/25)(b)	117	108,917

  13

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Mortgage-Backed Securities (continued)
Morgan Stanley Capital I Trust
3.52%, 07/15/52 (Call 07/15/29)	$895	$795,952
3.70%, 06/15/52 (Call 06/15/29)	895	795,871
3.89%, 12/15/50 (Call 12/15/27)(b)	230	212,016
4.43%, 07/15/51 (Call 07/15/28)(b)	650	604,830
4.62%, 07/15/51 (Call 07/15/28)(b)	182	167,626
6.87%, 11/15/34, (1-mo. CME Term SOFR + 1.422%)(a)(b)	799	793,007
Series 2018-SUN, Class A, 6.52%, 07/15/35 (Call 07/15/24), (1 mo. LIBOR US + 0.900%)(a)(b)	3,495	3,488,447
Morgan Stanley Residential Mortgage Loan Trust, 6.15%, 12/25/68 (Call 02/25/27)(a)(e)	1,189	1,183,225
New Residential Mortgage Loan Trust
1.16%, 11/27/56 (Call 05/25/24)(a)(b)	82	67,347
3.75%, 05/28/52 (Call 02/25/29)(a)(b)	109	99,561
4.00%, 12/25/57 (Call 06/25/34)(a)(b)	424	394,303
4.00%, 04/25/62 (Call 04/25/25)(a)(b)	1,031	909,960
4.50%, 02/25/58 (Call 02/25/34)(a)(b)	109	103,679
4.75%, 12/25/57 (Call 06/25/35)(a)(b)	193	184,675
6.13%, 03/25/64 (Call 02/25/27)(a)(e)	1,935	1,920,448
OBX Trust
1.07%, 02/25/66 (Call 05/25/24)(a)(b)	1,709	1,431,549
4.50%, 11/25/48 (Call 12/25/31)(a)(b)	322	296,106
5.99%, 12/01/64 (Call 03/25/27)(a)(e)	1,905	1,888,055
6.13%, 12/25/63 (Call 02/25/27)(a)(e)	1,937	1,928,627
ONE Mortgage Trust, 6.14%, 03/15/36, (1-mo. CME Term SOFR + 0.814%)(a)(b)	1,000	969,375
One New York Plaza Trust
6.39%, 01/15/36, (1-mo. CME Term SOFR + 1.064%)(a)(b)	1,000	967,500
6.69%, 01/15/36, (1-mo. CME Term SOFR + 1.364%)(a)(b)	519	487,860
6.94%, 01/15/36, (1-mo. CME Term SOFR + 1.614%)(a)(b)	1,000	920,000
OPEN Trust, 8.41%, 10/15/28, (1-mo. SOFR + 3.089%)(a)(b)	1,244	1,258,074
ORL Trust, 7.67%, 10/19/36, (1-mo. SOFR + 2.350%)(a)(b)	460	461,438
PRET LLC
7.02%, 02/25/54 (Call 02/25/25)(a)(e)	1,930	1,913,787
7.14%, 01/25/54 (Call 01/25/25)(a)(e)	591	567,672
PRKCM Trust
2.07%, 11/25/56 (Call 08/25/42)(a)(b)	1,156	958,780
6.33%, 03/25/59 (Call 02/25/27)(a)(e)	1,457	1,447,685
PRPM Trust, 6.27%, 12/25/68 (Call 03/25/27)(a)(e)	1,871	1,861,475
RCKT Mortgage Trust, 6.59%, 05/25/44 (Call 04/25/27)(a)(b)	2,000	1,999,994
RCO Mortgage LLC, 7.02%, 01/25/29 (Call 02/25/25)(a)(e)	828	820,702
RUN Trust, 4.00%, 03/25/67 (Call 03/25/25)(a)	2,268	2,123,966
SCG Mortgage Trust, 7.04%, 04/15/41, (1-mo. CME Term SOFR + 1.741%)(a)(b)	2,850	2,845,540
SHER Trust, 6.97%, 04/15/29, (1-mo. CME Term SOFR + 1.641%)(a)(b)	3,370	3,361,575
SMRT Commercial Mortgage Trust, 6.32%, 01/15/39, (1-mo. CME Term SOFR + 1.000%)(a)(b)	150	148,406

Security	Par (000 )	Value
Mortgage-Backed Securities (continued)
SREIT Trust
6.17%, 11/15/38, (1-mo. LIBOR US + 0.731%)(a)(b)	$1,181	$1,172,651
6.26%, 11/15/36, (1-mo. CME Term SOFR + 0.936%)(a)(b)	6,570	6,516,619
6.81%, 11/15/36, (1-mo. CME Term SOFR + 1.485%)(a)(b)	265	262,019
STWD Trust, 6.01%, 07/15/36, (1-mo. CME Term SOFR + 0.691%)(a)(b)	6,279	6,216,210
Taubman Centers Commercial Mortgage Trust, 7.51%, 05/15/37, (1-mo. CME Term SOFR + 2.186%)(a)(b)	1,725	1,734,703
Towd Point Mortgage Trust
3.50%, 03/25/58 (Call 03/25/31)(a)(b)	1,500	1,386,119
3.75%, 07/25/62 (Call 10/25/32)(a)(b)	969	881,902
TPGI Trust, 7.79%, 06/15/26, (1-mo. CME Term SOFR + 2.464%)(a)(b)	1,200	1,197,000
TRK Trust, 4.36%, 06/25/57 (Call 05/25/25)(a)(e)	1,704	1,501,373
TTAN
6.29%, 03/15/38, (1-mo. CME Term SOFR + 0.964%)(a)(b)	5,717	5,684,435
6.79%, 03/15/38, (1-mo. SOFR + 1.464%)(a)(b)	1,440	1,426,354
TYSN Mortgage Trust, 6.80%, 12/10/33(a)(b)	560	573,952
UBS Commercial Mortgage Trust, 3.84%, 10/15/50 (Call 10/15/27)(b)	565	512,593
Velocity Commercial Capital Loan Trust, 6.58%, 04/25/54 (Call 04/25/27)(a)(b)(c)	1,093	1,092,510
Verus Securitization Trust
2.23%, 05/25/60 (Call 05/25/24)(a)(b)	724	716,317
4.00%, 05/25/60 (Call 05/25/24)(a)(b)	2,650	2,550,747
4.13%, 02/25/67 (Call 03/25/25)(a)(e)	1,329	1,224,639
6.12%, 03/25/69 (Call 03/25/27)(a)(e)	2,381	2,366,801
Wells Fargo Commercial Mortgage Trust
2.58%, 09/15/31(a)(b)	2,271	2,085,899
3.75%, 03/15/59 (Call 04/15/26)	850	807,421
4.14%, 12/15/49 (Call 12/15/26)(b)	440	410,403
4.19%, 08/17/36(a)(b)	110	100,210
4.40%, 09/15/58 (Call 08/15/25)(b)	205	196,975
4.89%, 01/15/59 (Call 01/15/26)(b)	205	194,342
Series 2015-C26, Class AS, 3.58%, 02/15/48 (Call 02/15/25)	300	292,185
Series 2015-C28, Class AS, 3.87%, 05/15/48 (Call 05/15/25)(b)	575	555,899
Series 2015-C31, Class B, 4.48%, 11/15/48 (Call 11/15/25)(b)	450	429,788
Series 2015-LC20, Class B, 3.72%, 04/15/50 (Call 04/15/25)	150	143,849
Series 2018-C46, Class AS, 4.38%, 08/15/51 (Call 08/15/28)	660	603,458
Series 2019-C50, Class AS, 4.02%, 05/15/52 (Call 05/15/29)	870	791,355
Wells Fargo Mortgage-Backed Securities Trust, 3.50%, 07/25/47 (Call 06/25/29)(a)(b)	138	118,753
WinWater Mortgage Loan Trust
3.50%, 11/20/44 (Call 05/20/24)(a)(b)	326	292,989
3.50%, 02/20/45 (Call 05/20/24)(a)(b)	405	353,348
3.92%, 06/20/44 (Call 05/20/24)(a)(b)	444	406,386

14 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Mortgage-Backed Securities (continued)
4.00%, 09/20/44 (Call 05/20/24)(a)(b)	$116	$106,020
		363,293,252
Total Collaterized Mortgage Obligations — 12.4% (Cost: $363,748,001)		363,293,252
Convertible Bonds
Beverages — 0.0%
Davide Campari-Milano NV, 2.38%, 01/17/29(d)	EUR         800	877,977
Commercial Services — 0.3%
Nexi SpA, Series ., 0.00% 02/24/28(d)(f)	EUR       5,500	4,958,847
Worldline SA/France
0.00%, 07/30/25(d)(f)	EUR         144	170,731
0.00%, 07/30/26(d)(f)	EUR       3,864	3,738,611
		8,868,189
Computers — 0.0%
Atos SE, 0.00% 11/06/24(d)	EUR         500	96,047
Engineering & Construction — 0.1%
Cellnex Telecom SA, 2.13%, 08/11/30(d)	EUR       3,000	3,193,472
Semiconductors — 0.1%
ams-OSRAM AG
Series ., 2.13%, 11/03/27(d)	EUR       1,500	1,186,194
Series AMS, 0.00%, 03/05/25(d)(f)	EUR         800	803,829
		1,990,023
Total Convertible Bonds — 0.5% (Cost: $15,965,394)		15,025,708
Corporate Bonds & Notes
Advertising — 0.4%
Clear Channel Outdoor Holdings Inc.
5.13%, 08/15/27 (Call 05/31/24)(a)	USD         430	398,577
7.88%, 04/01/30 (Call 10/01/26)(a)(g)	USD       1,600	1,568,735
9.00%, 09/15/28 (Call 09/15/25)(a)(g)	USD       1,939	1,993,417
Lamar Media Corp.
3.63%, 01/15/31 (Call 01/15/26)	USD         700	598,500
3.75%, 02/15/28 (Call 05/16/24)	USD         412	380,262
4.88%, 01/15/29 (Call 05/31/24)	USD         900	851,049
Outfront Media Capital LLC/Outfront Media Capital Corp.
4.25%, 01/15/29 (Call 05/31/24)(a)(g)	USD       1,659	1,476,590
4.63%, 03/15/30 (Call 03/15/25)(a)	USD         800	706,294
Summer BC Holdco B Sarl, 5.75%, 10/31/26 (Call 05/30/24)(d)	EUR       2,362	2,473,086
		10,446,510
Aerospace & Defense — 0.8%
Bombardier Inc.
7.25%, 07/01/31 (Call 07/01/27)(a)(g)	USD         900	902,215
7.50%, 02/01/29 (Call 02/01/26)(a)	USD         100	102,293
7.88%, 04/15/27 (Call 05/31/24)(a)	USD         675	670,793
8.75%, 11/15/30 (Call 11/15/26)(a)(g)	USD       1,800	1,914,998
Embraer Netherlands Finance BV, 7.00%, 07/28/30 (Call 04/28/30)(a)	USD         475	486,578
L3Harris Technologies Inc.
3.85%, 12/15/26 (Call 09/15/26)	USD         362	347,240
4.40%, 06/15/28 (Call 03/15/28)	USD       1,398	1,339,456
5.40%, 01/15/27	USD         599	597,937

Security	Par (000 )	Value
Aerospace & Defense (continued)
Northrop Grumman Corp., 3.25%, 01/15/28 (Call 10/15/27)	USD         220	$204,822
Rolls-Royce PLC, 3.63%, 10/14/25 (Call 07/14/25)(a)	USD       1,500	1,440,001
RTX Corp.
2.15%, 05/18/30 (Call 02/18/30)	EUR       1,890	1,820,617
3.50%, 03/15/27 (Call 12/15/26)	USD       1,772	1,687,225
4.13%, 11/16/28 (Call 08/16/28)	USD       1,772	1,683,880
5.75%, 11/08/26 (Call 10/08/26)	USD       1,738	1,750,457
TransDigm Inc.
4.63%, 01/15/29 (Call 05/31/24)	USD       3,199	2,930,252
4.88%, 05/01/29 (Call 05/31/24)	USD         672	618,092
6.38%, 03/01/29 (Call 03/01/26)(a)	USD         300	297,709
6.63%, 03/01/32 (Call 03/01/27)(a)	USD       2,500	2,495,750
6.75%, 08/15/28 (Call 02/15/25)(a)	USD       1,017	1,021,321
6.88%, 12/15/30 (Call 08/18/26)(a)	USD         900	906,120
7.13%, 12/01/31 (Call 12/01/26)(a)(g)	USD         612	623,674
		23,841,430
Agriculture — 0.1%
Darling Ingredients Inc., 5.25%, 04/15/27 (Call 05/13/24)(a)	USD         825	799,335
Tereos Finance Groupe I SA, 7.25%, 04/15/28 (Call 04/15/25)(d)	EUR         959	1,074,618
Viterra Finance BV, 0.38%, 09/24/25 (Call 08/24/25)(d)	EUR         185	187,178
		2,061,131
Airlines — 0.5%
Air Canada, 3.88%, 08/15/26 (Call 02/15/26)(a)	USD         129	122,373
American Airlines Inc.
7.25%, 02/15/28 (Call 02/15/25)(a)(g)	USD         400	402,265
8.50%, 05/15/29 (Call 11/15/25)(a)	USD         600	625,003
American Airlines Inc./AAdvantage Loyalty IP Ltd.
5.50%, 04/20/26(a)	USD       1,613	1,593,792
5.75%, 04/20/29(a)	USD       2,500	2,414,332
Azul Secured Finance LLP, 11.93%, 08/28/28 (Call 02/28/26)(a)	USD         200	199,000
Delta Air Lines Inc.
4.38%, 04/19/28 (Call 01/19/28)(g)	USD         300	287,004
7.38%, 01/15/26 (Call 12/15/25)	USD         897	917,458
United Airlines Inc.
4.38%, 04/15/26 (Call 10/15/25)(a)	USD       1,797	1,728,506
4.63%, 04/15/29 (Call 10/15/28)(a)	USD       2,500	2,304,073
United Airlines Pass Through Trust, Series 2013-1, Class A, 4.30%, 02/15/27	USD         125	122,227
VistaJet Malta Finance PLC/Vista Management Holding Inc.
6.38%, 02/01/30 (Call 02/01/25)(a)(g)	USD       1,745	1,350,339
7.88%, 05/01/27 (Call 05/31/24)(a)(g)	USD         900	800,368
9.50%, 06/01/28 (Call 06/01/25)(a)	USD       1,031	923,245
		13,789,985
Apparel — 0.1%
Hanesbrands Inc.
4.88%, 05/15/26 (Call 02/15/26)(a)	USD         400	386,882
9.00%, 02/15/31 (Call 02/15/26)(a)(g)	USD       2,100	2,089,908
Kering SA, 5.13%, 11/23/26 (Call 10/23/26)(d)	GBP         400	496,684
VF Corp., 2.40%, 04/23/25 (Call 03/23/25)	USD         157	151,442
		3,124,916

  15

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Auto Manufacturers — 1.1%
Allison Transmission Inc.
4.75%, 10/01/27 (Call 05/13/24)(a)	USD         700	$669,027
5.88%, 06/01/29 (Call 06/01/24)(a)	USD         100	97,455
Aston Martin Capital Holdings Ltd.
10.00%, 03/31/29 (Call 03/15/26)(a)	USD         250	244,848
10.38%, 03/31/29 (Call 03/15/26)(d)	GBP       2,666	3,322,679
Ford Motor Co., 6.10%, 08/19/32 (Call 05/19/32)	USD          39	38,256
Ford Motor Credit Co. LLC
2.70%, 08/10/26 (Call 07/10/26)	USD       1,200	1,114,160
2.90%, 02/10/29 (Call 12/10/28)	USD         200	172,652
4.13%, 08/04/25	USD         251	244,803
4.54%, 08/01/26 (Call 06/01/26)	USD       1,099	1,063,021
5.13%, 06/16/25 (Call 05/16/25)	USD         480	474,929
6.95%, 06/10/26 (Call 05/10/26)	USD         332	337,044
General Motors Financial Co. Inc., 4.35%, 01/17/27 (Call 10/17/26)	USD         261	252,487
Jaguar Land Rover Automotive PLC
4.50%, 10/01/27 (Call 07/01/27)(a)	USD       1,400	1,303,036
5.50%, 07/15/29 (Call 07/15/24)(a)	USD         200	188,188
RCI Banque SA, 2.63%, 02/18/30 (Call 02/18/25), (5-year EUR Swap + 2.850%)(b)(d)	EUR       5,000	5,210,073
Toyota Motor Finance Netherlands BV, 4.27%, 04/30/26, (3-mo. EURIBOR + 0.400%)(b)(d)	EUR       1,780	1,900,683
Volkswagen Financial Services NV, 6.50%, 09/18/27(d)	GBP         200	256,479
Volkswagen International Finance NV
3.75%, (Call 12/28/27), (5-year EUR Swap + 2.924%)(b)(d)(h)	EUR         700	700,328
3.88%, (Call 06/17/29), (9-year EUR Swap + 3.958%)(b)(d)(h)	EUR       3,500	3,445,724
4.55%, 03/27/26, (3-mo. EURIBOR + 0.650%)(b)(d)	EUR       2,700	2,890,593
Series PNC5, 7.50%, (Call 09/06/28), (5-year EUR Swap + 4.292%)(b)(d)(h)	EUR         100	114,781
Volkswagen Leasing GmbH
0.63%, 07/19/29(d)	EUR         246	223,191
4.75%, 09/25/31(d)	EUR       8,039	8,968,511
		33,232,948
Auto Parts & Equipment — 1.4%
Adient Global Holdings Ltd.
4.88%, 08/15/26 (Call 05/31/24)(a)	USD         400	384,632
8.25%, 04/15/31 (Call 04/15/26)(a)(g)	USD       1,023	1,062,329
American Axle & Manufacturing Inc.
5.00%, 10/01/29 (Call 10/01/24)(g)	USD       1,513	1,365,100
6.88%, 07/01/28 (Call 05/13/24)	USD         200	198,487
Aptiv PLC/Aptiv Corp., 2.40%, 02/18/25 (Call 05/13/24)	USD       1,750	1,702,536
Clarios Global LP, 6.75%, 05/15/25 (Call 05/31/24)(a)	USD         919	919,200
Clarios Global LP/Clarios U.S. Finance Co.
6.25%, 05/15/26 (Call 05/31/24)(a)	USD         700	699,166
6.75%, 05/15/28 (Call 05/15/25)(a)	USD       1,017	1,019,071
Dana Financing Luxembourg Sarl
3.00%, 07/15/29 (Call 07/15/24)(d)	EUR         163	155,890
8.50%, 07/15/31 (Call 07/15/26)(d)	EUR       2,111	2,450,752
Dana Inc.
4.25%, 09/01/30 (Call 05/01/26)	USD         500	433,193
5.63%, 06/15/28 (Call 05/13/24)(g)	USD         286	275,577

Security	Par (000 )	Value
Auto Parts & Equipment (continued)
Forvia SE
2.38%, 06/15/29 (Call 06/15/24)(d)	EUR         546	$528,064
2.75%, 02/15/27 (Call 05/30/24)(d)	EUR         500	509,055
3.75%, 06/15/28 (Call 05/30/24)(d)	EUR         474	489,318
5.50%, 06/15/31 (Call 06/15/27)(d)	EUR       4,420	4,794,505
Goodyear Europe BV, 2.75%, 08/15/28 (Call 08/15/24)(d)	EUR       2,200	2,102,210
Goodyear Tire & Rubber Co. (The)
4.88%, 03/15/27 (Call 12/15/26)(g)	USD         423	405,583
5.00%, 05/31/26 (Call 05/31/24)(g)	USD         300	290,603
5.00%, 07/15/29 (Call 04/15/29)(g)	USD       1,600	1,451,153
5.25%, 07/15/31 (Call 04/15/31)(g)	USD         600	530,736
5.63%, 04/30/33 (Call 01/30/33)	USD         598	526,318
IHO Verwaltungs GmbH
6.00%, 05/15/27 (Call 05/13/24), (6.75% PIK)(a)(i)	USD         400	393,021
6.38%, 05/15/29 (Call 05/31/24), (7.13% PIK)(a)(i)	USD         300	294,911
8.75%, 05/15/28 (Call 05/15/25), (8.75% Cash and 9.50% PIK)(d)(i)	EUR       3,400	3,896,082
Mahle GmbH
2.38%, 05/14/28 (Call 02/14/28)(d)	EUR       2,000	1,875,383
6.50%, 05/02/31 (Call 05/02/27)(d)	EUR       1,059	1,131,578
Schaeffler AG
4.50%, 08/14/26 (Call 07/14/26)(d)	EUR         100	107,486
4.75%, 08/14/29 (Call 05/14/29)(d)	EUR         200	215,841
ZF Europe Finance BV
2.50%, 10/23/27 (Call 07/23/27)(d)	EUR         200	198,734
3.00%, 10/23/29 (Call 07/23/29)(d)	EUR         200	195,565
4.75%, 01/31/29 (Call 10/31/28)(d)	EUR       4,800	5,109,756
6.13%, 03/13/29 (Call 12/13/28)(d)	EUR       2,500	2,798,066
ZF Finance GmbH
2.25%, 05/03/28 (Call 02/03/28)(d)	EUR         500	484,729
3.75%, 09/21/28 (Call 06/21/28)(d)	EUR         100	102,281
5.75%, 08/03/26 (Call 07/03/26)(d)	EUR         100	109,568
ZF North America Capital Inc., 6.88%, 04/14/28 (Call 03/14/28)(a)	USD       1,800	1,812,037
		41,018,516
Banks — 9.0%
ABN AMRO Bank NV, 6.88%, (Call 09/22/31), (5-year EUR Swap + 4.239%)(b)(d)(h)	EUR       2,200	2,377,189
Abu Dhabi Commercial Bank PJSC, 8.00%, (Call 11/27/28), (5-year CMT + 3.524%)(b)(d)(h)	USD         250	266,930
AIB Group PLC, 6.25%, (Call 06/23/25), (5-year EUR Swap + 6.629%)(b)(d)(h)	EUR       3,674	3,904,788
Alpha Bank SA, 5.00%, 05/12/30 (Call 05/12/29), (1-year EUR Swap + 2.432%)(b)(d)	EUR       1,978	2,108,284
Banca Monte dei Paschi di Siena SpA, 4.75%, 03/15/29 (Call 03/15/28), (3-mo. EURIBOR + 2.047%)(b)(d)	EUR       2,250	2,416,209
Banco Bilbao Vizcaya Argentaria SA
8.38%, (Call 06/21/28), (5-year EURIBOR ICE Swap + 5.544%)(b)(d)(h)	EUR       1,800	2,060,231
Series ., 6.00%, (Call 01/15/26), (5-year EUR Swap + 6.456%)(b)(d)(h)	EUR       1,400	1,481,008
Banco BPM SpA
2.88%, 06/29/31 (Call 06/29/26), (5-year EUR Swap + 3.170%)(b)(d)	EUR       1,000	1,017,842

16 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Banks (continued)
3.25%, 01/14/31 (Call 01/14/26), (5-year EUR Swap + 3.800%)(b)(d)	EUR         600	$619,016
3.38%, 01/19/32 (Call 01/19/27), (5-year EUR Swap + 3.400%)(b)(d)	EUR         500	509,588
4.25%, 10/01/29 (Call 10/01/24), (5-year EUR Swap + 4.672%)(b)(d)	EUR         100	106,180
5.00%, 06/18/34 (Call 03/18/29), (5-year EUR Swap + 2.450%)(b)(d)	EUR       1,500	1,575,329
Banco de Credito e Inversiones SA, 8.75%, (Call 02/08/29), (5-year CMT + 4.944%)(a)(b)(h)	USD         300	306,636
Banco de Credito Social Cooperativo SA
1.75%, 03/09/28 (Call 03/09/27), (1-year EUR Swap + 2.150%)(b)(d)	EUR         100	98,115
7.50%, 09/14/29 (Call 09/14/28), (1-year EURIBOR ICE Swap + 4.269%)(b)(d)	EUR       2,800	3,279,196
Banco de Sabadell SA
4.00%, 01/15/30 (Call 01/15/29), (1-year EUR Swap + 1.600%)(b)(d)	EUR         400	428,335
5.13%, 11/10/28 (Call 11/10/27), (1-year EUR Swap + 2.250%)(b)(d)	EUR       2,700	2,994,964
5.75%, (Call 03/15/26), (5-year EUR Swap + 6.198%)(b)(d)(h)	EUR       1,600	1,662,733
6.00%, 08/16/33 (Call 05/16/28), (5-year EUR Swap + 3.150%)(b)(d)	EUR       1,200	1,328,101
Banco del Estado de Chile, 2.70%, 01/09/25 (Call 12/09/24)(d)	USD         300	293,250
Banco Mercantil del Norte SA/Grand Cayman, 5.88%, (Call 01/24/27), (5-year CMT + 4.643%)(a)(b)(h)	USD         300	280,500
Banco Santander SA
3.50%, 01/09/30 (Call 01/09/29), (1-year EUR Swap + 1.150%)(b)(d)	EUR         400	420,641
3.88%, 01/16/28(d)	EUR       2,600	2,791,931
4.38%, (Call 01/14/26), (5-year EUR Swap + 4.534%)(b)(d)(h)	EUR         600	596,298
Banco Votorantim SA, 4.50%, 09/24/24(d)	USD         313	309,995
Bancolombia SA, 4.63%, 12/18/29 (Call 12/18/24), (5-year CMT + 2.944%)(b)	USD         302	291,241
Bangkok Bank PCL/Hong Kong
5.30%, 09/21/28 (Call 08/21/28)(a)	USD         605	596,863
5.50%, 09/21/33 (Call 06/21/33)(a)(g)	USD         604	588,254
Bank of America Corp.
0.58%, 08/08/29 (Call 08/08/28), (3-mo. EURIBOR + 0.730%)(b)(d)	EUR         700	655,572
0.69%, 03/22/31 (Call 03/22/30), (3-mo. EURIBOR + 0.790%)(b)(d)	EUR       3,750	3,336,995
1.38%, 05/09/30 (Call 05/09/29), (3-mo. EURIBOR + 0.910%)(b)(d)	EUR       1,332	1,268,238
1.73%, 07/22/27 (Call 07/22/26), (1-day SOFR + 0.960%)(b)	USD       3,030	2,779,836
2.09%, 06/14/29 (Call 06/14/28), (1-day SOFR + 1.060%)(b)	USD       1,273	1,107,520
3.19%, 07/23/30 (Call 07/23/29), (3-mo. SOFR + 1.442%)(b)	USD       1,800	1,599,538
3.25%, 10/21/27 (Call 10/21/26)	USD       3,000	2,807,709
3.37%, 01/23/26 (Call 01/23/25), (3-mo. SOFR + 1.072%)(b)	USD         484	475,088
3.38%, 04/02/26 (Call 04/02/25), (1-day SOFR + 1.330%)(b)	USD         296	289,265

Security	Par (000 )	Value
Banks (continued)
3.65%, 03/31/29 (Call 03/31/28), (3-mo. EURIBOR + 3.670%)(b)(d)	EUR       3,800	$4,040,357
3.97%, 02/07/30 (Call 02/07/29), (3-mo. SOFR + 1.472%)(b)	USD       1,164	1,081,923
5.93%, 09/15/27 (Call 09/15/26), (1-day SOFR + 1.340%)(b)	USD       1,901	1,909,842
Bank of Cyprus PCL
2.50%, 06/24/27 (Call 06/24/26), (1-year EUR Swap + 2.785%)(b)(d)	EUR         932	944,342
7.38%, 07/25/28 (Call 07/25/27), (3-mo. EURIBOR + 4.095%)(b)(d)	EUR         350	399,200
Bank of Ireland Group PLC
6.00%, (Call 09/01/25), (5-year EUR Swap + 6.434%)(b)(d)(h)	EUR       1,152	1,214,047
6.25%, 09/16/26 (Call 09/16/25), (1-year CMT + 2.650%)(a)(b)	USD         218	218,430
7.50%, (Call 05/19/25), (5-year EUR Swap + 7.924%)(b)(d)(h)	EUR         500	541,604
Bankinter SA, 6.25%, (Call 01/17/26), (5-year EUR Swap + 6.714%)(b)(d)(h)	EUR       2,000	2,117,117
Banque Federative du Credit Mutuel SA
3.63%, 09/14/32(d)	EUR       1,200	1,274,578
4.00%, 11/21/29(d)	EUR         100	108,353
4.13%, 09/18/30(d)	EUR         900	985,637
4.13%, 06/14/33(d)	EUR       1,000	1,098,864
4.38%, 01/11/34(d)	EUR         200	208,642
4.58%, 03/05/27, (3-mo. EURIBOR + 0.640%)(b)(d)	EUR       4,000	4,282,761
5.13%, 01/13/33(d)	EUR         800	893,561
Barclays PLC
1.38%, 01/24/26 (Call 01/24/25), (1-year EUR Swap + 0.780%)(b)(d)	EUR         206	215,705
2.89%, 01/31/27 (Call 01/31/26), (1-year EURIBOR ICE Swap + 1.680%)(b)(d)	EUR         900	942,808
4.92%, 08/08/30 (Call 08/08/29), (1-year EUR Swap + 1.750%)(b)(d)	EUR       2,900	3,205,548
5.20%, 05/12/26	USD         200	196,248
6.13%, (Call 12/15/25), (5-year CMT + 5.867%)(b)(h)	USD         200	192,249
7.09%, 11/06/29 (Call 11/06/28), (1-year GBP Swap + 2.553%)(b)(d)	GBP       2,094	2,737,270
7.13%, (Call 06/15/25), (5-year GUK + 6.579%)(b)(h)	GBP         208	256,008
9.25%, (Call 09/15/28), (5-year GBP Swap + 5.639%)(b)(h)	GBP       2,600	3,321,117
9.63%, (Call 12/15/29), (5-year USD ICE Swap + 5.775%)(b)(h)	USD         989	1,033,633
Series ., 4.90%, 05/12/26 (Call 05/12/25), (3-mo. EURIBOR + 1.000%)(b)(d)	EUR       3,950	4,238,054
BNP Paribas SA
3.63%, 09/01/29(d)	EUR         300	316,590
6.88%, (Call 12/06/29), (5-year EUR Swap + 4.645%)(b)(d)(h)	EUR       2,800	3,102,554
BPCE SA, 4.50%, 03/15/25(a)	USD         663	652,803
CaixaBank SA
5.25%, (Call 03/23/26), (5-year EUR Swap + 4.504%)(b)(d)(h)	EUR         600	610,737
6.75%, (Call 06/13/24), (5-year EUR Swap + 6.498%)(b)(d)(h)	EUR         200	213,696
7.50%, (Call 01/16/30), (5-year EURIBOR ICE Swap + 5.295%)(b)(d)(h)	EUR         400	442,437

  17

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Banks (continued)
Series ., 5.88%, (Call 10/09/27), (5-year EUR Swap + 3.970%)(b)(d)(h)	EUR       2,000	$2,078,373
Citigroup Inc.
1.25%, 07/06/26 (Call 07/06/25), (3-mo. EURIBOR + 1.660%)(b)(d)	EUR         200	206,843
3.11%, 04/08/26 (Call 04/08/25), (1-day SOFR + 2.842%)(b)	USD         498	485,261
3.52%, 10/27/28 (Call 10/27/27), (3-mo. SOFR + 1.412%)(b)	USD       1,363	1,271,661
4.14%, 05/24/25 (Call 05/24/24), (1-day SOFR + 1.372%)(b)	USD         321	320,588
Commerzbank AG
6.13%, (Call 10/09/25), (5-year EUR Swap + 6.363%)(b)(d)(h)	EUR       4,000	4,194,098
6.50%, (Call 10/09/29), (5-year EUR Swap + 6.743%)(b)(d)(h)	EUR       1,600	1,646,351
8.63%, 02/28/33 (Call 11/28/27), (5-year GUK + 5.251%)(b)(d)	GBP       1,500	1,968,289
Cooperatieve Rabobank UA
4.23%, 04/25/29 (Call 04/25/28), (3-mo. EURIBOR + 1.150%)(b)(d)	EUR       3,800	4,113,192
4.38%, (Call 06/29/27), (5-year EUR Swap + 4.679%)(b)(d)(h)	EUR       1,400	1,417,509
Corp. Financiera de Desarrollo SA, 4.75%, 07/15/25(d)	USD         504	496,309
Credit Agricole SA
3.75%, 01/22/34(d)	EUR         300	320,071
3.88%, 04/20/31(d)	EUR         100	107,854
3.88%, 11/28/34(d)	EUR       3,300	3,567,369
4.38%, 11/27/33(d)	EUR         200	220,392
6.50%, (Call 09/23/29), (5-year EURIBOR ICE Swap + 4.207%)(b)(d)(h)	EUR         400	430,167
7.25%, (Call 09/23/28), (5-year EURIBOR ICE Swap + 4.441%)(b)(d)(h)	EUR         400	445,940
Danske Bank A/S, 4.13%, 01/10/31 (Call 01/10/30), (1-year EUR Swap + 1.250%)(b)(d)	EUR       1,970	2,138,100
Eurobank SA, 4.88%, 04/30/31 (Call 04/30/30), (5-year EURIBOR ICE Swap + 2.165%)(b)(d)	EUR         950	1,004,969
Freedom Mortgage Corp.
6.63%, 01/15/27 (Call 05/31/24)(a)	USD         350	336,881
7.63%, 05/01/26 (Call 05/16/24)(a)	USD         600	597,308
12.00%, 10/01/28 (Call 10/01/25)(a)	USD       1,100	1,177,274
12.25%, 10/01/30 (Call 10/01/26)(a)	USD       1,600	1,736,338
Goldman Sachs Group Inc. (The)
0.88%, 05/09/29 (Call 02/09/29)(d)	EUR       1,500	1,394,595
1.09%, 12/09/26 (Call 12/09/25), (1-day SOFR + 0.789%)(b)	USD       2,674	2,478,825
1.25%, 02/07/29 (Call 11/07/28)(d)	EUR       2,600	2,483,525
1.43%, 03/09/27 (Call 03/09/26), (1-day SOFR + 0.798%)(b)	USD       3,617	3,342,193
1.50%, 12/07/27 (Call 09/07/27)(d)	GBP         295	323,753
1.54%, 09/10/27 (Call 09/10/26), (1-day SOFR + 0.818%)(b)	USD       2,530	2,292,556
1.95%, 10/21/27 (Call 10/21/26), (1-day SOFR + 0.913%)(b)	USD       3,252	2,969,322
2.64%, 02/24/28 (Call 02/24/27), (1-day SOFR + 1.114%)(b)	USD         563	519,316
3.62%, 03/15/28 (Call 03/15/27), (1-day SOFR + 1.846%)(b)	USD          30	28,386

Security	Par (000 )	Value
Banks (continued)
3.63%, 10/29/29 (Call 10/29/28), (1-year GUK + 1.950%)(b)(d)	GBP       1,400	$1,621,806
4.00%, 09/21/29 (Call 06/21/29)(d)	EUR       1,370	1,490,815
7.25%, 04/10/28	GBP         617	818,438
HSBC Holdings PLC
1.65%, 04/18/26 (Call 04/18/25), (1-day SOFR + 1.538%)(b)	USD         608	583,336
1.75%, 07/24/27 (Call 07/24/26), (1-day SONIA + 1.307%)(b)	GBP       1,000	1,146,334
2.26%, 11/13/26 (Call 11/13/25), (1-year GBP Swap + 1.316%)(b)(d)	GBP       1,271	1,507,095
2.63%, 11/07/25 (Call 11/07/24), (3-mo. SOFR + 1.401%)(b)	USD         200	196,470
3.02%, 06/15/27 (Call 06/15/26), (3-mo. EURIBOR + 1.445%)(b)(d)	EUR         542	566,947
4.75%, (Call 07/04/29), (5-year EUR Swap + 3.844%)(b)(d)(h)	EUR       2,932	2,902,177
6.80%, 09/14/31 (Call 09/14/30), (1-day SONIA + 2.124%)(b)	GBP         820	1,075,152
Series GEN, 0.31%, 11/13/26 (Call 11/13/25), (3-mo. EURIBOR + 0.818%)(b)(d)	EUR         258	260,688
HSBC USA Inc., 5.29%, 03/04/27	USD       2,370	2,361,934
ING Bank NV, 4.57%, 10/02/26, (3-mo. EURIBOR + 0.660%)(b)(d)	EUR       4,000	4,302,603
ING Groep NV
3.88%, (Call 05/16/27), (5-year CMT + 2.862%)(b)(h)	USD         233	190,801
4.50%, 05/23/29 (Call 05/23/28), (3-mo. EURIBOR + 1.600%)(b)(d)	EUR       3,800	4,141,295
5.75%, (Call 11/16/26), (5-year CMT + 4.342%)(b)(h)	USD       1,336	1,260,949
8.00%, (Call 05/16/30), (5-year USD ICE Swap + 4.360%)(b)(d)(h)	USD       1,525	1,520,272
Intercorp Peru Ltd., 3.88%, 08/15/29 (Call 05/15/29)(a)	USD         770	673,365
Intesa Sanpaolo SpA
4.20%, 06/01/32 (Call 06/01/31), (1-year CMT + 2.600%)(a)(b)	USD       1,300	1,065,539
5.15%, 06/10/30(d)	GBP       2,300	2,628,011
5.50%, (Call 03/01/28), (5-year EUR Swap + 5.848%)(b)(d)(h)	EUR       4,000	4,058,905
5.71%, 01/15/26(a)(g)	USD       1,325	1,305,604
5.88%, (Call 01/20/25), (5-year EUR Swap + 6.066%)(b)(d)(h)	EUR         900	955,678
8.51%, 09/20/32(d)	GBP       1,000	1,344,646
JPMorgan Chase & Co.
0.77%, 08/09/25 (Call 08/09/24), (1-day SOFR + 0.490%)(b)	USD         329	324,252
0.82%, 06/01/25 (Call 06/01/24), (3-mo. SOFR + 0.540%)(b)	USD         565	562,484
1.47%, 09/22/27 (Call 09/22/26), (1-day SOFR + 0.765%)(b)	USD         990	897,854
1.96%, 03/23/30 (Call 03/23/29), (3-mo. EURIBOR + 1.130%)(b)(d)	EUR         480	470,809
3.76%, 03/21/34 (Call 03/21/33), (3-mo. EURIBOR + 0.980%)(b)(d)	EUR       3,290	3,482,229
4.32%, 04/26/28 (Call 04/26/27), (1-day SOFR + 1.560%)(b)	USD         600	580,031
4.46%, 11/13/31 (Call 11/13/30), (3-mo. EURIBOR + 1.280%)(b)(d)	EUR       4,454	4,922,548

18 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Banks (continued)
5.04%, 01/23/28 (Call 01/23/27), (1-day SOFR + 1.190%)(b)	USD         230	$226,737
6.07%, 10/22/27 (Call 10/22/26), (1-day SOFR + 1.330%)(b)	USD         912	922,723
KBC Group NV
4.25%, 11/28/29 (Call 11/28/28), (3-mo. EURIBOR + 1.300%)(b)(d)	EUR       3,400	3,677,710
8.00%, (Call 09/05/28), (5-year EURIBOR ICE Swap + 4.928%)(b)(d)(h)	EUR       1,800	2,036,219
Lloyds Banking Group PLC
4.95%, (Call 06/27/25), (5-year EURIBOR ICE Swap + 5.290%)(b)(d)(h)	EUR       1,469	1,545,519
8.50%, (Call 09/27/27), (5-year GUK + 5.883%)(b)(h)	GBP         900	1,133,030
Mitsubishi UFJ Financial Group Inc., 0.96%, 10/11/25 (Call 10/11/24), (1-year CMT + 0.450%)(b)	USD         200	195,478
Morgan Stanley
0.79%, 05/30/25 (Call 05/30/24), (1-day SOFR + 0.525%)(b)	USD         314	312,531
1.16%, 10/21/25 (Call 10/21/24), (1-day SOFR + 0.560%)(b)	USD       1,385	1,353,274
1.59%, 05/04/27 (Call 05/04/26), (1-day SOFR + 0.879%)(b)	USD         250	230,422
1.88%, 04/27/27	EUR         466	471,408
2.95%, 05/07/32 (Call 05/07/31), (3-mo. EURIBOR + 1.245%)(b)	EUR       2,950	2,967,375
3.59%, 07/22/28 (Call 07/22/27), (1-day SOFR + 2.127%)(b)	USD       5,153	4,848,829
3.96%, 03/21/35 (Call 03/21/34), (3-mo. EURIBOR + 1.242%)(b)	EUR       1,680	1,777,550
4.59%, 03/19/27 (Call 03/19/26), (3-mo. EURIBOR + 0.650%)(b)	EUR       3,990	4,268,775
4.66%, 03/02/29 (Call 03/02/28), (3-mo. EURIBOR + 1.304%)(b)	EUR       4,850	5,310,238
4.81%, 10/25/28 (Call 10/25/27), (3-mo. EURIBOR + 1.762%)(b)	EUR       2,197	2,415,354
Series I, 0.86%, 10/21/25 (Call 10/21/24), (1-day SOFR + 0.745%)(b)	USD         202	197,124
National Bank of Greece SA, 5.88%, 06/28/35 (Call 03/28/30), (5-year EURIBOR ICE Swap + 3.154%)(b)(d)	EUR       2,550	2,728,165
Santander Holdings USA Inc., 3.45%, 06/02/25 (Call 05/02/25)	USD         157	152,406
Santander U.K. Group Holdings PLC, 6.75%, (Call 06/24/24), (5-year GBP Swap + 6.068%)(b)(d)(h)	GBP         200	249,910
Societe Generale SA
4.40%, 01/19/26, (3-mo. EURIBOR + 0.500%)(b)(d)	EUR       4,000	4,283,487
9.38%, (Call 11/22/27), (5-year CMT + 5.385%)(a)(b)(h)	USD         424	431,553
Standard Chartered PLC, 0.90%, 07/02/27 (Call 07/02/26), (1-year EURIBOR ICE Swap + 1.000%)(b)(d)	EUR       5,541	5,543,419
U.S. Bancorp., 5.38%, 01/23/30 (Call 01/23/29), (1-day SOFR + 1.560%)(b)	USD         250	246,522
UBS AG/London, 4.26%, 04/12/26, (3-mo. EURIBOR + 0.350%)(b)(d)	EUR       4,010	4,278,362

Security	Par (000 )	Value
Banks (continued)
UBS Group AG
2.19%, 06/05/26 (Call 06/05/25), (1-day SOFR + 2.044%)(a)(b)	USD         477	$457,611
2.59%, 09/11/25 (Call 09/11/24), (1-day SOFR + 1.560%)(a)(b)	USD         599	591,580
4.28%, 01/09/28 (Call 01/09/27)(a)	USD         750	711,326
4.49%, 05/12/26 (Call 05/12/25), (1-year CMT + 1.550%)(a)(b)	USD         532	523,679
4.88%, (Call 02/12/27), (5-year CMT + 3.404%)(a)(b)(h)	USD         300	269,366
5.13%, (Call 07/29/26), (5-year CMT + 4.855%)(b)(d)(h)	USD       1,200	1,133,700
7.00%, (Call 02/19/25), (5-year USD Swap +4.866%)(b)(d)(h)	USD         200	199,065
7.75%, 03/01/29 (Call 03/01/28), (1-year EURIBOR ICE Swap + 4.950%)(b)(d)	EUR       2,000	2,404,430
UniCredit SpA
2.00%, 09/23/29 (Call 09/23/24), (5-year EUR Swap + 2.400%)(b)(d)	EUR         200	210,548
2.73%, 01/15/32 (Call 01/15/27), (5-year EUR Swap + 2.800%)(b)(d)	EUR         500	503,720
5.38%, (Call 06/03/25), (5-year EUR Swap + 4.925%)(b)(d)(h)	EUR       1,300	1,363,082
5.46%, 06/30/35 (Call 06/30/30), (5-year CMT + 4.750%)(a)(b)	USD       1,117	1,027,775
5.86%, 06/19/32 (Call 06/19/27), (5-year USD ICE Swap + 3.703%)(a)(b)	USD       1,200	1,160,281
7.30%, 04/02/34 (Call 04/02/29), (5-year USD ICE Swap + 4.914%)(a)(b)	USD       1,675	1,689,140
Wells Fargo & Co.
0.63%, 03/25/30(d)	EUR       4,746	4,193,198
1.50%, 05/24/27(d)	EUR       1,200	1,192,896
1.63%, 06/02/25(d)	EUR         279	290,280
2.39%, 06/02/28 (Call 06/02/27), (1-day SOFR + 2.100%)(b)	USD       3,070	2,791,095
3.20%, 06/17/27 (Call 06/17/26), (3-mo. SOFR + 1.432%)(b)	USD       2,371	2,252,422
3.91%, 04/25/26 (Call 04/25/25), (1-day SOFR + 1.320%)(b)	USD         232	227,545
6.30%, 10/23/29 (Call 10/23/28), (1-day SOFR + 1.790%)(b)	USD       1,956	2,003,842
		264,359,499
Beverages — 0.3%
Anheuser-Busch InBev SA/NV, 3.95%, 03/22/44 (Call 09/22/43)(d)	EUR         940	990,452
JDE Peet's NV, 4.50%, 01/23/34 (Call 10/23/33)(d)	EUR       6,680	7,199,932
Keurig Dr Pepper Inc.
2.55%, 09/15/26 (Call 06/15/26)	USD         927	867,333
3.43%, 06/15/27 (Call 03/15/27)	USD         550	519,563
		9,577,280
Biotechnology — 0.4%
Amgen Inc.
1.65%, 08/15/28 (Call 06/15/28)	USD       1,813	1,557,956
2.20%, 02/21/27 (Call 12/21/26)	USD       2,600	2,385,186
3.20%, 11/02/27 (Call 08/02/27)	USD       1,472	1,372,635
4.00%, 09/13/29(d)	GBP         100	118,214
5.15%, 03/02/28 (Call 02/02/28)	USD         156	154,615
Cidron Aida Finco Sarl, 6.25%, 04/01/28 (Call 05/30/24)(d)	GBP       3,000	3,537,811

  19

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Biotechnology (continued)
Gilead Sciences Inc., 3.65%, 03/01/26 (Call 12/01/25)	USD       2,953	$2,862,462
		11,988,879
Building Materials — 0.5%
Builders FirstSource Inc.
4.25%, 02/01/32 (Call 08/01/26)(a)(g)	USD         674	587,079
5.00%, 03/01/30 (Call 03/01/25)(a)	USD         131	122,660
6.38%, 06/15/32 (Call 06/15/27)(a)(g)	USD         700	692,737
6.38%, 03/01/34 (Call 03/01/29)(a)	USD         900	883,298
Carrier Global Corp.
4.13%, 05/29/28 (Call 04/29/28)	EUR       1,100	1,182,518
4.50%, 11/29/32 (Call 08/29/32)	EUR         900	992,680
CRH Funding BV, 1.63%, 05/05/30 (Call 02/05/30)(d)	EUR         100	95,336
EMRLD Borrower LP/Emerald Co-Issuer Inc., 6.38%, 12/15/30 (Call 06/15/26)(d)	EUR       2,390	2,665,244
HT Troplast GmbH, 9.38%, 07/15/28 (Call 07/15/25)(d)	EUR       2,250	2,497,249
PCF GmbH, 4.75%, 04/15/26 (Call 05/10/24)(d)	EUR         403	290,754
Sisecam UK PLC
8.25%, 05/02/29 (Call 05/02/26)(a)	USD         579	588,966
8.63%, 05/02/32 (Call 05/02/27)(a)	USD         489	495,724
St Marys Cement Inc./Canada, 5.75%, 04/02/34 (Call 01/02/34)(a)	USD         241	235,578
Standard Industries Inc./NJ
3.38%, 01/15/31 (Call 07/15/25)(a)	USD         997	816,660
4.38%, 07/15/30 (Call 07/15/25)(a)	USD       1,100	974,218
4.75%, 01/15/28 (Call 05/31/24)(a)	USD       1,000	943,232
5.00%, 02/15/27 (Call 05/31/24)(a)	USD         525	505,711
		14,569,644
Chemicals — 1.3%
Avient Corp., 5.75%, 05/15/25 (Call 05/31/24)(a)	USD       1,000	994,961
Braskem Idesa SAPI, 6.99%, 02/20/32 (Call 02/20/27)(a)(g)	USD         852	639,000
Braskem Netherlands Finance BV, 8.50%, 01/23/81 (Call 10/24/25), (5-year CMT + 8.220%)(a)(b)	USD         223	218,331
Chemours Co. (The)
4.00%, 05/15/26 (Call 05/30/24)	EUR         400	407,671
4.63%, 11/15/29 (Call 11/15/24)(a)	USD         600	514,122
5.38%, 05/15/27 (Call 02/15/27)	USD         400	378,454
5.75%, 11/15/28 (Call 05/13/24)(a)	USD       1,697	1,558,480
FIS Fabbrica Italiana Sintetici SpA, 5.63%, 08/01/27 (Call 05/10/24)(d)	EUR       3,400	3,456,492
INEOS FINANCE PLC, 6.38%, 04/15/29 (Call 04/15/26)(d)	EUR       3,003	3,220,827
INEOS Quattro Finance 2 PLC 8.50%, 03/15/29 (Call 11/15/25)(d)	EUR       4,687	5,223,687
International Flavors & Fragrances Inc., 1.23%, 10/01/25 (Call 09/01/25)(a)	USD         290	271,458
Kronos International Inc., 9.50%, 03/15/29 (Call 03/15/26)(d)	EUR       1,920	2,182,040
Linde PLC, 3.63%, 06/12/34 (Call 03/12/34)(d)	EUR         100	107,390
MEGlobal BV
2.63%, 04/28/28 (Call 01/28/28)(a)	USD         757	666,397
4.25%, 11/03/26(d)	USD         300	287,063
Methanex Corp.
5.13%, 10/15/27 (Call 04/15/27)(g)	USD       1,083	1,041,599
5.25%, 12/15/29 (Call 09/15/29)(g)	USD       1,252	1,186,820

Security	Par (000 )	Value
Chemicals (continued)
Monitchem HoldCo 3 SA, 8.75%, 05/01/28 (Call 05/01/25)(d)	EUR       1,500	$1,629,135
Nobian Finance BV, 3.63%, 07/15/26 (Call 05/30/24)(d)	EUR       1,739	1,793,653
OCP SA
5.13%, 06/23/51 (Call 12/23/50)(d)	USD         263	190,346
6.75%, 05/02/34 (Call 02/02/34)(a)	USD         579	570,460
7.50%, 05/02/54 (Call 11/02/53)(a)	USD         488	473,848
Olin Corp.
5.00%, 02/01/30 (Call 05/31/24)	USD         348	324,792
5.13%, 09/15/27 (Call 05/31/24)(g)	USD         500	482,703
5.63%, 08/01/29 (Call 08/01/24)	USD         800	771,234
Olympus Water U.S. Holding Corp.
5.38%, 10/01/29 (Call 10/01/24)(d)	EUR         721	670,177
9.63%, 11/15/28 (Call 06/01/25)(d)	EUR       3,500	3,970,310
9.75%, 11/15/28 (Call 06/01/25)(a)	USD       2,300	2,440,573
Sasol Financing USA LLC
4.38%, 09/18/26 (Call 08/18/26)	USD         200	188,500
6.50%, 09/27/28 (Call 06/27/28)	USD         221	209,605
SCIL IV LLC/SCIL USA Holdings LLC
4.38%, 11/01/26 (Call 05/30/24)(d)	EUR         350	366,199
9.50%, 07/15/28 (Call 07/15/25)(d)	EUR       1,852	2,139,315
		38,575,642
Commercial Services — 1.8%
ADT Security Corp. (The), 4.13%, 08/01/29 (Call 08/01/28)(a)(g)	USD         808	730,386
Allied Universal Holdco LLC, 7.88%, 02/15/31 (Call 02/15/27)(a)(g)	USD       4,100	4,109,055
Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.63%, 07/15/26 (Call 05/31/24)(a)	USD         493	491,697
Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 SARL, 4.88%, 06/01/28 (Call 06/01/24)(d)	GBP       4,672	5,198,181
ASTM SpA, 1.50%, 01/25/30 (Call 10/25/29)(d)	EUR       2,235	2,074,689
Avis Budget Car Rental LLC/Avis Budget Finance Inc.
4.75%, 04/01/28 (Call 05/13/24)(a)(g)	USD         500	442,032
5.38%, 03/01/29 (Call 05/31/24)(a)	USD       1,000	889,484
5.75%, 07/15/27 (Call 05/13/24)(a)(g)	USD         325	308,790
8.00%, 02/15/31 (Call 11/15/26)(a)(g)	USD         925	885,619
BCP V Modular Services Finance II PLC
4.75%, 11/30/28 (Call 11/30/24)(d)	EUR         100	100,305
6.13%, 11/30/28 (Call 11/30/24)(d)	GBP       1,800	2,058,009
Block Inc., 2.75%, 06/01/26 (Call 05/01/26)	USD       1,400	1,315,382
Boels Topholding BV
5.75%, 05/15/30 (Call 05/15/26)(d)	EUR       1,101	1,175,035
6.25%, 02/15/29 (Call 09/15/25)(d)	EUR       1,768	1,943,415
DP World Salaam, 6.00%, (Call 10/01/25), (5-year CMT + 5.750%)(b)(d)(h)	USD         373	369,643
Elis SA, 3.75%, 03/21/30 (Call 12/21/29)(d)	EUR         500	527,572
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC
7.13%, 07/31/26 (Call 05/30/24)(d)	USD         403	400,607
7.13%, 07/31/26 (Call 05/31/24)(a)	USD         200	198,812
Global Payments Inc.
3.20%, 08/15/29 (Call 05/15/29)	USD       1,612	1,422,292
4.45%, 06/01/28 (Call 03/01/28)	USD       2,047	1,952,484
Hertz Corp. (The)
4.63%, 12/01/26 (Call 05/31/24)(a)	USD       1,218	943,443
5.00%, 12/01/29 (Call 12/01/24)(a)(g)	USD       2,888	1,983,165

20 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Commercial Services (continued)
La Financiere Atalian SASU, 8.50%, 06/30/28 (Call 05/15/24)	EUR         956	$664,779
Loxam SAS
6.38%, 05/15/28 (Call 05/15/25)(d)	EUR         900	989,468
6.38%, 05/31/29 (Call 12/15/25)(d)	EUR       1,607	1,769,974
Moody's Corp., 0.95%, 02/25/30 (Call 11/25/29)	EUR       4,097	3,762,076
Motability Operations Group PLC, 3.88%, 01/24/34 (Call 10/24/33)(d)	EUR       3,040	3,238,795
Nexi SpA, 2.13%, 04/30/29 (Call 01/30/29)(d)	EUR         400	381,204
Prime Security Services Borrower LLC/Prime Finance Inc.
3.38%, 08/31/27 (Call 08/31/26)(a)	USD         640	582,883
5.75%, 04/15/26(a)	USD       1,458	1,439,661
6.25%, 01/15/28 (Call 05/31/24)(a)(g)	USD       1,217	1,188,907
Q-Park Holding I BV
5.13%, 03/01/29 (Call 03/01/26)(d)	EUR       1,229	1,318,121
5.94%, 03/01/26 (Call 05/30/24), (3-mo. EURIBOR + 2.000%)(b)(d)	EUR         200	213,440
Rekeep SpA, 7.25%, 02/01/26 (Call 05/10/24)(d)	EUR         400	386,540
Service Corp. International/U.S.
3.38%, 08/15/30 (Call 08/15/25)	USD       1,006	853,379
4.00%, 05/15/31 (Call 05/15/26)	USD         700	603,025
4.63%, 12/15/27 (Call 05/31/24)	USD         616	586,349
5.13%, 06/01/29 (Call 06/01/24)	USD         200	190,960
United Rentals North America Inc.
3.75%, 01/15/32 (Call 07/15/26)	USD         451	385,139
3.88%, 02/15/31 (Call 08/15/25)	USD         511	448,020
4.88%, 01/15/28 (Call 05/13/24)	USD       2,140	2,051,252
5.25%, 01/15/30 (Call 01/15/25)	USD         200	191,814
5.50%, 05/15/27 (Call 05/31/24)	USD       1,200	1,182,399
6.13%, 03/15/34 (Call 03/15/29)(a)	USD         600	585,830
Verisure Holding AB
7.13%, 02/01/28 (Call 02/01/25)(d)	EUR         375	416,704
9.25%, 10/15/27 (Call 10/15/24)(d)	EUR         500	566,283
		53,517,099
Computers — 0.3%
Banff Merger Sub Inc., 8.38%, 09/01/26 (Call 05/10/24)(d)	EUR         530	556,923
NCR Voyix Corp., 5.00%, 10/01/28 (Call 05/31/24)(a)	USD       2,583	2,378,840
Seagate HDD Cayman
4.09%, 06/01/29 (Call 03/01/29)	USD          38	34,566
4.88%, 06/01/27 (Call 03/01/27)	USD         100	96,596
8.25%, 12/15/29 (Call 07/15/26)(a)(g)	USD         775	823,737
9.63%, 12/01/32 (Call 12/01/27)	USD       1,706	1,913,712
Teleperformance SE, 5.75%, 11/22/31 (Call 08/22/31)(d)	EUR         100	107,751
Western Digital Corp.
2.85%, 02/01/29 (Call 12/01/28)	USD       1,775	1,499,169
4.75%, 02/15/26 (Call 11/15/25)	USD         129	125,531
		7,536,825
Cosmetics & Personal Care — 0.1%
Coty Inc., 5.00%, 04/15/26 (Call 05/31/24)(a)	USD       1,378	1,351,445
Coty Inc./HFC Prestige Products Inc./HFC Prestige International U.S. LLC
4.75%, 01/15/29 (Call 01/15/25)(a)	USD         300	279,653
6.63%, 07/15/30 (Call 07/16/26)(a)	USD         800	800,482

Security	Par (000 )	Value
Cosmetics & Personal Care (continued)
Edgewell Personal Care Co.
4.13%, 04/01/29 (Call 05/13/24)(a)(g)	USD       1,400	$1,265,406
5.50%, 06/01/28 (Call 05/31/24)(a)	USD         236	227,731
		3,924,717
Distribution & Wholesale — 0.2%
H&E Equipment Services Inc., 3.88%, 12/15/28 (Call 05/31/24)(a)	USD       1,057	935,326
IMCD NV
2.13%, 03/31/27 (Call 12/31/26)(d)	EUR       1,472	1,484,911
4.88%, 09/18/28 (Call 06/18/28)(d)	EUR       2,376	2,588,918
		5,009,155
Diversified Financial Services — 0.7%
Ally Financial Inc., 5.75%, 11/20/25 (Call 10/21/25)	USD         290	287,634
Encore Capital Group Inc., 4.25%, 06/01/28 (Call 06/01/24)(d)	GBP       1,000	1,043,529
Freedom Mortgage Holdings LLC, 9.25%, 02/01/29 (Call 02/01/26)(a)	USD         200	201,059
Intrum AB, 3.00%, 09/15/27 (Call 05/10/24)(d)	EUR       1,434	932,375
Julius Baer Group Ltd.
4.88%, (Call 10/08/26), (5-year CMT + 4.616%)(b)(d)(h)	USD       1,000	902,720
6.63%, (Call 08/15/29), (5-year EUR Swap + 3.847%)(b)(d)(h)	EUR       1,000	1,020,511
LPL Holdings Inc., 4.63%, 11/15/27 (Call 05/03/24)(a)	USD       1,793	1,708,545
Nasdaq Inc., 5.35%, 06/28/28 (Call 05/28/28)	USD       1,379	1,371,844
Nationstar Mortgage Holdings Inc.
5.13%, 12/15/30 (Call 12/15/25)(a)	USD       1,927	1,731,111
6.00%, 01/15/27 (Call 05/31/24)(a)	USD       1,421	1,392,419
PennyMac Financial Services Inc.
4.25%, 02/15/29 (Call 05/31/24)(a)	USD         105	93,100
5.38%, 10/15/25 (Call 05/31/24)(a)	USD         305	300,888
5.75%, 09/15/31 (Call 09/15/26)(a)	USD         417	377,984
7.88%, 12/15/29 (Call 12/15/26)(a)	USD       1,700	1,735,113
Rocket Mortgage LLC/Rocket Mortgage Co-Issuer Inc.
2.88%, 10/15/26 (Call 05/31/24)(a)	USD       1,568	1,439,639
3.63%, 03/01/29 (Call 05/31/24)(a)	USD       1,200	1,057,154
3.88%, 03/01/31 (Call 03/01/26)(a)	USD       1,044	885,156
4.00%, 10/15/33 (Call 10/15/27)(a)	USD         200	163,278
Turkiye Varlik Fonu Yonetimi AS, 8.25%, 02/14/29(d)	USD         500	505,937
United Wholesale Mortgage LLC
5.50%, 11/15/25 (Call 05/31/24)(a)	USD         900	885,292
5.50%, 04/15/29 (Call 05/13/24)(a)	USD       1,025	952,215
5.75%, 06/15/27 (Call 06/15/24)(a)	USD         617	592,089
		19,579,592
Electric — 3.2%
AES Andes SA, 6.30%, 03/15/29 (Call 02/15/29)(a)	USD         200	196,943
AES Panama Generation Holdings SRL, 4.38%, 05/31/30 (Call 02/28/30)(d)	USD         235	196,811
Calpine Corp.
3.75%, 03/01/31 (Call 03/01/26)(a)	USD         200	172,988
4.50%, 02/15/28 (Call 05/31/24)(a)	USD       1,406	1,313,018
4.63%, 02/01/29 (Call 05/31/24)(a)	USD         900	826,724
5.00%, 02/01/31 (Call 02/01/26)(a)	USD         197	178,515
5.13%, 03/15/28 (Call 05/31/24)(a)	USD          29	27,508
5.25%, 06/01/26 (Call 05/31/24)(a)	USD       1,100	1,084,274

  21

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Electric (continued)
CenterPoint Energy Houston Electric LLC, 5.20%, 10/01/28 (Call 09/01/28)	USD       1,050	$1,046,528
Consumers Energy Co.
4.60%, 05/30/29 (Call 03/30/29)	USD         116	112,359
4.65%, 03/01/28 (Call 01/01/28)	USD         180	175,830
4.90%, 02/15/29 (Call 12/15/28)	USD         281	276,255
Diamond II Ltd., 7.95%, 07/28/26 (Call 07/28/25)(a)	USD         542	543,355
Duke Energy Corp.
3.10%, 06/15/28 (Call 03/15/28)	EUR       3,950	4,074,605
3.75%, 04/01/31 (Call 01/01/31)	EUR       8,580	8,981,086
3.85%, 06/15/34 (Call 03/15/34)	EUR       1,340	1,376,593
E.ON SE
1.63%, 03/29/31 (Call 12/29/30)(d)	EUR         310	292,232
4.13%, 03/25/44 (Call 09/25/43)(d)	EUR         510	538,926
EDP - Energias de Portugal SA
1.70%, 07/20/80 (Call 04/20/25), (5-year EUR Swap + 1.840%)(b)(d)	EUR         700	720,767
1.88%, 08/02/81 (Call 05/02/26), (5-year EUR Swap + 2.380%)(b)(d)	EUR       1,000	1,002,902
1.88%, 03/14/82 (Call 06/14/29), (5-year EUR Swap + 2.080%)(b)(d)	EUR       3,100	2,845,157
5.94%, 04/23/83 (Call 01/23/28), (5-year EUR Swap + 3.184%)(b)(d)	EUR         300	333,659
EDP Servicios Financieros Espana SA, 4.38%, 04/04/32 (Call 01/04/32)(d)	EUR         200	219,535
Electricite de France SA
2.88%, (Call 12/15/26), (5-year EURIBOR ICE Swap + 3.373%)(b)(d)(h)	EUR         200	199,236
3.38%, (Call 06/15/30), (5-year EUR Swap + 3.970%)(b)(d)(h)	EUR       4,200	3,902,195
3.75%, 06/05/27 (Call 05/05/27)(d)	EUR       1,100	1,172,625
4.25%, 01/25/32 (Call 10/25/31)(d)	EUR       1,000	1,083,695
5.38%, (Call 01/29/25), (12-year EUR Swap + 3.794%)(b)(d)(h)	EUR         100	106,495
5.88%, (Call 01/22/29), (15-year GBP Swap + 3.322%)(b)(d)(h)	GBP         300	351,894
6.00%, (Call 01/29/26), (13-year GBP Swap + 4.234%)(b)(d)(h)	GBP       5,500	6,700,713
Elia Transmission Belgium SA, 3.25%, 04/04/28(d)	EUR         200	210,825
EnBW Energie Baden-Wuerttemberg AG, 5.25%, 01/23/84 (Call 10/23/29), (5-year EURIBOR ICE Swap + 2.664%)(b)(d)	EUR         900	982,091
EnBW International Finance BV
3.85%, 05/23/30 (Call 04/23/30)(d)	EUR       1,970	2,122,303
4.30%, 05/23/34 (Call 02/23/34)(d)	EUR         500	548,966
Enel Finance International NV, 3.38%, 07/23/28 (Call 06/23/28)(d)	EUR         600	633,748
Engie Energia Chile SA, 3.40%, 01/28/30 (Call 10/28/29)(d)	USD         630	537,469
Engie SA
0.38%, 10/26/29 (Call 07/26/29)(d)	EUR         700	629,201
3.50%, 09/27/29 (Call 06/27/29)(d)	EUR         700	743,552
3.88%, 01/06/31 (Call 10/06/30)(d)	EUR       1,200	1,288,563
4.25%, 03/06/44 (Call 12/06/43)(d)	EUR         700	740,219
Eurogrid GmbH
3.72%, 04/27/30 (Call 01/27/30)(d)	EUR       2,800	2,979,825
3.92%, 02/01/34 (Call 11/01/33)(d)	EUR       5,700	6,078,469
Exelon Corp., 5.15%, 03/15/28 (Call 02/15/28)	USD         753	743,011

Security	Par (000 )	Value
Electric (continued)
FirstEnergy Corp.
2.65%, 03/01/30 (Call 12/01/29)	USD          65	$54,785
Series B, 2.25%, 09/01/30 (Call 06/01/30)	USD         700	565,949
Series B, 4.15%, 07/15/27 (Call 04/15/27)	USD         972	915,789
FLUVIUS System Operator CVBA, 3.88%, 03/18/31 (Call 12/18/30)(d)	EUR         400	429,569
National Grid PLC, 0.55%, 09/18/29 (Call 06/18/29)(d)	EUR       2,000	1,799,207
Naturgy Finance BV, 2.37%, (Call 11/23/26), (5-year EUR Swap + 2.437%)(b)(d)(h)	EUR       2,200	2,206,971
NRG Energy Inc.
3.38%, 02/15/29 (Call 05/13/24)(a)	USD       1,707	1,496,963
3.63%, 02/15/31 (Call 02/15/26)(a)	USD       1,618	1,369,745
3.88%, 02/15/32 (Call 02/15/27)(a)	USD         200	168,501
5.25%, 06/15/29 (Call 06/15/24)(a)	USD         100	94,580
Oncor Electric Delivery Co. LLC, 4.30%, 05/15/28 (Call 04/15/28)	USD       1,000	963,038
Origin Energy Finance Ltd., 1.00%, 09/17/29 (Call 06/17/29)(d)	EUR       2,100	1,939,130
Orsted AS
2.50%, (Call 08/18/32), (5-year GUK + 2.136%)(b)(d)	GBP       2,600	2,329,087
5.13%, (Call 09/14/29), (5-year EURIBOR ICE Swap + 2.590%)(b)(d)	EUR         375	402,150
Pacific Gas and Electric Co.
3.00%, 06/15/28 (Call 04/15/28)	USD       2,895	2,604,992
3.30%, 12/01/27 (Call 09/01/27)	USD       2,433	2,234,884
3.40%, 08/15/24 (Call 05/31/24)	USD         105	104,125
5.55%, 05/15/29 (Call 04/15/29)	USD       2,048	2,025,463
PG&E Corp., 5.00%, 07/01/28 (Call 05/13/24)	USD       1,154	1,099,563
RTE Reseau de Transport d'Electricite SADIR, 3.50%, 12/07/31 (Call 09/07/31)(d)	EUR       1,700	1,809,096
Southern California Edison Co.
5.85%, 11/01/27 (Call 10/01/27)	USD         505	510,671
Series B, 3.65%, 03/01/28 (Call 12/01/27)	USD       1,000	939,621
Southern Co. (The), 1.88%, 09/15/81 (Call 06/15/27), (5-year EUR Swap + 2.108%)(b)	EUR       2,647	2,481,284
Terna - Rete Elettrica Nazionale, 3.50%, 01/17/31 (Call 10/17/30)(d)	EUR       1,750	1,835,254
Vistra Operations Co. LLC
4.38%, 05/01/29 (Call 05/31/24)(a)	USD         117	106,520
5.00%, 07/31/27 (Call 05/13/24)(a)	USD         592	563,423
5.50%, 09/01/26 (Call 05/13/24)(a)	USD         300	292,778
5.63%, 02/15/27 (Call 05/13/24)(a)	USD       1,166	1,134,459
7.75%, 10/15/31 (Call 10/15/26)(a)	USD       2,946	3,021,394
		93,790,656
Electrical Components & Equipment — 0.1%
Belden Inc.
3.38%, 07/15/27 (Call 05/30/24)(d)	EUR         100	102,843
3.38%, 07/15/31 (Call 07/15/26)(d)	EUR       1,007	981,948
Energizer Holdings Inc.
4.38%, 03/31/29 (Call 05/31/24)(a)	USD       1,554	1,372,767
4.75%, 06/15/28 (Call 05/31/24)(a)(g)	USD         600	545,170
Nexans SA, 4.25%, 03/11/30 (Call 12/11/29)(d)	EUR       1,100	1,180,143
		4,182,871
Electronics — 0.2%
Honeywell International Inc., 3.75%, 05/17/32 (Call 02/17/32)	EUR       3,362	3,602,926

22 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Electronics (continued)
Sensata Technologies BV
4.00%, 04/15/29 (Call 05/31/24)(a)(g)	USD         916	$820,078
5.00%, 10/01/25(a)	USD         800	789,719
Sensata Technologies Inc.
3.75%, 02/15/31 (Call 02/15/26)(a)	USD         600	507,046
4.38%, 02/15/30 (Call 11/15/29)(a)	USD       1,100	984,815
		6,704,584
Engineering & Construction — 0.6%
ABB Finance BV
0.00%, 01/19/30 (Call 10/19/29)(d)	EUR       1,000	886,199
3.38%, 01/15/34 (Call 10/15/33)(d)	EUR         916	963,412
Abertis Infraestructuras Finance BV, 3.25%, (Call 11/24/25), (5-year EUR Swap + 3.694%)(b)(d)(h)	EUR         500	517,552
Aeropuerto Internacional de Tocumen SA, 5.13%, 08/11/61 (Call 08/11/60)(a)	USD         482	340,111
Aeropuertos Dominicanos Siglo XXI SA, 6.75%, 03/30/29 (Call 05/13/24)(a)	USD         568	570,272
Azzurra Aeroporti SpA, 2.63%, 05/30/27 (Call 02/28/27)(d)	EUR       3,000	3,013,258
Cellnex Finance Co. SA, 2.00%, 02/15/33 (Call 11/15/32)(d)	EUR       2,300	2,062,883
Gatwick Airport Finance PLC, 4.38%, 04/07/26 (Call 05/10/24)(d)	GBP       1,200	1,442,844
Heathrow Finance PLC
3.88%, 03/01/27(d)(e)	GBP         500	582,965
4.13%, 09/01/29(d)(e)	GBP       1,391	1,571,264
5.75%, 03/03/25(d)	GBP         100	124,078
6.63%, 03/01/31 (Call 12/01/30)(d)	GBP       1,427	1,736,034
IHS Holding Ltd., 6.25%, 11/29/28 (Call 11/29/24)(a)	USD         501	431,486
Infrastrutture Wireless Italiane SpA
1.63%, 10/21/28 (Call 07/21/28)(d)	EUR         100	97,725
1.75%, 04/19/31 (Call 01/19/31)(d)	EUR       1,878	1,766,424
Kier Group PLC, 9.00%, 02/15/29 (Call 02/15/26)(d)	GBP       1,250	1,593,176
		17,699,683
Entertainment — 1.6%
Allwyn Entertainment Financing U.K. PLC, 7.25%, 04/30/30 (Call 04/30/26)(d)	EUR       3,500	3,884,610
Banijay Entertainment SASU, 7.00%, 05/01/29 (Call 11/01/25)(d)	EUR       2,329	2,603,870
Caesars Entertainment Inc.
4.63%, 10/15/29 (Call 10/15/24)(a)(g)	USD         500	446,168
6.50%, 02/15/32 (Call 02/15/27)(a)	USD       1,700	1,674,914
7.00%, 02/15/30 (Call 02/15/26)(a)	USD         817	822,738
8.13%, 07/01/27 (Call 05/13/24)(a)(g)	USD       1,736	1,759,432
Cedar Fair LP/Canada's Wonderland Co./Magnum Management Corp./Millennium Op, 6.50%, 10/01/28 (Call 05/16/24)	USD          97	96,809
Churchill Downs Inc.
4.75%, 01/15/28 (Call 05/31/24)(a)	USD         500	472,407
5.50%, 04/01/27 (Call 05/31/24)(a)	USD         100	97,371
5.75%, 04/01/30 (Call 04/01/25)(a)	USD          31	29,498
6.75%, 05/01/31 (Call 05/01/26)(a)	USD       2,117	2,101,650
Cirsa Finance International Sarl
8.37%, 07/31/28 (Call 07/19/24), (3-mo. EURIBOR + 4.500%)(b)(d)	EUR         216	234,494
10.38%, 11/30/27 (Call 11/09/24)(d)	EUR         270	309,395

Security	Par (000 )	Value
Entertainment (continued)
Cirsa Finance International SARL, 6.50%, 03/15/29 (Call 02/13/26)(d)	EUR       1,119	$1,216,020
CPUK Finance Ltd.
3.59%, 02/28/42(d)	GBP         282	341,946
4.50%, 08/28/27 (Call 05/30/24)(d)	GBP         800	906,974
4.88%, 02/28/47 (Call 05/30/24)(d)	GBP         100	122,269
6.50%, 08/28/26 (Call 05/30/24)(d)	GBP         991	1,220,765
Flutter Treasury Designated Activity Co., 5.00%, 04/29/29 (Call 04/29/26)(d)	EUR       1,263	1,365,329
Inter Media & Communication SpA, 6.75%, 02/09/27 (Call 05/10/24)(d)	EUR       1,000	1,047,331
International Game Technology PLC
4.13%, 04/15/26 (Call 05/31/24)(a)	USD       1,800	1,733,381
5.25%, 01/15/29 (Call 05/31/24)(a)	USD         225	212,525
Light & Wonder International Inc.
7.00%, 05/15/28 (Call 05/16/24)(a)	USD       1,115	1,118,871
7.25%, 11/15/29 (Call 11/15/24)(a)	USD         200	201,711
7.50%, 09/01/31 (Call 09/01/26)(a)	USD         601	612,932
Live Nation Entertainment Inc.
3.75%, 01/15/28 (Call 05/31/24)(a)	USD         331	300,013
4.75%, 10/15/27 (Call 05/31/24)(a)(g)	USD         697	656,903
6.50%, 05/15/27 (Call 05/31/24)(a)	USD       1,601	1,604,146
Lottomatica SpA, 9.75%, 09/30/27 (Call 09/30/24)(d)	EUR       1,100	1,248,065
Lottomatica SpA/Roma
7.94%, 12/15/30 (Call 12/15/24), (3-mo. EURIBOR + 4.000%)(b)(d)	EUR         542	584,207
8.07%, 06/01/28 (Call 06/01/24), (3-mo. EURIBOR + 4.125%)(b)(d)	EUR         100	107,264
Melco Resorts Finance Ltd.
4.88%, 06/06/25 (Call 05/31/24)(a)	USD       1,400	1,363,250
5.38%, 12/04/29 (Call 12/04/24)(a)(g)	USD         900	802,431
5.63%, 07/17/27 (Call 05/31/24)(a)	USD         700	660,625
5.75%, 07/21/28 (Call 05/31/24)(a)	USD         907	843,510
7.63%, 04/17/32 (Call 04/17/27)(a)	USD         300	294,000
Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp., 4.88%, 05/01/29 (Call 05/31/24)(a)	USD         921	840,132
Motion Finco Sarl, 7.38%, 06/15/30 (Call 06/15/26)(d)	EUR       2,658	2,946,538
Pinewood Finance Co. Ltd., 3.63%, 11/15/27 (Call 05/30/24)(d)	GBP         600	692,676
Pinewood Finco PLC, 6.00%, 03/27/30 (Call 03/27/26)(d)	GBP       3,158	3,834,390
SeaWorld Parks & Entertainment Inc., 5.25%, 08/15/29 (Call 08/15/24)(a)	USD         854	787,446
Six Flags Entertainment Corp.
5.50%, 04/15/27 (Call 05/31/24)(a)	USD          97	93,599
7.25%, 05/15/31 (Call 05/15/26)(a)(g)	USD       1,400	1,397,009
WMG Acquisition Corp.
3.00%, 02/15/31 (Call 02/15/26)(a)(g)	USD         173	143,609
3.75%, 12/01/29 (Call 12/01/24)(a)	USD         500	439,765
3.88%, 07/15/30 (Call 07/15/25)(a)	USD         819	714,010
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
5.13%, 10/01/29 (Call 07/01/29)(a)	USD         100	92,788
7.13%, 02/15/31 (Call 11/15/30)(a)	USD       1,703	1,727,289
		46,807,075
Environmental Control — 0.3%
Clean Harbors Inc., 4.88%, 07/15/27 (Call 05/31/24)(a)	USD         700	674,142

  23

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Environmental Control (continued)
Covanta Holding Corp., 4.88%, 12/01/29 (Call 12/01/24)(a)	USD       1,675	$1,468,314
GFL Environmental Inc.
3.50%, 09/01/28 (Call 03/01/28)(a)	USD         100	89,891
3.75%, 08/01/25 (Call 05/31/24)(a)	USD         432	420,098
4.00%, 08/01/28 (Call 05/13/24)(a)	USD         317	287,324
4.25%, 06/01/25 (Call 05/31/24)(a)	USD         800	788,389
4.38%, 08/15/29 (Call 08/15/24)(a)	USD         200	180,520
4.75%, 06/15/29 (Call 06/15/24)(a)(g)	USD         500	461,245
5.13%, 12/15/26 (Call 05/31/24)(a)	USD         400	389,517
6.75%, 01/15/31 (Call 01/15/27)(a)	USD       1,400	1,411,317
Paprec Holding SA
3.50%, 07/01/28 (Call 07/01/24)(d)	EUR         300	307,122
6.50%, 11/17/27 (Call 11/17/25)(d)	EUR         170	191,402
7.25%, 11/17/29 (Call 11/17/25)(d)	EUR       1,800	2,043,422
Republic Services Inc.
3.38%, 11/15/27 (Call 08/15/27)	USD         300	282,117
3.95%, 05/15/28 (Call 02/15/28)	USD         400	380,306
4.88%, 04/01/29 (Call 03/01/29)	USD          56	54,906
		9,430,032
Food — 1.3%
Albertsons Companies Inc./Safeway Inc./New Albertsons LP/Albertsons LLC
3.25%, 03/15/26 (Call 05/31/24)(a)	USD         197	187,096
3.50%, 03/15/29 (Call 05/31/24)(a)	USD       1,100	970,604
4.63%, 01/15/27 (Call 05/31/24)(a)	USD         103	98,415
4.88%, 02/15/30 (Call 02/15/25)(a)	USD         100	93,271
5.88%, 02/15/28 (Call 05/31/24)(a)	USD         375	367,488
6.50%, 02/15/28 (Call 02/15/25)(a)	USD       1,600	1,598,549
7.50%, 03/15/26 (Call 05/31/24)(a)	USD       1,300	1,319,541
Bellis Acquisition Co. PLC, 4.50%, 02/16/26 (Call 02/24/25)(d)	GBP       4,100	5,097,540
Boparan Finance PLC, 7.63%, 11/30/25 (Call 05/30/24)(d)	GBP         788	901,853
Burger King France SAS, 8.58%, 11/01/26 (Call 05/10/24), (3-mo. EURIBOR + 4.750%)(b)(d)	EUR         100	107,300
Food Service Project SA, 5.50%, 01/21/27 (Call 05/30/24)(d)	EUR         900	953,834
General Mills Inc., 4.70%, 01/30/27 (Call 12/20/26)	USD       1,417	1,390,827
Lamb Weston Holdings Inc.
4.13%, 01/31/30 (Call 01/31/25)(a)	USD         810	721,955
4.38%, 01/31/32 (Call 01/31/27)(a)	USD         225	194,986
4.88%, 05/15/28 (Call 11/15/27)(a)	USD         800	763,658
Lion/Polaris Lux 4 SA, 7.94%, 07/01/26 (Call 05/30/24), (3-mo. EURIBOR + 4.000%)(b)(d)	EUR         500	534,161
Market Bidco Finco PLC
4.75%, 11/04/27 (Call 11/04/24)(d)	EUR       1,483	1,467,916
5.50%, 11/04/27 (Call 11/04/24)(d)	GBP       1,800	2,026,565
Nestle Finance International Ltd., 1.25%, 11/02/29 (Call 08/02/29)(d)	EUR         460	441,387
Performance Food Group Inc.
4.25%, 08/01/29 (Call 08/01/24)(a)	USD       1,720	1,541,771
5.50%, 10/15/27 (Call 05/31/24)(a)	USD         300	290,391
Picard Groupe SAS, 3.88%, 07/01/26 (Call 05/30/24)(d)	EUR         700	726,858
Pilgrim's Pride Corp.
3.50%, 03/01/32 (Call 09/01/26)	USD         960	790,494
4.25%, 04/15/31 (Call 04/15/26)	USD       1,315	1,163,442

Security	Par (000 )	Value
Food (continued)
6.25%, 07/01/33 (Call 04/01/33)	USD         408	$405,699
6.88%, 05/15/34 (Call 02/15/34)	USD       1,500	1,554,868
Post Holdings Inc.
4.50%, 09/15/31 (Call 09/15/26)(a)	USD       1,155	1,015,551
4.63%, 04/15/30 (Call 04/15/25)(a)	USD       1,752	1,582,266
5.50%, 12/15/29 (Call 12/15/24)(a)	USD          97	91,990
5.63%, 01/15/28 (Call 05/16/24)(a)	USD       1,100	1,067,500
Premier Foods Finance PLC, 3.50%, 10/15/26 (Call 05/30/24)(d)	GBP         857	1,020,080
REWE International Finance BV, 4.88%, 09/13/30 (Call 06/13/30)(d)	EUR       4,300	4,782,090
U.S. Foods Inc.
4.63%, 06/01/30 (Call 06/01/25)(a)	USD         100	90,933
4.75%, 02/15/29 (Call 05/31/24)(a)	USD       1,100	1,024,816
7.25%, 01/15/32 (Call 09/15/26)(a)(g)	USD       1,000	1,021,118
		37,406,813
Food Service — 0.1%
Aramark Services Inc., 5.00%, 02/01/28 (Call 05/31/24)(a)	USD       1,468	1,393,842
Elior Group SA, 3.75%, 07/15/26 (Call 05/30/24)(d)	EUR       1,500	1,495,404
		2,889,246
Forest Products & Paper — 0.3%
Ahlstrom Holding 3 OY
3.63%, 02/04/28 (Call 05/30/24)(d)	EUR         300	298,805
4.88%, 02/04/28 (Call 05/31/24)(a)	USD       4,279	3,916,569
Mercer International Inc., 5.13%, 02/01/29 (Call 05/13/24)(g)	USD       2,610	2,279,578
WEPA Hygieneprodukte GmbH, 5.63%, 01/15/31 (Call 01/15/27)(d)	EUR         700	745,173
		7,240,125
Gas — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.
5.50%, 05/20/25 (Call 02/20/25)	USD         100	99,411
5.75%, 05/20/27 (Call 02/20/27)	USD         131	127,149
9.38%, 06/01/28 (Call 06/01/25)(a)	USD       1,800	1,870,237
National Grid North America Inc., 4.67%, 09/12/33 (Call 06/12/33)(d)	EUR       1,750	1,935,537
NiSource Inc., 0.95%, 08/15/25 (Call 07/15/25)	USD         521	490,222
UGI International LLC, 2.50%, 12/01/29 (Call 12/01/24)(d)	EUR         986	949,635
		5,472,191
Hand & Machine Tools — 0.1%
IMA Industria Macchine Automatiche SpA
3.75%, 01/15/28 (Call 05/10/24)(d)	EUR         200	200,088
7.65%, 04/15/29 (Call 04/15/25), (3-mo. EURIBOR + 3.750%)(b)(d)	EUR       2,204	2,376,572
7.91%, 01/15/28 (Call 05/10/24), (3-mo. EURIBOR + 4.000%)(b)(d)	EUR       1,000	1,068,268
		3,644,928
Health Care - Products — 0.5%
Avantor Funding Inc.
3.88%, 11/01/29 (Call 11/01/24)(a)(g)	USD         291	257,651
4.63%, 07/15/28 (Call 05/31/24)(a)(g)	USD       1,577	1,465,982
Bausch & Lomb Corp., 8.38%, 10/01/28 (Call 10/01/25)(a)(g)	USD       3,128	3,230,442
Becton Dickinson Euro Finance SARL, 3.55%, 09/13/29 (Call 06/13/29)	EUR         400	423,621

24 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Health Care - Products (continued)
Hologic Inc.
3.25%, 02/15/29 (Call 05/31/24)(a)	USD         800	$706,524
4.63%, 02/01/28 (Call 05/31/24)(a)	USD         529	503,118
Medline Borrower LP
3.88%, 04/01/29 (Call 10/01/24)(a)	USD       4,425	3,964,053
5.25%, 10/01/29 (Call 10/01/24)(a)(g)	USD       1,900	1,768,860
Sartorius Finance BV
4.38%, 09/14/29 (Call 06/14/29)(d)	EUR         900	978,441
4.88%, 09/14/35 (Call 06/14/35)(d)	EUR         400	446,883
Solventum Corp., 5.45%, 02/25/27 (Call 01/25/27)(a)	USD       1,666	1,651,961
		15,397,536
Health Care - Services — 1.4%
Catalent Pharma Solutions Inc.
2.38%, 03/01/28 (Call 05/30/24)(d)	EUR       1,418	1,433,313
3.13%, 02/15/29 (Call 05/31/24)(a)	USD       1,800	1,717,979
3.50%, 04/01/30 (Call 04/01/25)(a)	USD       1,150	1,093,975
5.00%, 07/15/27 (Call 05/31/24)(a)	USD         100	98,063
Charles River Laboratories International Inc.
3.75%, 03/15/29 (Call 05/31/24)(a)	USD         250	224,572
4.00%, 03/15/31 (Call 03/15/26)(a)	USD         800	697,795
4.25%, 05/01/28 (Call 05/16/24)(a)	USD       1,100	1,023,127
Clariane SE, 4.13%, (Call 05/30/24), (5-year GUK + 9.079%)(b)(d)(h)	GBP       1,000	868,437
Elevance Health Inc.
2.88%, 09/15/29 (Call 06/15/29)	USD         187	164,866
3.65%, 12/01/27 (Call 09/01/27)	USD       1,406	1,326,593
4.10%, 03/01/28 (Call 12/01/27)	USD         791	757,435
Encompass Health Corp.
4.50%, 02/01/28 (Call 05/31/24)	USD       1,478	1,387,332
4.63%, 04/01/31 (Call 04/01/26)	USD       1,000	897,963
4.75%, 02/01/30 (Call 02/01/25)	USD         483	442,931
Ephios Subco 3 Sarl, 7.88%, 01/31/31 (Call 12/15/26)(d)	EUR       3,000	3,278,120
Fortrea Holdings Inc., 7.50%, 07/01/30 (Call 07/01/26)(a)(g)	USD       2,200	2,219,192
HCA Inc.
5.25%, 04/15/25	USD       5,906	5,874,447
5.25%, 06/15/26 (Call 12/15/25)	USD         172	170,233
5.63%, 09/01/28 (Call 03/01/28)	USD       2,362	2,351,493
IQVIA Inc.
5.00%, 10/15/26 (Call 05/31/24)(a)	USD       1,400	1,369,258
5.00%, 05/15/27 (Call 05/31/24)(a)	USD         700	675,784
6.50%, 05/15/30 (Call 05/15/26)(a)	USD         800	803,630
Molina Healthcare Inc.
3.88%, 11/15/30 (Call 08/17/30)(a)	USD         612	530,783
3.88%, 05/15/32 (Call 02/15/32)(a)	USD         100	83,678
4.38%, 06/15/28 (Call 05/31/24)(a)(g)	USD       1,358	1,259,486
Tenet Healthcare Corp.
4.25%, 06/01/29 (Call 06/01/24)	USD         525	480,890
4.38%, 01/15/30 (Call 12/01/24)	USD         800	726,446
4.63%, 06/15/28 (Call 05/16/24)	USD         100	94,102
6.13%, 10/01/28 (Call 05/31/24)(g)	USD       2,727	2,692,785
6.13%, 06/15/30 (Call 06/15/25)	USD         721	708,670
6.75%, 05/15/31 (Call 05/15/26)(a)	USD       3,900	3,907,734
UnitedHealth Group Inc.
2.95%, 10/15/27	USD       1,349	1,252,302
4.25%, 01/15/29 (Call 12/15/28)	USD       1,185	1,138,205
		41,751,619

Security	Par (000 )	Value
Holding Companies - Diversified — 0.3%
Ares Capital Corp.
2.15%, 07/15/26 (Call 06/15/26)	USD          39	$35,812
3.88%, 01/15/26 (Call 12/15/25)	USD         162	155,983
7.00%, 01/15/27	USD       1,552	1,579,672
MDGH GMTN RSC Ltd., 4.38%, 11/22/33 (Call 08/22/33)(a)	USD         400	368,125
ProGroup AG
5.13%, 04/15/29 (Call 04/15/26)(d)	EUR         757	808,509
5.38%, 04/15/31 (Call 04/15/27)(d)	EUR       1,592	1,688,365
Stena International SA
7.25%, 01/15/31 (Call 01/15/27)(a)	USD       3,550	3,552,866
7.63%, 02/15/31 (Call 02/15/27)(a)(g)	USD       1,424	1,439,292
		9,628,624
Home Builders — 0.1%
Brookfield Residential Properties Inc./Brookfield Residential U.S. LLC
4.88%, 02/15/30 (Call 02/15/25)(a)	USD         600	519,269
6.25%, 09/15/27 (Call 05/31/24)(a)	USD       1,156	1,111,685
Taylor Morrison Communities Inc.
5.13%, 08/01/30 (Call 02/01/30)(a)	USD         300	279,352
5.75%, 01/15/28 (Call 10/15/27)(a)	USD         600	583,385
5.88%, 06/15/27 (Call 03/15/27)(a)	USD         600	590,735
		3,084,426
Home Furnishings — 0.1%
LG Electronics Inc.
5.63%, 04/24/27(a)	USD         707	703,189
5.63%, 04/24/29(a)	USD         216	215,222
Tempur Sealy International Inc.
3.88%, 10/15/31 (Call 10/15/26)(a)	USD         800	658,648
4.00%, 04/15/29 (Call 05/31/24)(a)	USD       1,007	895,236
		2,472,295
Housewares — 0.2%
Newell Brands Inc.
4.88%, 06/01/25 (Call 05/01/25)	USD         217	213,508
5.70%, 04/01/26 (Call 01/01/26)	USD       1,600	1,574,486
6.38%, 09/15/27 (Call 06/15/27)(g)	USD       1,200	1,170,158
6.63%, 09/15/29 (Call 06/15/29)(g)	USD         900	869,292
Scotts Miracle-Gro Co. (The)
4.00%, 04/01/31 (Call 04/01/26)	USD         200	168,479
4.38%, 02/01/32 (Call 08/01/26)	USD         800	673,288
4.50%, 10/15/29 (Call 10/15/24)(g)	USD       1,100	981,006
		5,650,217
Insurance — 0.7%
Aon Corp., 4.50%, 12/15/28 (Call 09/15/28)	USD       1,791	1,719,386
Aon North America Inc., 5.15%, 03/01/29 (Call 02/01/29)	USD       1,500	1,479,926
Ardonagh Finco Ltd., 6.88%, 02/15/31 (Call 02/15/27)(d)	EUR       3,171	3,265,650
AXA SA, 6.38%, (Call 07/16/33), (5-year EURIBOR ICE Swap + 3.841%)(b)(d)(h)	EUR       2,250	2,458,868
FWD Group Holdings Ltd., 8.40%, 04/05/29(a)	USD       3,200	3,257,000
Galaxy Bidco Ltd., 6.50%, 07/31/26 (Call 05/30/24)(d)	GBP       3,274	4,023,721
Intesa Sanpaolo Vita SpA, 2.38%, 12/22/30(d)	EUR       1,000	910,888
Liberty Mutual Group Inc., 3.63%, 05/23/59 (Call 05/23/24), (5-year EUR Swap + 3.700%)(b)(d)	EUR       1,744	1,854,896
Marsh & McLennan Companies Inc., 4.38%, 03/15/29 (Call 12/15/28)	USD       1,126	1,088,034
		20,058,369

  25

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Internet — 0.8%
Booking Holdings Inc.
0.50%, 03/08/28 (Call 12/08/27)	EUR         100	$95,196
4.00%, 03/01/44 (Call 09/01/43)	EUR         690	719,251
4.13%, 05/12/33 (Call 02/12/33)	EUR         300	327,905
4.50%, 11/15/31 (Call 08/15/31)	EUR         100	111,981
Cerved Group SpA, 9.19%, 02/15/29 (Call 05/30/24), (3-mo. EURIBOR + 5.250%)(b)(d)	EUR         200	205,041
Engineering - Ingegneria Informatica - SpA, 11.13%, 05/15/28 (Call 05/15/25)(d)	EUR       4,500	4,936,870
Gen Digital Inc.
6.75%, 09/30/27 (Call 09/30/24)(a)	USD       1,674	1,680,230
7.13%, 09/30/30 (Call 09/30/25)(a)(g)	USD         518	523,344
Go Daddy Operating Co. LLC/GD Finance Co. Inc.
3.50%, 03/01/29 (Call 05/31/24)(a)(g)	USD       1,464	1,298,203
5.25%, 12/01/27 (Call 05/31/24)(a)	USD         100	96,546
iliad SA
5.38%, 06/14/27 (Call 03/14/27)(d)	EUR         200	217,175
5.38%, 02/15/29 (Call 11/15/28)(d)	EUR       2,800	3,015,025
5.63%, 02/15/30 (Call 11/15/29)(d)	EUR       4,000	4,354,178
Series ., 5.38%, 05/02/31 (Call 02/02/31)(d)	EUR         800	849,492
Match Group Holdings II LLC
3.63%, 10/01/31 (Call 10/01/26)(a)(g)	USD         700	577,852
4.13%, 08/01/30 (Call 05/01/25)(a)	USD         111	96,127
4.63%, 06/01/28 (Call 05/31/24)(a)	USD         900	831,232
5.00%, 12/15/27 (Call 05/31/24)(a)	USD         425	402,407
Netflix Inc., 4.88%, 04/15/28	USD          89	87,375
United Group BV
3.13%, 02/15/26 (Call 05/30/24)(d)	EUR         622	639,769
6.75%, 02/15/31 (Call 02/05/27)(d)	EUR       1,069	1,167,659
8.13%, 02/15/31 (Call 02/05/25), (3-mo. EURIBOR + 4.250%)(b)(d)	EUR         998	1,065,066
		23,297,924
Iron & Steel — 0.3%
Cleveland-Cliffs Inc.
5.88%, 06/01/27 (Call 05/31/24)(g)	USD         420	415,495
6.75%, 04/15/30 (Call 04/15/26)(a)	USD       1,093	1,067,309
7.00%, 03/15/32 (Call 03/15/27)(a)	USD       1,300	1,269,622
Mineral Resources Ltd.
8.00%, 11/01/27 (Call 11/01/24)(a)	USD         900	910,242
8.13%, 05/01/27 (Call 05/31/24)(a)	USD         615	620,772
8.50%, 05/01/30 (Call 05/01/25)(a)	USD         700	716,921
9.25%, 10/01/28 (Call 10/01/25)(a)	USD       1,500	1,572,504
POSCO
5.63%, 01/17/26(a)	USD         260	258,944
5.75%, 01/17/28(a)	USD         460	459,333
Samarco Mineracao SA, 9.00%, 06/30/31 (Call 05/15/24), (9.00% PIK)(d)(i)	USD         348	317,052
		7,608,194
Leisure Time — 0.6%
Carnival Corp., 7.00%, 08/15/29 (Call 08/15/26)(a)	USD       3,000	3,079,719
Carnival Holdings Bermuda Ltd., 10.38%, 05/01/28 (Call 05/01/25)(a)	USD       1,434	1,554,839
NCL Corp. Ltd.
5.88%, 02/15/27 (Call 05/13/24)(a)	USD       1,329	1,298,259
8.13%, 01/15/29 (Call 01/15/26)(a)	USD       1,517	1,579,863
8.38%, 02/01/28 (Call 02/01/25)(a)	USD         600	625,703

Security	Par (000 )	Value
Leisure Time (continued)
Pinnacle Bidco PLC, 10.00%, 10/11/28 (Call 10/11/25)(d)	GBP       1,800	$2,334,435
TUI AG, 5.88%, 03/15/29 (Call 02/28/26)(d)	EUR       1,477	1,591,684
TUI Cruises GmbH, 6.50%, 05/15/26 (Call 05/10/24)(d)	EUR       2,300	2,479,107
Viking Cruises Ltd.
7.00%, 02/15/29 (Call 05/31/24)(a)	USD       1,300	1,295,069
9.13%, 07/15/31 (Call 07/15/26)(a)	USD         700	750,826
		16,589,504
Lodging — 0.8%
Accor SA
2.63%, (Call 01/30/25), (5-year EUR Swap + 3.252%)(b)(d)(h)	EUR         200	209,193
7.25%, (Call 01/11/29), (5-year EUR Swap + 4.105%)(b)(d)(h)	EUR         600	701,548
Boyd Gaming Corp.
4.75%, 12/01/27 (Call 05/13/24)(g)	USD         717	679,280
4.75%, 06/15/31 (Call 06/15/26)(a)	USD         900	796,956
Hilton Domestic Operating Co. Inc.
3.63%, 02/15/32 (Call 08/15/26)(a)(g)	USD         300	252,096
4.88%, 01/15/30 (Call 01/15/25)(g)	USD         100	94,003
5.38%, 05/01/25 (Call 05/13/24)(a)	USD       1,597	1,583,789
5.75%, 05/01/28 (Call 05/31/24)(a)(g)	USD       1,718	1,698,177
6.13%, 04/01/32 (Call 04/01/27)(a)(g)	USD         500	492,869
Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc
4.88%, 07/01/31 (Call 07/01/26)(a)	USD         700	609,473
5.00%, 06/01/29 (Call 06/01/24)(a)	USD       1,900	1,728,150
Hyatt Hotels Corp., 5.38%, 04/23/25 (Call 03/23/25)	USD         471	468,800
Las Vegas Sands Corp.
2.90%, 06/25/25 (Call 05/25/25)	USD         518	498,317
3.50%, 08/18/26 (Call 06/18/26)	USD       1,068	1,006,276
MGM China Holdings Ltd.
4.75%, 02/01/27 (Call 05/13/24)(a)	USD       1,100	1,036,750
5.25%, 06/18/25 (Call 05/13/24)(a)	USD       1,000	983,125
5.88%, 05/15/26 (Call 05/13/24)(a)	USD         200	196,437
MGM Resorts International
4.63%, 09/01/26 (Call 06/01/26)	USD         100	96,286
4.75%, 10/15/28 (Call 07/15/28)(g)	USD       1,003	935,558
5.50%, 04/15/27 (Call 01/15/27)	USD         817	796,703
5.75%, 06/15/25 (Call 03/15/25)	USD         827	822,320
Sands China Ltd.
4.05%, 01/08/26 (Call 12/08/25)	USD         200	192,488
5.40%, 08/08/28 (Call 05/08/28)	USD         200	193,626
Studio City Finance Ltd.
5.00%, 01/15/29 (Call 05/31/24)(a)	USD       1,300	1,114,750
6.50%, 01/15/28 (Call 05/31/24)(a)(g)	USD       1,100	1,028,500
Travel & Leisure Co.
4.50%, 12/01/29 (Call 09/01/29)(a)	USD         300	270,414
6.00%, 04/01/27 (Call 01/01/27)	USD         252	248,920
6.63%, 07/31/26 (Call 04/30/26)(a)	USD       1,300	1,301,482
TVL Finance PLC, 10.25%, 04/28/28 (Call 04/28/25)(d)	GBP         500	646,955
Wynn Macau Ltd.
5.50%, 01/15/26 (Call 05/31/24)(a)	USD       1,000	971,875
5.50%, 10/01/27 (Call 05/31/24)(a)	USD         200	188,250
5.63%, 08/26/28 (Call 05/13/24)(a)	USD       2,450	2,262,575
		24,105,941

26 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Machinery — 0.2%
Chart Industries Inc., 7.50%, 01/01/30 (Call 01/01/26)(a)	USD       1,242	$1,270,324
Nova Alexandre III SAS, 9.11%, 07/15/29 (Call 07/15/25), (3-mo. EURIBOR + 5.250%)(b)(d)	EUR         668	703,979
TK Elevator Holdco GmbH, 6.63%, 07/15/28 (Call 05/30/24)(d)	EUR       3,049	3,089,919
TK Elevator Midco GmbH, 4.38%, 07/15/27 (Call 05/10/24)(d)	EUR         400	408,101
		5,472,323
Manufacturing — 0.1%
Siemens Financieringsmaatschappij NV, 3.13%, 05/22/32 (Call 02/22/32)(d)	EUR       2,500	2,620,452
Media — 3.1%
Altice Financing SA
2.25%, 01/15/25 (Call 05/30/24)(d)	EUR         200	206,236
5.00%, 01/15/28 (Call 05/31/24)(a)(g)	USD       1,000	789,207
5.75%, 08/15/29 (Call 08/15/24)(a)	USD       2,275	1,689,812
9.63%, 07/15/27 (Call 07/15/25)(a)	USD       1,100	1,034,246
AMC Networks Inc., 4.25%, 02/15/29 (Call 05/13/24)	USD       4,462	3,020,443
CCO Holdings LLC/CCO Holdings Capital Corp.
4.25%, 02/01/31 (Call 07/01/25)(a)	USD       1,001	783,426
4.25%, 01/15/34 (Call 01/15/28)(a)	USD       3,800	2,753,143
4.50%, 08/15/30 (Call 02/15/25)(a)(g)	USD       1,792	1,456,271
4.50%, 05/01/32 (Call 05/01/26)	USD       2,600	1,996,323
4.75%, 03/01/30 (Call 09/01/24)(a)	USD       3,103	2,578,423
5.13%, 05/01/27 (Call 05/31/24)(a)	USD       2,326	2,179,863
5.50%, 05/01/26 (Call 05/31/24)(a)	USD          24	23,514
6.38%, 09/01/29 (Call 09/01/25)(a)	USD       4,300	3,941,730
7.38%, 03/01/31 (Call 03/01/26)(a)(g)	USD       1,400	1,328,510
Charter Communications Operating LLC/Charter Communications Operating Capital
2.25%, 01/15/29 (Call 11/15/28)	USD         118	98,493
4.20%, 03/15/28 (Call 12/15/27)	USD       4,759	4,426,716
4.91%, 07/23/25 (Call 04/23/25)	USD         340	335,345
6.15%, 11/10/26 (Call 10/10/26)	USD       1,595	1,598,924
Comcast Corp.
2.35%, 01/15/27 (Call 10/15/26)	USD         625	579,135
4.15%, 10/15/28 (Call 07/15/28)	USD       2,074	1,986,020
5.35%, 11/15/27 (Call 10/15/27)	USD         801	805,006
Directv Financing LLC, 8.88%, 02/01/30 (Call 02/01/26)(a)	USD       3,300	3,208,734
Directv Financing LLC/Directv Financing Co-Obligor Inc., 5.88%, 08/15/27 (Call 05/31/24)(a)	USD       2,826	2,634,049
Gray Television Inc.
5.38%, 11/15/31 (Call 11/15/26)(a)(g)	USD       1,504	904,061
7.00%, 05/15/27 (Call 05/13/24)(a)(g)	USD       3,750	3,412,412
News Corp., 3.88%, 05/15/29 (Call 05/15/24)(a)	USD       1,096	987,107
Nexstar Media Inc.
4.75%, 11/01/28 (Call 05/13/24)(a)(g)	USD       1,771	1,572,225
5.63%, 07/15/27 (Call 05/13/24)(a)	USD       1,517	1,426,544
RCS & RDS SA, 3.25%, 02/05/28 (Call 05/30/24)(d)	EUR       3,100	3,047,030
Sirius XM Radio Inc.
3.13%, 09/01/26 (Call 05/31/24)(a)	USD         468	435,582
3.88%, 09/01/31 (Call 09/01/26)(a)(g)	USD       4,258	3,424,418

Security	Par (000 )	Value
Media (continued)
4.00%, 07/15/28 (Call 07/15/24)(a)	USD       2,729	$2,432,688
5.00%, 08/01/27 (Call 05/31/24)(a)	USD       1,200	1,133,268
5.50%, 07/01/29 (Call 07/01/24)(a)	USD         100	92,824
Summer BidCo BV, 10.00%, 02/15/29 (Call 02/05/25), (10.00% Cash and 10.75% PIK)(d)(i)	EUR       1,604	1,724,433
Sunrise FinCo I BV, 4.88%, 07/15/31 (Call 07/15/26)(a)	USD       2,390	2,081,140
TEGNA Inc.
4.63%, 03/15/28 (Call 05/31/24)(g)	USD       1,254	1,130,095
4.75%, 03/15/26 (Call 05/31/24)(a)	USD         200	193,138
5.00%, 09/15/29 (Call 09/15/24)	USD       1,700	1,498,624
Tele Columbus AG, 10.00%, 03/19/29 (Call 05/10/24), (10.00% PIK)(d)(i)	EUR       3,735	2,471,300
Univision Communications Inc.
4.50%, 05/01/29 (Call 05/31/24)(a)	USD         500	434,961
6.63%, 06/01/27 (Call 05/13/24)(a)(g)	USD         500	482,507
7.38%, 06/30/30 (Call 06/30/25)(a)(g)	USD         467	447,190
8.00%, 08/15/28 (Call 08/15/25)(a)	USD       2,744	2,740,765
UPCB Finance VII Ltd., 3.63%, 06/15/29 (Call 05/10/24)(d)	EUR         100	99,502
Virgin Media Finance PLC, 5.00%, 07/15/30 (Call 07/15/25)(a)(g)	USD       2,400	1,965,468
Virgin Media Secured Finance PLC
4.13%, 08/15/30 (Call 08/15/25)(d)	GBP       3,300	3,396,746
5.25%, 05/15/29 (Call 05/15/24)(d)	GBP         970	1,096,918
5.50%, 05/15/29 (Call 05/15/24)(a)	USD       1,700	1,545,197
Virgin Media Vendor Financing Notes III DAC, 4.88%, 07/15/28 (Call 05/30/24)(d)	GBP       2,000	2,227,448
VZ Secured Financing BV
3.50%, 01/15/32 (Call 01/15/27)(d)	EUR         300	278,436
5.00%, 01/15/32 (Call 01/15/27)(a)	USD       3,500	2,948,183
VZ Vendor Financing II BV, 2.88%, 01/15/29 (Call 05/10/24)(d)	EUR       4,100	3,768,594
Ziggo BV
2.88%, 01/15/30 (Call 10/15/24)(d)	EUR       2,286	2,149,398
4.88%, 01/15/30 (Call 10/15/24)(a)	USD       1,000	875,045
		91,876,816
Mining — 0.6%
Alcoa Nederland Holding BV, 7.13%, 03/15/31 (Call 03/15/27)(a)	USD       2,300	2,326,468
Anglo American Capital PLC, 4.13%, 03/15/32 (Call 12/15/31)(d)	EUR       7,250	7,716,159
AngloGold Ashanti Holdings PLC, 3.75%, 10/01/30 (Call 07/01/30)	USD         400	345,125
FMG Resources August 2006 Pty. Ltd.
4.38%, 04/01/31 (Call 01/01/31)(a)	USD         604	531,788
4.50%, 09/15/27 (Call 06/15/27)(a)	USD         597	563,026
FMG Resources August Pty. Ltd.
5.88%, 04/15/30 (Call 01/15/30)(a)	USD       1,319	1,268,039
6.13%, 04/15/32 (Call 01/15/32)(a)	USD         618	598,406
Freeport Indonesia PT, 4.76%, 04/14/27 (Call 03/14/27)(d)	USD         400	386,324
Glencore Finance Europe Ltd., 0.63%, 09/11/24 (Call 06/11/24)(d)	EUR         416	438,435
Novelis Corp.
3.25%, 11/15/26 (Call 05/31/24)(a)	USD         992	927,484
3.88%, 08/15/31 (Call 08/15/26)(a)	USD         700	592,770
4.75%, 01/30/30 (Call 01/30/25)(a)	USD       1,503	1,375,276

  27

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Mining (continued)
Vedanta Resources Finance II PLC
13.88%, 12/09/28 (Call 09/11/24)(a)	USD          43	$39,640
13.88%, 12/09/28 (Call 09/11/24)(d)	USD         190	172,280
		17,281,220
Office & Business Equipment — 0.1%
Xerox Holdings Corp.
5.00%, 08/15/25 (Call 07/15/25)(a)(g)	USD          58	56,353
8.88%, 11/30/29 (Call 11/30/26)(a)	USD       2,700	2,572,239
		2,628,592
Oil & Gas — 2.4%
3R Lux SARL, 9.75%, 02/05/31 (Call 02/05/27)(a)	USD         400	421,000
Ascent Resources Utica Holdings LLC/ARU Finance Corp.
5.88%, 06/30/29 (Call 09/01/24)(a)	USD         600	571,793
7.00%, 11/01/26 (Call 05/31/24)(a)	USD          25	24,963
8.25%, 12/31/28 (Call 05/31/24)(a)(g)	USD         900	918,329
BG Energy Capital PLC, 2.25%, 11/21/29 (Call 08/21/29)(d)	EUR       2,149	2,137,416
BP Capital Markets America Inc., 3.02%, 01/16/27 (Call 10/16/26)	USD         308	290,886
BP Capital Markets BV
3.77%, 05/12/30(d)	EUR         900	967,146
4.32%, 05/12/35(d)	EUR       1,211	1,334,116
BP Capital Markets PLC
2.82%, 04/07/32(d)	EUR       1,189	1,189,169
3.28%, 09/19/27 (Call 06/19/27)	USD       4,311	4,046,149
Chesapeake Energy Corp.
5.50%, 02/01/26 (Call 05/31/24)(a)	USD         241	237,950
5.88%, 02/01/29 (Call 05/31/24)(a)	USD          21	20,592
6.75%, 04/15/29 (Call 05/31/24)(a)	USD       1,200	1,199,070
Civitas Resources Inc., 8.38%, 07/01/28 (Call 07/01/25)(a)	USD       2,551	2,661,162
CNX Resources Corp.
6.00%, 01/15/29 (Call 05/31/24)(a)	USD         400	387,555
7.25%, 03/01/32 (Call 03/01/27)(a)(g)	USD         267	267,737
7.38%, 01/15/31 (Call 01/15/26)(a)	USD         800	809,824
Comstock Resources Inc.
5.88%, 01/15/30 (Call 01/15/25)(a)	USD         485	441,724
6.75%, 03/01/29 (Call 05/16/24)(a)	USD       1,600	1,523,379
Cosan Luxembourg SA, 7.25%, 06/27/31 (Call 06/27/27)(a)	USD         400	399,980
Crescent Energy Finance LLC, 9.25%, 02/15/28 (Call 02/15/25)(a)	USD       1,708	1,804,434
CrownRock LP/CrownRock Finance Inc., 5.63%, 10/15/25 (Call 05/31/24)(a)	USD       1,100	1,093,918
Diamondback Energy Inc., 3.50%, 12/01/29 (Call 09/01/29)	USD         600	544,935
Ecopetrol SA
8.38%, 01/19/36 (Call 10/19/35)	USD         493	478,496
8.88%, 01/13/33 (Call 10/13/32)	USD         470	480,117
Empresa Nacional del Petroleo
3.75%, 08/05/26 (Call 05/05/26)(d)	USD         300	285,469
6.15%, 05/10/33 (Call 02/10/33)(a)	USD         300	297,094
Eni SpA
3.88%, 01/15/34(d)	EUR       1,230	1,300,958
4.25%, 05/19/33(d)	EUR       1,649	1,800,279
Gran Tierra Energy Inc., 9.50%, 10/15/29 (Call 10/15/26)(a)(g)	USD         400	375,400
Hess Corp., 4.30%, 04/01/27 (Call 01/01/27)	USD         118	114,189

Security	Par (000 )	Value
Oil & Gas (continued)
Hilcorp Energy I LP/Hilcorp Finance Co.
5.75%, 02/01/29 (Call 05/31/24)(a)	USD         900	$864,568
6.00%, 02/01/31 (Call 02/01/26)(a)	USD         100	95,464
6.25%, 11/01/28 (Call 05/31/24)(a)	USD          97	95,573
6.25%, 04/15/32 (Call 05/15/27)(a)	USD         400	386,214
8.38%, 11/01/33 (Call 11/01/28)(a)	USD         850	911,802
Kosmos Energy Ltd., 7.50%, 03/01/28 (Call 05/10/24)(d)	USD         400	382,000
MC Brazil Downstream Trading SARL, 7.25%, 06/30/31(d)	USD         538	464,806
Medco Maple Tree Pte Ltd., 8.96%, 04/27/29 (Call 10/27/25)(a)	USD         250	256,719
Murphy Oil Corp., 5.88%, 12/01/27 (Call 05/16/24)	USD         253	250,435
Occidental Petroleum Corp.
5.88%, 09/01/25 (Call 06/01/25)	USD         197	197,005
8.50%, 07/15/27 (Call 01/15/27)	USD         260	277,865
Parkland Corp.
4.50%, 10/01/29 (Call 10/01/24)(a)	USD       1,147	1,039,508
4.63%, 05/01/30 (Call 05/01/25)(a)	USD         456	412,107
5.88%, 07/15/27 (Call 05/31/24)(a)	USD         800	779,983
PBF Holding Co. LLC/PBF Finance Corp.
6.00%, 02/15/28 (Call 05/31/24)	USD         100	97,529
7.88%, 09/15/30 (Call 09/15/26)(a)	USD       1,300	1,337,030
Permian Resources Operating LLC
5.88%, 07/01/29 (Call 07/01/24)(a)	USD         550	534,522
8.00%, 04/15/27 (Call 05/31/24)(a)	USD       1,417	1,454,832
Pertamina Persero PT, 3.65%, 07/30/29(d)	USD         647	588,163
Petroleos Mexicanos
4.25%, 01/15/25	USD         128	125,240
5.95%, 01/28/31 (Call 10/28/30)	USD         551	435,428
6.70%, 02/16/32 (Call 11/16/31)	USD         384	314,534
8.75%, 06/02/29 (Call 04/02/29)	USD         599	578,980
Raizen Fuels Finance SA
6.45%, 03/05/34 (Call 12/05/33)(a)	USD         400	398,200
6.95%, 03/05/54 (Call 09/05/53)(a)	USD         244	237,412
Range Resources Corp.
4.88%, 05/15/25 (Call 02/15/25)	USD         228	226,068
8.25%, 01/15/29 (Call 05/16/24)	USD       1,200	1,250,284
Repsol International Finance BV
3.75%, (Call 03/11/26), (5-year EUR Swap + 4.000%)(b)(d)(h)	EUR         100	104,506
4.25%, (Call 09/11/28), (5-year EUR Swap + 4.409%)(b)(d)(h)	EUR       1,230	1,277,871
SierraCol Energy Andina LLC, 6.00%, 06/15/28 (Call 06/15/24)(d)	USD         420	363,956
SM Energy Co.
6.50%, 07/15/28 (Call 07/15/24)	USD         200	198,374
6.63%, 01/15/27 (Call 05/31/24)	USD         400	397,946
6.75%, 09/15/26 (Call 05/31/24)	USD         400	399,893
Southwestern Energy Co.
4.75%, 02/01/32 (Call 02/01/27)	USD         950	855,537
5.38%, 02/01/29 (Call 05/16/24)	USD         600	575,511
5.38%, 03/15/30 (Call 03/15/25)	USD         717	680,855
Sunoco LP/Sunoco Finance Corp.
4.50%, 05/15/29 (Call 05/16/24)	USD         593	541,390
4.50%, 04/30/30 (Call 04/30/25)	USD         100	89,985
6.00%, 04/15/27 (Call 05/31/24)	USD         354	349,719
7.00%, 09/15/28 (Call 09/15/25)(a)	USD       1,100	1,115,604
Transocean Inc., 8.75%, 02/15/30 (Call 02/15/26)(a)	USD       2,534	2,641,627

28 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Oil & Gas (continued)
Var Energi ASA, 7.86%, 11/15/83 (Call 11/15/28), (5-year EURIBOR ICE Swap + 4.765%)(b)(d)	EUR       2,985	$3,408,585
Wintershall Dea Finance BV
0.84%, 09/25/25 (Call 06/25/25)(d)	EUR       8,700	8,842,974
1.33%, 09/25/28 (Call 06/25/28)(d)	EUR       4,900	4,598,401
		68,860,234
Oil & Gas Services — 0.1%
Archrock Partners LP/Archrock Partners Finance Corp.
6.25%, 04/01/28 (Call 05/31/24)(a)	USD         700	685,764
6.88%, 04/01/27 (Call 05/31/24)(a)	USD         500	498,785
USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/29 (Call 03/15/26)(a)	USD         800	794,883
USA Compression Partners LP/USA Compression Finance Corp., 6.88%, 09/01/27 (Call 05/31/24)	USD         401	400,334
		2,379,766
Packaging & Containers — 1.0%
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC, 2.00%, 09/01/28 (Call 05/31/24)(d)	EUR       1,146	1,065,145
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 2.13%, 08/15/26 (Call 05/31/24)(d)	EUR       2,049	1,727,413
Ball Corp.
2.88%, 08/15/30 (Call 05/15/30)	USD         550	459,301
3.13%, 09/15/31 (Call 06/15/31)	USD         156	129,556
6.00%, 06/15/29 (Call 05/15/26)	USD         975	970,157
6.88%, 03/15/28 (Call 11/15/24)	USD         736	747,587
Crown Americas LLC/Crown Americas Capital Corp. V, 4.25%, 09/30/26 (Call 03/31/26)	USD         300	287,380
Crown Americas LLC/Crown Americas Capital Corp. VI, 4.75%, 02/01/26 (Call 05/31/24)	USD       1,400	1,369,944
Fiber Bidco SpA
7.91%, 01/15/30 (Call 01/22/25), (3-mo. EURIBOR + 4.000%)(b)(d)	EUR       1,500	1,607,836
11.00%, 10/25/27 (Call 10/25/24)(d)	EUR         400	459,963
Graphic Packaging International LLC
3.50%, 03/15/28(a)	USD       1,025	928,821
3.75%, 02/01/30 (Call 08/01/29)(a)	USD         142	123,551
Kleopatra Finco Sarl, 4.25%, 03/01/26 (Call 05/30/24)(d)	EUR       2,340	2,060,231
LABL Inc., 5.88%, 11/01/28 (Call 11/01/24)(a)	USD       2,370	2,107,767
Mauser Packaging Solutions Holding Co., 7.88%, 04/15/27 (Call 02/15/25)(a)	USD       3,508	3,573,775
OI European Group BV, 6.25%, 05/15/28 (Call 05/15/25)(d)	EUR         900	999,015
Owens-Brockway Glass Container Inc., 7.25%, 05/15/31 (Call 05/15/26)(a)	USD       1,700	1,702,601
Pactiv Evergreen Group Issuer Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/27 (Call 05/31/24)(a)(g)	USD       1,151	1,067,893
Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer Inc., 4.38%, 10/15/28 (Call 10/15/24)(a)	USD         417	383,769
Sealed Air Corp.
4.00%, 12/01/27 (Call 09/01/27)(a)	USD       1,129	1,044,351
5.50%, 09/15/25 (Call 06/15/25)(a)	USD         646	642,170

Security	Par (000 )	Value
Packaging & Containers (continued)
Sealed Air Corp./Sealed Air Corp. U.S.
6.13%, 02/01/28 (Call 02/01/25)(a)	USD         400	$395,127
7.25%, 02/15/31 (Call 11/15/26)(a)	USD         100	101,803
Titan Holdings II BV, 5.13%, 07/15/29 (Call 07/15/24)(d)	EUR       2,100	1,983,329
Trivium Packaging Finance BV, 7.65%, 08/15/26 (Call 05/10/24), (3-mo. EURIBOR + 3.750%)(b)(d)	EUR         300	320,535
WRKCo Inc.
3.38%, 09/15/27 (Call 06/15/27)	USD       1,606	1,507,037
3.90%, 06/01/28 (Call 03/01/28)	USD          69	64,872
4.00%, 03/15/28 (Call 12/15/27)	USD       1,845	1,743,215
		29,574,144
Pharmaceuticals — 1.3%
AbbVie Inc., 2.95%, 11/21/26 (Call 09/21/26)	USD       2,362	2,230,260
Bayer AG
0.75%, 01/06/27 (Call 10/06/26)(d)	EUR       1,000	977,330
5.38%, 03/25/82 (Call 06/25/30), (5-year EUR Swap + 4.458%)(b)(d)	EUR       1,600	1,585,573
6.63%, 09/25/83 (Call 09/25/28), (5-year EUR Swap + 3.432%)(b)(d)	EUR         200	212,629
7.00%, 09/25/83 (Call 09/25/31), (5-year EUR Swap + 3.896%)(b)(d)	EUR         400	430,082
Series N5.5, 4.50%, 03/25/82 (Call 06/25/27), (5-year EUR Swap + 3.751%)(b)(d)	EUR       1,600	1,594,483
Bayer Capital Corp. BV, 1.50%, 06/26/26 (Call 03/26/26)(d)	EUR       3,900	3,940,385
Bayer U.S. Finance II LLC, 4.25%, 12/15/25 (Call 10/15/25)(a)	USD         889	863,738
Bristol-Myers Squibb Co., 3.20%, 06/15/26 (Call 04/15/26)	USD         354	339,110
Cheplapharm Arzneimittel GmbH
3.50%, 02/11/27 (Call 05/30/24)(d)	EUR         100	102,851
4.38%, 01/15/28 (Call 05/30/24)(d)	EUR       1,200	1,231,016
7.50%, 05/15/30 (Call 05/15/26)(d)	EUR       1,961	2,194,527
Gruenenthal GmbH, 6.75%, 05/15/30 (Call 05/15/26)(d)	EUR       2,335	2,618,313
Gruenenthal GMBH, 4.13%, 05/15/28 (Call 05/30/24)(d)	EUR         200	205,703
Jazz Securities DAC, 4.38%, 01/15/29 (Call 07/15/24)(a)	USD       2,600	2,365,551
Nidda Healthcare Holding GmbH, 7.50%, 08/21/26 (Call 05/10/24)(d)	EUR         100	109,919
Organon & Co./Organon Foreign Debt Co.-Issuer BV
4.13%, 04/30/28 (Call 05/31/24)(a)	USD       1,400	1,275,059
5.13%, 04/30/31 (Call 04/30/26)(a)(g)	USD       3,231	2,793,851
2.88%, 04/30/28 (Call 05/10/24)(d)	EUR       2,546	2,520,294
Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/28 (Call 04/19/28)	USD       4,477	4,342,078
Teva Pharmaceutical Finance Netherlands II BV
1.88%, 03/31/27 (Call 12/31/26)(d)	EUR       1,274	1,253,836
4.38%, 05/09/30 (Call 02/09/30)	EUR         700	713,954
7.38%, 09/15/29 (Call 06/15/29)	EUR       1,500	1,766,884
7.88%, 09/15/31 (Call 06/15/31)	EUR       2,000	2,451,893
		38,119,319

  29

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Pipelines — 1.4%
Antero Midstream Partners LP/Antero Midstream Finance Corp.
5.38%, 06/15/29 (Call 06/15/24)(a)	USD         300	$285,469
5.75%, 03/01/27 (Call 05/16/24)(a)	USD          97	95,235
6.63%, 02/01/32 (Call 02/01/27)(a)	USD       1,100	1,096,685
7.88%, 05/15/26 (Call 05/16/24)(a)	USD       1,100	1,119,992
Buckeye Partners LP
3.95%, 12/01/26 (Call 09/01/26)	USD         100	94,138
4.13%, 03/01/25 (Call 02/01/25)(a)	USD         938	917,738
4.13%, 12/01/27 (Call 09/01/27)	USD         621	578,217
4.50%, 03/01/28 (Call 12/01/27)(a)	USD         200	186,291
CQP Holdco LP/BIP-V Chinook Holdco LLC
5.50%, 06/15/31 (Call 06/15/26)(a)	USD         250	229,734
7.50%, 12/15/33 (Call 12/15/28)(a)	USD         950	955,832
DT Midstream Inc.
4.13%, 06/15/29 (Call 06/15/24)(a)	USD       1,190	1,078,579
4.38%, 06/15/31 (Call 06/15/26)(a)	USD          39	34,623
EIG Pearl Holdings Sarl, 3.55%, 08/31/36(a)	USD       1,000	830,938
Energy Transfer LP
5.25%, 04/15/29 (Call 01/15/29)	USD         295	290,384
5.50%, 06/01/27 (Call 03/01/27)	USD       3,121	3,105,497
5.63%, 05/01/27 (Call 05/16/24)(a)	USD       2,523	2,498,172
5.75%, 04/01/25 (Call 05/31/24)	USD         400	399,214
7.38%, 02/01/31 (Call 02/01/26)(a)	USD          39	40,217
EnLink Midstream LLC
5.38%, 06/01/29 (Call 03/01/29)	USD         250	241,034
6.50%, 09/01/30 (Call 03/01/30)(a)	USD       1,000	1,012,553
EnLink Midstream Partners LP
4.15%, 06/01/25 (Call 03/01/25)	USD         277	270,343
4.85%, 07/15/26 (Call 04/15/26)	USD         232	225,639
EQM Midstream Partners LP
4.50%, 01/15/29 (Call 07/15/28)(a)	USD         625	578,268
4.75%, 01/15/31 (Call 07/15/30)(a)	USD          97	88,632
6.00%, 07/01/25 (Call 04/01/25)(a)	USD         600	598,998
6.38%, 04/01/29 (Call 04/01/26)(a)	USD         900	891,608
6.50%, 07/01/27 (Call 01/01/27)(a)	USD       1,133	1,134,574
7.50%, 06/01/27 (Call 06/01/24)(a)	USD         600	611,295
7.50%, 06/01/30 (Call 12/01/29)(a)	USD         400	419,428
Hess Midstream Operations LP
4.25%, 02/15/30 (Call 02/15/25)(a)	USD         125	112,812
5.13%, 06/15/28 (Call 05/31/24)(a)	USD         200	191,430
5.63%, 02/15/26 (Call 05/31/24)(a)	USD       1,500	1,483,147
Kinetik Holdings LP, 5.88%, 06/15/30 (Call 06/15/25)(a)	USD       1,096	1,059,694
NGL Energy Operating LLC/NGL Energy Finance Corp.
8.13%, 02/15/29 (Call 02/15/26)(a)	USD         300	304,776
8.38%, 02/15/32 (Call 02/15/27)(a)	USD       2,200	2,235,534
NuStar Logistics LP
5.63%, 04/28/27 (Call 01/28/27)	USD         200	195,631
5.75%, 10/01/25 (Call 07/01/25)	USD         700	696,051
6.00%, 06/01/26 (Call 03/01/26)	USD         850	843,458
Rockies Express Pipeline LLC
3.60%, 05/15/25 (Call 04/15/25)(a)	USD         509	493,206
4.95%, 07/15/29 (Call 04/15/29)(a)	USD       1,000	919,334
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.
5.50%, 01/15/28 (Call 05/31/24)(a)	USD         700	664,595
6.00%, 03/01/27 (Call 05/31/24)(a)	USD         100	97,407
6.00%, 12/31/30 (Call 12/31/25)(a)	USD         222	208,828
6.00%, 09/01/31 (Call 09/01/26)(a)	USD         575	533,843

Security	Par (000 )	Value
Pipelines (continued)
7.38%, 02/15/29 (Call 02/15/26)(a)	USD       1,500	$1,501,645
Transcontinental Gas Pipe Line Co. LLC, 4.00%, 03/15/28 (Call 12/15/27)	USD         335	317,492
Venture Global Calcasieu Pass LLC
3.88%, 11/01/33 (Call 05/01/33)(a)	USD         400	328,416
6.25%, 01/15/30 (Call 10/15/29)(a)	USD         700	692,102
3.88%, 08/15/29 (Call 02/15/29)(a)	USD       1,993	1,760,880
4.13%, 08/15/31 (Call 02/15/31)(a)	USD         731	637,997
Venture Global LNG Inc., 8.13%, 06/01/28 (Call 06/01/25)(a)	USD       6,197	6,336,234
Williams Companies Inc. (The), 3.75%, 06/15/27 (Call 03/15/27)	USD         378	359,151
		41,882,990
Real Estate — 0.6%
ADLER Real Estate AG, 3.00%, 04/27/26 (Call 02/27/26)(d)	EUR       2,200	2,066,100
Agps Bondco PLC, 5.00%, 01/14/29 (Call 10/14/28)(d)(j)(k)	EUR       2,500	964,216
Aroundtown Finance SARL, 7.13%, (Call 04/16/30), (5-year EURIBOR ICE Swap + 4.508%)(b)(h)	EUR       1,782	1,274,173
Aroundtown SA
0.00%, 07/16/26 (Call 04/16/26)(d)	EUR         500	475,571
0.38%, 04/15/27 (Call 01/15/27)(d)	EUR       2,500	2,247,791
1.00%, 01/07/25 (Call 10/07/24)(d)	EUR         100	103,510
Balder Finland OYJ, 1.00%, 01/20/29 (Call 10/20/28)(d)	EUR         401	342,500
Citycon Treasury BV
1.25%, 09/08/26 (Call 06/08/26)(d)	EUR       1,041	1,013,649
1.63%, 03/12/28 (Call 12/12/27)(d)	EUR         500	454,721
2.38%, 01/15/27 (Call 10/15/26)(d)	EUR         580	564,575
DEMIRE Deutsche Mittelstand Real Estate AG, 1.88%, 10/15/24 (Call 07/15/24)(d)	EUR         300	238,968
Fastighets AB Balder, 1.13%, 01/29/27 (Call 10/29/26)(d)	EUR       1,050	995,898
Heimstaden Bostad AB
1.13%, 01/21/26 (Call 10/21/25)(d)	EUR         400	387,343
3.25%, (Call 11/19/24), (5-year EUR Swap + 3.667%)(b)(d)(h)	EUR       1,067	819,866
Heimstaden Bostad Treasury BV
0.63%, 07/24/25 (Call 06/24/25)(d)	EUR         600	593,144
1.38%, 03/03/27 (Call 12/03/26)	EUR       1,736	1,591,161
Howard Hughes Corp. (The), 5.38%, 08/01/28 (Call 05/31/24)(a)	USD       2,068	1,946,053
MAF Global Securities Ltd., 6.38%, (Call 03/20/26), (5-year CMT + 3.539%)(b)(d)(h)	USD         400	395,125
SBB Treasury OYJ, 0.75%, 12/14/28 (Call 09/14/28)(d)	EUR         100	65,633
		16,539,997
Real Estate Investment Trusts — 1.4%
American Tower Corp.
0.40%, 02/15/27 (Call 12/15/26)	EUR       3,000	2,910,832
0.88%, 05/21/29 (Call 02/21/29)	EUR         390	356,264
1.45%, 09/15/26 (Call 08/15/26)	USD         300	272,638
1.95%, 05/22/26 (Call 02/22/26)	EUR         456	467,051
3.38%, 10/15/26 (Call 07/15/26)	USD       1,000	949,866
3.55%, 07/15/27 (Call 04/15/27)	USD       1,772	1,664,911
3.65%, 03/15/27 (Call 02/15/27)	USD          87	82,568

30 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Real Estate Investment Trusts (continued)
Crown Castle Inc.
3.65%, 09/01/27 (Call 06/01/27)	USD       2,701	$2,531,341
3.80%, 02/15/28 (Call 11/15/27)	USD         341	318,087
Equinix Inc.
1.80%, 07/15/27 (Call 05/15/27)	USD       1,656	1,472,977
2.00%, 05/15/28 (Call 03/15/28)	USD         379	328,772
Healthpeak OP LLC
1.35%, 02/01/27 (Call 01/01/27)	USD         247	221,336
3.25%, 07/15/26 (Call 05/15/26)	USD         150	142,653
3.50%, 07/15/29 (Call 04/15/29)	USD         920	834,690
Iron Mountain Inc.
4.50%, 02/15/31 (Call 02/15/26)(a)	USD       1,607	1,417,405
4.88%, 09/15/27 (Call 05/13/24)(a)	USD         100	95,432
4.88%, 09/15/29 (Call 09/15/24)(a)	USD         300	276,830
5.00%, 07/15/28 (Call 05/13/24)(a)	USD         600	565,431
5.25%, 03/15/28 (Call 05/13/24)(a)	USD         882	843,905
5.25%, 07/15/30 (Call 07/15/25)(a)	USD         233	216,256
5.63%, 07/15/32 (Call 07/15/26)(a)	USD         100	92,558
7.00%, 02/15/29 (Call 08/15/25)(a)	USD       1,797	1,807,229
Iron Mountain Information Management Services Inc., 5.00%, 07/15/32 (Call 07/15/27)(a)	USD         557	493,657
Iron Mountain UK PLC, 3.88%, 11/15/25 (Call 05/10/24)(d)	GBP         300	363,611
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer
4.88%, 05/15/29 (Call 05/31/24)(a)	USD       1,548	1,416,473
5.88%, 10/01/28 (Call 05/31/24)(a)	USD         500	483,905
RHP Hotel Properties LP / RHP Finance Corp., 6.50%, 04/01/32 (Call 04/01/27)(a)	USD         700	686,043
RHP Hotel Properties LP/RHP Finance Corp.
4.50%, 02/15/29 (Call 05/31/24)(a)(g)	USD       1,000	919,826
7.25%, 07/15/28 (Call 07/15/25)(a)	USD         800	812,402
SBA Communications Corp.
3.13%, 02/01/29 (Call 05/31/24)	USD         807	702,783
3.88%, 02/15/27 (Call 05/13/24)	USD       1,663	1,562,882
Service Properties Trust
3.95%, 01/15/28 (Call 07/15/27)	USD       1,225	1,045,188
4.38%, 02/15/30 (Call 08/15/29)	USD       1,600	1,217,678
4.75%, 10/01/26 (Call 08/01/26)	USD         131	121,636
4.95%, 02/15/27 (Call 08/15/26)	USD         700	644,221
4.95%, 10/01/29 (Call 07/01/29)	USD       2,200	1,798,994
5.50%, 12/15/27 (Call 09/15/27)	USD          43	40,574
Starwood Property Trust Inc.
4.38%, 01/15/27 (Call 07/15/26)(a)	USD       1,428	1,322,476
7.25%, 04/01/29 (Call 10/01/28)(a)	USD       1,000	986,497
VICI Properties LP
4.38%, 05/15/25	USD         242	237,811
4.75%, 02/15/28 (Call 01/15/28)	USD         522	501,359
VICI Properties LP/VICI Note Co. Inc.
3.75%, 02/15/27 (Call 05/31/24)(a)	USD         458	429,571
3.88%, 02/15/29 (Call 11/15/28)(a)	USD       3,618	3,282,588
4.50%, 09/01/26 (Call 06/01/26)(a)	USD         162	156,073
4.50%, 01/15/28 (Call 10/15/27)(a)	USD       2,693	2,556,451
4.63%, 06/15/25 (Call 03/15/25)(a)	USD         200	196,771
5.75%, 02/01/27 (Call 11/01/26)(a)	USD         437	433,331
Welltower OP LLC, 4.00%, 06/01/25 (Call 03/01/25)	USD         900	882,698
		41,164,531

Security	Par (000 )	Value
Retail — 1.3%
1011778 BC ULC/New Red Finance Inc.
3.50%, 02/15/29 (Call 05/13/24)(a)(g)	USD         500	$446,345
3.88%, 01/15/28 (Call 05/31/24)(a)	USD         400	369,005
4.00%, 10/15/30 (Call 10/15/25)(a)	USD       2,050	1,767,867
4.38%, 01/15/28 (Call 05/31/24)(a)(g)	USD         322	299,448
5.75%, 04/15/25 (Call 05/31/24)(a)	USD       1,361	1,354,674
Asbury Automotive Group Inc.
4.50%, 03/01/28 (Call 05/13/24)	USD         700	656,645
4.63%, 11/15/29 (Call 11/15/24)(a)(g)	USD         100	90,421
4.75%, 03/01/30 (Call 03/01/25)	USD         456	413,317
5.00%, 02/15/32 (Call 11/15/26)(a)	USD       1,300	1,155,707
Bath & Body Works Inc.
5.25%, 02/01/28	USD         600	577,029
6.63%, 10/01/30 (Call 10/01/25)(a)	USD         697	696,480
7.50%, 06/15/29 (Call 06/15/24)(g)	USD         441	451,382
CD&R Firefly Bidco PLC, 8.63%, 04/30/29 (Call 04/30/26)(d)	GBP       1,734	2,155,453
Constellation Automotive Financing PLC, 4.88%, 07/15/27 (Call 05/30/24)(d)	GBP         500	512,316
Dufry One BV, 4.75%, 04/18/31 (Call 04/18/27)(d)	EUR       1,549	1,663,012
Ferrellgas LP/Ferrellgas Finance Corp.
5.38%, 04/01/26 (Call 05/31/24)(a)	USD         697	682,952
5.88%, 04/01/29 (Call 05/31/24)(a)	USD         500	473,771
Goldstory SAS
6.75%, 02/01/30 (Call 02/01/26)(d)	EUR       1,871	2,031,675
7.84%, 02/01/30 (Call 02/01/25), (3-mo. EURIBOR + 4.000%)(b)(d)	EUR         356	381,702
Kohl's Corp., 4.63%, 05/01/31 (Call 02/01/31)	USD       1,880	1,549,918
Lithia Motors Inc.
3.88%, 06/01/29 (Call 06/01/24)(a)	USD       1,523	1,345,172
4.38%, 01/15/31 (Call 10/15/25)(a)	USD       1,100	963,056
4.63%, 12/15/27 (Call 05/31/24)(a)	USD         106	99,927
Lowe's Companies Inc., 1.70%, 09/15/28 (Call 07/15/28)	USD       3,662	3,145,917
Macy's Retail Holdings LLC
5.88%, 04/01/29 (Call 05/31/24)(a)(g)	USD         662	638,281
5.88%, 03/15/30 (Call 03/15/25)(a)	USD       1,100	1,048,510
6.13%, 03/15/32 (Call 03/15/27)(a)	USD         700	662,142
McDonald's Corp., 3.88%, 02/20/31 (Call 12/20/30)(d)	EUR       1,300	1,402,927
Murphy Oil USA Inc., 3.75%, 02/15/31 (Call 02/15/26)(a)	USD         726	623,244
Nordstrom Inc.
4.25%, 08/01/31 (Call 05/01/31)	USD       1,978	1,706,056
4.38%, 04/01/30 (Call 01/01/30)	USD         400	357,003
Staples Inc., 7.50%, 04/15/26 (Call 05/31/24)(a)	USD       3,800	3,663,645
Stonegate Pub Co. Financing 2019 PLC
8.00%, 07/13/25 (Call 05/30/24)(d)	GBP         300	359,046
9.65%, 07/31/25 (Call 05/30/24), (3-mo. EURIBOR + 5.750%)(b)(d)	EUR         677	693,595
Walgreens Boots Alliance Inc.
3.20%, 04/15/30 (Call 01/15/30)(g)	USD         100	85,766
3.45%, 06/01/26 (Call 03/01/26)	USD       1,600	1,512,666
Yum! Brands Inc.
3.63%, 03/15/31 (Call 12/15/30)	USD       1,025	885,730
4.63%, 01/31/32 (Call 10/01/26)	USD       1,397	1,257,634
4.75%, 01/15/30 (Call 10/15/29)(a)	USD         100	93,582
5.38%, 04/01/32 (Call 04/01/27)	USD         600	565,969
		38,838,987

  31

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Savings & Loans — 0.1%
Nationwide Building Society, 5.75%, (Call 06/20/27), (5-year GUK + 5.625%)(b)(d)(h)	GBP       1,506	$1,750,133
Semiconductors — 0.4%
ams-OSRAM AG, 10.50%, 03/30/29 (Call 03/30/26)(d)	EUR       1,970	2,102,385
Broadcom Corp./Broadcom Cayman Finance Ltd., 3.88%, 01/15/27 (Call 10/15/26)	USD       2,534	2,431,730
Broadcom Inc., 3.46%, 09/15/26 (Call 07/15/26)	USD       2,348	2,243,993
Entegris Inc.
3.63%, 05/01/29 (Call 05/31/24)(a)(g)	USD          53	46,905
4.75%, 04/15/29 (Call 01/15/29)(a)	USD       1,519	1,432,702
NXP BV/NXP Funding LLC/NXP USA Inc.
3.15%, 05/01/27 (Call 03/01/27)	USD       2,029	1,896,364
3.88%, 06/18/26 (Call 04/18/26)	USD       1,181	1,140,740
		11,294,819
Software — 0.8%
Black Knight InfoServ LLC, 3.63%, 09/01/28 (Call 05/13/24)(a)	USD         610	566,537
Boxer Parent Co. Inc., 6.50%, 10/02/25 (Call 05/30/24)(d)	EUR       2,000	2,124,967
Cedacri Mergeco SpA, 9.40%, 05/15/28 (Call 05/30/24), (3-mo. EURIBOR + 5.500%)(b)(d)	EUR       1,461	1,555,126
Central Parent Inc./CDK Global Inc., 7.25%, 06/15/29 (Call 06/15/25)(a)	USD       2,200	2,224,079
Cloud Software Group Inc., 6.50%, 03/31/29 (Call 09/30/25)(a)	USD       5,658	5,366,349
Fair Isaac Corp.
4.00%, 06/15/28 (Call 05/16/24)(a)	USD         400	368,427
5.25%, 05/15/26 (Call 02/15/26)(a)	USD       1,154	1,133,279
Fiserv Inc., 1.63%, 07/01/30 (Call 04/01/30)	EUR         303	282,511
Helios Software Holdings Inc./ION Corporate Solutions Finance SARL, 7.88%, 05/01/29 (Call 05/01/26)(d)	EUR       1,966	2,088,675
Open Text Corp.
3.88%, 02/15/28 (Call 05/31/24)(a)(g)	USD       1,100	1,004,086
3.88%, 12/01/29 (Call 12/01/24)(a)	USD         800	700,164
Open Text Holdings Inc.
4.13%, 02/15/30 (Call 02/15/25)(a)(g)	USD         188	165,118
4.13%, 12/01/31 (Call 12/01/26)(a)	USD         900	771,367
Oracle Corp.
2.30%, 03/25/28 (Call 01/25/28)	USD       2,986	2,655,812
3.25%, 11/15/27 (Call 08/15/27)	USD       3,055	2,838,752
		23,845,249
Sovereign Debt Securities — 0.0%
Nigeria Government International Bond, 8.38%, 03/24/29(a)	USD         400	379,100
Telecommunications — 3.3%
Altice France SA/France
3.38%, 01/15/28 (Call 05/10/24)(d)	EUR       1,000	701,535
4.00%, 07/15/29 (Call 05/30/24)(d)	EUR         900	623,525
4.13%, 01/15/29 (Call 05/30/24)(d)	EUR       2,000	1,384,885
4.25%, 10/15/29 (Call 10/15/24)(d)	EUR         450	310,956
5.13%, 07/15/29 (Call 05/31/24)(a)	USD       2,000	1,302,731
5.88%, 02/01/27 (Call 05/10/24)(d)	EUR       1,200	925,263
11.50%, 02/01/27 (Call 07/09/25)(d)	EUR         100	86,337

Security	Par (000 )	Value
Telecommunications (continued)
AT&T Inc.
2.35%, 09/05/29 (Call 06/04/29)	EUR         100	$99,992
2.90%, 12/04/26 (Call 09/04/26)	GBP         150	176,349
3.55%, 12/17/32 (Call 09/17/32)	EUR         100	104,210
5.50%, 03/15/27(d)	GBP         150	187,403
British Telecommunications PLC
4.25%, 01/06/33 (Call 10/06/32)(d)	EUR       1,811	1,980,125
8.38%, 12/20/83 (Call 09/20/28), (5-year GUK + 3.820%)(b)(d)	GBP       2,700	3,565,052
Chorus Ltd., 3.63%, 09/07/29	EUR         100	105,236
CK Hutchison Group Telecom Finance SA, 2.63%, 10/17/34 (Call 07/17/34)(d)	GBP       2,000	1,775,771
Connect Finco Sarl/Connect U.S. Finco LLC, 6.75%, 10/01/26 (Call 05/13/24)(a)	USD       1,700	1,646,429
Eutelsat SA, 1.50%, 10/13/28 (Call 07/13/28)(d)	EUR       1,700	1,329,984
EUTELSAT SA SR UNSECURED REGS 04/29 9.75, 9.75%, 04/13/29 (Call 04/13/26)(d)	EUR         458	496,139
Frontier Communications Holdings LLC
5.00%, 05/01/28 (Call 05/31/24)(a)	USD       2,548	2,344,130
5.88%, 10/15/27 (Call 05/31/24)(a)	USD       1,100	1,055,074
8.75%, 05/15/30 (Call 05/15/25)(a)	USD       3,003	3,057,444
Global Switch Finance BV, 1.38%, 10/07/30 (Call 07/07/30)(d)	EUR       2,500	2,421,008
ILIAD HOLDING SAS SR SECURED REGS 04/31 6.875, 6.88%, 04/15/31(d)	EUR       1,081	1,153,644
Iliad Holding SASU
5.13%, 10/15/26 (Call 05/10/24)(d)	EUR         200	213,440
5.63%, 10/15/28 (Call 10/15/24)(d)	EUR         100	105,377
6.50%, 10/15/26 (Call 05/13/24)(a)	USD       1,500	1,492,656
7.00%, 10/15/28 (Call 10/15/24)(a)	USD       2,200	2,150,892
Intelsat Jackson Holdings SA, 6.50%, 03/15/30 (Call 03/15/25)(a)	USD       4,270	4,087,002
Kaixo Bondco Telecom SA, 5.13%, 09/30/29 (Call 09/30/24)(d)	EUR       5,273	5,386,475
Liberty Costa Rica Senior Secured Finance, 10.88%, 01/15/31 (Call 01/15/26)(a)	USD         600	619,410
Lorca Telecom Bondco SA
4.00%, 09/18/27 (Call 05/14/24)(d)	EUR         200	207,891
5.75%, 04/30/29 (Call 04/15/26)(d)	EUR       3,076	3,318,261
Millicom International Cellular SA, 7.38%, 04/02/32 (Call 04/02/27)(a)	USD         261	255,021
Motorola Solutions Inc.
4.60%, 02/23/28 (Call 11/23/27)	USD       1,990	1,930,018
4.60%, 05/23/29 (Call 02/23/29)	USD         708	680,282
Rogers Communications Inc., 3.20%, 03/15/27 (Call 02/15/27)	USD       1,181	1,107,869
SoftBank Group Corp.
2.88%, 01/06/27 (Call 10/06/26)(d)	EUR         700	704,086
3.38%, 07/06/29 (Call 04/06/29)(d)	EUR       2,165	2,096,769
3.88%, 07/06/32 (Call 04/06/32)(d)	EUR       3,000	2,809,405
4.00%, 09/19/29 (Call 06/21/29)(d)	EUR       2,500	2,477,346
5.00%, 04/15/28 (Call 01/16/28)(d)	EUR         100	105,583
Sprint Capital Corp., 6.88%, 11/15/28	USD       1,949	2,040,964
Telecom Italia Capital SA
6.00%, 09/30/34	USD       1,000	842,026
6.38%, 11/15/33	USD         600	530,098
7.20%, 07/18/36	USD         838	759,099
7.72%, 06/04/38	USD         570	529,959
Telecom Italia SpA, 6.88%, 02/15/28 (Call 11/15/27)(d)	EUR         413	460,588

32 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Telecommunications (continued)
Telecom Italia SpA/Milano
2.75%, 04/15/25 (Call 01/15/25)(d)	EUR       2,100	$2,198,002
5.25%, 03/17/55	EUR         300	274,758
Telefonica Emisiones SA, 3.70%, 01/24/32 (Call 10/24/31)(d)	EUR       1,000	1,052,800
Telefonica Europe BV
3.88%, (Call 06/22/26), (8-year EUR Swap + 2.967%)(b)(d)(h)	EUR         500	521,445
6.14%, (Call 02/03/30), (7-year EUR Swap + 3.347%)(b)(d)(h)	EUR       1,400	1,546,374
7.13%, (Call 08/23/28), (6-year EUR Swap + 4.322%)(b)(d)(h)	EUR       1,100	1,270,769
Series ., 5.75%, (Call 01/15/32), (8-year EURIBOR ICE Swap + 3.121%)(b)(d)(h)	EUR       5,000	5,362,683
Series ., 6.75%, (Call 06/07/31), (8-year EUR Swap + 3.615%)(b)(d)(h)	EUR       1,000	1,143,505
T-Mobile USA Inc.
3.50%, 04/15/25 (Call 03/15/25)	USD         537	525,781
3.75%, 04/15/27 (Call 02/15/27)	USD       2,080	1,981,992
5.38%, 04/15/27 (Call 05/13/24)	USD       1,331	1,333,623
Vmed O2 U.K. Financing I PLC
4.25%, 01/31/31 (Call 01/31/26)(a)	USD         900	735,259
4.75%, 07/15/31 (Call 07/15/26)(a)	USD       2,200	1,836,051
Vmed O2 UK Financing I PLC
3.25%, 01/31/31 (Call 01/31/26)(d)	EUR         100	91,884
4.00%, 01/31/29 (Call 05/10/24)(d)	GBP         200	215,614
4.50%, 07/15/31 (Call 07/15/26)(d)	GBP         850	877,677
7.75%, 04/15/32 (Call 04/15/27)(a)	USD         300	295,247
Vodafone Group PLC
2.63%, 08/27/80 (Call 05/27/26), (5-year EUR Swap + 3.002%)(b)(d)	EUR         300	306,377
3.00%, 08/27/80 (Call 05/27/30), (5-year EUR Swap + 3.477%)(b)(d)	EUR       5,290	5,080,377
4.88%, 10/03/78 (Call 07/03/25), (5-year GBP Swap + 3.267%)(b)(d)	GBP       1,424	1,740,473
6.50%, 08/30/84 (Call 05/30/29), (5-year EUR Swap + 3.489%)(b)(d)	EUR         200	227,847
8.00%, 08/30/86 (Call 05/30/31), (5-year GUK + 3.837%)(b)(d)	GBP       3,000	3,987,417
WP/AP Telecom Holdings III BV, 5.50%, 01/15/30 (Call 01/15/25)(d)	EUR       1,663	1,607,022
		95,956,716
Toys, Games & Hobbies — 0.1%
Mattel Inc., 3.38%, 04/01/26 (Call 05/13/24)(a)	USD       2,056	1,957,655
Transportation — 0.6%
AP Moller - Maersk A/S
0.75%, 11/25/31 (Call 08/25/31)(d)	EUR       2,600	2,232,427
1.75%, 03/16/26 (Call 12/16/25)(d)	EUR       2,825	2,899,765
3.75%, 03/05/32 (Call 12/05/31)(d)	EUR         810	856,099
Danaos Corp., 8.50%, 03/01/28 (Call 05/31/24)(a)	USD       3,719	3,751,809
East Japan Railway Co., 4.39%, 09/05/43(d)	EUR         100	110,935
Mobico Group PLC
4.25%, (Call 11/26/25), (5-year GUK + 4.135%)(b)(d)(h)	GBP       1,800	2,048,495
4.88%, 09/26/31(d)	EUR         200	205,353
Norfolk Southern Corp., 2.90%, 06/15/26 (Call 03/15/26)	USD       1,660	1,578,921
Poste Italiane SpA, 2.63%, (Call 03/24/29), (5-year EURIBOR ICE Swap + 2.677%)(b)(d)(h)	EUR       2,270	2,074,547

Security	Par (000 )	Value
Transportation (continued)
Ryder System Inc., 4.30%, 06/15/27 (Call 05/15/27)	USD          83	$79,927
SGL Group ApS, 8.65%, 04/22/30 (Call 04/22/25), (3-mo. EURIBOR + 4.750%)(b)	EUR       1,754	1,857,831
		17,696,109
Trucking & Leasing — 0.0%
DAE Funding LLC, 2.63%, 03/20/25 (Call 02/20/25)(d)	USD         256	247,920
Penske Truck Leasing Co. LP/PTL Finance Corp., 4.40%, 07/01/27 (Call 06/01/27)(a)	USD         138	132,649
		380,569
Water — 0.0%
Thames Water Utilities Finance PLC
4.00%, 06/19/25(d)	GBP         300	338,047
4.00%, 04/18/27 (Call 01/18/27)(d)	EUR         653	607,937
		945,984
Total Corporate Bonds & Notes — 51.7% (Cost: $1,537,074,386)		1,512,512,326
Foreign Government Obligations
Bahrain — 0.0%
Bahrain Government International Bond, 5.45%, 09/16/32(d)	USD         288	258,523
Benin — 0.0%
Benin Government International Bond, 7.96%, 02/13/38(a)	USD         200	188,938
Brazil — 2.0%
Brazil Letras do Tesouro Nacional, 0.00% 10/01/24(f)	BRL          33	6,097,770
Brazil Notas do Tesouro Nacional
6.00%, 08/15/24	BRL       4,412	3,641,350
Series F, 10.00%, 01/01/25	BRL         115	21,990,078
Series F, 10.00%, 01/01/27	BRL         133	25,056,432
Brazilian Government International Bond, 7.13%, 05/13/54	USD         700	667,800
		57,453,430
Chile — 0.0%
Chile Government International Bond, 4.34%, 03/07/42 (Call 09/07/41)	USD         700	581,437
Colombia — 0.7%
Colombia Government International Bond
3.13%, 04/15/31 (Call 01/15/31)	USD         390	300,495
3.88%, 03/22/26 (Call 12/22/25)	EUR         180	189,268
3.88%, 04/25/27 (Call 01/25/27)	USD         315	291,690
4.50%, 01/28/26 (Call 10/28/25)	USD         800	772,000
8.00%, 04/20/33 (Call 01/20/33)	USD         415	421,433
8.00%, 11/14/35 (Call 08/14/35)	USD         200	201,100
8.75%, 11/14/53 (Call 05/14/53)	USD         200	205,200
Colombian TES
Series B, 5.75%, 11/03/27	COP  58,304,500	13,039,445
Series B, 6.00%, 04/28/28	COP  15,788,100	3,503,375
Series B, 7.00%, 03/26/31	COP   4,864,900	1,043,833
		19,967,839

  33

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Costa Rica — 0.0%
Costa Rica Government International Bond
6.55%, 04/03/34 (Call 01/03/34)(d)	USD         284	$286,698
7.30%, 11/13/54 (Call 05/13/53)(a)	USD         400	416,000
		702,698
Czech Republic — 0.2%
Czech Republic Government Bond
2.75%, 07/23/29	CZK      89,740	3,541,290
5.00%, 09/30/30	CZK      69,170	3,048,602
		6,589,892
Dominican Republic — 0.1%
Dominican Republic International Bond
4.50%, 01/30/30(a)	USD         815	726,572
4.88%, 09/23/32(a)	USD         457	400,161
5.95%, 01/25/27(d)	USD         599	587,619
Dominican Republic International Bonds, 7.05%, 02/03/31 (Call 12/03/30)(a)	USD         207	209,135
		1,923,487
Egypt — 0.0%
Egypt Government International Bond
7.50%, 02/16/61(a)	USD         442	301,251
7.63%, 05/29/32(d)	USD         353	293,100
8.50%, 01/31/47(a)	USD         400	305,320
		899,671
Guatemala — 0.1%
Guatemala Government Bond
4.65%, 10/07/41 (Call 04/07/41)(a)	USD         615	465,286
6.60%, 06/13/36 (Call 03/13/36)(a)	USD         400	391,375
7.05%, 10/04/32 (Call 07/04/32)(a)	USD         500	510,781
		1,367,442
Honduras — 0.0%
Honduras Government International Bond, 5.63%, 06/24/30 (Call 03/24/30)(a)	USD         253	216,710
Hungary — 0.2%
Hungary Government Bond, 6.75%, 10/22/28	HUF     702,420	1,880,262
Hungary Government International Bond
5.25%, 06/16/29(a)	USD         566	547,605
5.38%, 09/12/33(d)	EUR         517	571,054
5.50%, 03/26/36(a)	USD         200	186,780
Magyar Export-Import Bank Zrt, 6.00%, 05/16/29 (Call 04/16/29)(d)	EUR         761	849,092
		4,034,793
Indonesia — 0.3%
Indonesia Government International Bond
4.10%, 04/24/28	USD         644	613,007
6.75%, 01/15/44(d)	USD         425	475,602
Indonesia Treasury Bond
7.00%, 05/15/27	IDR  31,140,000	1,909,130
7.13%, 06/15/38	IDR  41,105,000	2,508,461
8.25%, 05/15/36	IDR  28,444,000	1,888,001
Perusahaan Penerbit SBSN Indonesia III, 4.40%, 06/06/27(a)	USD         200	194,500
		7,588,701
Ivory Coast — 0.1%
Ivory Coast Government International Bond
5.88%, 10/17/31(d)	EUR         642	617,965
6.38%, 03/03/28(d)	USD         400	388,210
8.25%, 01/30/37(a)	USD         255	243,525
		1,249,700

Security	Par (000 )	Value
Jordan — 0.0%
Jordan Government International Bond, 4.95%, 07/07/25(d)	USD         281	$269,690
Kenya — 0.0%
Republic of Kenya Government International Bond, 9.75%, 02/16/31(a)	USD         400	401,125
Macedonia — 0.0%
North Macedonia Government International Bond, 6.96%, 03/13/27 (Call 12/13/26)(d)	EUR         300	334,467
Mexico — 1.8%
Mexican Bonos
7.50%, 05/26/33	MXN       4,050	3,796,764
8.50%, 03/01/29	MXN         451	2,467,815
Series M, 5.75%, 03/05/26	MXN       2,675	14,311,638
Series M 20, 10.00%, 12/05/24	MXN       1,502	8,703,306
Series M 30, 8.50%, 11/18/38	MXN       2,421	12,500,608
Mexico Cetes
0.00%, 10/03/24(f)	MXN       4,463	2,485,997
0.00%, 04/03/25(f)	MXN     115,371	6,087,176
Mexico Government International Bond
2.66%, 05/24/31 (Call 02/24/31)	USD         364	295,409
3.75%, 01/11/28	USD         547	511,103
6.34%, 05/04/53 (Call 11/04/52)	USD         200	186,500
6.35%, 02/09/35 (Call 11/09/34)	USD         753	749,706
6.40%, 05/07/54 (Call 11/07/53)	USD         400	375,400
		52,471,422
Montenegro — 0.0%
Montenegro Government International Bond, 2.88%, 12/16/27 (Call 09/16/27)(d)	EUR         274	267,101
Morocco — 0.0%
Morocco Government International Bond
2.38%, 12/15/27(d)	USD         218	191,186
5.95%, 03/08/28(a)	USD         200	198,400
		389,586
Nigeria — 0.0%
Nigeria Government International Bond, 7.63%, 11/28/47(d)	USD         327	243,411
Oman — 0.0%
Oman Government International Bond
6.50%, 03/08/47(d)	USD         600	581,880
6.75%, 01/17/48(d)	USD         489	483,694
		1,065,574
Panama — 0.0%
Panama Government International Bond, 6.40%, 02/14/35 (Call 11/14/34)	USD         722	661,352
Paraguay — 0.0%
Paraguay Government International Bond
2.74%, 01/29/33(d)	USD         400	314,375
5.60%, 03/13/48	USD         290	249,762
		564,137
Peru — 0.1%
Peruvian Government International Bond
1.86%, 12/01/32 (Call 09/01/32)	USD         781	573,058
2.78%, 01/23/31 (Call 10/23/30)	USD         690	574,425
5.94%, 02/12/29(d)	PEN           2	477,043
6.35%, 08/12/28(d)	PEN           1	416,249
		2,040,775

34 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Poland — 0.3%
Republic of Poland Government Bond
2.75%, 10/25/29	PLN      28,025	$6,014,280
3.25%, 07/25/25	PLN       9,742	2,345,054
Republic of Poland Government International Bond
4.88%, 10/04/33 (Call 07/04/33)	USD         148	140,981
5.50%, 04/04/53 (Call 10/04/52)	USD         599	566,720
		9,067,035
Romania — 0.1%
Romania Government International Bond
2.12%, 07/16/31(d)	EUR         647	556,267
2.50%, 02/08/30(d)	EUR         758	706,810
2.88%, 03/11/29(d)	EUR         715	700,402
Romanian Government International Bond, 5.25%, 11/25/27(a)	USD         252	244,314
		2,207,793
Saudi Arabia — 0.0%
Saudi Government International Bond
4.50%, 04/17/30(d)	USD         600	572,640
5.00%, 01/18/53(a)	USD         561	475,728
		1,048,368
Senegal — 0.0%
Senegal Government International Bond, 6.25%, 05/23/33(d)	USD         400	338,125
South Africa — 0.4%
Republic of South Africa Government Bond
8.75%, 01/31/44	ZAR      18,737	706,166
8.75%, 02/28/48	ZAR      28,080	1,048,627
9.00%, 01/31/40	ZAR      39,956	1,585,608
10.50%, 12/21/26	ZAR     134,984	7,342,037
Republic of South Africa Government International Bond
4.85%, 09/30/29	USD         200	178,000
5.00%, 10/12/46	USD         491	319,764
5.88%, 04/20/32	USD         468	415,935
		11,596,137
Uruguay — 0.0%
Uruguay Government International Bond, 5.75%, 10/28/34 (Call 07/28/34)	USD         575	584,624
Uzbekistan — 0.0%
Republic of Uzbekistan International Bond, 7.85%, 10/12/28(a)	USD         200	204,640
Total Foreign Government Obligations — 6.4% (Cost: $193,212,543)		186,778,623
Municipal Debt Obligations
Florida — 0.1%
Florida Development Finance Corp. RB AMT, 12.00%, 07/15/32 (Put 07/15/28)(a)	$2,580	2,662,621
Total Municipal Debt Obligations — 0.1% (Cost: $2,528,400)		2,662,621

Security	Par (000 )	Value
U.S. Government Agency Obligations
Mortgage-Backed Securities — 5.8%
Uniform Mortgage-Backed Securities
3.50%, 03/25/52(l)	$189,283	$163,132,702
4.50%, 05/13/54(l)	8,037	7,405,406
		170,538,108
Total U.S. Government Agency Obligations — 5.8% (Cost: $173,833,256)		170,538,108
Floating Rate Loan Interests
Beverages — 0.1%
Pegasus BidCo BV, 2024 EUR Term Loan, (3-mo. EURIBOR at 0.00% Floor + 3.75%), 7.65%, 07/12/29(b)	EUR       2,000	2,137,517
Chemicals — 0.2%
Ineos Finance PLC, 2024 EUR Term Loan B, 02/07/31(b)(m)	EUR       2,000	2,135,169
INEOS Quattro Holdings UK Ltd., 2023 EUR 1st Lien Term Loan B, 04/02/29(b)(m)	EUR       2,000	2,129,407
Rain Carbon GmbH, 2023 EUR Term Loan B, 10/31/28(b)(c)(m)	EUR       1,808	1,917,910
		6,182,486
Commercial Services — 0.4%
Atlas Luxco 4 SARL, 2021 EUR Term Loan, 05/12/28(b)(m)	EUR       1,995	2,106,588
Galileo Global Education Operations, 2021 EUR Term Loan B, 07/14/28(b)(m)	EUR       2,000	2,128,446
Holding Socotec SAS, 2021 EUR Term Loan, 06/02/28(b)(m)	EUR       2,000	2,126,397
IFCO Management GmbH, 2024 EUR Term Loan B, 11/29/29(b)(m)	EUR       2,000	2,138,862
Inspired FinCo Holdings Ltd., 2024 EUR Term Loan B, 02/28/31(b)(m)	EUR       2,000	2,136,472
TMF Group Holding BV, 2024 EUR Term Loan B, (3-mo. EURIBOR at 0.00% Floor + 3.75%), 7.61%, 05/03/28(b)	EUR       2,000	2,136,792
		12,773,557
Cosmetics & Personal Care — 0.1%
Rainbow U.K. Bidco Ltd., EUR Term Loan B, (6-mo. EURIBOR at 0.00% Floor + 3.25%), 7.16%, 02/23/29(b)	EUR       2,000	2,117,027
Distribution & Wholesale — 0.3%
Ammega Group BV, 2023 EUR Term Loan B, (3-mo. EURIBOR at 0.00% Floor + 5.00%), 8.90%, 12/30/28(b)	EUR       2,000	2,141,167
Barentz International BV, EUR Term Loan, 03/01/31(b)(m)	EUR       2,000	2,139,438
Parts Europe SA, EUR Term Loan B, 02/03/31(b)(m)	EUR       2,000	2,137,731
Quimper AB, EUR Term Loan B1, 02/16/26(b)(m)	EUR       2,000	2,128,617
		8,546,953
Diversified Financial Services — 0.0%
HNVR Holdco Ltd., 2024 EUR Term Loan D2, 09/12/27(b)(m)	EUR       1,167	1,249,736

  35

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
Energy - Alternate Sources — 0.1%
Finco Utilitas SARL, EUR Term Loan B, 09/26/30(b)(m)	EUR       2,000	$2,137,069
Engineering & Construction — 0.1%
Circet Europe SASU, 2021 EUR Term Loan B, 10/13/28(b)(m)	EUR       1,500	1,583,880
Entertainment — 0.1%
Banijay Entertainment SASU, EUR Term Loan, 03/01/28(b)(m)	EUR       2,000	2,136,493
Tackle SARL, 2021 EUR Term Loan B, 05/22/28(b)(m)	EUR       2,000	2,118,180
		4,254,673
Food — 0.3%
Bellis Acquisition Co. PLC, 2021 EUR Term Loan B, 02/16/26(b)(m)	EUR       2,000	2,123,921
Froneri Lux FinCo. SARL, 2020 EUR Term Loan B1, 01/29/27(b)(m)	EUR       2,000	2,126,055
Market Bidco Ltd., EUR Term Loan B1, 11/04/27(b)(m)	EUR       2,000	2,084,926
ZF Invest SAS, 2021 EUR Term Loan B, 07/12/28(b)(m)	EUR       2,000	2,098,821
		8,433,723
Forest Products & Paper — 0.1%
SpA Holdings 3 Oy, EUR Term Loan B, 02/04/28(b)(m)	EUR       2,000	2,132,544
Health Care - Services — 0.1%
Mehilainen Yhtiot Oy, 2024 EUR Term Loan B, 08/09/28(b)(m)	EUR       1,901	2,032,072
Insurance — 0.1%
PAX Holdco Spain SL, 2024 EUR Term Loan B3, 12/31/29(b)(m)	EUR       2,000	2,099,717
Manufacturing — 0.1%
Ctec III GmbH, 2022 EUR Term Loan B, 03/16/29(b)(m)	EUR       2,000	2,124,839
GVC Holdings (Gibraltar) Ltd., 2024 EUR Term Loan B, 06/30/28(b)(m)	EUR       1,611	1,720,575
		3,845,414
Media — 0.1%
Vmed O2 U.K. Holdco 4 Ltd., 2020 EUR Term Loan R, 01/31/29(b)(m)	EUR       1,500	1,580,295
Ziggo BV, 2019 EUR Term Loan H, 01/31/29(b)(m)	EUR       2,000	2,088,511
		3,668,806
Pharmaceuticals — 0.1%
AI Sirona Luxembourg Acquisition SARL, 2024 EUR Term Loan B, 09/30/28(b)(m)	EUR       2,000	2,134,700
Financiere Mendel SASU, 2023 EUR Term Loan B, 11/08/30(b)(m)	EUR       2,000	2,141,936
		4,276,636
Retail — 0.1%
Peer Holding III BV, 2019 EUR Term Loan B, 01/16/27(b)(m)	EUR       1,800	1,923,842
Software — 0.3%
Boxer Parent Co. Inc., 2023 EUR Term Loan, 12/29/28(b)(m)	EUR       1,995	2,138,710
Claudius Finance Sarl, 2023 EUR Term Loan B, 07/10/28(b)(m)	EUR       2,000	2,134,892

Security	Par (000 )	Value
Software (continued)
Cloud Software Group Inc., 2022 EUR Term Loan B, 03/30/29(b)(m)	EUR       2,000	$2,136,813
Unit4 Group Holding BV, 2021 EUR Term Loan B, (3-mo. EURIBOR at 0.00% Floor + 3.50%), 7.40%, 06/29/28(b)	EUR       2,500	2,608,128
		9,018,543
Telecommunications — 0.2%
Lorca Finco PLC, EUR Term Loan B1, 09/17/27(b)(m)	EUR       2,000	2,134,081
Telenet International Finance SARL, 2020 EUR Term Loan AQ, 04/30/29(b)(m)	EUR       2,000	2,095,000
TMNL Holding BV, EUR Term Loan, 03/30/29(b)(m)	EUR       2,000	2,136,301
		6,365,382
Total Floating Rate Loan Interests — 2.9% (Cost: $86,287,259)		84,779,577
	Shares
Investment Companies
Exchange Traded Funds — 2.0%
iShares iBoxx $ High Yield Corporate Bond ETF(g)(n)	414,849	31,648,830
iShares iBoxx $ Investment Grade Corporate Bond ETF(g)(n)	261,790	27,485,332
		59,134,162
Total Investment Companies — 2.0% (Cost $59,793,007)		59,134,162
Total Long-Term Investments — 98.2% (Cost: $2,910,557,182)		2,872,785,523
Short-Term Securities
Money Market Funds — 12.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.49%(n)(o)(p)	365,533,623	365,643,283
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.28%(n)(o)	100,000	100,000
Total Short-Term Securities — 12.5% (Cost: $365,763,069)		365,743,283
Total Investments Before TBA Sales Commitments — 110.7% (Cost: $3,276,320,251)		3,238,528,806

36 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

(Percentages shown are based on Net Assets)

Security	Par (000 )	Value
TBA Sales Commitments
Mortgage-Backed Securities — (0.3)%
Uniform Mortgage-Backed Securities, 4.50%, 05/13/54(l)	$(8,037 )	$(7,405,406 )
Total TBA Sales Commitments — (0.3)% (Proceeds: $(7,488,224))		(7,405,406 )
Total Investments, Net of TBA Sales Commitments — 110.4% (Cost: $3,268,832,027)		3,231,123,400
Liabilities in Excess of Other Assets — (10.4)%		(305,129,401 )
Net Assets — 100.0%		$2,925,993,999

 

(a)	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.
(b)	Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

(c)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.
(d)	This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933.
(e)	Step coupon security. Coupon rate will either increase (step-up bond) or decrease (step-down bond) at regular intervals until maturity. Interest rate shown reflects the rate currently in effect.
(f)	Zero-coupon bond.
(g)	All or a portion of this security is on loan.
(h)	Perpetual security with no stated maturity date.
(i)	Payment-in-kind security which may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.
(j)	Issuer filed for bankruptcy and/or is in default.
(k)	Non-income producing security.
(l)	Represents or includes a TBA transaction.
(m)	Represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(n)	Affiliate of the Fund.
(o)	Annualized 7-day yield as of period end.
(p)	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, 2024 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 Sales	Net Realized Gain (Loss)	Change in Unrealized Appreciation (Depreciation)	Value at 04/30/24	Shares Held at 04/30/24	Income	Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$4,834,571	$360,879,732 (a)	$—	$(50,988 )	$(20,032 )	$365,643,283	365,533,622	$2,077,139 (b)	$—
BlackRock Cash Funds: Treasury, SL Agency Shares	100,000	0 (a)	—	—	—	100,000	100,000	3,988	—
iShares iBoxx $ High Yield Corporate Bond ETF	5,279,262	178,098,249	(151,028,490 )	(727,517 )	27,326	31,648,830	414,849	1,232,236	—
iShares iBoxx $ Investment Grade Corporate Bond ETF	2,618,059	143,381,410	(118,242,908 )	477,475	(748,704 )	27,485,332	261,790	669,097	—
				$(301,030 )	$(741,410 )	$424,877,445		$3,982,460	$—

 

(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

Futures Contracts 

Description	Number of Contracts	Expiration Date	Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
10-Year U.S. Treasury Note	929	06/18/24	$99,839	$(1,666,100 )
10-Year U.S. Ultra Bond	69	06/18/24	7,608	(219,013 )
U.S. Ultra Bond	98	06/18/24	11,726	(61,604 )
				(1,946,717 )
Short Contracts
30-Year Euro Buxl Bond	(24 )	06/06/24	3,302	95,067
Euro BOBL	(1,054 )	06/06/24	130,964	1,094,006

  37

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

 

Futures Contracts (continued)

Description	Number of Contracts	Expiration Date	Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Euro Bund	(676 )	06/06/24	$93,843	$1,488,312
Euro-Schatz	(227 )	06/06/24	25,463	121,189
U.S. Long Bond	(78 )	06/18/24	8,885	377,696
Long Gilt	(30 )	06/26/24	3,590	93,810
2-Year U.S. Treasury Note	(87 )	06/28/24	17,635	35,829
5-Year U.S. Treasury Note	(227 )	06/28/24	23,785	1,623
				3,307,532
				$1,360,815

Forward Foreign Currency Exchange Contracts 

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	464,055	BRL	2,400,000	Goldman Sachs & Co.	05/03/24	$1,859
CNH	18,025,000	USD	2,482,442	Barclays Bank PLC	05/06/24	2,497
USD	2,490,260	CNH	18,025,000	JPMorgan Chase Bank N.A.	05/06/24	5,321
AUD	242,549	USD	155,504	Bank of America N.A.	05/16/24	1,685
BRL	8,668,717	USD	1,641,075	Barclays Bank PLC	05/16/24	26,194
BRL	6,400,000	USD	1,229,868	Deutsche Bank Securities Inc.	05/16/24	1,055
BRL	4,269,000	USD	811,043	Goldman Sachs & Co.	05/16/24	10,021
CLP	879,619,806	USD	894,680	Barclays Bank PLC	05/16/24	21,359
CLP	1,082,306,481	USD	1,108,177	Citibank N.A.	05/16/24	18,941
COP	4,881,576,000	USD	1,238,664	Bank of America N.A.	05/16/24	3,036
COP	12,873,108,000	USD	3,268,630	Citibank N.A.	05/16/24	5,834
COP	703,492,000	USD	178,839	Deutsche Bank Securities Inc.	05/16/24	104
GBP	366,131	USD	456,358	BNP Paribas SA	05/16/24	1,172
HUF	201,122,000	USD	541,466	Bank of America N.A.	05/16/24	6,475
HUF	125,427,000	USD	336,852	Barclays Bank PLC	05/16/24	4,864
HUF	790,286,753	USD	2,146,183	Deutsche Bank Securities Inc.	05/16/24	6,888
IDR	19,817,008,936	USD	1,217,336	Barclays Bank PLC	05/16/24	1,099
MXN	13,954,000	USD	808,182	Bank of America N.A.	05/16/24	4,696
MXN	14,246,000	USD	826,644	Barclays Bank PLC	05/16/24	3,244
MYR	1,361,569	USD	284,187	Goldman Sachs & Co.	05/16/24	346
PLN	2,579,704	USD	632,271	Barclays Bank PLC	05/16/24	3,615
USD	649,784	AUD	990,000	Bank of America N.A.	05/16/24	8,191
USD	439,924	AUD	678,611	BNP Paribas SA	05/16/24	134
USD	7,774	AUD	11,813	Citibank N.A.	05/16/24	118
USD	7,814,844	BRL	39,594,150	Barclays Bank PLC	05/16/24	199,633
USD	701,036	BRL	3,579,000	Citibank N.A.	05/16/24	12,681
USD	1,949,152	BRL	9,801,347	Goldman Sachs & Co.	05/16/24	64,042
USD	830,967	BRL	4,272,000	Morgan Stanley & Co. International PLC	05/16/24	9,326
USD	203,816	CHF	181,000	Deutsche Bank Securities Inc.	05/16/24	6,630
USD	1,011,639	CLP	966,823,000	Barclays Bank PLC	05/16/24	4,786
USD	1,049,023	CLP	995,103,287	Citibank N.A.	05/16/24	12,719
USD	722,947	CNY	5,138,704	Bank of America N.A.	05/16/24	42
USD	1,096,033	COP	4,301,358,491	Bank of America N.A.	05/16/24	1,919
USD	2,075,042	COP	8,137,655,490	Barclays Bank PLC	05/16/24	5,110
USD	1,598,250	COP	6,218,122,344	Citibank N.A.	05/16/24	16,579
USD	4,486,350	COP	17,457,824,224	Goldman Sachs & Co.	05/16/24	45,697
USD	4,218,201	CZK	98,512,923	Barclays Bank PLC	05/16/24	38,565

38 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

 

Forward Foreign Currency Exchange Contracts(continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	103,479	CZK	2,407,372	BNP Paribas SA	05/16/24	$1,341
USD	758,377	CZK	17,654,061	Deutsche Bank Securities Inc.	05/16/24	9,363
USD	1,765,002	EUR	1,611,953	Bank of America N.A.	05/16/24	43,842
USD	411,476	EUR	378,480	Barclays Bank PLC	05/16/24	7,355
USD	449,292	EUR	417,714	BNP Paribas SA	05/16/24	3,279
USD	1,863,148	EUR	1,707,463	Citibank N.A.	05/16/24	40,008
USD	1,823,177	EUR	1,670,114	Deutsche Bank Securities Inc.	05/16/24	39,916
USD	573,605	GBP	450,579	Barclays Bank PLC	05/16/24	10,546
USD	843,038	HUF	307,688,106	Barclays Bank PLC	05/16/24	4,767
USD	1,426,426	HUF	517,240,790	BNP Paribas SA	05/16/24	17,247
USD	4,959,174	IDR	79,158,191,278	Barclays Bank PLC	05/16/24	92,188
USD	705,851	IDR	11,256,494,000	BNP Paribas SA	05/16/24	13,754
USD	1,159,961	IDR	18,171,129,223	Citibank N.A.	05/16/24	42,721
USD	3,665,816	IDR	57,687,369,471	Deutsche Bank Securities Inc.	05/16/24	118,949
USD	1,002,138	INR	83,578,344	Barclays Bank PLC	05/16/24	1,470
USD	1,093,513	KRW	1,507,232,000	Barclays Bank PLC	05/16/24	5,415
USD	709,171	KRW	955,329,000	BNP Paribas SA	05/16/24	19,503
USD	894,355	MXN	15,222,000	Bank of America N.A.	05/16/24	7,611
USD	4,481,860	MXN	75,087,943	Barclays Bank PLC	05/16/24	107,680
USD	2,654,530	MXN	45,204,282	Deutsche Bank Securities Inc.	05/16/24	21,196
USD	1,576,213	MXN	26,753,750	Goldman Sachs & Co.	05/16/24	17,698
USD	358,033	PEN	1,322,000	Barclays Bank PLC	05/16/24	6,925
USD	436,834	PEN	1,614,000	BNP Paribas SA	05/16/24	8,174
USD	2,453,383	PEN	9,071,000	Citibank N.A.	05/16/24	44,231
USD	32,113	PEN	120,000	Goldman Sachs & Co.	05/16/24	242
USD	4,604,691	PLN	18,354,313	Barclays Bank PLC	05/16/24	80,432
USD	1,113,494	PLN	4,442,711	BNP Paribas SA	05/16/24	18,385
USD	487,060	PLN	1,921,424	Deutsche Bank Securities Inc.	05/16/24	13,437
USD	421,368	SEK	4,451,000	BNP Paribas SA	05/16/24	17,253
USD	61,000	TWD	1,933,261	Citibank N.A.	05/16/24	1,783
USD	830,602	ZAR	15,609,000	Bank of America N.A.	05/16/24	2,145
USD	893,010	ZAR	16,770,512	BNP Paribas SA	05/16/24	2,906
ZAR	46,062,000	USD	2,417,363	Bank of America N.A.	05/16/24	27,404
ZAR	51,212,020	USD	2,703,609	Barclays Bank PLC	05/16/24	14,497
ZAR	31,062,000	USD	1,614,986	Citibank N.A.	05/16/24	33,647
ZAR	6,682,498	USD	350,909	Goldman Sachs & Co.	05/16/24	3,769
COP	563,553,000	USD	128,401	BNP Paribas SA	05/17/24	14,926
USD	303,000	BRL	1,521,166	Goldman Sachs & Co.	06/18/24	11,321
USD	7,043,824	CHF	6,118,853	Goldman Sachs & Co.	06/18/24	352,897
USD	29,581,405	BRL	149,092,055	Barclays Bank PLC	06/20/24	999,961
USD	11,742,237	BRL	59,146,000	Goldman Sachs & Co.	06/20/24	403,752
USD	6,852,000	CHF	6,005,905	Barclays Bank PLC	06/20/24	283,087
USD	7,774,135	COP	30,664,212,395	BNP Paribas SA	06/20/24	14,766
USD	3,742,671	EUR	3,482,000	Bank of America N.A.	06/20/24	19,281
USD	12,884,713	EUR	11,801,000	Barclays Bank PLC	06/20/24	265,607
USD	466,779,696	EUR	427,026,000	BNP Paribas SA	06/20/24	10,150,054
USD	3,283,983	EUR	3,033,000	Citibank N.A.	06/20/24	40,720
USD	194,830,633	EUR	178,583,000	Deutsche Bank Securities Inc.	06/20/24	3,867,340
USD	71,979,708	GBP	56,565,000	Barclays Bank PLC	06/20/24	1,280,888
USD	1,039,494	GBP	823,000	BNP Paribas SA	06/20/24	10,852
USD	3,811,195	GBP	2,993,000	Citibank N.A.	06/20/24	70,338
USD	29,306,207	GBP	23,004,000	Deutsche Bank Securities Inc.	06/20/24	554,228
USD	31,562,258	MXN	534,712,000	Bank of America N.A.	06/20/24	586,318

  39

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

 

Forward Foreign Currency Exchange Contracts(continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	5,628,076	MXN	95,580,000	BNP Paribas SA	06/20/24	$91,113
USD	21,054,158	MXN	356,885,000	Deutsche Bank Securities Inc.	06/20/24	379,761
USD	5,393,796	MXN	92,574,469	Goldman Sachs & Co.	06/20/24	30,944
ZAR	45,285,251	USD	2,377,000	Deutsche Bank Securities Inc.	06/20/24	19,765
COP	372,232,840	USD	87,394	Barclays Bank PLC	08/15/24	5,986
COP	957,170,160	USD	221,357	BNP Paribas SA	08/15/24	18,763
USD	3,613,211	BRL	18,943,561	Citibank N.A.	08/15/24	1,693
USD	6,037,501	BRL	31,636,507	Citibank N.A.	10/02/24	35,605
COP	2,088,000,000	USD	501,940	BNP Paribas SA	10/23/24	16,641
USD	5,922,370	MXN	104,157,712	Goldman Sachs & Co.	10/24/24	7,478
COP	2,473,143,000	USD	596,945	BNP Paribas SA	02/24/25	6,838
						20,998,479
BRL	2,400,000	USD	464,055	Deutsche Bank Securities Inc.	05/03/24	(1,859 )
BRL	2,400,000	USD	469,604	Goldman Sachs & Co.	05/03/24	(7,408 )
USD	454,580	BRL	2,400,000	Deutsche Bank Securities Inc.	05/03/24	(7,616 )
AUD	824,875	USD	537,126	Bank of America N.A.	05/16/24	(2,546 )
AUD	613,000	USD	403,875	Goldman Sachs & Co.	05/16/24	(6,606 )
BRL	2,378,031	USD	469,710	Bank of America N.A.	05/16/24	(12,339 )
BRL	3,987,494	USD	794,491	Barclays Bank PLC	05/16/24	(27,569 )
BRL	6,142,000	USD	1,221,776	BNP Paribas SA	05/16/24	(40,475 )
BRL	6,280,000	USD	1,220,702	Deutsche Bank Securities Inc.	05/16/24	(12,859 )
BRL	12,191,709	USD	2,405,318	Goldman Sachs & Co.	05/16/24	(60,466 )
CHF	181,000	USD	199,154	Bank of America N.A.	05/16/24	(1,968 )
CNY	5,138,704	USD	723,812	Citibank N.A.	05/16/24	(908 )
COP	2,531,793,287	USD	646,451	BNP Paribas SA	05/16/24	(2,452 )
COP	4,870,143,089	USD	1,266,998	Goldman Sachs & Co.	05/16/24	(28,205 )
CZK	37,073,826	USD	1,579,260	Barclays Bank PLC	05/16/24	(6,319 )
CZK	5,765,825	USD	248,854	Deutsche Bank Securities Inc.	05/16/24	(4,226 )
EUR	389,000	USD	421,933	Bank of America N.A.	05/16/24	(6,579 )
EUR	267,832	USD	285,830	Bank of America N.A.	05/16/24	147
EUR	2,497,809	USD	2,680,634	Barclays Bank PLC	05/16/24	(13,604 )
EUR	13,440	USD	14,649	BNP Paribas SA	05/16/24	(298 )
EUR	3,520	USD	3,837	Goldman Sachs & Co.	05/16/24	(78 )
GBP	333,000	USD	420,910	Bank of America N.A.	05/16/24	(4,781 )
HUF	226,771,000	USD	621,928	Bank of America N.A.	05/16/24	(4,110 )
HUF	28,652,512	USD	78,916	Deutsche Bank Securities Inc.	05/16/24	(855 )
HUF	382,230,574	USD	1,049,618	Goldman Sachs & Co.	05/16/24	(8,262 )
IDR	33,555,026,082	USD	2,067,656	Bank of America N.A.	05/16/24	(4,549 )
IDR	13,422,751,000	USD	828,509	Barclays Bank PLC	05/16/24	(3,220 )
IDR	70,254,808,947	USD	4,384,970	BNP Paribas SA	05/16/24	(65,402 )
IDR	24,926,773,872	USD	1,585,897	Goldman Sachs & Co.	05/16/24	(53,292 )
INR	59,069,013	USD	708,812	Bank of America N.A.	05/16/24	(1,589 )
INR	28,135,623	USD	337,830	Barclays Bank PLC	05/16/24	(967 )
INR	124,325,053	USD	1,491,618	BNP Paribas SA	05/16/24	(3,096 )
JPY	30,600,000	USD	204,239	Barclays Bank PLC	05/16/24	(9,811 )
JPY	9,123,618	USD	61,000	Deutsche Bank Securities Inc.	05/16/24	(3,030 )
KRW	918,661,540	USD	690,951	Bank of America N.A.	05/16/24	(27,754 )
KRW	116,604,309	USD	87,966	Barclays Bank PLC	05/16/24	(3,788 )
KRW	855,098,270	USD	644,968	Citibank N.A.	05/16/24	(27,657 )
MXN	25,083,845	USD	1,472,017	Barclays Bank PLC	05/16/24	(10,780 )
MXN	8,912,373	USD	528,221	Deutsche Bank Securities Inc.	05/16/24	(9,039 )
MXN	61,099,941	USD	3,662,028	Goldman Sachs & Co.	05/16/24	(102,706 )

40 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

 

Forward Foreign Currency Exchange Contracts(continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
MYR	14,978,750	USD	3,164,715	Barclays Bank PLC	05/16/24	$(34,543 )
NOK	311,020	USD	29,675	BNP Paribas SA	05/16/24	(1,667 )
NOK	4,208,697	USD	399,203	Deutsche Bank Securities Inc.	05/16/24	(20,204 )
NOK	6,290,579	USD	577,655	Goldman Sachs & Co.	05/16/24	(11,179 )
PEN	598,000	USD	161,308	Barclays Bank PLC	05/16/24	(2,486 )
PEN	10,606,147	USD	2,830,014	Citibank N.A.	05/16/24	(13,145 )
PEN	433,296	USD	116,057	Deutsche Bank Securities Inc.	05/16/24	(979 )
PEN	566,514	USD	150,990	Goldman Sachs & Co.	05/16/24	(530 )
PLN	25,769,937	USD	6,477,374	Deutsche Bank Securities Inc.	05/16/24	(125,195 )
RON	135,383	USD	29,643	Barclays Bank PLC	05/16/24	(616 )
RON	992,811	USD	217,321	Goldman Sachs & Co.	05/16/24	(4,450 )
THB	17,461,000	USD	484,442	Barclays Bank PLC	05/16/24	(12,810 )
THB	24,477,728	USD	689,733	Citibank N.A.	05/16/24	(28,574 )
THB	77,637,304	USD	2,136,154	Goldman Sachs & Co.	05/16/24	(39,121 )
TWD	1,982,012	USD	61,000	Barclays Bank PLC	05/16/24	(290 )
USD	510,556	BRL	2,694,000	Citibank N.A.	05/16/24	(7,586 )
USD	2,302,012	BRL	12,119,080	Goldman Sachs & Co.	05/16/24	(28,872 )
USD	1,735,821	COP	6,884,263,987	Barclays Bank PLC	05/16/24	(15,293 )
USD	236,653	COP	938,763,271	BNP Paribas SA	05/16/24	(2,136 )
USD	179,955	COP	709,600,290	Citibank N.A.	05/16/24	(542 )
USD	1,239,549	CZK	29,338,850	Citibank N.A.	05/16/24	(5,219 )
USD	1,114,132	EUR	1,045,579	BNP Paribas SA	05/16/24	(2,283 )
USD	678,364	EUR	637,000	Citibank N.A.	05/16/24	(1,792 )
USD	456,160	EUR	428,955	Goldman Sachs & Co.	05/16/24	(1,855 )
USD	285,830	GBP	228,966	Bank of America N.A.	05/16/24	(293 )
USD	14,649	GBP	11,526	BNP Paribas SA	05/16/24	245
USD	3,837	HUF	1,397,491	Goldman Sachs & Co.	05/16/24	29
USD	358,102	HUF	132,086,224	Goldman Sachs & Co.	05/16/24	(1,756 )
USD	807,781	IDR	13,138,800,000	BNP Paribas SA	05/16/24	(49 )
USD	530,063	INR	44,373,000	BNP Paribas SA	05/16/24	(1,207 )
USD	1,124,055	PLN	4,570,158	Goldman Sachs & Co.	05/16/24	(2,470 )
USD	300,138	ZAR	5,667,000	Bank of America N.A.	05/16/24	(641 )
USD	899,636	ZAR	17,165,000	BNP Paribas SA	05/16/24	(11,406 )
USD	2,843,505	ZAR	54,350,945	Citibank N.A.	05/16/24	(41,202 )
USD	3,436,324	ZAR	65,184,658	Deutsche Bank Securities Inc.	05/16/24	(23,389 )
USD	3,424,379	ZAR	64,571,996	Goldman Sachs & Co.	05/16/24	(2,816 )
ZAR	9,870,047	USD	524,022	Bank of America N.A.	05/16/24	(163 )
USD	648,505	COP	2,563,930,482	Citibank N.A.	06/14/24	(890 )
USD	969,794	COP	3,861,624,000	Citibank N.A.	06/17/24	(7,822 )
BRL	13,653,019	USD	2,718,147	Barclays Bank PLC	06/18/24	(100,219 )
INR	117,000,751	USD	1,408,765	Goldman Sachs & Co.	06/18/24	(9,611 )
MXN	43,208,846	USD	2,542,147	Barclays Bank PLC	06/18/24	(38,255 )
ZAR	2,042,973	USD	109,000	Deutsche Bank Securities Inc.	06/18/24	(856 )
BRL	25,244,179	USD	4,947,327	Barclays Bank PLC	06/20/24	(107,933 )
BRL	57,693,116	USD	11,453,000	Citibank N.A.	06/20/24	(393,037 )
IDR	19,427,855,000	USD	1,241,000	BNP Paribas SA	06/20/24	(47,870 )
IDR	21,985,890,973	USD	1,408,765	Deutsche Bank Securities Inc.	06/20/24	(58,537 )
MXN	118,482,386	USD	7,015,688	Barclays Bank PLC	06/20/24	(151,987 )
MXN	80,643,639	USD	4,755,000	BNP Paribas SA	06/20/24	(83,303 )
MXN	209,163,000	USD	12,463,414	Goldman Sachs & Co.	06/20/24	(346,573 )
USD	1,808,706	COP	7,223,087,000	Goldman Sachs & Co.	06/20/24	(19,046 )
USD	995,428	EUR	931,000	BNP Paribas SA	06/20/24	(113 )
USD	855,006	EUR	801,000	Deutsche Bank Securities Inc.	06/20/24	(1,524 )

  41

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

 

Forward Foreign Currency Exchange Contracts(continued)

Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	94,077	GBP	76,000	Deutsche Bank Securities Inc.	06/20/24	$(913 )
ZAR	67,549,974	USD	3,619,000	Barclays Bank PLC	06/20/24	(43,853 )
CNY	22,544,699	USD	3,172,182	Citibank N.A.	07/26/24	(4,724 )
USD	3,157,344	CNY	22,544,699	BNP Paribas SA	07/26/24	(10,114 )
						(2,462,586 )
						$18,535,893

Centrally Cleared Interest Rate Swaps 

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)	Value	Upfront Premium Paid (Received)	Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1-Day SOFR, 5.34%	Annual	5.37%	Annual	N/A	07/12/24	USD	4,500	$(1,775 )	$3	$(1,778 )
1-Day SOFR, 5.34%	Annual	5.37%	Annual	N/A	07/12/24	USD	4,500	(1,749 )	3	(1,752 )
3-mo. WIBOR, 5.86%	Quarterly	5.68%	Quarterly	N/A	03/20/25	PLN	10,195	(5,403 )	7	(5,410 )
28-Day MXIBTIIE, 11.24%	Annual	10.96%	Annual	N/A	04/25/25	MXN	111,737	409	12	397
3-mo. WIBOR, 5.86%	Quarterly	5.62%	Quarterly	6/19/2024(a)	06/19/25	PLN	4,094	(1,834 )	3	(1,837 )
3-mo. WIBOR, 5.86%	Quarterly	5.70%	Quarterly	6/19/2024(a)	06/19/25	PLN	5,480	(1,502 )	4	(1,506 )
3-mo. WIBOR, 5.86%	Quarterly	5.80%	Quarterly	6/19/2024(a)	06/19/25	PLN	6,709	(303 )	5	(308 )
28-Day MXIBTIIE, 11.24%	Annual	10.33%	Annual	N/A	08/01/25	MXN	17,671	(6,076 )	4	(6,080 )
28-Day MXIBTIIE, 11.24%	Annual	10.68%	Annual	N/A	09/04/25	MXN	7,032	(524 )	2	(526 )
28-Day MXIBTIIE, 11.24%	Monthly	10.84%	Monthly	N/A	09/25/25	MXN	6,733	413	2	411
28-Day MXIBTIIE, 11.24%	Annual	9.98%	Annual	N/A	11/26/25	MXN	7,021	(4,164 )	2	(4,166 )
8.02%	Annual	3-mo. JIBAR, 8.35%	Quarterly	3/26/2025(a)	03/26/26	ZAR	69,182	13,808	12	13,796
8.45%	Annual	3-mo. JIBAR, 8.35%	Quarterly	3/26/2025(a)	03/26/26	ZAR	24,598	—	4	(4 )
4.53%	Annual	1-Day SOFR, 5.34%	Annual	N/A	04/01/26	USD	210,000	1,788,768	872	1,787,896
8.18%	Annual	3-mo. JIBAR, 8.35%	Quarterly	N/A	04/02/26	ZAR	22,443	5,311	—	5,311
3-mo. KRW CDC, 3.57%	Quarterly	3.32%	Quarterly	6/19/2024(a)	06/19/26	KRW	2,204,745	(7,328 )	8	(7,336 )
3-mo. KRW CDC, 3.57%	Quarterly	3.38%	Quarterly	6/19/2024(a)	06/19/26	KRW	1,895,179	(4,764 )	7	(4,771 )
3-mo. KRW CDC, 3.57%	Quarterly	3.50%	Quarterly	6/19/2024(a)	06/19/26	KRW	1,244,125	(1,017 )	4	(1,021 )
3-mo. KRW CDC, 3.57%	Quarterly	3.38%	Quarterly	N/A	09/20/26	KRW	26,867	(87 )	—	(87 )
3-mo. KRW CDC, 3.57%	Quarterly	3.51%	Quarterly	N/A	09/20/26	KRW	441,195	(398 )	3	(401 )
1-Day SOFR, 5.34%	At Termination	4.17%	At Termination	10/23/2025(a)	10/23/26	USD	1,786	(3,703 )	3	(3,706 )

42 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

 

Centrally Cleared Interest Rate Swaps(continued)

Paid by the Fund		Received by the Fund		Effective Date	Termination Date		Notional Amount (000)	Value	Upfront Premium Paid (Received)	Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1-Day SOFR, 5.34%	At Termination	4.21%	At Termination	10/27/2025(a)	10/27/26	USD	3,655	$(6,023 )	$7	$(6,030 )
3-mo. KRW CDC, 3.57%	Quarterly	3.54%	Quarterly	N/A	12/20/26	KRW	251,959	(63 )	2	(65 )
3-mo. KRW CDC, 3.57%	Quarterly	3.22%	Quarterly	N/A	03/20/27	KRW	394,532	(2,672 )	2	(2,674 )
3-mo. KRW CDC, 3.57%	Quarterly	3.52%	Quarterly	6/19/2024(a)	06/19/27	KRW	5,993,692	(2,098 )	28	(2,126 )
1-Day SOFR, 5.34%	Annual	4.20%	Annual	10/23/2025(a)	10/23/27	USD	930	(1,267 )	4	(1,271 )
1-Day SOFR, 5.34%	Annual	3.92%	Annual	11/3/2025(a)	11/03/27	USD	479	(2,910 )	2	(2,912 )
1-Day SOFR, 5.34%	Annual	3.95%	Annual	11/3/2025(a)	11/03/27	USD	478	(2,657 )	2	(2,659 )
1-Day SOFR, 5.34%	Annual	3.99%	Annual	11/3/2025(a)	11/03/27	USD	957	(4,723 )	4	(4,727 )
1-Day SOFR, 5.34%	Annual	3.84%	Annual	11/17/2025(a)	11/17/27	USD	2,226	(16,137 )	10	(16,147 )
1-Day SOFR, 5.34%	Annual	3.88%	Annual	N/A	04/01/31	USD	20,000	(598,639 )	250	(598,889 )
1-Day MIBOR, 6.75%	Annual	6.44%	Annual	9/18/2024(a)	09/18/34	INR	1,600,000	(248,110 )	347	(248,457 )
								$882,783	$1,618	$881,165

 

(a) Forward Swap.

OTC Interest Rate Swaps 

Paid by the Fund		Received by the Fund		Counterparty	Effective Date	Termination Date		Notional Amount (000)	Value	Upfront Premium Paid (Received)	Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
10.43%	At Termination	1-Day BZDIOVER, 0.04%	At Termination	BNP Paribas S.A.	N/A	01/02/25	BRL	$94,176	$(10,366 )	$—	$(10,366 )
10.05%	At Termination	1-Day COOIS, 11.40%	At Termination	Citibank N.A.	N/A	03/18/25	COP	2,379,351	2,126	—	2,126
10.02%	At Termination	1-Day COOIS, 11.40%	At Termination	Barclays Bank PLC	N/A	03/21/25	COP	4,856,540	4,322	—	4,322
9.87%	At Termination	1-Day COOIS, 11.40%	At Termination	Bank of America N.A.	N/A	04/03/25	COP	9,414,527	8,895	—	8,895
10.22%	At Termination	1-Day COOIS, 11.40%	At Termination	Citibank N.A.	N/A	04/18/25	COP	3,854,615	(804 )	—	(804 )
1-Day BZDIOVER, 0.04%	At Termination	10.92%	At Termination	BNP Paribas S.A.	N/A	01/02/26	BRL	293	(490 )	—	(490 )
1-Day BZDIOVER, 0.04%	At Termination	10.81%	At Termination	Citibank N.A.	N/A	01/02/26	BRL	188	(396 )	—	(396 )
1-Day BZDIOVER, 0.04%	At Termination	10.84%	At Termination	Citibank N.A.	N/A	01/02/26	BRL	209	(411 )	—	(411 )
1-Day BZDIOVER, 0.04%	At Termination	10.56%	At Termination	Citibank N.A.	N/A	01/02/26	BRL	254	(841 )	—	(841 )

  43

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

 

OTC Interest Rate Swaps(continued)

Paid by the Fund		Received by the Fund		Counterparty	Effective Date	Termination Date		Notional Amount (000)	Value	Upfront Premium Paid (Received)	Unrealized Appreciation (Depreciation)
Rate	Frequency	Rate	Frequency
1-Day BZDIOVER, 0.04%	At Termination	10.13%	At Termination	Barclays Bank PLC	N/A	01/02/26	BRL	$453	$(2,143 )	$—	$(2,143 )
1-Day BZDIOVER, 0.04%	At Termination	10.10%	At Termination	Citibank N.A.	N/A	01/02/26	BRL	941	(4,442 )	—	(4,442 )
1-Day BZDIOVER, 0.04%	At Termination	10.14%	At Termination	Goldman Sachs International	N/A	01/02/26	BRL	294	(866 )	—	(866 )
1-Day BZDIOVER, 0.04%	At Termination	10.10%	At Termination	Citibank N.A.	N/A	01/02/26	BRL	891	(2,391 )	—	(2,391 )
1-Day BZDIOVER, 0.04%	At Termination	9.59%	At Termination	BNP Paribas S.A.	N/A	01/02/26	BRL	2,978	(11,305 )	—	(11,305 )
1-Day BZDIOVER, 0.04%	At Termination	9.76%	At Termination	Citibank N.A.	N/A	01/02/26	BRL	2,785	(7,894 )	—	(7,894 )
1-Day BZDIOVER, 0.04%	At Termination	9.84%	At Termination	Barclays Bank PLC	N/A	01/02/26	BRL	6,061	(15,332 )	—	(15,332 )
1-Day BZDIOVER, 0.04%	At Termination	9.94%	At Termination	Barclays Bank PLC	N/A	01/02/26	BRL	12,020	(25,899 )	—	(25,899 )
1-Day BZDIOVER, 0.04%	At Termination	10.52%	At Termination	Barclays Bank PLC	N/A	01/02/26	BRL	6,426	(2,035 )	—	(2,035 )
1-Day BZDIOVER, 0.04%	At Termination	4.95%	At Termination	Bank of America N.A.	4/1/2025 (a)	04/01/26	CLP	4,541,864	(4,208 )	—	(4,208 )
1-Day BZDIOVER, 0.04%	At Termination	9.79%	At Termination	BNP Paribas S.A.	N/A	01/04/27	BRL	1,292	(7,983 )	—	(7,983 )
1-Day BZDIOVER, 0.04%	At Termination	9.71%	At Termination	BNP Paribas S.A.	N/A	01/04/27	BRL	1,961	(12,802 )	—	(12,802 )
1-Day BZDIOVER, 0.04%	At Termination	9.96%	At Termination	Citibank N.A.	N/A	01/04/27	BRL	1,319	(6,461 )	—	(6,461 )
1-Day BZDIOVER, 0.04%	At Termination	10.05%	At Termination	Barclays Bank PLC	N/A	01/04/27	BRL	2,782	(12,237 )	—	(12,237 )
1-Day BZDIOVER, 0.04%	At Termination	10.81%	At Termination	Bank of America N.A.	N/A	01/04/27	BRL	1,713	(1,051 )	—	(1,051 )
4.98%	At Termination	1-Day COOIS, 11.40%	At Termination	Bank of America N.A.	4/1/2026 (a)	04/01/28	CLP	2,434,208	8,964	—	8,964
									$(106,050 )	$—	$(106,050 )

 

(a) Forward Swap.

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;

44 

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

 

Fair Value Hierarchy as of Period End(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 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
Asset-Backed Securities	$—	$475,591,113	$2,470,033	$478,061,146
Collaterized Mortgage Obligations	—	360,200,699	3,092,553	363,293,252
Convertible Bonds	14,854,977	170,731	—	15,025,708
Corporate Bonds & Notes	—	1,512,512,326	—	1,512,512,326
Floating Rate Loan Interests	—	82,861,667	1,917,910	84,779,577
Foreign Government Obligations	—	186,778,623	—	186,778,623
Municipal Debt Obligations	—	2,662,621	—	2,662,621
U.S. Government Agency Obligations	—	170,538,108	—	170,538,108
Investment Companies	59,134,162	—	—	59,134,162
Short-Term Securities
Money Market Funds	365,743,283	—	—	365,743,283
Liabilities
Investments
TBA Sales Commitments	—	(7,405,406 )	—	(7,405,406 )
	$439,732,422	$2,783,910,482	$7,480,496	$3,231,123,400
Derivative Financial Instruments(a)
Assets
Foreign Currency Exchange Contracts	$—	$20,998,479	$—	$20,998,479
Interest Rate Contracts	3,307,532	1,832,118	—	5,139,650
Liabilities
Foreign Currency Exchange Contracts	—	(2,462,586 )	—	(2,462,586 )
Interest Rate Contracts	(1,946,717 )	(1,057,003 )	—	(3,003,720 )
	1,360,815	$19,311,008	$—	20,671,823

 

(a) Derivative financial instruments are swaps, futures contracts and forward foreign currency exchange contracts. Swaps, futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument.

 

Portfolio Abbreviation
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
PIK	Payment-in-kind
PJSC	Public Joint Stock Company

RB	Revenue Bond
SOFR	Secured Overnight Financing Rate
SONIA	Sterling Overnight Interbank Average Rate
ST	Special Tax
TBA	To-Be-Announced

  45

Schedule of Investments (unaudited)(continued)

April 30, 2024

BlackRock Flexible Income ETF

 

 

Currency Abbreviation
AUD	Australian Dollar
BRL	Brazilian Real
CHF	Swiss Franc
CLP	Chilean Peso
CNH	Chinese Yuan
CNY	Chinese Yuan
COP	Colombian Peso
CZK	Czech Koruna
EUR	Euro
GBP	British Pound
HUF	Hungarian Forint
IDR	Indonesian Rupiah
INR	Indian Rupee

JPY	Japanese Yen
KRW	South Korean Won
MXN	Mexican Peso
MYR	Malaysian Ringgit
NOK	Norwegian Krone
PEN	Peru Nuevo Sol
PLN	Polish Zloty
RON	Romanian Leu
SEK	Swedish Krona
THB	Thai Baht
TWD	New Taiwan Dollar
USD	United States Dollar
ZAR	South African Rand

46