BlackRock ETF Trust
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-23402
Name of Fund:
BlackRock ETF Trust
BlackRock U.S. Carbon Transition Readiness ETF
BlackRock World ex U.S. Carbon Transition Readiness ETF
iShares FinTech Active ETF
iShares Health Innovation Active ETF
iShares International Country Rotation Active ETF
iShares Large Cap Core Active ETF
iShares Large Cap Value Active ETF
iShares U.S. Equity Factor Rotation Active ETF
iShares U.S. Industry Rotation Active ETF
iShares U.S. Thematic Rotation Active ETF
Fund Address:  100 Bellevue Parkway, Wilmington, DE 19809
Name and address of agent for service:  John M. Perlowski, Chief Executive Officer, BlackRock ETF Trust, 50 Hudson Yards, New York, NY 10001
Registrant's telephone number, including area code:
(800) 441-7762
Date of fiscal year end:
7/31/2025
Date of reporting period:
1/31/2025
Item 1 — Report to Stockholders
(a) The Report to Shareholders is attached herewith
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BlackRock U.S. Carbon Transition Readiness ETF
LCTU | NYSE Arca
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about BlackRock U.S. Carbon Transition Readiness ETF (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
BlackRock U.S. Carbon Transition Readiness ETF $8 0.15%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Fund NAV 10.51 % 25.97 % 11.45 %
Russell 1000® Index 10.85 26.71 11.78
Key Fund statistics
Net Assets $1,294,105,010
Number of Portfolio Holdings 297
Portfolio Turnover Rate 19%
The inception date of the Fund was April 6, 2021.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector Percent of Total
Investments(a)
Information Technology 29.4 %
Financials 14.7 %
Consumer Discretionary 11.5 %
Health Care 10.2 %
Communication Services 9.8 %
Industrials 8.8 %
Consumer Staples 5.5 %
Energy 3.1 %
Materials 2.4 %
Utilities 2.4 %
Real Estate 2.2 %
Ten largest holdings
Security Percent of Total
Investments(a)
Apple Inc. 6.8 %
Nvidia Corp. 5.2 %
Microsoft Corp. 4.6 %
Amazon.com Inc. 3.5 %
Meta Platforms Inc., Class A 2.8 %
Alphabet Inc., Class A 2.3 %
Tesla Inc. 2.1 %
Alphabet Inc., Class C 1.9 %
Mastercard Inc., Class A 1.9 %
Broadcom Inc. 1.8 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock U.S. Carbon Transition Readiness ETF
Semi-Annual Shareholder Report — January 31, 2025
LCTU-01/25-SAR
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BlackRock World ex U.S. Carbon Transition Readiness ETF
LCTD | NYSE Arca
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about BlackRock World ex U.S. Carbon Transition Readiness ETF (the “Fund”) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
BlackRock World ex U.S. Carbon Transition Readiness ETF $11 0.22%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Fund NAV 0.63 % 8.77 % 2.94 %
MSCI World ex USA Index 1.53 9.44 4.48
Key Fund statistics
Net Assets $259,518,252
Number of Portfolio Holdings 350
Portfolio Turnover Rate 16%
The inception date of the Fund was April 6, 2021.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector Percent of Total
Investments(a)
Financials 24.0 %
Industrials 17.3 %
Health Care 11.0 %
Consumer Discretionary 10.4 %
Information Technology 9.5 %
Consumer Staples 7.3 %
Materials 6.5 %
Energy 4.9 %
Communication Services 4.1 %
Utilities 3.2 %
Real Estate 1.8 %
Ten largest holdings
Security Percent of Total
Investments(a)
Royal Bank of Canada 1.9 %
Nestle SA 1.9 %
HSBC Holdings PLC 1.8 %
ASML Holding NV 1.6 %
Schneider Electric SE 1.6 %
AstraZeneca PLC 1.5 %
SAP SE 1.5 %
Novo Nordisk A/S, Class B 1.5 %
LVMH Moet Hennessy Louis Vuitton SE 1.4 %
Iberdrola SA 1.3 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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BlackRock World ex U.S. Carbon Transition Readiness ETF
Semi-Annual Shareholder Report — January 31, 2025
LCTD-01/25-SAR
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iShares FinTech Active ETF
BPAY | NYSE Arca
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares FinTech Active ETF (the “Fund”) (formerly known as BlackRock Future Financial and Technology ETF) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares FinTech Active ETF $38 0.70%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Fund NAV 16.31 % 27.36 % 5.96 %
MSCI All Country World Index 7.37 20.72 13.69
Key Fund statistics
Net Assets $6,784,955
Number of Portfolio Holdings 38
Portfolio Turnover Rate 33%
The inception date of the Fund was August 16, 2022.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Industry allocation
Industry Percent of Total
Investments(a)
Financial Services 44.9 %
Consumer Finance 19.8 %
Banks 13.2 %
Capital Markets 8.8 %
Professional Services 5.0 %
Software 4.9 %
Wireless Telecommunication Services 2.4 %
Insurance 1.0 %
Ten largest holdings
Security Percent of Total
Investments(a)
Capital One Financial Corp. 6.2 %
Synchrony Financial 5.9 %
PayPal Holdings Inc. 5.1 %
Charles Schwab Corp. (The) 5.1 %
Rakuten Bank Ltd. 5.1 %
Dun & Bradstreet Holdings Inc. 5.0 %
Block Inc. 5.0 %
Global Payments Inc. 4.9 %
Fiserv Inc. 4.7 %
Worldline SA/France 4.0 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares FinTech Active ETF
Semi-Annual Shareholder Report — January 31, 2025
BPAY-01/25-SAR
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iShares Health Innovation Active ETF
BMED | NYSE Arca
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Health Innovation Active ETF (the “Fund”) (formerly known as BlackRock Future Health ETF) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Health Innovation Active ETF $43 0.85%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Fund NAV 2.34 % 7.40 % 1.36 %
MSCI All Country World Index 7.37 20.72 12.31
STOXX Global Breakthrough Healthcare Index 2.39 10.27 (0.93 )
MSCI ACWI SMID Growth Health Care Index 2.93 11.33 (0.79 )
Key Fund statistics
Net Assets $3,196,974
Number of Portfolio Holdings 119
Portfolio Turnover Rate 63%
The inception date of the Fund was September 29, 2020.
Effective November 1, 2024, the Fund has changed the benchmark against which it measures its performance from the MSCI ACWI SMID Growth Health Care Index to the STOXX Global Breakthrough Healthcare Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Industry allocation
Industry Percent of Total
Investments(a)
Biotechnology 38.5 %
Health Care Equipment & Supplies 28.7 %
Life Sciences Tools & Services 19.3 %
Pharmaceuticals 11.2 %
Health Care Providers & Services 2.3 %
Ten largest holdings
Security Percent of Total
Investments(a)
Intuitive Surgical Inc. 5.3 %
Boston Scientific Corp. 5.2 %
Argenx SE 3.6 %
Gilead Sciences Inc. 3.2 %
Roche Holding AG 2.9 %
Lonza Group AG 2.7 %
Abbott Laboratories 2.5 %
UCB SA 2.4 %
Medtronic PLC 2.2 %
Repligen Corp. 2.2 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI Inc., STOXX Ltd. and their respective affiliates, nor do these companies make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the companies listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Health Innovation Active ETF
Semi-Annual Shareholder Report — January 31, 2025
BMED-01/25-SAR
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iShares International Country Rotation Active ETF
CORO | NASDAQ
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares International Country Rotation Active ETF (the “Fund”) for the period of December 3, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the period ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares International Country Rotation Active ETF $1(a) 0.04%(b)
​(a)
The Fund commenced operations during the reporting period. Expenses for a full reporting period would be higher than the amount shown.
​(b)
Annualized.
Key Fund statistics
Net Assets $5,919,830
Number of Portfolio Holdings 37
Portfolio Turnover Rate 14%
What did the Fund invest in?
(as of January 31, 2025)
Portfolio composition
Asset Class Percent of Total
Investments(a)
International Equity 97.5 %
Domestic Equity 2.5 %
Ten largest holdings
Security Percent of Total
Investments(a)
iShares MSCI Japan ETF 13.8 %
iShares MSCI United Kingdom ETF 9.8 %
iShares MSCI China ETF 8.7 %
iShares MSCI Canada ETF 7.6 %
iShares MSCI France ETF 6.8 %
iShares MSCI Germany ETF 6.1 %
iShares MSCI Switzerland ETF 5.4 %
iShares MSCI Taiwan ETF 5.4 %
iShares MSCI India ETF 5.1 %
iShares MSCI Australia ETF 4.7 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares International Country Rotation Active ETF
Semi-Annual Shareholder Report — January 31, 2025
CORO-01/25-SAR
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iShares Large Cap Core Active ETF
BLCR | NASDAQ
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Large Cap Core Active ETF (the “Fund”) (formerly known as BlackRock Large Cap Core ETF) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Large Cap Core Active ETF $19 0.36%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Fund NAV 9.25 % 20.68 % 28.05 %
Russell 1000® Index 10.85 26.71 34.46
Key Fund statistics
Net Assets $7,853,413
Number of Portfolio Holdings 36
Portfolio Turnover Rate 66%
The inception date of the Fund was October 24, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Industry allocation
Industry Percent of Total
Investments(a)
Interactive Media & Services 13.0 %
Semiconductors & Semiconductor Equipment 11.0 %
Health Care Providers & Services 10.0 %
Capital Markets 8.9 %
Broadline Retail 8.1 %
Software 7.7 %
Financial Services 5.1 %
Communications Equipment 4.2 %
Chemicals 3.9 %
Oil, Gas & Consumable Fuels 3.3 %
Other* 24.8 %
Ten largest holdings
Security Percent of Total
Investments(a)
Amazon.com Inc. 8.1 %
Microsoft Corp. 7.7 %
Meta Platforms Inc., Class A 7.0 %
Visa Inc., Class A 5.1 %
Ciena Corp. 4.2 %
Air Products and Chemicals Inc. 3.9 %
Nvidia Corp. 3.8 %
Alphabet Inc., Class A 3.4 %
Broadcom Inc. 3.4 %
Intercontinental Exchange Inc. 3.4 %
​(a)
Excludes money market funds.
​*
Ten largest industries are presented. Additional industries are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Large Cap Core Active ETF
Semi-Annual Shareholder Report — January 31, 2025
BLCR-01/25-SAR
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iShares Large Cap Value Active ETF
BLCV | NYSE Arca
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares Large Cap Value Active ETF (the “Fund”) (formerly known as BlackRock Large Cap Value ETF) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares Large Cap Value Active ETF $6 0.11%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Fund NAV 3.88 % 15.32 % 19.21 %
Russell 1000® Index 10.85 26.71 26.18
Russell 1000® Value Index 6.77 19.54 18.12
Key Fund statistics
Net Assets $16,386,277
Number of Portfolio Holdings 54
Portfolio Turnover Rate 19%
The inception date of the Fund was May 19, 2023.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Industry allocation
Industry Percent of Total
Investments(a)
Health Care Providers & Services 11.8 %
Banks 11.4 %
Professional Services 7.1 %
Oil, Gas & Consumable Fuels 5.9 %
Aerospace & Defense 5.4 %
Health Care Equipment & Supplies 5.3 %
Chemicals 4.2 %
Insurance 3.8 %
Financial Services 3.3 %
Broadline Retail 3.0 %
Other* 38.8 %
Ten largest holdings
Security Percent of Total
Investments(a)
Wells Fargo & Co. 4.6 %
Citigroup Inc. 4.1 %
CVS Health Corp. 3.4 %
SS&C Technologies Holdings Inc. 3.2 %
Cardinal Health Inc. 3.2 %
Amazon.com Inc. 3.0 %
Medtronic PLC 3.0 %
Cisco Systems Inc. 2.9 %
First Citizens BancShares Inc./NC, Class A 2.7 %
Microsoft Corp. 2.6 %
​(a)
Excludes money market funds.
​*
Ten largest industries are presented. Additional industries are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by FTSE International Limited and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares Large Cap Value Active ETF
Semi-Annual Shareholder Report — January 31, 2025
BLCV-01/25-SAR
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iShares U.S. Equity Factor Rotation Active ETF
DYNF | NYSE Arca
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares U.S. Equity Factor Rotation Active ETF (the “Fund”) (formerly known as BlackRock U.S. Equity Factor Rotation ETF) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares U.S. Equity Factor Rotation Active ETF $12 0.23%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year 5 Years Since Fund
Inception
Fund NAV 11.64 % 30.88 % 15.61 % 15.80 %
MSCI USA Index 10.81 26.91 15.20 15.70
Key Fund statistics
Net Assets $14,813,866,042
Number of Portfolio Holdings 85
Portfolio Turnover Rate 22%
The inception date of the Fund was March 19, 2019.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector Percent of Total
Investments(a)
Information Technology 31.2 %
Financials 18.9 %
Communication Services 14.2 %
Consumer Discretionary 11.6 %
Industrials 7.9 %
Consumer Staples 5.7 %
Health Care 5.5 %
Energy 3.4 %
Utilities 1.6 %
Ten largest holdings
Security Percent of Total
Investments(a)
Nvidia Corp. 7.2 %
Microsoft Corp. 7.0 %
Apple Inc. 7.0 %
Amazon.com Inc. 4.6 %
Meta Platforms Inc., Class A 4.5 %
Bank of America Corp. 3.9 %
JPMorgan Chase & Co. 3.4 %
Costco Wholesale Corp. 3.1 %
Alphabet Inc., Class A 3.0 %
Exxon Mobil Corp. 3.0 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares U.S. Equity Factor Rotation Active ETF
Semi-Annual Shareholder Report — January 31, 2025
DYNF-01/25-SAR
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iShares U.S. Industry Rotation Active ETF
INRO | NASDAQ
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares U.S. Industry Rotation Active ETF (the “Fund”) (formerly known as BlackRock U.S. Industry Rotation ETF) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares U.S. Industry Rotation Active ETF $22 0.42%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 Since Fund
Inception
Fund NAV 9.79 % 14.48 %
MSCI USA Index 10.81 17.84
Key Fund statistics
Net Assets $19,932,221
Number of Portfolio Holdings 445
Portfolio Turnover Rate 190%
The inception date of the Fund was March 26, 2024.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Sector allocation
Sector Percent of Total
Investments(a)
Information Technology 31.8 %
Financials 15.9 %
Communication Services 15.8 %
Consumer Discretionary 10.9 %
Industrials 10.0 %
Health Care 7.2 %
Energy 4.4 %
Materials 2.7 %
Utilities 1.0 %
Real Estate 0.3 %
Ten largest holdings
Security Percent of Total
Investments(a)
Apple Inc. 7.3 %
Nvidia Corp. 6.1 %
Microsoft Corp. 6.0 %
Meta Platforms Inc., Class A 4.3 %
Alphabet Inc., Class A 3.4 %
Alphabet Inc., Class C 3.0 %
Tesla Inc. 2.7 %
Amazon.com Inc. 2.2 %
Broadcom Inc. 2.0 %
T-Mobile U.S. Inc. 1.7 %
​(a)
Excludes money market funds.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by MSCI, Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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iShares U.S. Industry Rotation Active ETF
Semi-Annual Shareholder Report — January 31, 2025
INRO-01/25-SAR
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iShares U.S. Thematic Rotation Active ETF
THRO | NYSE Arca
Semi-Annual Shareholder Report — January 31, 2025
This semi-annual shareholder report contains important information about iShares U.S. Thematic Rotation Active ETF (the “Fund”) (formerly known as BlackRock Future U.S. Themes ETF) for the period of August 1, 2024 to January 31, 2025. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at (800) 474‑2737.
What were the Fund costs for the last six months ?
(based on a hypothetical $10,000 investment)
Fund name Costs of a $10,000
investment		 Costs paid as a percentage of a
$10,000 investment
iShares U.S. Thematic Rotation Active ETF $32 0.60%(a)
​(a)
Annualized.
Fund performance
Average annual total returns
6-Month
Total
Returns		 1 Year Since Fund
Inception
Fund NAV 12.07 % 31.17 % 12.03 %
S&P 500® Index 10.12 26.38 10.52
Key Fund statistics
Net Assets $14,534,637
Number of Portfolio Holdings 174
Portfolio Turnover Rate 31%
The inception date of the Fund was December 14, 2021.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. Visit iShares.com for more recent performance information.
What did the Fund invest in?
(as of January 31, 2025)
Industry allocation
Industry Percent of Total
Investments(a)
Software 12.0 %
Semiconductors & Semiconductor Equipment 9.5 %
Specialty Retail 9.0 %
Health Care Equipment & Supplies 7.1 %
Technology Hardware, Storage & Peripherals 6.6 %
Interactive Media & Services 6.4 %
Consumer Staples Distribution & Retail 6.1 %
Broadline Retail 4.8 %
Machinery 4.4 %
Electronic Equipment, Instruments & Components 3.4 %
Other* 30.7 %
Ten largest holdings
Security Percent of Total
Investments(a)
Nvidia Corp. 6.6 %
Apple Inc. 5.6 %
Microsoft Corp. 5.5 %
Amazon.com Inc. 4.2 %
TJX Companies Inc. (The) 3.3 %
Costco Wholesale Corp. 3.0 %
Meta Platforms Inc., Class A 2.8 %
Boston Scientific Corp. 2.7 %
Ross Stores Inc. 2.5 %
Walmart Inc. 2.3 %
​(a)
Excludes money market funds.
​*
Ten largest industries are presented. Additional industries are found in Other.
Additional information
If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund’s prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.
The Fund is not sponsored, endorsed, issued, sold, or promoted by S&P Dow Jones Indices and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.
©2025 BlackRock, Inc. or its affiliates. All rights reserved. BLACKROCK is a registered trademark of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
TSR - BLK BlackRock Logo Footer
iShares U.S. Thematic Rotation Active ETF
Semi-Annual Shareholder Report — January 31, 2025
THRO-01/25-SAR

(b) Not Applicable

 

Item 2 –

Code of Ethics – Not Applicable to this semi-annual report

 

Item 3 –

Audit Committee Financial Expert – Not Applicable to this semi-annual report

 

Item 4 –

Principal Accountant Fees and Services – Not Applicable to this semi-annual report

 

Item 5 –

Audit Committee of Listed Registrant – Not applicable

 

Item 6 –

Investments

(a) The registrant’s Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.

 

Item 7 –

Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached herewith.

(b) The registrant’s Financial Highlights are attached herewith.

January 31, 2025
 
 
2025 Semi-Annual Financial
Statements and Additional
Information (Unaudited)
 
BlackRock ETF Trust
• BlackRock U.S. Carbon Transition Readiness ETF | LCTU | NYSE Arca
• BlackRock World ex U.S. Carbon Transition Readiness ETF | LCTD | NYSE Arca
• iShares FinTech Active ETF | BPAY | NYSE Arca
• iShares Health Innovation Active ETF | BMED | NYSE Arca
• iShares International Country Rotation Active ETF | CORO | NASDAQ
• iShares Large Cap Core Active ETF | BLCR | NASDAQ
• iShares Large Cap Value Active ETF | BLCV | NYSE Arca
• iShares U.S. Equity Factor Rotation Active ETF | DYNF | NYSE Arca
• iShares U.S. Industry Rotation Active ETF | INRO | NASDAQ
• iShares U.S. Thematic Rotation Active ETF | THRO | NYSE Arca
 
 
 
Not FDIC Insured • May Lose Value • No Bank Guarantee
Table of Contents
 
 
Page
3
37
40
43
48
58
71
72
75
76
2
Schedule of Investments (unaudited)
January 31, 2025
BlackRock U.S. Carbon Transition Readiness ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 1.5%
General Electric Co.
55,097
$11,216,096
Hexcel Corp.
18,443
1,202,484
RTX Corp.
52,877
6,818,489
Spirit AeroSystems Holdings Inc., Class A(a)
5,831
198,312
 
19,435,381
Air Freight & Logistics — 0.4%
CH Robinson Worldwide Inc.
19,836
1,973,484
Expeditors International of Washington Inc.
26,068
2,960,803
GXO Logistics Inc.(a)
5,741
260,929
 
5,195,216
Automobile Components — 0.0%
BorgWarner Inc.
4,917
156,852
Automobiles — 2.2%
General Motors Co.
14,164
700,551
Lucid Group Inc., Class A(a)(b)
83,252
229,776
Rivian Automotive Inc., Class A(a)(b)
58,552
735,413
Tesla Inc.(a)
66,921
27,076,237
 
28,741,977
Banks — 3.5%
Bank of America Corp.
10,237
473,973
Citigroup Inc.
20,200
1,644,886
East West Bancorp. Inc.
1,491
153,528
FNB Corp.
143,971
2,258,905
JPMorgan Chase & Co.
75,678
20,228,730
KeyCorp
491,870
8,843,823
M&T Bank Corp.
20,730
4,171,705
NU Holdings Ltd./Cayman Islands, Class A(a)
79,826
1,056,896
Pinnacle Financial Partners Inc.
4
499
U.S. Bancorp
79,703
3,808,209
Wells Fargo & Co.
42,080
3,315,904
 
45,957,058
Beverages — 1.5%
Brown-Forman Corp., Class B 
10
330
Coca-Cola Co. (The)
202,693
12,866,952
Keurig Dr Pepper Inc.
60,221
1,933,094
PepsiCo Inc.
27,755
4,182,401
 
18,982,777
Biotechnology — 2.0%
AbbVie Inc.
44,296
8,146,034
Alnylam Pharmaceuticals Inc.(a)
3,822
1,036,947
Amgen Inc.
19,639
5,605,363
Biogen Inc.(a)
13,714
1,973,856
Gilead Sciences Inc.
53,498
5,200,006
Natera Inc.(a)
9,525
1,685,163
Vertex Pharmaceuticals Inc.(a)
3,573
1,649,583
 
25,296,952
Broadline Retail — 4.1%
Amazon.com Inc.(a)
186,218
44,260,294
Coupang Inc.(a)
16,342
384,201
eBay Inc.
67,134
4,530,202
Etsy Inc.(a)
68,130
3,741,018
 
52,915,715
Building Products — 0.6%
Fortune Brands Innovations Inc., NVS
6
430
Trane Technologies PLC
22,333
8,101,296
 
8,101,726
Capital Markets — 4.3%
Ameriprise Financial Inc.
895
486,307
Security
Shares
Value
Capital Markets (continued)
Ares Management Corp., Class A
12,409
$2,459,712
Carlyle Group Inc. (The)
3,951
221,888
Goldman Sachs Group Inc. (The)
29,065
18,613,226
Jefferies Financial Group Inc.
2,509
192,917
KKR & Co. Inc.
41,203
6,883,785
LPL Financial Holdings Inc.
7,102
2,605,653
MarketAxess Holdings Inc.
2
441
Morgan Stanley
5,272
729,803
Nasdaq Inc.
76,458
6,295,552
Raymond James Financial Inc.
14,738
2,483,058
Robinhood Markets Inc., Class A(a)
11,087
575,970
S&P Global Inc.
25,847
13,476,885
XP Inc., Class A
13,134
179,279
 
55,204,476
Chemicals — 2.1%
Air Products and Chemicals Inc.
4,701
1,576,057
Albemarle Corp.
12,482
1,050,860
Ecolab Inc.
59,495
14,885,054
Element Solutions Inc.
61,524
1,587,934
FMC Corp.
29,963
1,671,336
PPG Industries Inc.
56,489
6,517,701
 
27,288,942
Commercial Services & Supplies — 0.4%
Clean Harbors Inc.(a)
6,166
1,436,678
Tetra Tech Inc.
10
368
Veralto Corp.
30,712
3,175,314
Waste Management Inc.
1,039
228,850
 
4,841,210
Communications Equipment — 0.9%
Cisco Systems Inc.
192,285
11,652,471
Motorola Solutions Inc.
624
292,812
 
11,945,283
Construction & Engineering — 0.3%
AECOM
25,191
2,656,139
MasTec Inc.(a)
5,139
745,618
Quanta Services Inc.
3,694
1,136,311
 
4,538,068
Construction Materials — 0.1%
CRH PLC
9,658
956,432
Consumer Finance — 0.8%
American Express Co.
1,521
482,842
Capital One Financial Corp.
46,513
9,475,163
 
9,958,005
Consumer Staples Distribution & Retail — 1.9%
Costco Wholesale Corp.
20,798
20,379,544
Sysco Corp.
16,707
1,218,275
Target Corp.
19,733
2,721,378
Walmart Inc.
2,238
219,682
 
24,538,879
Containers & Packaging — 0.1%
Avery Dennison Corp.
2,909
540,289
Crown Holdings Inc.
10,178
894,239
 
1,434,528
Diversified Consumer Services — 0.0%
Grand Canyon Education Inc.(a)
1,372
240,978
Diversified Telecommunication Services — 0.2%
Frontier Communications Parent Inc.(a)
12
429
Liberty Global Ltd., Class A(a)(b)
19,840
228,359
3
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
BlackRock U.S. Carbon Transition Readiness ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Diversified Telecommunication Services (continued)
Verizon Communications Inc.
45,326
$1,785,391
 
2,014,179
Electric Utilities — 0.8%
Constellation Energy Corp.
5,685
1,705,386
Edison International
15,945
861,030
Eversource Energy
69,359
4,000,627
NextEra Energy Inc.
26,490
1,895,624
NRG Energy Inc.
13,317
1,364,194
PG&E Corp.
60,144
941,254
 
10,768,115
Electrical Equipment — 1.4%
Eaton Corp. PLC
27,079
8,839,669
GE Vernova Inc.
10,211
3,807,477
Hubbell Inc., Class B
11,688
4,944,141
Vertiv Holdings Co., Class A(b)
1,302
152,360
 
17,743,647
Energy Equipment & Services — 0.7%
Baker Hughes Co., Class A
172,508
7,966,419
Schlumberger NV
4,409
177,595
TechnipFMC PLC
48,309
1,451,685
 
9,595,699
Entertainment — 1.4%
Liberty Media Corp-Liberty Live, Class A, NVS(a)
4,999
359,778
Liberty Media Corp-Liberty Live, Class C, NVS(a)(b)
5,456
401,507
Netflix Inc.(a)
13,488
13,174,539
Spotify Technology SA(a)
2,308
1,266,053
Walt Disney Co. (The)
23,062
2,607,390
 
17,809,267
Financial Services — 3.8%
Apollo Global Management Inc.
5,044
862,423
Berkshire Hathaway Inc., Class B(a)
35,063
16,432,976
Block Inc.(a)
55,853
5,072,570
Mastercard Inc., Class A
43,099
23,938,478
PayPal Holdings Inc.(a)
17,938
1,588,948
Visa Inc., Class A
2,198
751,276
 
48,646,671
Food Products — 0.8%
Bunge Global SA
6,125
466,296
Ingredion Inc.
2
273
McCormick & Co. Inc./MD, NVS
60,810
4,696,356
Mondelez International Inc., Class A
79,938
4,635,605
 
9,798,530
Ground Transportation — 0.6%
JB Hunt Transport Services Inc.
18,370
3,145,311
Uber Technologies Inc.(a)
76,757
5,131,206
 
8,276,517
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories
78,416
10,031,759
Baxter International Inc.
21,936
714,236
Becton Dickinson & Co.
3,716
920,082
Boston Scientific Corp.(a)
16,060
1,643,902
Dentsply Sirona Inc.
59,712
1,179,909
Edwards Lifesciences Corp.(a)
29,738
2,154,518
Hologic Inc.(a)
48,442
3,494,606
Insulet Corp.(a)
487
135,571
Intuitive Surgical Inc.(a)
6,041
3,454,727
Medtronic PLC
76,041
6,906,044
ResMed Inc.
1,852
437,405
 
31,072,759
Security
Shares
Value
Health Care Providers & Services — 1.6%
Centene Corp.(a)
40,243
$2,576,760
Cigna Group (The)
17,479
5,142,497
CVS Health Corp.
53,686
3,032,185
DaVita Inc.(a)
12,359
2,177,656
Elevance Health Inc.
8,666
3,429,136
Humana Inc.
9,088
2,664,874
UnitedHealth Group Inc.
2,539
1,377,382
 
20,400,490
Health Care REITs — 0.2%
Alexandria Real Estate Equities Inc.
2,572
250,384
Healthpeak Properties Inc.
24,946
515,384
Ventas Inc.
22,371
1,351,656
Welltower Inc.
2,498
340,927
 
2,458,351
Health Care Technology — 0.4%
Veeva Systems Inc., Class A(a)
23,990
5,595,907
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts Inc.
10,130
169,272
Hotels, Restaurants & Leisure — 2.3%
Airbnb Inc., Class A(a)
4,393
576,230
Booking Holdings Inc.
1,734
8,214,929
Expedia Group Inc.(a)
10,197
1,743,177
Las Vegas Sands Corp.
26,373
1,208,674
McDonald's Corp.
7,991
2,307,002
MGM Resorts International(a)
47,489
1,637,421
Royal Caribbean Cruises Ltd.
12,552
3,346,363
Starbucks Corp.
28,999
3,122,612
Wendy's Co. (The)
12,389
183,729
Yum! Brands Inc.
61,724
8,054,982
 
30,395,119
Household Durables — 0.2%
Whirlpool Corp.
18,696
1,963,267
Household Products — 1.2%
Church & Dwight Co. Inc.
54,452
5,745,775
Colgate-Palmolive Co.
64,922
5,628,737
Procter & Gamble Co. (The)
25,806
4,283,538
 
15,658,050
Industrial Conglomerates — 0.1%
Honeywell International Inc.
5,552
1,242,093
Industrial REITs — 0.6%
Prologis Inc.
54,015
6,441,289
Rexford Industrial Realty Inc.
18,798
764,326
 
7,205,615
Insurance — 2.2%
Allstate Corp. (The)
18,009
3,463,671
American Financial Group Inc./OH
3,766
514,285
American International Group Inc.
3,774
277,993
Arch Capital Group Ltd.
51,064
4,752,527
Assured Guaranty Ltd.
11,164
1,056,114
Axis Capital Holdings Ltd.
4,139
376,732
Cincinnati Financial Corp.
13,409
1,837,703
Globe Life Inc.
2,112
257,854
Hartford Financial Services Group Inc. (The)
25,188
2,809,721
Kemper Corp.
4,684
314,671
Marsh & McLennan Companies Inc.
27,985
6,069,387
Principal Financial Group Inc.
11,246
927,233
Prudential Financial Inc.
7,766
937,822
Reinsurance Group of America Inc.
12,789
2,914,102
Schedule of Investments
4
Schedule of Investments (unaudited)(continued)
January 31, 2025
BlackRock U.S. Carbon Transition Readiness ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Insurance (continued)
Travelers Companies Inc. (The)
4,365
$1,070,211
W R Berkley Corp.
5,969
351,156
 
27,931,182
Interactive Media & Services — 6.9%
Alphabet Inc., Class A
144,843
29,550,869
Alphabet Inc., Class C, NVS
119,877
24,646,711
Meta Platforms Inc., Class A
51,044
35,178,504
Pinterest Inc., Class A(a)
9,131
300,958
 
89,677,042
IT Services — 2.0%
Accenture PLC, Class A
33,602
12,935,090
Cognizant Technology Solutions Corp., Class A
45,149
3,729,759
DXC Technology Co.(a)
20
434
Globant SA(a)
7,168
1,529,078
International Business Machines Corp.
18,563
4,746,559
Okta Inc.(a)
30,178
2,843,371
 
25,784,291
Leisure Products — 0.0%
Hasbro Inc.
9,069
524,551
Polaris Inc.
6
286
YETI Holdings Inc.(a)
12
447
 
525,284
Life Sciences Tools & Services — 0.7%
Agilent Technologies Inc.
15,746
2,385,834
Illumina Inc.(a)(b)
30,685
4,073,127
Mettler-Toledo International Inc.(a)
261
356,119
Waters Corp.(a)
4,777
1,984,748
West Pharmaceutical Services Inc.
2,056
702,226
 
9,502,054
Machinery — 2.3%
Caterpillar Inc.
15,432
5,732,062
Cummins Inc.
29,297
10,437,056
Deere & Co.
5,574
2,656,346
IDEX Corp.
2
449
Ingersoll Rand Inc.
24,448
2,293,222
PACCAR Inc.
39,317
4,359,469
Xylem Inc./New York
34,421
4,269,581
 
29,748,185
Marine Transportation — 0.0%
Kirby Corp.(a)
3,824
417,390
Media — 0.4%
Comcast Corp., Class A
14,797
498,067
Interpublic Group of Companies Inc. (The)
110,824
3,177,324
Omnicom Group Inc.
14,121
1,225,562
Paramount Global, Class B, NVS
42
457
 
4,901,410
Metals & Mining — 0.1%
ATI Inc.(a)
3,324
189,767
Freeport-McMoRan Inc.
19,420
696,207
MP Materials Corp.(a)(b)
6,502
142,784
Royal Gold Inc.
4,610
644,570
 
1,673,328
Mortgage Real Estate Investment — 0.0%
AGNC Investment Corp.
22
219
Multi-Utilities — 1.5%
Consolidated Edison Inc.
5,056
473,950
Public Service Enterprise Group Inc.
102,473
8,560,594
Security
Shares
Value
Multi-Utilities (continued)
Sempra Energy
127,419
$10,566,858
 
19,601,402
Office REITs — 0.3%
BXP Inc.
20,311
1,485,547
Kilroy Realty Corp.
39,166
1,528,257
Vornado Realty Trust
7,344
317,701
 
3,331,505
Oil, Gas & Consumable Fuels — 2.3%
Antero Midstream Corp.
24
385
Antero Resources Corp.(a)
5,784
215,859
Cheniere Energy Inc.
14,829
3,316,506
Chevron Corp.
14,780
2,205,028
ConocoPhillips
71,151
7,031,853
Expand Energy Corp.
3,319
337,210
Exxon Mobil Corp.
60,559
6,469,518
Marathon Petroleum Corp.
32,556
4,743,735
ONEOK Inc.
34,929
3,394,051
Valero Energy Corp.
14,361
1,910,013
 
29,624,158
Passenger Airlines — 0.2%
American Airlines Group Inc.(a)
101,962
1,725,197
United Airlines Holdings Inc.(a)
5,427
574,394
 
2,299,591
Personal Care Products — 0.1%
Estee Lauder Companies Inc. (The), Class A
17,014
1,419,478
Pharmaceuticals — 3.0%
Eli Lilly & Co.
22,018
17,858,360
Johnson & Johnson
70,120
10,668,758
Merck & Co. Inc.
56,099
5,543,703
Pfizer Inc.
185,341
4,915,243
 
38,986,064
Professional Services — 0.8%
Amentum Holdings Inc., NVS(a)
51,122
1,072,028
Automatic Data Processing Inc.
6,900
2,090,769
Booz Allen Hamilton Holding Corp., Class A
1,461
188,469
Jacobs Solutions Inc., NVS
38,730
5,427,235
ManpowerGroup Inc.
11,674
703,008
Parsons Corp.(a)
13,451
1,066,261
 
10,547,770
Real Estate Management & Development — 0.0%
CBRE Group Inc., Class A(a)
2,350
340,139
Retail REITs — 0.7%
Federal Realty Investment Trust
17,018
1,848,665
Kimco Realty Corp.
17,580
394,671
Realty Income Corp.
72,212
3,945,664
Regency Centers Corp.
14,994
1,077,169
Simon Property Group Inc.
12,951
2,251,661
 
9,517,830
Semiconductors & Semiconductor Equipment — 9.4%
Advanced Micro Devices Inc.(a)
58,920
6,831,774
Analog Devices Inc.
32,019
6,784,506
Applied Materials Inc.
9,394
1,694,208
Broadcom Inc.
102,515
22,683,494
Enphase Energy Inc.(a)
10,955
682,277
First Solar Inc.(a)
686
114,919
GLOBALFOUNDRIES Inc.(a)(b)
4,298
178,238
Intel Corp.
114,813
2,230,817
Lam Research Corp.
67,224
5,448,505
Marvell Technology Inc.
26,614
3,003,656
5
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
BlackRock U.S. Carbon Transition Readiness ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Semiconductors & Semiconductor Equipment (continued)
Micron Technology Inc.
6,405
$584,392
Nvidia Corp.
550,780
66,132,155
Qualcomm Inc.
17,304
2,992,381
Universal Display Corp.
11,833
1,774,003
 
121,135,325
Software — 9.9%
Adobe Inc.(a)
12,768
5,585,362
AppLovin Corp., Class A(a)
2,043
755,072
Atlassian Corp., Class A, NVS(a)
4,741
1,454,444
Autodesk Inc.(a)
33,275
10,359,838
Cadence Design Systems Inc.(a)
6,054
1,801,791
Crowdstrike Holdings Inc., Class A(a)
4,243
1,689,011
DocuSign Inc., Class A(a)
8,566
828,589
Fortinet Inc.(a)
25,392
2,561,545
Gen Digital Inc.
108,001
2,906,307
Guidewire Software Inc.(a)
1,762
372,258
HubSpot Inc.(a)
1,955
1,523,981
Intuit Inc.
9,379
5,641,562
Microsoft Corp.
142,885
59,305,848
Oracle Corp.
27,292
4,641,278
Palantir Technologies Inc., Class A(a)(b)
31,742
2,618,398
Palo Alto Networks Inc.(a)
23,169
4,272,827
Salesforce Inc.
25,709
8,784,765
SentinelOne Inc., Class A(a)
18,157
434,860
ServiceNow Inc.(a)
6,490
6,609,286
Workday Inc., Class A(a)
7,478
1,959,685
Zoom Video Communications Inc., Class A(a)(b)
26,533
2,306,779
Zscaler Inc.(a)
6,557
1,328,383
 
127,741,869
Specialized REITs — 0.4%
American Tower Corp.
6,966
1,288,362
Weyerhaeuser Co.
134,464
4,117,287
 
5,405,649
Specialty Retail — 1.9%
Best Buy Co. Inc.
29,527
2,535,188
Burlington Stores Inc.(a)
928
263,487
Gap Inc. (The)
10,834
260,774
Home Depot Inc. (The)
26,361
10,860,205
TJX Companies Inc. (The)
59,620
7,439,980
Williams-Sonoma Inc.
12,854
2,716,950
 
24,076,584
Security
Shares
Value
Technology Hardware, Storage & Peripherals — 6.9%
Apple Inc.
370,923
$87,537,828
Dell Technologies Inc., Class C
6,625
686,350
Hewlett Packard Enterprise Co.
43,026
911,721
HP Inc.
20,396
662,870
Super Micro Computer Inc.(a)(b)
4,861
138,636
 
89,937,405
Textiles, Apparel & Luxury Goods — 0.6%
Deckers Outdoor Corp.(a)
13,262
2,352,149
Lululemon Athletica Inc.(a)
430
178,106
Nike Inc., Class B
30,009
2,307,692
Ralph Lauren Corp., Class A
4,559
1,138,382
Tapestry Inc.
25,003
1,823,719
 
7,800,048
Wireless Telecommunication Services — 0.9%
T-Mobile U.S. Inc.
47,762
11,127,113
Total Long-Term Investments — 98.9%
(Cost: $996,206,734)
1,279,596,318
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Institutional, SL Agency
Shares, 4.54%(c)(d)(e)
7,643,907
7,647,729
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(c)(d)
13,370,000
13,370,000
Total Short-Term Securities — 1.6%
(Cost: $21,017,729)
21,017,729
Total Investments — 100.5%
(Cost: $1,017,224,463)
1,300,614,047
Liabilities in Excess of Other Assets — (0.5)%
(6,509,037
)
Net Assets — 100.0%
$1,294,105,010
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Schedule of Investments
6
Schedule of Investments (unaudited)(continued)
January 31, 2025
BlackRock U.S. Carbon Transition Readiness ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares
$3,783,917
$3,865,357
(a)
$—
$(725
)
$(820
)
$7,647,729
7,643,907
$16,105
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
13,320,000
50,000
(a)
—
—
—
13,370,000
13,370,000
303,764
—
 
$(725
)
$(820
)
$21,017,729
$319,869
$—
 
(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
S&P 500 E-Mini Index
45
03/21/25
$13,651
$44,269
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$44,269
$—
$—
$—
$44,269
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended January 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$1,254,500
$—
$—
$—
$1,254,500
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$(63,391
)
$—
$—
$—
$(63,391
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$12,707,619
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
7
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
BlackRock U.S. Carbon Transition Readiness ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$1,279,596,318
$—
$—
$1,279,596,318
Short-Term Securities 
Money Market Funds
21,017,729
—
—
21,017,729
 
$1,300,614,047
$—
$—
$1,300,614,047
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$44,269
$—
$—
$44,269
 
(a)
Derivative financial instruments are futures contracts.  Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.   
See notes to financial statements.
Schedule of Investments
8
Schedule of Investments (unaudited)
January 31, 2025
BlackRock World ex U.S. Carbon Transition Readiness ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Australia — 6.7%
Aristocrat Leisure Ltd.
14,310
$665,409
BlueScope Steel Ltd.
59,137
772,228
Brambles Ltd.
120,112
1,467,827
Cochlear Ltd.
2,168
426,709
Commonwealth Bank of Australia
23,273
2,296,631
Goodman Group
1,892
42,192
GPT Group (The)
86,548
245,696
James Hardie Industries PLC(a)
1,540
51,761
Lottery Corp. Ltd. (The)
64,661
201,020
Macquarie Group Ltd.
15,962
2,361,299
Mineral Resources Ltd.
5,630
120,108
National Australia Bank Ltd.
13,498
332,613
QBE Insurance Group Ltd.
120,928
1,560,909
REA Group Ltd.
3,225
494,645
Stockland
237,084
751,083
Suncorp Group Ltd.
49,409
633,474
Transurban Group
319,588
2,632,470
Westpac Banking Corp.
72,328
1,500,722
Woodside Energy Group Ltd.
50,923
776,106
 
17,332,902
Austria — 0.3%
Erste Group Bank AG
6,661
409,510
OMV AG
1,116
45,956
Verbund AG
5,437
417,950
 
873,416
Belgium — 1.0%
Ageas SA
9,090
468,258
Anheuser-Busch InBev SA
4,161
205,039
Argenx SE(a)
389
256,794
UCB SA
7,958
1,548,255
Warehouses De Pauw CVA
5,592
120,116
 
2,598,462
Canada — 12.3%
Alimentation Couche-Tard Inc.
3,679
194,284
Bank of Montreal
4,653
460,642
Bank of Nova Scotia (The)
49,953
2,555,823
Brookfield Asset Management Ltd., Class A
1,297
77,623
Brookfield Renewable Corp.
19,155
510,326
Cameco Corp.
4,456
220,355
Canadian Imperial Bank of Commerce
23,001
1,448,888
Canadian National Railway Co.
3,601
376,168
CGI Inc.
6,388
753,057
Enbridge Inc.
5,638
243,815
Franco-Nevada Corp.
15,183
2,063,994
George Weston Ltd.
802
123,968
iA Financial Corp. Inc.
7,785
718,908
Imperial Oil Ltd.
24,209
1,610,269
Intact Financial Corp.
5,004
888,831
Keyera Corp.
6,310
179,051
Manulife Financial Corp.
20,919
625,548
National Bank of Canada
7,372
654,291
Onex Corp.
1,884
144,500
Pan American Silver Corp.
25,916
601,114
Parkland Corp.
11,062
246,228
Power Corp. of Canada
1,157
35,068
Restaurant Brands International Inc.
14,147
869,836
Royal Bank of Canada
40,140
4,893,525
Shopify Inc., Class A(a)
13,041
1,521,921
Stantec Inc.
7,781
602,146
Sun Life Financial Inc.
35,725
2,060,145
Security
Shares
Value
Canada (continued)
Teck Resources Ltd., Class B
24,142
$986,212
TELUS Corp.
9,301
134,906
Toronto-Dominion Bank (The)
36,400
2,076,529
Wheaton Precious Metals Corp.
21,134
1,318,630
WSP Global Inc.
16,665
2,828,010
 
32,024,611
Denmark — 2.3%
Danske Bank A/S
14,812
442,251
DSV A/S
3,364
670,156
Genmab A/S(a)
1,361
267,514
Novo Nordisk A/S, Class B
43,950
3,710,461
Novonesis (Novozymes) B, Class B
10,773
617,649
Orsted A/S(a)(b)
1,988
76,658
Rockwool A/S, Class B
115
40,723
Vestas Wind Systems A/S(a)
11,906
163,763
 
5,989,175
Finland — 0.7%
Neste OYJ
13,988
177,246
Nokia OYJ
7,676
36,196
Sampo OYJ, Class A
1,760
72,653
UPM-Kymmene OYJ
8,900
262,460
Wartsila OYJ Abp
64,911
1,226,181
 
1,774,736
France — 11.7%
Airbus SE
15,814
2,735,370
Amundi SA(b)
8,679
610,965
Arkema SA
1,107
88,228
BioMerieux
4,299
521,770
Capgemini SE
3,912
710,874
Carrefour SA
33,711
480,294
Cie de Saint-Gobain SA
4,030
377,907
Covivio SA/France
2,125
112,929
Credit Agricole SA
71,316
1,073,619
Dassault Systemes SE
27,114
1,058,580
Engie SA
68,549
1,131,599
Eurazeo SE
671
55,393
Gecina SA
490
47,836
Hermes International SCA
653
1,836,666
Ipsen SA
2,224
274,534
Kering SA
1,316
344,513
La Francaise des Jeux SAEM(b)
1,435
54,527
Legrand SA
8,294
845,597
L'Oreal SA
6,800
2,523,019
LVMH Moet Hennessy Louis Vuitton SE
5,037
3,684,084
Publicis Groupe SA
527
56,047
Renault SA
5,544
284,616
Rexel SA
6,333
167,659
Safran SA
4,107
1,018,110
Sanofi SA
23,256
2,527,509
Sartorius Stedim Biotech
425
97,996
Schneider Electric SE
15,940
4,042,777
Sodexo SA
5,324
393,246
STMicroelectronics NV
20,334
454,281
TotalEnergies SE
47,887
2,774,197
Vinci SA
599
64,820
 
30,449,562
Germany — 6.7%
adidas AG
1,349
355,677
Allianz SE, Registered
4,257
1,388,064
Bayerische Motoren Werke AG
3,124
253,699
Commerzbank AG
37,312
720,459
9
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
BlackRock World ex U.S. Carbon Transition Readiness ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Germany (continued)
Daimler Truck Holding AG
9,823
$432,580
Deutsche Bank AG, Registered
44,531
871,598
Deutsche Telekom AG, Registered
34,581
1,160,156
GEA Group AG
3,891
205,356
Henkel AG & Co. KGaA
795
61,412
Mercedes-Benz Group AG
31,178
1,896,874
Puma SE
6,683
209,714
Rational AG
42
37,322
Rheinmetall AG
119
93,038
SAP SE
13,676
3,768,752
Siemens AG, Registered
14,409
3,088,945
Siemens Energy AG(a)
13,524
804,641
Siemens Healthineers AG(b)
15,072
855,429
Symrise AG, Class A
4,736
484,938
Talanx AG(a)
2,302
195,534
Zalando SE(a)(b)
10,622
395,860
 
17,280,048
Hong Kong — 1.7%
AIA Group Ltd.
188,800
1,327,291
BOC Hong Kong Holdings Ltd.
17,000
55,262
Galaxy Entertainment Group Ltd.
38,000
165,360
Hang Seng Bank Ltd.
28,600
358,374
Hong Kong & China Gas Co. Ltd.
75,000
57,584
Hong Kong Exchanges & Clearing Ltd.
9,200
360,085
MTR Corp. Ltd.
131,500
412,243
Sands China Ltd.(a)
161,200
387,527
Sun Hung Kai Properties Ltd.
96,500
862,647
Swire Pacific Ltd., Class A
49,500
429,892
 
4,416,265
Ireland — 0.1%
Bank of Ireland Group PLC
20,705
205,729
Israel — 0.6%
Bank Hapoalim BM
17,244
221,218
Bank Leumi Le-Israel BM
3,801
47,569
CyberArk Software Ltd.(a)
2,979
1,105,149
Teva Pharmaceutical Industries Ltd., ADR(a)
5,768
102,267
 
1,476,203
Italy — 1.6%
Enel SpA
285,023
2,025,855
Intesa Sanpaolo SpA
443,898
1,921,337
Stellantis NV
8,477
113,184
 
4,060,376
Japan — 19.4%
Advantest Corp.
20,600
1,138,916
Aeon Co. Ltd.
6,600
159,900
Ajinomoto Co. Inc.
3,900
156,341
Asahi Group Holdings Ltd.
10,200
110,480
Asahi Kasei Corp.
7,500
50,937
Asics Corp.
35,500
791,299
Astellas Pharma Inc.
93,500
906,391
Bandai Namco Holdings Inc.
2,700
66,971
Chugai Pharmaceutical Co. Ltd.
12,600
543,249
Dai Nippon Printing Co. Ltd.
36,500
539,448
Daifuku Co. Ltd.
16,400
336,599
Dai-ichi Life Holdings Inc.
19,900
543,373
Daiichi Sankyo Co. Ltd.
25,000
697,010
Daiwa House Industry Co. Ltd.
37,300
1,175,090
Daiwa Securities Group Inc.
13,000
94,109
Denso Corp.
104,300
1,443,355
Dentsu Group Inc.
6,100
141,319
Security
Shares
Value
Japan (continued)
Disco Corp.
1,500
$434,135
Fuji Electric Co. Ltd.
7,900
376,395
FUJIFILM Holdings Corp.
76,100
1,676,566
Fujikura Ltd.
1,100
44,273
Fujitsu Ltd.
38,000
734,911
Hankyu Hanshin Holdings Inc.
20,200
513,981
Hitachi Construction Machinery Co. Ltd.
23,100
553,123
Hitachi Ltd.
120,500
3,029,420
Honda Motor Co. Ltd.
203,000
1,921,425
ITOCHU Corp.
2,900
133,528
Japan Real Estate Investment Corp.
155
109,201
JFE Holdings Inc.
6,800
78,638
Kajima Corp.
2,500
44,453
Kao Corp.
34,800
1,379,901
Kawasaki Kisen Kaisha Ltd.
6,800
86,052
Keyence Corp.
300
129,213
Komatsu Ltd.
9,800
295,600
Kubota Corp.
80,500
1,009,738
Kyocera Corp.
6,500
67,469
LY Corp.
70,200
205,049
Makita Corp.
900
26,615
MEIJI Holdings Co. Ltd.
3,400
68,463
Mitsubishi Electric Corp.
27,300
447,473
Mitsubishi Estate Co. Ltd.
51,300
745,440
Mitsubishi Heavy Industries Ltd.
54,300
794,694
Mitsubishi UFJ Financial Group Inc.
51,200
647,495
Mitsui & Co. Ltd.
38,400
760,012
Mizuho Financial Group Inc.
7,400
203,765
Murata Manufacturing Co. Ltd.
27,300
428,905
NEC Corp.
5,700
565,319
Nintendo Co. Ltd.
16,400
1,075,916
Nippon Steel Corp.
28,700
595,783
Nippon Yusen KK
8,900
279,313
Nissin Foods Holdings Co. Ltd.
1,300
29,068
Nitto Denko Corp.
4,200
74,505
Nomura Holdings Inc.
193,300
1,256,717
Nomura Research Institute Ltd.
35,500
1,199,446
NTT Data Group Corp.
11,000
213,473
Obic Co. Ltd.
1,200
35,838
Olympus Corp.
54,100
821,021
Omron Corp.
19,100
630,102
Ono Pharmaceutical Co. Ltd.
49,100
510,805
Oriental Land Co. Ltd./Japan
1,100
24,721
Rakuten Group Inc.(a)
15,000
94,187
Renesas Electronics Corp.
28,800
385,761
Ricoh Co. Ltd.
18,700
214,458
SCREEN Holdings Co. Ltd.
4,200
292,666
Secom Co. Ltd.
20,200
679,753
Sekisui Chemical Co. Ltd.
48,300
800,456
Sekisui House Ltd.
4,100
94,230
Seven & i Holdings Co. Ltd.
21,200
338,432
SG Holdings Co. Ltd.
24,100
227,129
Shimadzu Corp.
7,700
223,369
Shin-Etsu Chemical Co. Ltd.
15,600
483,634
Shionogi & Co. Ltd.
1,900
27,938
Shiseido Co. Ltd.
14,500
243,504
SoftBank Corp.
351,700
452,379
SoftBank Group Corp.
6,800
415,695
Sompo Holdings Inc.
9,400
262,129
Sony Group Corp.
54,700
1,207,193
Sumitomo Electric Industries Ltd.
6,800
127,038
Sumitomo Metal Mining Co. Ltd.
20,600
470,423
Schedule of Investments
10
Schedule of Investments (unaudited)(continued)
January 31, 2025
BlackRock World ex U.S. Carbon Transition Readiness ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Japan (continued)
Sumitomo Mitsui Financial Group Inc.
19,800
$487,933
Suzuki Motor Corp.
3,900
46,668
Sysmex Corp.
9,400
179,684
Takeda Pharmaceutical Co. Ltd.
1,900
51,110
Terumo Corp.
47,500
891,761
Tokio Marine Holdings Inc.
13,800
455,170
Tokyo Electron Ltd.
6,800
1,147,050
Tokyo Gas Co. Ltd.
6,200
175,391
Toray Industries Inc.
354,200
2,457,784
TOTO Ltd.
9,600
234,655
Toyota Motor Corp.
108,100
2,050,604
Toyota Tsusho Corp.
9,600
162,140
Trend Micro Inc./Japan(a)
2,900
171,797
Unicharm Corp.
8,400
65,602
Yokogawa Electric Corp.
7,500
164,633
ZOZO Inc.
46,700
1,531,874
 
50,466,977
Netherlands — 4.2%
Adyen NV(a)(b)
328
529,430
Akzo Nobel NV
5,611
318,694
ASML Holding NV
5,496
4,065,738
BE Semiconductor Industries NV
2,037
259,781
Coca-Cola Europacific Partners PLC
14,042
1,102,999
ING Groep NV
44,547
740,411
InPost SA(a)
3,003
49,128
Koninklijke KPN NV
189,804
686,810
Koninklijke Philips NV(a)
37,927
1,045,354
NN Group NV
8,914
409,119
Prosus NV
21,214
810,322
QIAGEN NV
6,754
299,926
Wolters Kluwer NV
3,314
602,028
 
10,919,740
New Zealand — 0.1%
Meridian Energy Ltd.
97,801
325,529
Norway — 0.8%
Aker BP ASA
34,265
715,194
Equinor ASA
19,963
480,784
Norsk Hydro ASA
51,419
303,267
Orkla ASA
61,134
567,693
 
2,066,938
Portugal — 0.6%
Galp Energia SGPS SA
76,920
1,287,346
Jeronimo Martins SGPS SA
16,680
329,638
 
1,616,984
Singapore — 1.0%
DBS Group Holdings Ltd.
55,170
1,805,820
Sea Ltd., ADR(a)
2,409
293,392
United Overseas Bank Ltd.
17,200
472,822
 
2,572,034
Spain — 3.0%
Acciona SA
261
29,407
Aena SME SA(b)
176
37,903
Amadeus IT Group SA
901
65,933
Banco de Sabadell SA
21,878
51,570
Banco Santander SA
162,317
831,794
Cellnex Telecom SA(b)
22,542
755,004
Grifols SA(a)
13,154
112,541
Iberdrola SA
226,251
3,197,280
Iberdrola SA, NVS
3,900
55,113
Industria de Diseno Textil SA
45,039
2,444,745
Security
Shares
Value
Spain (continued)
Repsol SA
7,442
$86,490
Telefonica SA
10,779
43,917
 
7,711,697
Sweden — 3.0%
Alfa Laval AB
19,774
881,458
Atlas Copco AB, Class A
13,376
223,456
Atlas Copco AB, Class B
15,242
226,597
Boliden AB
28,734
863,034
Epiroc AB, Class A
8,089
154,147
EQT AB
50,623
1,652,868
Evolution AB(b)
4,287
328,897
Investment AB Latour, Class B
25,928
677,905
Nibe Industrier AB, Class B
77,803
311,715
Sagax AB, Class B
5,036
110,834
SKF AB, Class B
5,465
110,381
Spotify Technology SA(a)
820
449,811
Swedish Orphan Biovitrum AB(a)
7,615
230,624
Tele2 AB, Class B
104,195
1,159,153
Telefonaktiebolaget LM Ericsson, Class B
48,646
366,298
Telia Co. AB
30,098
88,575
 
7,835,753
Switzerland — 7.4%
ABB Ltd., Registered
8,685
472,919
Chocoladefabriken Lindt & Spruengli AG, Participation
Certificates, NVS
12
137,845
Clariant AG, Registered
7,125
80,199
Givaudan SA, Registered
15
65,666
Kuehne + Nagel International AG, Registered
3,925
891,889
Logitech International SA, Registered
875
86,617
Lonza Group AG, Registered
475
301,194
Nestle SA, Registered
56,363
4,787,508
Novartis AG, Registered
23,598
2,470,162
Roche Holding AG, NVS
4,792
1,506,469
SGS SA
2,412
234,298
SIG Group AG
30,510
665,377
Sika AG, Registered
5,407
1,373,183
Sonova Holding AG, Registered
4,037
1,408,442
Swatch Group AG (The), Bearer
893
165,438
Swiss Life Holding AG, Registered
1,835
1,498,167
Swiss Re AG
1,246
190,223
Swisscom AG, Registered
1,737
977,478
Temenos AG, Registered
1,974
167,862
UBS Group AG, Registered
29,441
1,038,076
Zurich Insurance Group AG
1,011
612,630
 
19,131,642
United Kingdom — 13.3%
3i Group PLC
35,376
1,699,580
Admiral Group PLC
20,227
675,794
Anglo American PLC
33,409
978,255
Antofagasta PLC
5,456
115,691
AstraZeneca PLC
28,203
3,959,012
Auto Trader Group PLC(b)
100,647
980,287
Aviva PLC
41,279
261,649
BAE Systems PLC
19,081
288,433
Barclays PLC
254,817
933,903
Berkeley Group Holdings PLC
12,283
587,678
BP PLC
257,583
1,332,552
BT Group PLC
213,299
373,839
Centrica PLC
80,280
141,093
Coca-Cola HBC AG, Class DI
2,088
72,484
Compass Group PLC
4,367
150,462
11
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
BlackRock World ex U.S. Carbon Transition Readiness ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
United Kingdom (continued)
Croda International PLC
868
$35,752
Diageo PLC
86,471
2,576,007
Experian PLC
590
29,063
GSK PLC
100,000
1,741,958
HSBC Holdings PLC
433,773
4,530,376
Informa PLC
57,704
615,725
J Sainsbury PLC
276,749
869,198
Land Securities Group PLC
5,356
38,627
Lloyds Banking Group PLC
1,152,084
885,796
London Stock Exchange Group PLC
9,233
1,373,944
Mondi PLC, NVS
15,670
243,915
National Grid PLC
9,181
111,377
NatWest Group PLC, NVS
112,266
598,563
Pearson PLC
5,648
93,705
Prudential PLC
30,355
252,612
Reckitt Benckiser Group PLC
18,452
1,220,207
RELX PLC
57,034
2,832,104
Rolls-Royce Holdings PLC(a)
33,482
249,647
Schroders PLC
57,158
249,609
Segro PLC
32,213
284,814
Shell PLC
70,978
2,330,543
Tesco PLC
178,868
823,220
 
34,537,474
Total Common Stocks — 98.5%
(Cost: $247,030,235)
255,666,253
Preferred Stocks
Germany — 0.2%
Bayerische Motoren Werke AG, Preference
Shares, NVS
1,800
136,769
Security
Shares
Value
Germany (continued)
Henkel AG & Co. KGaA, Preference Shares, NVS
1,208
$105,543
Volkswagen AG, Preference Shares, NVS
2,200
224,325
 
466,637
Total Preferred Stocks — 0.2%
(Cost: $456,123)
466,637
Total Long-Term Investments — 98.7%
(Cost: $247,486,358)
256,132,890
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(c)(d)
1,790,000
1,790,000
Total Short-Term Securities — 0.7%
(Cost: $1,790,000)
1,790,000
Total Investments — 99.4%
(Cost: $249,276,358)
257,922,890
Other Assets Less Liabilities — 0.6%
1,595,362
Net Assets — 100.0%
$259,518,252
 
(a)
Non-income producing security.
(b)
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.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares(a)
$166,549
$—
$(166,541
)(b)
$9
$(17
)
$—
—
$519
(c)
$—
BlackRock Cash Funds: Treasury, SL Agency
Shares
1,730,000
60,000
(b)
—
—
—
1,790,000
1,790,000
34,851
—
 
$9
$(17
)
$1,790,000
$35,370
$—
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
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.
Schedule of Investments
12
Schedule of Investments (unaudited)(continued)
January 31, 2025
BlackRock World ex U.S. Carbon Transition Readiness ETF
 
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts 
Description
Number of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long Contracts
MSCI EAFE Index
27
03/21/25
$3,200
$41,144
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets—Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)
$—
$—
$41,144
$—
$—
$—
$41,144
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended January 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$(110,525
)
$—
$—
$—
$(110,525
)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$(25,504
)
$—
$—
$—
$(25,504
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$2,892,698
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$38,157,073
$217,509,180
$—
$255,666,253
Preferred Stocks
105,543
361,094
—
466,637
Short-Term Securities 
Money Market Funds
1,790,000
—
—
1,790,000
 
$40,052,616
$217,870,274
$—
$257,922,890
13
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
BlackRock World ex U.S. Carbon Transition Readiness ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Derivative Financial Instruments(a) 
Assets 
Equity Contracts
$41,144
$—
$—
$41,144
 
(a)
Derivative financial instruments are futures contracts.  Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.   
See notes to financial statements.
Schedule of Investments
14
Schedule of Investments (unaudited)
January 31, 2025
iShares FinTech Active ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Banks — 12.6%
Coastal Financial Corp./WA(a)
1,303
$116,202
FinecoBank Banca Fineco SpA
5,476
103,963
Inter & Co. Inc., NVS
19,034
99,794
NU Holdings Ltd./Cayman Islands, Class A(a)
15,879
210,238
Rakuten Bank Ltd., NVS(a)
10,700
328,451
 
858,648
Capital Markets — 8.4%
Charles Schwab Corp. (The)
4,000
330,880
Galaxy Digital Holdings Ltd.(a)
2,903
56,887
KIWOOM Securities Co. Ltd.
2,106
180,532
 
568,299
Consumer Finance — 18.9%
American Express Co.
601
190,788
Capital One Financial Corp.
1,964
400,086
Discover Financial Services
335
67,365
Kaspi.KZ JSC
1,822
173,272
LendingClub Corp.(a)
4,969
67,032
Synchrony Financial
5,581
384,977
 
1,283,520
Financial Services — 42.9%
Adyen NV(a)(b)
59
95,233
Block Inc.(a)(c)
3,548
322,229
Cab Payments Holdings PLC(a)(c)
73,000
55,213
Fidelity National Information Services Inc.
1,863
151,779
Fiserv Inc.(a)
1,401
302,672
Global Payments Inc.
2,831
319,478
Mastercard Inc., Class A
144
79,982
Nexi SpA(a)(b)
22,386
113,684
Payoneer Global Inc.(a)
12,773
135,394
PayPal Holdings Inc.(a)
3,764
333,415
Repay Holdings Corp., Class A(a)
22,486
167,970
Sezzle Inc., NVS(a)
319
74,649
Shift4 Payments Inc., Class A(a)
2,046
245,213
Visa Inc., Class A
241
82,374
WEX Inc.(a)
964
177,270
Worldline SA/France(a)(b)
29,156
258,012
 
2,914,567
Security
Shares
Value
Insurance — 1.0%
HCI Group Inc.
547
$66,696
Professional Services — 4.8%
Dun & Bradstreet Holdings Inc.
26,330
323,859
Software — 4.7%
Blend Labs Inc., Class A(a)
15,595
60,041
Pagaya Technologies Ltd., Class A(a)(c)
7,986
74,110
Temenos AG, Registered
2,148
182,659
 
316,810
Wireless Telecommunication Services — 2.3%
Airtel Africa PLC(b)
87,328
155,488
Total Long-Term Investments — 95.6%
(Cost: $5,378,815)
6,487,887
Short-Term Securities
Money Market Funds — 10.6%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.54%(d)(e)(f)
438,570
438,790
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(d)(e)
280,000
280,000
Total Short-Term Securities — 10.6%
(Cost: $718,785)
718,790
Total Investments — 106.2%
(Cost: $6,097,600)
7,206,677
Liabilities in Excess of Other Assets — (6.2)%
(421,722
)
Net Assets — 100.0%
$6,784,955
 
(a)
Non-income producing security.
(b)
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.
(c)
All or a portion of this security is on loan.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$359,305
$79,500
(a)
$—
$12
$(27
)
$438,790
438,570
$1,254
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares
230,000
50,000
(a)
—
—
—
280,000
280,000
3,302
—
 
$12
$(27
)
$718,790
$4,556
$—
 
(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.
15
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares FinTech Active ETF
 
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$5,069,865
$1,418,022
$—
$6,487,887
Short-Term Securities 
Money Market Funds
718,790
—
—
718,790
 
$5,788,655
$1,418,022
$—
$7,206,677
See notes to financial statements.
Schedule of Investments
16
Schedule of Investments (unaudited)
January 31, 2025
iShares Health Innovation Active ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Biotechnology — 37.5%
4D Molecular Therapeutics Inc.(a)
177
$991
AbbVie Inc.
300
55,170
AC Immune SA(a)
701
1,928
Alkermes PLC(a)
287
9,049
Allogene Therapeutics Inc.(a)
1,179
2,122
Alnylam Pharmaceuticals Inc.(a)
126
34,185
Amgen Inc.
123
35,107
Arcellx Inc.(a)
91
6,200
Arcturus Therapeutics Holdings Inc.(a)
170
2,885
Arcus Biosciences Inc.(a)
272
3,509
Argenx SE, ADR(a)
172
112,682
Arrowhead Pharmaceuticals Inc.(a)
127
2,525
Ascendis Pharma A/S, ADR(a)
84
10,975
Autolus Therapeutics PLC , ADR(a)(b)
1,221
2,698
Avidity Biosciences Inc.(a)
200
6,586
Beam Therapeutics Inc.(a)
465
12,053
BeiGene Ltd., ADR(a)(b)
210
47,248
Bicycle Therapeutics PLC, ADR(a)
147
1,968
Biogen Inc.(a)
168
24,180
Biohaven Ltd., NVS(a)(b)
194
7,421
BioNTech SE, ADR(a)
102
12,625
Blueprint Medicines Corp.(a)
283
31,846
Bridgebio Pharma Inc.(a)
552
18,884
Denali Therapeutics Inc.(a)(b)
1,106
25,770
Disc Medicine Inc.(a)
79
4,408
Dyne Therapeutics Inc.(a)
330
4,693
Exact Sciences Corp.(a)
907
50,837
Exelixis Inc.(a)
819
27,150
Genmab A/S(a)
45
8,845
Gilead Sciences Inc.
1,014
98,561
Halozyme Therapeutics Inc.(a)(b)
305
17,275
Immatics NV, NVS(a)
450
2,462
Insmed Inc.(a)(b)
283
21,672
Ionis Pharmaceuticals Inc.(a)
420
13,398
Lexeo Therapeutics Inc.(a)
53
288
Merus NV(a)(b)
605
24,769
Metsera Inc., NVS
321
8,506
MoonLake Immunotherapeutics, Class A, NVS(a)(b)
55
2,529
Natera Inc.(a)
336
59,445
Neurocrine Biosciences Inc.(a)
408
61,943
Nurix Therapeutics Inc.(a)
672
13,245
Nuvalent Inc., Class A(a)
211
18,106
ORIC Pharmaceuticals Inc.(a)
392
4,085
Protagonist Therapeutics Inc.(a)
134
5,065
PTC Therapeutics Inc.(a)
426
19,545
REGENXBIO Inc.(a)
306
2,469
Revolution Medicines Inc.(a)
191
8,203
Rhythm Pharmaceuticals Inc.(a)
660
39,224
Rocket Pharmaceuticals Inc.(a)
564
6,057
Roivant Sciences Ltd.(a)(b)
1,578
17,563
Sarepta Therapeutics Inc.(a)
409
46,511
Scholar Rock Holding Corp.(a)
199
8,036
Spyre Therapeutics Inc.(a)
53
1,218
Stoke Therapeutics Inc.(a)
879
10,091
TScan Therapeutics Inc.(a)(b)
1,676
4,307
Twist Bioscience Corp.(a)
214
11,207
United Therapeutics Corp.(a)
75
26,338
Vaxcyte Inc.(a)
101
8,920
Vertex Pharmaceuticals Inc.(a)
17
7,849
Vigil Neuroscience Inc.(a)
363
864
Security
Shares
Value
Biotechnology (continued)
Viking Therapeutics Inc.(a)
70
$2,293
Vir Biotechnology Inc.(a)
340
3,536
Voyager Therapeutics Inc.(a)
585
3,188
Xenon Pharmaceuticals Inc.(a)
768
30,705
Zealand Pharma A/S(a)
238
24,185
 
1,198,198
Health Care Equipment & Supplies — 27.9%
Abbott Laboratories
599
76,630
Abiomed Inc., CVR(c)
246
529
Alcon AG(b)
180
16,396
Becton Dickinson & Co.
104
25,750
Boston Scientific Corp.(a)
1,568
160,501
Cooper Companies Inc. (The)(a)
180
17,379
Dexcom Inc.(a)
527
45,759
Edwards Lifesciences Corp.(a)
721
52,236
GE HealthCare Technologies Inc., NVS(a)
214
18,896
Glaukos Corp.(a)
127
19,868
Hologic Inc.(a)
554
39,966
Inspire Medical Systems Inc.(a)
40
7,740
Insulet Corp.(a)
200
55,676
Intuitive Surgical Inc.(a)
289
165,273
Medtronic PLC
762
69,205
Novocure Ltd.(a)
804
19,714
Nyxoah SA, Class B(a)(b)
455
4,914
Penumbra Inc.(a)
118
31,502
Sonova Holding AG, Registered
63
21,980
STERIS PLC
78
17,211
Stryker Corp.
65
25,434
 
892,559
Health Care Providers & Services — 2.2%
Guardant Health Inc.(a)
882
41,436
Labcorp Holdings Inc.
117
29,227
 
70,663
Industrial Conglomerates — 0.0%
Frequency Therapeutics, Inc., NVS(c)
420
—
Life Sciences Tools & Services — 17.4%
Agilent Technologies Inc.
219
33,183
Bio-Techne Corp.
861
63,327
Charles River Laboratories International Inc.(a)
115
18,947
Danaher Corp.
233
51,898
Illumina Inc.(a)
160
21,238
IQVIA Holdings Inc.(a)
121
24,365
Lonza Group AG, Registered
132
83,700
QIAGEN NV
662
29,552
Repligen Corp.(a)
416
69,143
Thermo Fisher Scientific Inc.
82
49,016
Waters Corp.(a)
160
66,477
West Pharmaceutical Services Inc.
136
46,451
 
557,297
Pharmaceuticals — 11.0%
Arvinas Inc.(a)
390
6,868
AstraZeneca PLC
115
16,143
Axsome Therapeutics Inc.(a)
94
10,007
Bristol-Myers Squibb Co.
1,087
64,079
Daiichi Sankyo Co. Ltd.
400
11,152
Edgewise Therapeutics Inc.(a)
237
6,641
Mirati Therapeutics, Inc., NVS(c)
334
247
Pfizer Inc.
891
23,629
Roche Holding AG, NVS
289
90,853
Sanofi SA, ADR
474
25,757
17
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Health Innovation Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Pharmaceuticals (continued)
Septerna Inc.(a)
33
$558
Structure Therapeutics Inc.(a)
107
3,207
Tarsus Pharmaceuticals Inc.(a)
260
13,978
UCB SA
386
75,098
WaVe Life Sciences Ltd.(a)
195
2,256
 
350,473
Total Common Stocks — 96.0%
(Cost: $2,794,853)
3,069,190
Preferred Stocks
Life Sciences Tools & Services — 1.4%
Sartorius AG, Preference Shares, NVS
149
42,997
Total Preferred Stocks — 1.4%
(Cost: $52,158)
42,997
Total Long-Term Investments — 97.4%
(Cost: $2,847,011)
3,112,187
Short-Term Securities
Money Market Funds — 8.1%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.54%(d)(e)(f)
179,057
179,146
Security
Shares
Value
Money Market Funds (continued)
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(d)(e)
80,000
$80,000
Total Short-Term Securities — 8.1%
(Cost: $259,090)
259,146
Total Investments — 105.5%
(Cost: $3,106,101)
3,371,333
Liabilities in Excess of Other Assets — (5.5)%
(174,359
)
Net Assets — 100.0%
$3,196,974
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
(d)
Affiliate of the Fund.
(e)
Annualized 7-day yield as of period end.
(f)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$286,285
$—
$(107,167
)(a)
$50
$(22
)
$179,146
179,057
$769
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares
270,000
—
(190,000
)(a)
—
—
80,000
80,000
4,044
—
 
$50
$(22
)
$259,146
$4,813
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$2,736,458
$331,956
$776
$3,069,190
Preferred Stocks
—
42,997
—
42,997
Schedule of Investments
18
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Health Innovation Active ETF
 
Fair Value Hierarchy as of Period End (continued)
 
Level 1
Level 2
Level 3
Total
Short-Term Securities 
Money Market Funds
$259,146
$—
$—
$259,146
 
$2,995,604
$374,953
$776
$3,371,333
See notes to financial statements.
19
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
January 31, 2025
iShares International Country Rotation Active ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Investment Companies
Domestic Equity — 2.5%
iShares Core S&P 500 ETF(a)
244
$147,537
International Equity — 97.3%
iShares MSCI Australia ETF(a)
11,275
277,478
iShares MSCI Austria ETF(a)
902
19,981
iShares MSCI Belgium ETF(a)
1,282
23,832
iShares MSCI Brazil ETF(a)
3,830
97,014
iShares MSCI Canada ETF(a)
10,827
446,289
iShares MSCI Chile ETF(a)
232
6,341
iShares MSCI China ETF(a)
10,608
513,533
iShares MSCI Denmark ETF(a)
928
98,463
iShares MSCI Finland ETF(a)
725
24,775
iShares MSCI France ETF(a)
10,321
398,700
iShares MSCI Germany ETF(a)
10,414
360,637
iShares MSCI Hong Kong ETF(a)
3,319
54,763
iShares MSCI India ETF(a)
5,958
303,798
iShares MSCI Indonesia ETF(a)
1,022
18,703
iShares MSCI Israel ETF(a)
582
46,927
iShares MSCI Italy ETF(a)
2,613
100,731
iShares MSCI Japan ETF(a)
11,930
814,938
iShares MSCI Malaysia ETF(a)
776
18,174
iShares MSCI Mexico ETF(a)
656
32,131
iShares MSCI Netherlands ETF(a)
4,405
204,172
iShares MSCI New Zealand ETF(a)
189
8,497
iShares MSCI Norway ETF(a)
981
23,358
iShares MSCI Peru and Global Exposure ETF(a)
214
8,620
iShares MSCI Philippines ETF(a)
692
16,137
iShares MSCI Poland ETF(a)
877
20,724
iShares MSCI Singapore ETF(a)
2,938
66,340
Security
Shares
Value
International Equity (continued)
iShares MSCI South Africa ETF(a)
1,641
$71,794
iShares MSCI South Korea ETF(a)
3,004
162,126
iShares MSCI Spain ETF(a)
3,288
108,471
iShares MSCI Sweden ETF(a)
4,051
165,605
iShares MSCI Switzerland ETF(a)
6,482
321,313
iShares MSCI Taiwan ETF(a)
6,148
316,315
iShares MSCI Thailand ETF(a)
322
18,538
iShares MSCI Turkey ETF(a)
312
11,213
iShares MSCI United Kingdom ETF(a)
16,304
580,585
 
5,761,016
Total Long-Term Investments — 99.8%
(Cost: $5,975,717)
5,908,553
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(a)(b)
10,000
10,000
Total Short-Term Securities — 0.2%
(Cost: $10,000)
10,000
Total Investments — 100.0%
(Cost: $5,985,717)
5,918,553
Other Assets Less Liabilities — 0.0%
1,277
Net Assets — 100.0%
$5,919,830
 
(a)
Affiliate of the Fund.
(b)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the period ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
12/03/24(a)
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Treasury, SL Agency Shares
$—
$10,000
(b)
$—
$—
$—
$10,000
10,000
$104
$—
iShares Core S&P 500 ETF
—
161,553
(13,023
)
(415
)
(578
)
147,537
244
561
—
iShares MSCI Australia ETF
—
298,755
(4,122
)
(401
)
(16,754
)
277,478
11,275
4,661
—
iShares MSCI Austria ETF
—
42,006
(22,887
)
(75
)
937
19,981
902
826
—
iShares MSCI Belgium ETF
—
42,493
(17,767
)
(307
)
(587
)
23,832
1,282
361
—
iShares MSCI Brazil ETF
—
98,833
(1,696
)
(249
)
126
97,014
3,830
4,032
—
iShares MSCI Canada ETF
—
473,577
(8,082
)
(622
)
(18,584
)
446,289
10,827
6,010
—
iShares MSCI Chile ETF
—
13,542
(7,652
)
60
391
6,341
232
20
—
iShares MSCI China ETF
—
511,564
(7,136
)
(341
)
9,446
513,533
10,608
8,784
—
iShares MSCI Denmark ETF
—
150,899
(42,968
)
(953
)
(8,515
)
98,463
928
363
—
iShares MSCI Finland ETF
—
32,982
(8,389
)
(120
)
302
24,775
725
322
—
iShares MSCI France ETF
—
384,808
(8,258
)
(303
)
22,453
398,700
10,321
2,817
—
iShares MSCI Germany ETF
—
346,750
(4,944
)
(240
)
19,071
360,637
10,414
—
—
iShares MSCI Hong Kong ETF
—
57,877
—
—
(3,114
)
54,763
3,319
1,083
—
iShares MSCI India ETF
—
349,583
(21,055
)
(326
)
(24,404
)
303,798
5,958
2,341
—
iShares MSCI Indonesia ETF
—
39,619
(19,680
)
509
(1,745
)
18,703
1,022
304
—
iShares MSCI Israel ETF
—
69,384
(25,649
)
319
2,873
46,927
582
383
—
iShares MSCI Italy ETF
—
119,156
(22,156
)
(592
)
4,323
100,731
2,613
1,790
—
iShares MSCI Japan ETF
—
936,749
(83,928
)
(2,156
)
(35,727
)
814,938
11,930
10,348
—
iShares MSCI Malaysia ETF
—
19,164
—
—
(990
)
18,174
776
350
—
Schedule of Investments
20
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares International Country Rotation Active ETF
 
Affiliates (continued)
Affiliated Issuer
Value at
12/03/24(a)
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
iShares MSCI Mexico ETF
$—
$40,116
$(6,754
)
$29
$(1,260
)
$32,131
656
$1,037
$—
iShares MSCI Netherlands ETF
—
262,234
(59,389
)
(411
)
1,738
204,172
4,405
1,786
—
iShares MSCI New Zealand ETF
—
26,683
(16,727
)
(1,043
)
(416
)
8,497
189
268
—
iShares MSCI Norway ETF
—
44,058
(19,248
)
(1,083
)
(369
)
23,358
981
846
—
iShares MSCI Peru and Global Exposure ETF
—
42,451
(32,945
)
(305
)
(581
)
8,620
214
482
—
iShares MSCI Philippines ETF
—
50,274
(31,954
)
(295
)
(1,888
)
16,137
692
196
—
iShares MSCI Poland ETF
—
28,151
(7,444
)
(669
)
686
20,724
877
1,017
—
iShares MSCI Singapore ETF
—
94,814
(26,569
)
(911
)
(994
)
66,340
2,938
2,413
—
iShares MSCI South Africa ETF
—
107,471
(28,639
)
(937
)
(6,101
)
71,794
1,641
4,476
—
iShares MSCI South Korea ETF
—
189,246
(22,191
)
(750
)
(4,179
)
162,126
3,004
3,127
2,083
iShares MSCI Spain ETF
—
132,981
(22,831
)
(1,364
)
(315
)
108,471
3,288
3,151
—
iShares MSCI Sweden ETF
—
169,835
(9,986
)
(552
)
6,308
165,605
4,051
—
—
iShares MSCI Switzerland ETF
—
317,230
(5,889
)
(238
)
10,210
321,313
6,482
—
—
iShares MSCI Taiwan ETF
—
435,928
(99,509
)
(2,293
)
(17,811
)
316,315
6,148
11,402
—
iShares MSCI Thailand ETF
—
25,616
(5,055
)
20
(2,043
)
18,538
322
228
—
iShares MSCI Turkey ETF
—
24,681
(13,343
)
158
(283
)
11,213
312
34
—
iShares MSCI United Kingdom ETF
—
595,327
(15,419
)
(533
)
1,210
580,585
16,304
9,819
—
 
$(17,389
)
$(67,164
)
$5,918,553
$85,742
$2,083
 
(a)
Commencement of operations.
(b)
Represents net amount purchased (sold).
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to 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 
Investment Companies
$5,908,553
$—
$—
$5,908,553
Short-Term Securities 
Money Market Funds
10,000
—
—
10,000
 
$5,918,553
$—
$—
$5,918,553
See notes to financial statements.
21
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
January 31, 2025
iShares Large Cap Core Active ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 2.0%
Howmet Aerospace Inc.
1,243
$157,339
Banks — 3.3%
Wells Fargo & Co.
3,245
255,706
Broadline Retail — 8.0%
Amazon.com Inc.(a)
2,651
630,090
Building Products — 2.1%
Johnson Controls International PLC
2,162
168,636
Capital Markets — 8.8%
Intercontinental Exchange Inc.
1,666
266,277
KKR & Co. Inc.
1,112
185,782
S&P Global Inc.
465
242,455
 
694,514
Chemicals — 3.9%
Air Products and Chemicals Inc.
911
305,422
Communications Equipment — 4.2%
Ciena Corp.(a)
3,778
329,215
Electronic Equipment, Instruments & Components — 0.5%
Zebra Technologies Corp., Class A(a)
94
36,842
Entertainment — 1.3%
TKO Group Holdings Inc., Class A(a)
671
104,146
Financial Services — 5.1%
Visa Inc., Class A
1,162
397,172
Ground Transportation — 1.1%
Union Pacific Corp.
361
89,452
Health Care Equipment & Supplies — 2.1%
Boston Scientific Corp.(a)
1,579
161,626
Health Care Providers & Services — 10.0%
Cardinal Health Inc.
2,136
264,138
Elevance Health Inc.
410
162,237
Humana Inc.
557
163,329
Tenet Healthcare Corp.(a)
1,367
192,596
 
782,300
Interactive Media & Services — 12.9%
Alphabet Inc., Class A
1,316
268,490
Meta Platforms Inc., Class A
792
545,831
Reddit Inc., Class A(a)
1,009
201,346
 
1,015,667
Machinery — 1.5%
Westinghouse Air Brake Technologies Corp.
575
119,554
Security
Shares
Value
Oil, Gas & Consumable Fuels — 3.3%
Hess Corp.
802
$111,502
Suncor Energy Inc.
3,883
145,846
 
257,348
Pharmaceuticals — 2.2%
Eli Lilly & Co.
209
169,516
Professional Services — 2.9%
SS&C Technologies Holdings Inc.
2,778
224,879
Semiconductors & Semiconductor Equipment — 10.9%
Advanced Micro Devices Inc.(a)
959
111,196
Applied Materials Inc.
71
12,805
Broadcom Inc.
1,204
266,409
Marvell Technology Inc.
1,538
173,578
Nvidia Corp.
2,468
296,333
 
860,321
Software — 7.7%
Microsoft Corp.
1,449
601,422
Specialty Retail — 1.9%
Ross Stores Inc.
1,012
152,367
Technology Hardware, Storage & Peripherals — 1.5%
Western Digital Corp.(a)
1,870
121,793
Textiles, Apparel & Luxury Goods — 2.2%
LVMH Moet Hennessy Louis Vuitton SE, SP ADR
1,183
172,316
Total Long-Term Investments — 99.4%
(Cost: $6,370,925)
7,807,643
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(b)(c)
40,000
40,000
Total Short-Term Securities — 0.5%
(Cost: $40,000)
40,000
Total Investments — 99.9%
(Cost: $6,410,925)
7,847,643
Other Assets Less Liabilities — 0.1%
5,770
Net Assets — 100.0%
$7,853,413
 
(a)
Non-income producing security.
(b)
Affiliate of the Fund.
(c)
Annualized 7-day yield as of period end.
Schedule of Investments
22
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Large Cap Core Active ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)
$33,750
$—
$(33,671
)(b)
$(79
)
$—
$—
—
$153
(c)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares
70,000
—
(30,000
)(b)
—
—
40,000
40,000
2,347
—
 
$(79
)
$—
$40,000
$2,500
$—
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$7,807,643
$—
$—
$7,807,643
Short-Term Securities 
Money Market Funds
40,000
—
—
40,000
 
$7,847,643
$—
$—
$7,847,643
See notes to financial statements.
23
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
January 31, 2025
iShares Large Cap Value Active ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 5.3%
Boeing Co. (The)(a)
1,060
$187,111
L3Harris Technologies Inc.
1,724
365,505
RTX Corp.
2,472
318,765
 
871,381
Automobile Components — 1.9%
Aptiv PLC(a)
5,051
315,283
Automobiles — 1.6%
General Motors Co.
5,421
268,123
Banks — 11.2%
Citigroup Inc.
8,095
659,176
First Citizens BancShares Inc./NC, Class A
197
434,324
Wells Fargo & Co.
9,515
749,782
 
1,843,282
Beverages — 2.3%
Constellation Brands Inc., Class A
885
160,008
Keurig Dr Pepper Inc.
6,753
216,771
 
376,779
Broadline Retail — 3.0%
Amazon.com Inc.(a)
2,038
484,392
Building Products — 1.6%
Johnson Controls International PLC
3,269
254,982
Capital Markets — 2.6%
Intercontinental Exchange Inc.
2,627
419,873
Chemicals — 4.1%
Air Products and Chemicals Inc.
700
234,682
International Flavors & Fragrances Inc.
2,161
188,201
PPG Industries Inc.
2,170
250,375
 
673,258
Communications Equipment — 2.9%
Cisco Systems Inc.
7,792
472,195
Consumer Staples Distribution & Retail — 2.3%
Dollar Tree Inc.(a)
5,209
382,080
Containers & Packaging — 0.6%
Sealed Air Corp.
2,706
94,250
Diversified Telecommunication Services — 1.4%
Verizon Communications Inc.
5,894
232,165
Electric Utilities — 2.6%
Exelon Corp.
6,813
272,520
PG&E Corp.
10,004
156,563
 
429,083
Entertainment — 2.0%
Electronic Arts Inc.
2,642
324,728
Financial Services — 3.3%
Fidelity National Information Services Inc.
4,073
331,827
Visa Inc., Class A
592
202,346
 
534,173
Food Products — 2.1%
Kraft Heinz Co. (The)
11,332
338,147
Health Care Equipment & Supplies — 5.2%
Baxter International Inc.
11,703
381,050
Security
Shares
Value
Health Care Equipment & Supplies (continued)
Medtronic PLC
5,287
$480,165
 
861,215
Health Care Providers & Services — 11.7%
Cardinal Health Inc.
4,211
520,732
Cigna Group (The)
958
281,853
CVS Health Corp.
9,628
543,790
Elevance Health Inc.
456
180,439
Labcorp Holdings Inc.
1,562
390,188
 
1,917,002
Insurance — 3.7%
American International Group Inc.
3,045
224,295
Fidelity National Financial Inc.
3,269
190,158
Willis Towers Watson PLC
604
199,057
 
613,510
IT Services — 1.9%
Cognizant Technology Solutions Corp., Class A
3,855
318,462
Life Sciences Tools & Services — 0.3%
Fortrea Holdings Inc.(a)
3,299
55,456
Media — 2.4%
Comcast Corp., Class A
11,519
387,730
Multi-Utilities — 1.4%
Dominion Energy Inc.
4,199
233,422
Oil, Gas & Consumable Fuels — 5.9%
Enterprise Products Partners LP
10,673
348,473
Hess Corp.
2,059
286,263
Kosmos Energy Ltd.(a)
60,946
193,808
Suncor Energy Inc.
3,566
133,939
 
962,483
Pharmaceuticals — 1.0%
Eli Lilly & Co.
199
161,405
Professional Services — 7.0%
Dun & Bradstreet Holdings Inc.
26,357
324,191
Leidos Holdings Inc.
2,067
293,576
SS&C Technologies Holdings Inc.
6,498
526,013
 
1,143,780
Software — 2.6%
Microsoft Corp.
1,017
422,116
Specialized REITs — 1.4%
Crown Castle Inc.
2,615
233,467
Technology Hardware, Storage & Peripherals — 2.6%
HP Inc.
7,081
230,133
Western Digital Corp.(a)
2,903
189,072
 
419,205
Tobacco — 0.9%
British American Tobacco PLC, ADR, NVS
3,711
147,104
Total Long-Term Investments — 98.8%
(Cost: $15,196,722)
16,190,531
Schedule of Investments
24
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares Large Cap Value Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Short-Term Securities
Money Market Funds — 1.0%
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(b)(c)
160,000
$160,000
Total Short-Term Securities — 1.0%
(Cost: $160,000)
160,000
Total Investments — 99.8%
(Cost: $15,356,722)
16,350,531
Other Assets Less Liabilities — 0.2%
35,746
Net Assets — 100.0%
$16,386,277
 
(a)
Non-income producing security.
(b)
Affiliate of the Fund.
(c)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency
Shares(a)
$—
$—
$(11
)(b)
$11
$—
$—
—
$52
(c)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares
10,000
150,000
(b)
—
—
—
160,000
160,000
1,774
—
 
$11
$—
$160,000
$1,826
$—
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$16,190,531
$—
$—
$16,190,531
Short-Term Securities 
Money Market Funds
160,000
—
—
160,000
 
$16,350,531
$—
$—
$16,350,531
See notes to financial statements.
25
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
January 31, 2025
iShares U.S. Equity Factor Rotation Active ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Communication Services — 14.1%
Alphabet Inc., Class A
2,183,117
$445,399,530
Alphabet Inc., Class C, NVS
1,344,451
276,419,126
AT&T Inc.
7,538,875
178,897,503
Meta Platforms Inc., Class A
956,435
659,155,873
Netflix Inc.(a)
218,303
213,229,638
Spotify Technology SA(a)
55,289
30,328,781
T-Mobile U.S. Inc.
1,152,041
268,390,992
Verizon Communications Inc.
115,156
4,535,995
Walt Disney Co. (The)
131,283
14,842,856
 
2,091,200,294
Consumer Discretionary — 11.5%
Amazon.com Inc.(a)
2,866,667
681,349,413
Booking Holdings Inc.
49,933
236,560,583
Coupang Inc.(a)
45
1,058
General Motors Co.
2,247,929
111,182,568
Hilton Worldwide Holdings Inc.
55,870
14,306,631
Lennar Corp., Class A
2,952,661
387,507,230
Macy's Inc.
90
1,402
Millrose Properties Inc., Class A(a)
1,435,798
15,879,926
PulteGroup Inc.
316,706
36,034,809
Tesla Inc.(a)
531,479
215,036,403
TJX Companies Inc. (The)
7,334
915,210
 
1,698,775,233
Consumer Staples — 5.6%
Costco Wholesale Corp.
472,100
462,601,348
Pilgrim's Pride Corp.(a)
113,438
5,279,404
Procter & Gamble Co. (The)
1,726,130
286,520,319
Walmart Inc.
806,916
79,206,875
 
833,607,946
Energy — 3.4%
Chevron Corp.
302,297
45,099,689
Exxon Mobil Corp.
4,079,266
435,787,987
Marathon Petroleum Corp.
123,196
17,950,889
Valero Energy Corp.
44
5,852
 
498,844,417
Financials — 18.8%
American Express Co.
116,327
36,928,006
Arch Capital Group Ltd.
632,397
58,857,189
Bank of America Corp.
12,307,726
569,847,714
Berkshire Hathaway Inc., Class B(a)
588,568
275,844,165
Citigroup Inc.
580,593
47,277,688
Hartford Financial Services Group Inc. (The)
2,550,443
284,501,917
JPMorgan Chase & Co.
1,884,083
503,615,386
Mastercard Inc., Class A
362,417
201,297,274
MetLife Inc.
44
3,806
NU Holdings Ltd./Cayman Islands, Class A(a)
315
4,171
Progressive Corp. (The)
998,855
246,157,826
Travelers Companies Inc. (The)
819,485
200,921,332
Visa Inc., Class A
1,055,443
360,750,417
Willis Towers Watson PLC
187
61,629
 
2,786,068,520
Health Care — 5.5%
AbbVie Inc.
24,566
4,517,687
Abiomed Inc., CVR(b)
53
114
Boston Scientific Corp.(a)
1,114,428
114,072,850
Eli Lilly & Co.
213,895
173,485,957
Johnson & Johnson
1,770,406
269,367,273
UnitedHealth Group Inc.
463,484
251,435,435
 
812,879,316
Security
Shares
Value
Industrials — 7.9%
Caterpillar Inc.
575,224
$213,661,203
Eaton Corp. PLC
600,414
195,999,146
EMCOR Group Inc.
45,418
20,349,989
General Electric Co.
665,352
135,445,707
PACCAR Inc.
1,281,029
142,040,495
Parker-Hannifin Corp.
309,942
219,144,491
RTX Corp.
429,205
55,345,985
Trane Technologies PLC
438,299
158,992,962
Waste Management Inc.
119,677
26,360,056
 
1,167,340,034
Information Technology — 30.9%
Advanced Micro Devices Inc.(a)
21,545
2,498,143
Amphenol Corp., Class A
1,022,113
72,345,158
Apple Inc.
4,370,528
1,031,444,608
Applied Materials Inc.
547,782
98,792,484
AppLovin Corp., Class A(a)
14,854
5,489,890
Broadcom Inc.
1,082,458
239,515,482
Cisco Systems Inc.
3,839,808
232,692,365
Crowdstrike Holdings Inc., Class A(a)
34,112
13,578,964
Dell Technologies Inc., Class C
44
4,558
Hewlett Packard Enterprise Co.
287
6,081
International Business Machines Corp.
246,609
63,057,921
Intuit Inc.
90,336
54,338,007
Microsoft Corp.
2,497,965
1,036,805,353
Nutanix Inc., Class A(a)
90
6,189
Nvidia Corp.
8,809,558
1,057,763,629
Oracle Corp.
69,726
11,857,604
Palantir Technologies Inc., Class A(a)
681,206
56,192,683
Palo Alto Networks Inc.(a)
1,234
227,574
Qualcomm Inc.
44
7,609
Salesforce Inc.
689,377
235,560,121
ServiceNow Inc.(a)
257,203
261,930,391
Snowflake Inc., Class A(a)
20
3,630
TE Connectivity PLC, NVS
746,107
110,401,453
Workday Inc., Class A(a)
44
11,531
 
4,584,531,428
Utilities — 1.6%
Duke Energy Corp.
2,029,359
227,267,914
Southern Co. (The)
45,574
3,825,937
Vistra Corp.
52,390
8,803,092
 
239,896,943
Total Long-Term Investments — 99.3%
(Cost: $13,045,926,372)
14,713,144,131
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Treasury, SL Agency
Shares, 4.35%(c)(d)
96,830,000
96,830,000
Total Short-Term Securities — 0.7%
(Cost: $96,830,000)
96,830,000
Total Investments — 100.0%
(Cost: $13,142,756,372)
14,809,974,131
Other Assets Less Liabilities — .00%
3,891,911
Net Assets — 100.0%
$14,813,866,042
 
(a)
Non-income producing security.
(b)
Security is valued using significant unobservable inputs and is classified as Level 3 in the
fair value hierarchy.
Schedule of Investments
26
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares U.S. Equity Factor Rotation Active ETF
 
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL
Agency Shares(a)
$32,360
$—
$(21,138
)(b)
$(11,219
)
$(3
)
$—
—
$8,606
(c)
$—
BlackRock Cash Funds: Treasury, SL
Agency Shares
100,940,000
—
(4,110,000
)(b)
—
—
96,830,000
96,830,000
1,187,381
—
 
$(11,219
)
$(3
)
$96,830,000
$1,195,987
$—
 
(a)
As of period end, the entity is no longer held.
(b)
Represents net amount purchased (sold).
(c)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$14,697,264,091
$15,879,926
$114
$14,713,144,131
Short-Term Securities 
Money Market Funds
96,830,000
—
—
96,830,000
 
$14,794,094,091
$15,879,926
$114
$14,809,974,131
See notes to financial statements.
27
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)
January 31, 2025
iShares U.S. Industry Rotation Active ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Communication Services — 15.7%
Alphabet Inc., Class A
3,318
$676,938
Alphabet Inc., Class C, NVS
2,847
585,343
AT&T Inc.
4,795
113,785
Electronic Arts Inc.
134
16,470
Liberty Media Corp.-Liberty Formula One, Class C, NVS(a)
108
10,336
Live Nation Entertainment Inc.(a)
85
12,298
Match Group Inc.
133
4,748
Meta Platforms Inc., Class A
1,237
852,516
Netflix Inc.(a)
230
224,655
Pinterest Inc., Class A(a)
349
11,503
ROBLOX Corp., Class A(a)
256
18,194
Roku Inc.(a)
60
4,966
Snap Inc., Class A, NVS(a)
602
6,797
T-Mobile U.S. Inc.
1,460
340,136
Take-Two Interactive Software Inc.(a)
94
17,438
Verizon Communications Inc.
2,785
109,701
Walt Disney Co. (The)
974
110,120
Warner Bros Discovery Inc.(a)
1,194
12,465
 
3,128,409
Consumer Discretionary — 10.9%
Airbnb Inc., Class A(a)
152
19,938
Amazon.com Inc.(a)
1,832
435,430
AutoZone Inc.(a)
10
33,502
Best Buy Co. Inc.
123
10,561
Booking Holdings Inc.
12
56,851
Burlington Stores Inc.(a)
38
10,789
CarMax Inc.(a)
90
7,708
Carnival Corp.(a)
358
9,906
Carvana Co., Class A(a)
64
15,839
Chipotle Mexican Grill Inc., Class A(a)
481
28,066
Darden Restaurants Inc.
42
8,200
Dick's Sporting Goods Inc.
34
8,162
Domino's Pizza Inc.
11
4,940
DoorDash Inc., Class A(a)
108
20,394
DR Horton Inc.
284
40,299
DraftKings Inc., Class A (a)
157
6,586
eBay Inc.
100
6,748
Expedia Group Inc.(a)
43
7,351
Flutter Entertainment PLC, Class DI(a)
63
16,819
Ford Motor Co.
1,783
17,973
Garmin Ltd.
148
31,946
General Motors Co.
521
25,769
Hilton Worldwide Holdings Inc.
86
22,022
Home Depot Inc. (The)
557
229,473
Hyatt Hotels Corp., Class A
16
2,532
Las Vegas Sands Corp.
129
5,912
Lennar Corp., Class A
231
30,316
Lowe's Companies Inc.
319
82,953
Marriott International Inc./MD, Class A
83
24,119
McDonald's Corp.
253
73,041
MercadoLibre Inc.(a)
9
17,300
MGM Resorts International(a)
73
2,517
Millrose Properties Inc., Class A(a)
95
1,051
NVR Inc.(a)
3
24,048
O'Reilly Automotive Inc.(a)
33
42,716
PulteGroup Inc.
196
22,301
Rivian Automotive Inc., Class A(a)(b)
354
4,446
Ross Stores Inc.
188
28,305
Royal Caribbean Cruises Ltd.
86
22,927
Starbucks Corp.
398
42,857
Security
Shares
Value
Consumer Discretionary (continued)
Tesla Inc.(a)
1,306
$528,407
TJX Companies Inc. (The)
636
79,366
Tractor Supply Co.
317
17,232
Ulta Beauty Inc.(a)
28
11,540
Williams-Sonoma Inc.
75
15,853
Wynn Resorts Ltd.
35
3,040
Yum! Brands Inc.
95
12,397
 
2,170,448
Energy — 4.4%
APA Corp.
200
4,386
Baker Hughes Co., Class A
657
30,340
Cheniere Energy Inc.
112
25,049
Chevron Corp.
875
130,541
ConocoPhillips
658
65,030
Coterra Energy Inc.
380
10,534
Devon Energy Corp.
305
10,401
Diamondback Energy Inc.
100
16,436
EOG Resources Inc.
287
36,102
EQT Corp.
300
15,336
Expand Energy Corp.
107
10,871
Exxon Mobil Corp.
2,235
238,765
Halliburton Co.
566
14,727
Hess Corp.
139
19,325
HF Sinclair Corp.
102
3,680
Kinder Morgan Inc.
1,026
28,195
Marathon Petroleum Corp.
167
24,334
Occidental Petroleum Corp.
316
14,741
ONEOK Inc.
291
28,276
Ovintiv Inc.
117
4,940
Phillips 66
208
24,517
Schlumberger NV
928
37,380
Targa Resources Corp.
104
20,467
Texas Pacific Land Corp.
10
12,972
Valero Energy Corp.
160
21,280
Williams Companies Inc. (The)
616
34,145
 
882,770
Financials — 15.8%
Aflac Inc.
338
36,295
Allstate Corp. (The)
156
30,003
Ally Financial Inc.
103
4,014
American Express Co.
310
98,409
American Financial Group Inc./OH
50
6,828
American International Group Inc.
397
29,243
Ameriprise Financial Inc.
44
23,908
Aon PLC, Class A
114
42,273
Apollo Global Management Inc.
152
25,989
Arch Capital Group Ltd.
216
20,103
Ares Management Corp., Class A
86
17,047
Arthur J Gallagher & Co.
148
44,669
Assurant Inc.
35
7,532
Bank of America Corp.
2,930
135,659
Bank of New York Mellon Corp. (The)
270
23,201
Berkshire Hathaway Inc., Class B(a)
489
229,180
Blackstone Inc., NVS
307
54,373
Block Inc.(a)
204
18,527
Brown & Brown Inc.
145
15,176
Capital One Financial Corp.
210
42,779
Carlyle Group Inc. (The)
114
6,402
Cboe Global Markets Inc.
38
7,765
Charles Schwab Corp. (The)
679
56,167
Chubb Ltd.
227
61,717
Schedule of Investments
28
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares U.S. Industry Rotation Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Financials (continued)
Cincinnati Financial Corp.
94
$12,883
Citigroup Inc.
816
66,447
Citizens Financial Group Inc.
182
8,658
CME Group Inc.
160
37,843
Coinbase Global Inc., Class A(a)
78
22,724
Corpay Inc.(a)
24
9,132
Discover Financial Services
131
26,343
Erie Indemnity Co., Class A, NVS
15
6,044
Everest Group Ltd.
24
8,340
FactSet Research Systems Inc.
19
9,014
Fidelity National Financial Inc.
97
5,642
Fidelity National Information Services Inc.
208
16,946
Fifth Third Bancorp
289
12,806
First Citizens BancShares Inc./NC, Class A
4
8,819
Fiserv Inc.(a)
215
46,449
Franklin Resources Inc.
214
4,759
Global Payments Inc.
93
10,495
Goldman Sachs Group Inc. (The)
136
87,094
Hartford Financial Services Group Inc. (The)
188
20,971
Huntington Bancshares Inc./Ohio
691
11,885
Intercontinental Exchange Inc.
256
40,916
Jack Henry & Associates Inc.
26
4,526
JPMorgan Chase & Co.
1,199
320,493
KeyCorp
470
8,451
KKR & Co. Inc.
257
42,937
Loews Corp.
113
9,656
LPL Financial Holdings Inc.
32
11,740
M&T Bank Corp.
66
13,282
Markel Group Inc.(a)
8
14,630
MarketAxess Holdings Inc.
18
3,971
Marsh & McLennan Companies Inc.
295
63,980
Mastercard Inc., Class A
302
167,740
MetLife Inc.
374
32,355
Moody's Corp.
73
36,459
Morgan Stanley
521
72,122
MSCI Inc., Class A
34
20,290
Nasdaq Inc.
204
16,797
Northern Trust Corp.
102
11,454
PayPal Holdings Inc.(a)
358
31,712
PNC Financial Services Group Inc. (The)
169
33,961
Principal Financial Group Inc.
164
13,522
Progressive Corp. (The)
342
84,282
Prudential Financial Inc.
130
15,699
Raymond James Financial Inc.
92
15,500
Regions Financial Corp.
403
9,930
Robinhood Markets Inc., Class A(a)
215
11,169
S&P Global Inc.
138
71,955
SEI Investments Co.
74
6,407
State Street Corp.
141
14,328
Synchrony Financial
225
15,520
T Rowe Price Group Inc.
81
9,471
Toast Inc., Class A(a)
144
5,892
Tradeweb Markets Inc., Class A
56
7,106
Travelers Companies Inc. (The)
134
32,854
Truist Financial Corp.
601
28,620
U.S. Bancorp
665
31,774
Visa Inc., Class A
615
210,207
W R Berkley Corp.
182
10,707
Wells Fargo & Co.
1,436
113,157
Willis Towers Watson PLC
37
12,194
 
3,148,319
Security
Shares
Value
Health Care — 7.2%
Abbott Laboratories
73
$9,339
AbbVie Inc.
855
157,235
Agilent Technologies Inc.
250
37,880
Alnylam Pharmaceuticals Inc.(a)
62
16,821
Amgen Inc.
260
74,209
Avantor Inc.(a)
580
12,922
Becton Dickinson & Co.
13
3,219
Biogen Inc.(a)
70
10,075
BioMarin Pharmaceutical Inc.(a)
91
5,766
Bio-Rad Laboratories Inc., Class A(a)
17
6,135
Bio-Techne Corp.
138
10,150
Boston Scientific Corp.(a)
66
6,756
Bristol-Myers Squibb Co.
138
8,135
Cardinal Health Inc.
64
7,914
Cencora Inc.
47
11,948
Centene Corp.(a)
139
8,900
Charles River Laboratories International Inc.(a)
45
7,414
Cigna Group (The)
75
22,066
CVS Health Corp.
339
19,147
Danaher Corp.
566
126,071
DaVita Inc.(a)
11
1,938
Dexcom Inc.(a)
15
1,302
Edwards Lifesciences Corp.(a)
22
1,594
Elevance Health Inc.
62
24,533
Eli Lilly & Co.
54
43,798
Exact Sciences Corp.(a)
89
4,989
GE HealthCare Technologies Inc., NVS(a)
18
1,589
Gilead Sciences Inc.
605
58,806
HCA Healthcare Inc.
51
16,825
Henry Schein Inc.(a)
31
2,480
Humana Inc.
33
9,677
Illumina Inc.(a)
139
18,451
Incyte Corp.(a)
82
6,081
Intuitive Surgical Inc.(a)
14
8,006
IQVIA Holdings Inc.(a)
159
32,016
Johnson & Johnson
165
25,105
Labcorp Holdings Inc.
22
5,496
McKesson Corp.
35
20,816
Medtronic PLC
59
5,358
Merck & Co. Inc.
169
16,701
Mettler-Toledo International Inc.(a)
18
24,560
Moderna Inc.(a)
160
6,307
Molina Healthcare Inc.(a)
15
4,656
Neurocrine Biosciences Inc.(a)
48
7,287
Pfizer Inc.
373
9,892
Quest Diagnostics Inc.
29
4,730
Regeneron Pharmaceuticals Inc.(a)
52
34,995
ResMed Inc.
6
1,417
Revvity Inc.
109
13,748
Stryker Corp.
14
5,478
Thermo Fisher Scientific Inc.
332
198,453
United Therapeutics Corp.(a)
20
7,023
UnitedHealth Group Inc.
250
135,623
Universal Health Services Inc., Class B
14
2,640
Vertex Pharmaceuticals Inc.(a)
125
57,710
Waters Corp.(a)
51
21,190
West Pharmaceutical Services Inc.
63
21,518
Zoetis Inc.
29
4,956
 
1,429,846
Industrials — 9.9%
A O Smith Corp.
29
1,952
Allegion PLC
19
2,522
29
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares U.S. Industry Rotation Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Industrials (continued)
Automatic Data Processing Inc.
211
$63,935
Axon Enterprise Inc.(a)
20
13,044
Boeing Co. (The)(a)
201
35,480
Booz Allen Hamilton Holding Corp., Class A
66
8,514
Broadridge Financial Solutions Inc.
72
17,152
Builders FirstSource Inc.(a)
29
4,851
Carlisle Companies Inc.
11
4,284
Carrier Global Corp.
207
13,534
Caterpillar Inc.
244
90,631
CH Robinson Worldwide Inc.
122
12,138
Cintas Corp.
23
4,613
CNH Industrial NV
354
4,560
Copart Inc.(a)
48
2,781
CSX Corp.
2,729
89,702
Cummins Inc.
69
24,581
Dayforce Inc.(a)
80
5,659
Deere & Co.
130
61,953
Dover Corp.
70
14,258
Equifax Inc.
67
18,410
Expeditors International of Washington Inc.
146
16,583
Fastenal Co.
380
27,831
FedEx Corp.
240
63,569
Ferguson Enterprises Inc.
194
35,137
Fortive Corp.
178
14,477
Fortune Brands Innovations Inc., NVS
32
2,293
General Dynamics Corp.
64
16,447
General Electric Co.
300
61,071
Graco Inc.
78
6,565
HEICO Corp.
11
2,628
HEICO Corp., Class A
18
3,426
Howmet Aerospace Inc.
108
13,671
Huntington Ingalls Industries Inc.
10
1,973
IDEX Corp.
36
8,075
Illinois Tool Works Inc.
147
38,096
Ingersoll Rand Inc.
204
19,135
Jacobs Solutions Inc., NVS
65
9,108
JB Hunt Transport Services Inc.
115
19,690
Johnson Controls International PLC
175
13,650
Knight-Swift Transportation Holdings Inc.
224
12,788
L3Harris Technologies Inc.
52
11,024
Leidos Holdings Inc.
66
9,374
Lennox International Inc.
7
4,147
Lockheed Martin Corp.
58
26,851
Masco Corp.
55
4,360
Nordson Corp.
21
4,625
Norfolk Southern Corp.
316
80,675
Northrop Grumman Corp.
38
18,516
Old Dominion Freight Line Inc.
269
49,929
Otis Worldwide Corp.
199
18,989
Owens Corning
21
3,876
PACCAR Inc.
262
29,051
Parker-Hannifin Corp.
65
45,958
Paychex Inc.
170
25,104
Paycom Software Inc.
26
5,397
Pentair PLC
85
8,813
Republic Services Inc., Class A
13
2,819
RTX Corp.
368
47,454
Snap-on Inc.
27
9,589
SS&C Technologies Holdings Inc.
112
9,066
Stanley Black & Decker Inc.
72
6,341
Textron Inc.
47
3,596
Toro Co. (The)
51
4,247
Security
Shares
Value
Industrials (continued)
Trane Technologies PLC
58
$21,039
TransDigm Group Inc.
15
20,300
TransUnion
100
9,925
Uber Technologies Inc.(a)
2,635
176,150
U-Haul Holding Co.
137
8,869
Union Pacific Corp.
850
210,621
United Parcel Service Inc., Class B
761
86,929
United Rentals Inc.
44
33,355
Veralto Corp.
13
1,344
Verisk Analytics Inc., Class A
72
20,696
Waste Connections Inc.
15
2,757
Waste Management Inc.
24
5,286
Watsco Inc.
23
11,008
Westinghouse Air Brake Technologies Corp.
91
18,921
WW Grainger Inc.
29
30,817
Xylem Inc./New York
121
15,009
 
1,983,594
Information Technology — 31.7%
Accenture PLC, Class A
294
113,175
Adobe Inc.(a)
178
77,866
Advanced Micro Devices Inc.(a)
662
76,759
Akamai Technologies Inc.(a)
71
7,093
Amphenol Corp., Class A
15
1,062
Analog Devices Inc.
205
43,437
Ansys Inc.(a)
37
12,968
Apple Inc.
6,101
1,439,836
Applied Materials Inc.
337
60,778
AppLovin Corp., Class A(a)
83
30,676
Aspen Technology Inc.(a)
10
2,635
Atlassian Corp., Class A, NVS(a)
68
20,861
Autodesk Inc.(a)
88
27,398
Bentley Systems Inc., Class B
63
2,933
Broadcom Inc.
1,816
401,826
Cadence Design Systems Inc.(a)
113
33,631
Cloudflare Inc., Class A(a)
143
19,791
Cognizant Technology Solutions Corp., Class A
234
19,331
Crowdstrike Holdings Inc., Class A(a)
94
37,419
Datadog Inc., Class A(a)
116
16,554
Dell Technologies Inc., Class C
128
13,261
DocuSign Inc., Class A(a)
84
8,125
Dynatrace Inc.(a)
129
7,450
Enphase Energy Inc.(a)
59
3,675
Entegris Inc.
63
6,397
EPAM Systems Inc.(a)
27
6,857
Fair Isaac Corp.(a)
10
18,736
First Solar Inc.(a)
41
6,868
Fortinet Inc.(a)
261
26,330
Gartner Inc.(a)
36
19,542
Gen Digital Inc.
223
6,001
GoDaddy Inc., Class A(a)
65
13,822
Hewlett Packard Enterprise Co.
524
11,104
HP Inc.
390
12,675
HubSpot Inc.(a)
20
15,591
Intel Corp.
1,758
34,158
International Business Machines Corp.
434
110,974
Intuit Inc.
113
67,971
KLA Corp.
55
40,603
Lam Research Corp.
531
43,038
Manhattan Associates Inc.(a)
26
5,423
Marvell Technology Inc.
355
40,065
Microchip Technology Inc.
232
12,598
Micron Technology Inc.
453
41,332
Schedule of Investments
30
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares U.S. Industry Rotation Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Information Technology (continued)
Microsoft Corp.
2,851
$1,183,336
MicroStrategy Inc., Class A(a)(b)
76
25,444
MongoDB Inc., Class A(a)
34
9,293
Monolithic Power Systems Inc.
20
12,747
NetApp Inc.
83
10,134
Nutanix Inc., Class A(a)
105
7,220
Nvidia Corp.
10,034
1,204,782
NXP Semiconductors NV
105
21,898
Okta Inc.(a)
76
7,161
ON Semiconductor Corp.(a)
172
9,002
Oracle Corp.
671
114,110
Palantir Technologies Inc., Class A(a)
820
67,642
Palo Alto Networks Inc.(a)
263
48,502
PTC Inc.(a)
48
9,287
Pure Storage Inc., Class A(a)
126
8,542
Qorvo Inc.(a)
41
3,402
Qualcomm Inc.
457
79,029
Roper Technologies Inc.
45
25,904
Salesforce Inc.
387
132,238
Samsara Inc., Class A(a)
95
4,892
Seagate Technology Holdings PLC
85
8,191
ServiceNow Inc.(a)
83
84,526
Skyworks Solutions Inc.
66
5,858
Snowflake Inc., Class A(a)
142
25,774
Super Micro Computer Inc.(a)(b)
242
6,902
Synopsys Inc.(a)
62
32,580
Teradyne Inc.
64
7,411
Texas Instruments Inc.
374
69,044
Twilio Inc., Class A(a)
72
10,554
Tyler Technologies Inc.(a)
18
10,829
VeriSign Inc.(a)
40
8,600
Western Digital Corp.(a)
140
9,118
Workday Inc., Class A(a)
86
22,537
Zoom Video Communications Inc., Class A(a)
104
9,042
Zscaler Inc.(a)
39
7,901
 
6,322,057
Materials — 2.7%
Air Products and Chemicals Inc.
45
15,087
Albemarle Corp.
30
2,526
Celanese Corp., Class A
28
1,989
CF Industries Holdings Inc.
42
3,873
Corteva Inc.
144
9,399
CRH PLC
1,663
164,687
Dow Inc.
152
5,936
DuPont de Nemours Inc.
93
7,142
Eastman Chemical Co.
32
3,189
Ecolab Inc.
55
13,760
Freeport-McMoRan Inc.
483
17,316
International Flavors & Fragrances Inc.
53
4,616
Linde PLC
100
44,612
LyondellBasell Industries NV, Class A
52
3,936
Martin Marietta Materials Inc.
148
80,530
Mosaic Co. (The)
73
2,036
Newmont Corp.
385
16,447
Nucor Corp.
82
10,531
PPG Industries Inc.
50
5,769
Reliance Inc.
19
5,500
RPM International Inc.
30
3,798
Sherwin-Williams Co. (The)
49
17,550
Security
Shares
Value
Materials (continued)
Steel Dynamics Inc.
49
$6,282
Vulcan Materials Co.
321
88,002
Westlake Corp.
8
914
 
535,427
Real Estate — 0.3%
Alexandria Real Estate Equities Inc.
47
4,576
American Tower Corp.
14
2,589
Crown Castle Inc.
13
1,161
Digital Realty Trust Inc.
10
1,639
Equinix Inc.
3
2,741
Healthpeak Properties Inc.
249
5,144
Public Storage
5
1,492
Ventas Inc.
136
8,217
Welltower Inc.
200
27,296
Weyerhaeuser Co.
44
1,347
 
56,202
Utilities — 1.0%
Alliant Energy Corp.
65
3,827
American Electric Power Co. Inc.
138
13,574
Constellation Energy Corp.
81
24,298
Duke Energy Corp.
201
22,510
Edison International
99
5,346
Entergy Corp.
112
9,081
Evergy Inc.
57
3,658
Eversource Energy
87
5,018
Exelon Corp.
272
10,880
FirstEnergy Corp.
139
5,532
NextEra Energy Inc.
531
37,998
NRG Energy Inc.
59
6,044
PG&E Corp.
532
8,326
PPL Corp.
231
7,762
Southern Co. (The)
289
24,261
Xcel Energy Inc.
144
9,677
 
197,792
Total Long-Term Investments — 99.6%
(Cost: $18,165,195)
19,854,864
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.54%(c)(d)(e)
12,084
12,090
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(c)(d)
80,000
80,000
Total Short-Term Securities — 0.5%
(Cost: $92,090)
92,090
Total Investments — 100.1%
(Cost: $18,257,285)
19,946,954
Liabilities in Excess of Other Assets — (0.1)%
(14,733
)
Net Assets — 100.0%
$19,932,221
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
All or a portion of this security was purchased with the cash collateral from loaned
securities.
31
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares U.S. Industry Rotation Active ETF
 
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$611
$11,480
(a)
$—
$(1
)
$—
$12,090
12,084
$51
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares
40,000
40,000
(a)
—
—
—
80,000
80,000
1,511
—
 
$(1
)
$—
$92,090
$1,562
$—
 
(a)
Represents net amount purchased (sold).
(b)
All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other
payments to and from borrowers of securities.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$19,853,813
$1,051
$—
$19,854,864
Short-Term Securities 
Money Market Funds
92,090
—
—
92,090
 
$19,945,903
$1,051
$—
$19,946,954
See notes to financial statements.
Schedule of Investments
32
Schedule of Investments (unaudited)
January 31, 2025
iShares U.S. Thematic Rotation Active ETF
(Percentages shown are based on Net Assets)
 
Security
Shares
Value
Common Stocks
Aerospace & Defense — 2.0%
Axon Enterprise Inc.(a)
60
$39,131
General Electric Co.
960
195,427
Howmet Aerospace Inc.
355
44,936
Northrop Grumman Corp.
16
7,796
 
287,290
Air Freight & Logistics — 0.2%
Expeditors International of Washington Inc.
273
31,007
Broadline Retail — 4.7%
Amazon.com Inc.(a)
2,547
605,371
Dillard's Inc., Class A
161
75,366
 
680,737
Building Products — 2.4%
Armstrong World Industries Inc.
146
22,047
Carlisle Companies Inc.
41
15,968
Lennox International Inc.
161
95,380
Owens Corning
134
24,730
Simpson Manufacturing Co. Inc.
22
3,696
Trane Technologies PLC
437
158,522
UFP Industries Inc.
225
26,021
 
346,364
Capital Markets — 0.2%
Affiliated Managers Group Inc.
92
17,290
Janus Henderson Group PLC
133
5,976
SEI Investments Co.
133
11,515
 
34,781
Chemicals — 0.8%
Ecolab Inc.
65
16,262
Linde PLC
225
100,377
 
116,639
Commercial Services & Supplies — 2.4%
Cintas Corp.
44
8,825
Clean Harbors Inc.(a)
249
58,017
Copart Inc.(a)
1,179
68,300
Republic Services Inc., Class A
401
86,965
Veralto Corp.
206
21,298
Waste Connections Inc.
508
93,355
Waste Management Inc.
60
13,216
 
349,976
Communications Equipment — 1.6%
Cisco Systems Inc.
1,728
104,717
F5 Inc.(a)
183
54,398
Motorola Solutions Inc.
155
72,734
 
231,849
Construction & Engineering — 3.1%
AECOM
215
22,669
Comfort Systems USA Inc.
152
66,386
Dycom Industries Inc.(a)
337
63,747
EMCOR Group Inc.
327
146,516
Fluor Corp.(a)
777
37,459
MasTec Inc.(a)
479
69,498
Quanta Services Inc.
154
47,372
 
453,647
Construction Materials — 0.9%
Eagle Materials Inc.
46
11,810
Martin Marietta Materials Inc.
62
33,736
Vulcan Materials Co.
302
82,793
 
128,339
Security
Shares
Value
Consumer Staples Distribution & Retail — 6.0%
Costco Wholesale Corp.
443
$434,087
Kroger Co. (The)
617
38,032
Sprouts Farmers Market Inc.(a)
377
59,694
U.S. Foods Holding Corp.(a)
163
11,562
Walmart Inc.
3,275
321,474
 
864,849
Containers & Packaging — 0.4%
AptarGroup Inc.
396
62,231
Distributors — 0.2%
Genuine Parts Co.
40
4,650
LKQ Corp.
532
19,891
 
24,541
Electrical Equipment — 0.3%
Acuity Brands Inc.
18
5,983
Hubbell Inc., Class B
83
35,110
 
41,093
Electronic Equipment, Instruments & Components — 3.3%
Amphenol Corp., Class A
4,004
283,403
Badger Meter Inc.
334
71,446
Crane NXT Co.
68
4,350
Jabil Inc.
423
68,699
TD SYNNEX Corp.
350
49,879
 
477,777
Energy Equipment & Services — 0.4%
Baker Hughes Co., Class A
481
22,213
Noble Corp. PLC
527
16,890
TechnipFMC PLC
134
4,027
Tidewater Inc.(a)(b)
294
16,202
 
59,332
Entertainment — 0.9%
Electronic Arts Inc.
182
22,370
Netflix Inc.(a)
71
69,350
Spotify Technology SA(a)
68
37,301
 
129,021
Financial Services — 1.0%
Berkshire Hathaway Inc., Class B(a)
40
18,747
Essent Group Ltd.
331
19,281
Fiserv Inc.(a)
426
92,033
Voya Financial Inc.
138
9,796
 
139,857
Food Products — 1.0%
Pilgrim's Pride Corp.(a)
3,206
149,207
WK Kellogg Co.
108
1,792
 
150,999
Health Care Equipment & Supplies — 6.9%
Align Technology Inc.(a)
55
12,051
Boston Scientific Corp.(a)
3,806
389,582
Edwards Lifesciences Corp.(a)
901
65,277
Globus Medical Inc., Class A(a)
635
58,877
Intuitive Surgical Inc.(a)
391
223,605
Merit Medical Systems Inc.(a)
137
14,917
Penumbra Inc.(a)
229
61,136
Stryker Corp.
465
181,950
 
1,007,395
Health Care Providers & Services — 0.5%
Cardinal Health Inc.
23
2,844
Encompass Health Corp.
259
25,711
McKesson Corp.
62
36,875
 
65,430
33
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares U.S. Thematic Rotation Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Hotels, Restaurants & Leisure — 0.9%
Hilton Worldwide Holdings Inc.
196
$50,190
Light & Wonder Inc.(a)
509
44,746
Marriott International Inc./MD, Class A
128
37,195
 
132,131
Household Durables — 0.8%
Champion Homes Inc.(a)
390
36,009
Garmin Ltd.
193
41,659
PulteGroup Inc.
18
2,048
Taylor Morrison Home Corp., Class A(a)
635
40,932
 
120,648
Household Products — 2.8%
Church & Dwight Co. Inc.
84
8,864
Colgate-Palmolive Co.
1,883
163,256
Procter & Gamble Co. (The)
1,427
236,868
 
408,988
Insurance — 1.0%
Aflac Inc.
16
1,718
Axis Capital Holdings Ltd.
439
39,958
Brown & Brown Inc.
61
6,384
Marsh & McLennan Companies Inc.
247
53,569
Progressive Corp. (The)
33
8,133
RLI Corp.
487
35,721
 
145,483
Interactive Media & Services — 6.3%
Alphabet Inc., Class A
1,400
285,628
Alphabet Inc., Class C, NVS
1,161
238,702
Meta Platforms Inc., Class A
574
395,589
 
919,919
IT Services — 1.7%
Accenture PLC, Class A
247
95,083
Amdocs Ltd.
76
6,702
Gartner Inc.(a)
65
35,284
GoDaddy Inc., Class A(a)
505
107,388
 
244,457
Machinery — 4.3%
Allison Transmission Holdings Inc.
111
13,047
Caterpillar Inc.
84
31,201
Crane Co.
213
36,278
Donaldson Co. Inc.
693
49,335
Graco Inc.
1,488
125,245
Ingersoll Rand Inc.
843
79,073
ITT Inc.
708
106,922
Lincoln Electric Holdings Inc.
311
61,821
Mueller Industries Inc.
1,149
90,484
Otis Worldwide Corp.
112
10,687
Pentair PLC
55
5,702
SPX Technologies Inc.(a)
87
12,921
Westinghouse Air Brake Technologies Corp.
40
8,317
 
631,033
Metals & Mining — 0.2%
Carpenter Technology Corp.
172
33,206
Reliance Inc.
4
1,158
 
34,364
Oil, Gas & Consumable Fuels — 1.8%
DT Midstream Inc.(a)
926
93,600
Hess Midstream LP, Class A
915
37,067
SM Energy Co.
646
24,522
Targa Resources Corp.
537
105,682
 
260,871
Security
Shares
Value
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.
45
$5,264
Professional Services — 1.5%
Automatic Data Processing Inc.
132
39,997
CACI International Inc., Class A(a)
45
17,382
ExlService Holdings, Inc.(a)
249
12,515
SS&C Technologies Holdings Inc.
1,576
127,577
Verisk Analytics Inc., Class A
90
25,870
 
223,341
Semiconductors & Semiconductor Equipment — 9.3%
Analog Devices Inc.
91
19,282
Applied Materials Inc.
225
40,579
Broadcom Inc.
1,277
282,562
Cirrus Logic Inc.(a)
313
31,438
KLA Corp.
18
13,288
MACOM Technology Solutions Holdings Inc.(a)
26
3,438
Nvidia Corp.
7,826
939,668
Onto Innovation Inc.(a)
75
15,357
Universal Display Corp.
27
4,048
 
1,349,660
Software — 11.8%
Adobe Inc.(a)
2
875
Autodesk Inc.(a)
75
23,350
Box Inc., Class A(a)
2,241
74,827
Cadence Design Systems Inc.(a)
426
126,786
Check Point Software Technologies Ltd.(a)
1,327
289,313
CommVault Systems Inc.(a)
595
94,760
Guidewire Software Inc.(a)
54
11,409
Manhattan Associates Inc.(a)
22
4,589
Microsoft Corp.
1,892
785,293
Oracle Corp.
459
78,058
Palo Alto Networks Inc.(a)
19
3,504
PTC Inc.(a)
384
74,296
Q2 Holdings Inc.(a)
146
13,895
Synopsys Inc.(a)
184
96,688
Tenable Holdings Inc.(a)
447
19,261
Teradata Corp.(a)
318
10,147
Zeta Global Holdings Corp., Class A(a)
393
7,212
 
1,714,263
Specialty Retail — 8.9%
Abercrombie & Fitch Co., Class A(a)
276
32,949
AutoZone Inc.(a)
4
13,401
Dick's Sporting Goods Inc.
254
60,973
Gap Inc. (The)
593
14,273
Lowe's Companies Inc.
868
225,715
Murphy USA Inc.
46
23,134
O'Reilly Automotive Inc.(a)
22
28,477
Penske Automotive Group Inc.
105
17,391
Ross Stores Inc.
2,387
359,387
TJX Companies Inc. (The)
3,794
473,453
Williams-Sonoma Inc.
174
36,778
 
1,285,931
Technology Hardware, Storage & Peripherals — 6.5%
Apple Inc.
3,372
795,792
NetApp Inc.
353
43,101
Pure Storage Inc., Class A(a)
1,466
99,380
 
938,273
Textiles, Apparel & Luxury Goods — 0.5%
Deckers Outdoor Corp.(a)
400
70,944
Skechers USA Inc., Class A(a)
5
377
 
71,321
Schedule of Investments
34
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares U.S. Thematic Rotation Active ETF
(Percentages shown are based on Net Assets)
Security
Shares
Value
Trading Companies & Distributors — 0.7%
Applied Industrial Technologies Inc.
64
$16,642
Fastenal Co.
530
38,817
WW Grainger Inc.
43
45,695
 
101,154
Total Long-Term Investments — 98.2%
(Cost: $12,827,590)
14,270,255
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares,
4.54%(c)(d)(e)
11,278
11,284
BlackRock Cash Funds: Treasury, SL Agency Shares,
4.35%(c)(d)
260,000
260,000
Total Short-Term Securities — 1.8%
(Cost: $271,284)
271,284
Total Investments — 100.0%
(Cost: $13,098,874)
14,541,539
Liabilities in Excess of Other Assets — (0.0)%
(6,902
)
Net Assets — 100.0%
$14,534,637
 
(a)
Non-income producing security.
(b)
All or a portion of this security is on loan.
(c)
Affiliate of the Fund.
(d)
Annualized 7-day yield as of period end.
(e)
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 six months ended January 31, 2025 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: 
Affiliated Issuer
Value at
07/31/24
Purchases
at Cost
Proceeds
from Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation
(Depreciation)
Value at
01/31/25
Shares
Held at
01/31/25
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock Cash Funds: Institutional, SL Agency Shares
$76,229
$—
$(64,923
)(a)
$(19
)
$(3
)
$11,284
11,278
$98
(b)
$—
BlackRock Cash Funds: Treasury, SL Agency Shares
50,000
210,000
(a)
—
—
—
260,000
260,000
1,529
—
 
$(19
)
$(3
)
$271,284
$1,627
$—
 
(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
Micro E-Mini S&P 500 Index
2
03/21/25
$61
$(882
)
35
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Schedule of Investments (unaudited)(continued)
January 31, 2025
iShares U.S. Thematic Rotation Active ETF
 
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities—Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)
$—
$—
$882
$—
$—
$—
$882
 
(a)
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day's
variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).
For the period ended January 31, 2025, the effect of derivative financial instruments in the Statements of Operations was as follows: 
 
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net Realized Gain (Loss) from
Futures contracts
$—
$—
$5,146
$—
$—
$—
$5,146
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts
$—
$—
$(1,422
)
$—
$—
$—
$(1,422
)
Average Quarterly Balances of Outstanding Derivative Financial Instruments 
Futures contracts:
Average notional value of contracts — long
$59,029
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments at the measurement date. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above. 
 
Level 1
Level 2
Level 3
Total
Assets 
Investments 
Long-Term Investments 
Common Stocks
$14,270,255
$—
$—
$14,270,255
Short-Term Securities 
Money Market Funds
271,284
—
—
271,284
 
$14,541,539
$—
$—
$14,541,539
Derivative Financial Instruments(a) 
Liabilities 
Equity Contracts
$(882
)
$—
$—
$(882
)
 
(a)
Derivative financial instruments are futures contracts.  Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.   
See notes to financial statements.
Schedule of Investments
36
Statements of Assets and Liabilities (unaudited)
January 31, 2025
 
 
BlackRock
U.S. Carbon
Transition
Readiness ETF
BlackRock
World ex
U.S. Carbon
Transition
Readiness ETF
iShares
FinTech Active
ETF
iShares
Health
Innovation
Active ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)(b)
$1,279,596,318
$256,132,890
$6,487,887
$3,112,187
Investments, at value—affiliated(c)
21,017,729
1,790,000
718,790
259,146
Cash
78,171
37,522
9,145
9,965
Cash pledged for futures contracts
694,000
99,000
—
—
Foreign currency, at value(d)
—
101,606
—
—
Receivables:
 
 
 
 
Investments sold
—
—
2,481
299
Securities lending income—affiliated
867
6
190
56
Dividends—unaffiliated
548,355
340,565
7,468
1,808
Dividends—affiliated
42,926
5,727
483
327
Tax reclaims
—
1,104,433
859
390
Foreign withholding tax claims
—
22,211
—
—
Total assets
1,301,978,366
259,633,960
7,227,303
3,384,178
LIABILITIES
 
 
 
 
Collateral on securities loaned, at value
7,646,288
—
438,718
179,204
Payables:
 
 
 
 
Investments purchased
—
—
—
5,778
Investment advisory fees
155,102
42,326
3,630
2,222
Professional fees
—
43,102
—
—
Variation margin on futures contracts
71,966
30,280
—
—
Total liabilities
7,873,356
115,708
442,348
187,204
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$1,294,105,010
$259,518,252
$6,784,955
$3,196,974
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$1,051,556,536
$321,633,908
$6,060,305
$3,748,831
Accumulated earnings (loss)
242,548,474
(62,115,656)
724,650
(551,857)
NET ASSETS
$1,294,105,010
$259,518,252
$6,784,955
$3,196,974
NET ASSET VALUE
 
 
 
 
Shares outstanding
19,625,000
5,700,000
240,000
120,000
Net asset value
$65.94
$45.53
$28.27
$26.64
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
None
None
None
None
(a) Investments, at cost—unaffiliated
$996,206,734
$247,486,358
$5,378,815
$2,847,011
(b) Securities loaned, at value
$7,509,481
$—
$415,898
$173,253
(c) Investments, at cost—affiliated
$21,017,729
$1,790,000
$718,785
$259,090
(d) Foreign currency, at cost
$—
$105,495
$—
$—
See notes to financial statements.
37
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Assets and Liabilities (unaudited)(continued)
January 31, 2025
 
 
iShares
International
Country
Rotation Active
ETF
iShares
Large Cap
Core Active
ETF
iShares
Large Cap
Value Active
ETF
iShares
U.S. Equity
Factor Rotation
Active ETF
ASSETS
 
 
 
 
Investments, at value—unaffiliated(a)
$—
$7,807,643
$16,190,531
$14,713,144,131
Investments, at value—affiliated(b)
5,918,553
40,000
160,000
96,830,000
Cash
1,384
6,317
3,088
8,908
Receivables:
 
 
 
 
Securities lending income—affiliated
—
32
3
705
Capital shares sold
—
—
15,065
314,696
Dividends—unaffiliated
—
1,382
17,247
6,419,054
Dividends—affiliated
40
341
343
290,897
Tax reclaims
—
35
—
—
Total assets
5,919,977
7,855,750
16,386,277
14,817,008,391
LIABILITIES
 
 
 
 
Payables:
 
 
 
 
Investment advisory fees
147
2,337
—
3,142,349
Total liabilities
147
2,337
—
3,142,349
Commitments and contingent liabilities
 
 
 
 
NET ASSETS
$5,919,830
$7,853,413
$16,386,277
$14,813,866,042
NET ASSETS CONSIST OF
 
 
 
 
Paid-in capital
$6,004,089
$5,868,754
$15,172,350
$12,766,576,519
Accumulated earnings (loss)
(84,259)
1,984,659
1,213,927
2,047,289,523
NET ASSETS
$5,919,830
$7,853,413
$16,386,277
$14,813,866,042
NET ASSET VALUE
 
 
 
 
Shares outstanding
240,000
230,000
500,000
282,025,000
Net asset value
$24.67
$34.15
$32.77
$52.53
Shares authorized
Unlimited
Unlimited
Unlimited
Unlimited
Par value
None
None
None
None
(a) Investments, at cost—unaffiliated
$—
$6,370,925
$15,196,722
$13,045,926,372
(b) Investments, at cost—affiliated
$5,985,717
$40,000
$160,000
$96,830,000
See notes to financial statements.
Statements of Assets and Liabilities
38
Statements of Assets and Liabilities (unaudited)(continued)
January 31, 2025
 
 
iShares
U.S. Industry
Rotation Active
ETF
iShares
U.S. Thematic
Rotation Active
ETF
ASSETS
 
 
Investments, at value—unaffiliated(a)(b)
$19,854,864
$14,270,255
Investments, at value—affiliated(c)
92,090
271,284
Cash
7,499
1,860
Cash pledged for futures contracts
—
4,000
Receivables:
 
 
Investments sold
3,424,715
—
Securities lending income—affiliated
9
13
Dividends—unaffiliated
9,079
5,272
Dividends—affiliated
253
411
Total assets
23,388,509
14,553,095
LIABILITIES
 
 
Collateral on securities loaned, at value
12,088
11,293
Payables:
 
 
Investments purchased
3,437,364
—
Investment advisory fees
6,836
6,848
Variation margin on futures contracts
—
317
Total liabilities
3,456,288
18,458
Commitments and contingent liabilities
 
 
NET ASSETS
$19,932,221
$14,534,637
NET ASSETS CONSIST OF
 
 
Paid-in capital
$18,297,684
$12,416,000
Accumulated earnings
1,634,537
2,118,637
NET ASSETS
$19,932,221
$14,534,637
NET ASSET VALUE
 
 
Shares outstanding
700,000
420,000
Net asset value
$28.47
$34.61
Shares authorized
Unlimited
Unlimited
Par value
None
None
(a) Investments, at cost—unaffiliated
$18,165,195
$12,827,590
(b) Securities loaned, at value
$11,683
$11,022
(c) Investments, at cost—affiliated
$92,090
$271,284
See notes to financial statements.
39
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Operations (unaudited)
Six Months Ended January 31, 2025  
 
 
BlackRock
U.S. Carbon
Transition
Readiness ETF
BlackRock
World ex
U.S. Carbon
Transition
Readiness ETF
iShares
FinTech Active
ETF
iShares
Health
Innovation
Active ETF
INVESTMENT INCOME
Dividends—unaffiliated
$8,389,018
$2,790,281
$27,747
$8,231
Dividends—affiliated
303,764
34,851
3,302
4,044
Interest—unaffiliated
—
2,871
97
104
Securities lending income—affiliated—net
16,105
519
1,254
769
Non-cash dividends—unaffiliated
—
201,859
—
—
Other income—unaffiliated
—
530
—
—
Foreign taxes withheld
—
(246,036
)
(1,373
)
—
Foreign withholding tax claims
—
215,274
—
—
Total investment income
8,708,887
3,000,149
31,027
13,148
EXPENSES
Investment advisory
1,872,651
453,648
18,635
16,554
Commitment costs
2,252
452
9
6
Professional
—
45,664
—
—
Total expenses
1,874,903
499,764
18,644
16,560
Less:
Investment advisory fees waived
(954,901
)
(195,081
)
(62
)
(75
)
Total expenses after fees waived
920,002
304,683
18,582
16,485
Net investment income (loss)
7,788,885
2,695,466
12,445
(3,337
)
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
8,245,557
(512,055
)
330,448
(93,535
)
Investments—affiliated
(725
)
9
12
50
Foreign currency transactions
—
(25,458
)
(939
)
(468
)
Futures contracts
1,254,500
(110,525
)
—
—
In-kind redemptions—unaffiliated(a)
26,670,833
3,516,370
—
201,513
 
36,170,165
2,868,341
329,521
107,560
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
79,347,542
(5,446,289
)
521,184
(46,140
)
Investments—affiliated
(820
)
(17
)
(27
)
(22
)
Foreign currency translations
—
(47,841
)
41
161
Futures contracts
(63,391
)
(25,504
)
—
—
 
79,283,331
(5,519,651
)
521,198
(46,001
)
Net realized and unrealized gain (loss)
115,453,496
(2,651,310
)
850,719
61,559
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$123,242,381
$44,156
$863,164
$58,222
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
Statements of Operations
40
Statements of Operations (unaudited)(continued)
Six Months Ended January 31, 2025  
 
 
iShares
International
Country
Rotation Active
ETF(a)
iShares
Large Cap
Core Active
ETF
iShares
Large Cap
Value Active
ETF
iShares
U.S. Equity
Factor Rotation
Active ETF
INVESTMENT INCOME
Dividends—unaffiliated
$—
$35,184
$114,035
$74,161,276
Dividends—affiliated
85,742
2,347
1,774
1,187,381
Interest—unaffiliated
—
95
121
—
Securities lending income—affiliated—net
—
153
52
8,606
Foreign taxes withheld
—
(243
)
(424
)
—
Total investment income
85,742
37,536
115,558
75,357,263
EXPENSES
Investment advisory
5,099
14,302
27,738
16,815,200
Commitment costs
—
13
18
21,790
Total expenses
5,099
14,315
27,756
16,836,990
Less:
Investment advisory fees waived
(4,724
)
(797
)
(22,005
)
(2,568,756
)
Total expenses after fees waived
375
13,518
5,751
14,268,234
Net investment income
85,367
24,018
109,807
61,089,029
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
—
(236,603
)
(114,955
)
(83,189,068
)
Investments—affiliated
(17,389
)
(79
)
11
(11,219
)
Capital gain distributions from underlying funds—affiliated
2,083
—
—
—
Foreign currency transactions
—
—
(25
)
—
In-kind redemptions—unaffiliated(b)
—
783,571
312,497
500,939,194
 
(15,306
)
546,889
197,528
417,738,907
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
—
132,138
13,982
869,635,614
Investments—affiliated
(67,164
)
—
—
(3
)
 
(67,164
)
132,138
13,982
869,635,611
Net realized and unrealized gain (loss)
(82,470
)
679,027
211,510
1,287,374,518
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$2,897
$703,045
$321,317
$1,348,463,547
(a) For the period from December 03, 2024 (commencement of operations) to January 31, 2025.
(b) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
41
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Operations (unaudited)(continued)
Six Months Ended January 31, 2025  
 
 
iShares
U.S. Industry
Rotation Active
ETF
iShares
U.S. Thematic
Rotation Active
ETF
INVESTMENT INCOME
Dividends—unaffiliated
$92,260
$36,296
Dividends—affiliated
1,511
1,529
Interest—unaffiliated
88
128
Securities lending income—affiliated—net
51
98
Foreign taxes withheld
(61
)
(9
)
Total investment income
93,849
38,042
EXPENSES
Investment advisory
32,634
27,620
Commitment costs
26
17
Total expenses
32,660
27,637
Less:
Investment advisory fees waived
(28
)
(29
)
Total expenses after fees waived
32,632
27,608
Net investment income
61,217
10,434
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments—unaffiliated
146,130
63,368
Investments—affiliated
(1
)
(19
)
Foreign currency transactions
(9
)
19
Futures contracts
—
5,146
In-kind redemptions—unaffiliated(a)
—
750,148
 
146,120
818,662
Net change in unrealized appreciation (depreciation) on:
Investments—unaffiliated
1,286,181
6,449
Investments—affiliated
—
(3
)
Futures contracts
—
(1,422
)
 
1,286,181
5,024
Net realized and unrealized gain
1,432,301
823,686
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
$1,493,518
$834,120
(a) See Note 2 of the Notes to Financial Statements.
See notes to financial statements.
Statements of Operations
42
Statements of Changes in Net Assets
 
 
BlackRock
U.S. Carbon Transition Readiness ETF
BlackRock
World ex U.S. Carbon Transition
Readiness ETF
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$7,788,885
$19,638,789
$2,695,466
$10,604,742
Net realized gain
36,170,165
181,262,017
2,868,341
12,590,119
Net change in unrealized appreciation (depreciation)
79,283,331
47,562,945
(5,519,651
)
(229,552
)
Net increase in net assets resulting from operations
123,242,381
248,463,751
44,156
22,965,309
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(9,378,436
)(b)
(20,232,185
)
(4,168,941
)(b)
(12,173,850
)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions
(62,630,675
)
(669,338,537
)
(29,613,279
)
(293,796,874
)
NET ASSETS
Total increase (decrease) in net assets
51,233,270
(441,106,971
)
(33,738,064
)
(283,005,415
)
Beginning of period
1,242,871,740
1,683,978,711
293,256,316
576,261,731
End of period
$1,294,105,010
$1,242,871,740
$259,518,252
$293,256,316
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
43
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets(continued)
 
 
iShares
FinTech Active ETF
iShares
Health Innovation Active ETF
 
Six Months
Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Six Months
Ended
01/31/25
(unaudited)
Year Ended
07/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income (loss)
$12,445
$37,212
$(3,337
)
$(4,667
)
Net realized gain
329,521
80,267
107,560
176,596
Net change in unrealized appreciation (depreciation)
521,198
287,559
(46,001
)
(31,984
)
Net increase in net assets resulting from operations
863,164
405,038
58,222
139,945
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(13,524
)(b)
(50,103
)
—
(1,153
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
1,061,916
—
(1,026,178
)
(1,909,142
)
NET ASSETS
Total increase (decrease) in net assets
1,911,556
354,935
(967,956
)
(1,770,350
)
Beginning of period
4,873,399
4,518,464
4,164,930
5,935,280
End of period
$6,784,955
$4,873,399
$3,196,974
$4,164,930
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
Statements of Changes in Net Assets
44
Statements of Changes in Net Assets(continued)
 
 
iShares
International
Country
Rotation
Active ETF
iShares
Large Cap Core Active ETF
 
Period From
12/03/24(a)
to 01/31/25
(unaudited)
Six Months
Ended
01/31/25
(unaudited)
Period From
10/24/23(a)
to 07/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$85,367
$24,018
$38,350
Net realized gain (loss)
(15,306
)
546,889
94,041
Net change in unrealized appreciation (depreciation)
(67,164
)
132,138
1,304,580
Net increase in net assets resulting from operations
2,897
703,045
1,436,971
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders
(87,156
)(c)
(32,983
)(c)
(32,858
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
6,004,089
(35,390
)
5,814,628
NET ASSETS
Total increase in net assets
5,919,830
634,672
7,218,741
Beginning of period
—
7,218,741
—
End of period
$5,919,830
$7,853,413
$7,218,741
 
(a)
Commencement of operations.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
45
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Statements of Changes in Net Assets(continued)
 
 
iShares
Large Cap Value Active ETF
iShares
U.S. Equity Factor Rotation Active ETF
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$109,807
$127,109
$61,089,029
$27,307,158
Net realized gain
197,528
686,909
417,738,907
78,561,323
Net change in unrealized appreciation (depreciation)
13,982
437,892
869,635,611
793,780,772
Net increase in net assets resulting from operations
321,317
1,251,910
1,348,463,547
899,649,253
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders
(87,021
)(b)
(124,837
)
(57,598,326
)(b)
(19,432,993
)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions
8,833,533
(318,240
)
3,383,978,233
9,226,052,475
NET ASSETS
Total increase in net assets
9,067,829
808,833
4,674,843,454
10,106,268,735
Beginning of period
7,318,448
6,509,615
10,139,022,588
32,753,853
End of period
$16,386,277
$7,318,448
$14,813,866,042
$10,139,022,588
 
(a)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(b)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
Statements of Changes in Net Assets
46
Statements of Changes in Net Assets(continued)
 
 
iShares
U.S. Industry Rotation Active ETF
iShares
U.S. Thematic Rotation Active ETF
 
Six Months
Ended
01/31/25
(unaudited)
Period From
03/26/24(a)
to 07/31/24
Six Months
Ended
01/31/25
(unaudited)
Year Ended
07/31/24
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income
$61,217
$10,454
$10,434
$23,408
Net realized gain (loss)
146,120
(203,568
)
818,662
487,907
Net change in unrealized appreciation (depreciation)
1,286,181
403,488
5,024
887,296
Net increase in net assets resulting from operations
1,493,518
210,374
834,120
1,398,611
DISTRIBUTIONS TO SHAREHOLDERS(b)
Decrease in net assets resulting from distributions to shareholders
(61,817
)(c)
(7,538
)
(74,880
)(c)
(20,946
)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions
9,128,931
9,168,753
6,317,245
1,142,729
NET ASSETS
Total increase in net assets
10,560,632
9,371,589
7,076,485
2,520,394
Beginning of period
9,371,589
—
7,458,152
4,937,758
End of period
$19,932,221
$9,371,589
$14,534,637
$7,458,152
 
(a)
Commencement of operations.
(b)
Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(c)
A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
See notes to financial statements.
47
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights
(For a share outstanding throughout each period)
 
 
BlackRock U.S. Carbon Transition Readiness ETF
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Period From
04/06/21(a)
to 07/31/21
Net asset value, beginning of period
$60.11
$50.57
$45.83
$50.58
$46.60
Net investment income(b)
0.39
0.74
0.72
0.65
0.17
Net realized and unrealized gain (loss)(c)
5.92
9.56
4.74
(4.00
)
3.90
Net increase (decrease) from investment operations
6.31
10.30
5.46
(3.35
)
4.07
Distributions(d)
From net investment income
(0.48
)(e)
(0.76
)
(0.72
)
(0.63
)
(0.09
)
From net realized gain
—
—
—
(0.77
)
—
Total distributions
(0.48
)
(0.76
)
(0.72
)
(1.40
)
(0.09
)
Net asset value, end of period
$65.94
$60.11
$50.57
$45.83
$50.58
Total Return(f)
Based on net asset value
10.51
%(g)
20.61
%(h)
12.16
%
(6.90
)%
8.74
%(g)
Ratios to Average Net Assets(i)
Total expenses
0.30
%(j)
0.29
%
0.29
%
0.29
%
0.29
%(j)
Total expenses after fees waived
0.15
%(j)
0.14
%
0.14
%
0.14
%
0.14
%(j)
Net investment income
1.23
%(j)
1.41
%
1.59
%
1.31
%
1.07
%(j)
Supplemental Data
Net assets, end of period (000)
$1,294,105
$1,242,872
$1,683,979
$1,409,350
$1,423,889
Portfolio turnover rate(k)
19
%
46
%
31
%
58
%
13
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Includes payment received from an affiliate, which had no impact on the Fund’s total return.
(i) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(j) Annualized.
(k) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
48
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
BlackRock World ex U.S. Carbon Transition Readiness ETF
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Period From
04/06/21(a)
to 07/31/21
Net asset value, beginning of period
$46.00
$43.41
$39.85
$48.06
$46.16
Net investment income(b)
0.48
(c)
1.16
1.20
1.23
0.39
Net realized and unrealized gain (loss)(d)
(0.21
)
2.97
3.69
(7.93
)
1.82
Net increase (decrease) from investment operations
0.27
4.13
4.89
(6.70
)
2.21
Distributions(e)
From net investment income
(0.74
)(f)
(1.54
)
(1.33
)
(1.30
)
(0.31
)
From net realized gain
—
—
—
(0.21
)
—
Total distributions
(0.74
)
(1.54
)
(1.33
)
(1.51
)
(0.31
)
Net asset value, end of period
$45.53
$46.00
$43.41
$39.85
$48.06
Total Return(g)
Based on net asset value
0.63
%(c)(h)
9.70
%
12.50
%
(14.15
)%
4.77
%(h)
Ratios to Average Net Assets(i)
Total expenses
0.37
%(j)(k)
0.35
%
0.35
%
0.35
%
0.35
%(j)
Total expenses after fees waived
0.22
%(j)
0.20
%
0.20
%
0.20
%
0.20
%(j)
Total expenses excluding professional fees for foreign withholding tax claims
0.35
%(j)
N/A
N/A
N/A
N/A
Net investment income
2.08
%(c)(j)
2.72
%
2.99
%
2.73
%
2.58
%(j)
Supplemental Data
Net assets, end of period (000)
$259,518
$293,256
$576,262
$442,315
$605,599
Portfolio turnover rate(l)
16
%
45
%
39
%
47
%
19
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) Reflects the positive effect of foreign withholding tax claims, net of the associated professional fees, which resulted in the following increases for the six months ended January 31,
2025:
• Net investment income per share by $0.03.
• Total return by 0.07%.
• Ratio of net investment income to average net assets by 0.13%.
(d) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(e) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(f) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(g) Where applicable, assumes the reinvestment of distributions.
(h) Not annualized.
(i) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(j) Annualized.
(k) Professional fees were not annualized in the calculation of the expense ratio. If this expense was annualized, the total expense would have been 0.39%.
(l) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
49
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares FinTech Active ETF
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Period From
08/16/22(a)
to 07/31/23
Net asset value, beginning of period
$24.37
$22.59
$24.99
Net investment income(b)
0.06
0.19
0.18
Net realized and unrealized gain (loss)(c)
3.91
1.84
(2.46
)
Net increase (decrease) from investment operations
3.97
2.03
(2.28
)
Distributions from net investment income(d)
(0.07
)(e)
(0.25
)
(0.12
)
Net asset value, end of period
$28.27
$24.37
$22.59
Total Return(f)
Based on net asset value
16.31
%(g)
9.06
%
(9.09
)%(g)
Ratios to Average Net Assets(h)
Total expenses
0.70
%(i)
0.70
%
0.70
%(i)
Total expenses after fees waived
0.70
%(i)
0.70
%
0.70
%(i)
Net investment income
0.47
%(i)
0.83
%
0.90
%(i)
Supplemental Data
Net assets, end of period (000)
$6,785
$4,873
$4,518
Portfolio turnover rate(j)
33
%
58
%
83
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
50
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Health Innovation Active ETF
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Period From
09/29/20(a)
to 07/31/21
Net asset value, beginning of period
$26.03
$24.73
$23.21
$30.04
$25.13
Net investment loss(b)
(0.02
)
(0.03
)
(0.07
)
(0.13
)
(0.15
)
Net realized and unrealized gain (loss)(c)
0.63
1.34
1.59
(6.70
)
5.06
Net increase (decrease) from investment operations
0.61
1.31
1.52
(6.83
)
4.91
Distributions from net investment income(d)
—
(0.01
)
—
—
—
Net asset value, end of period
$26.64
$26.03
$24.73
$23.21
$30.04
Total Return(e)
Based on net asset value
2.34
%(f)
5.30
%
6.56
%
(22.72
)%(g)
19.50
%(f)
Ratios to Average Net Assets(h)
Total expenses
0.85
%(i)
0.85
%
0.85
%
0.85
%
0.85
%(i)
Total expenses after fees waived
0.85
%(i)
0.85
%
0.85
%
0.85
%
0.85
%(i)
Net investment loss
(0.17
)%(i)
(0.12
)%
(0.29
)%
(0.49
)%
(0.64
)%(i)
Supplemental Data
Net assets, end of period (000)
$3,197
$4,165
$5,935
$7,426
$7,209
Portfolio turnover rate(j)
63
%
77
%
74
%
103
%
39
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Includes payment received from an affiliate, which impacted the Fund’s total return. Excluding the payment from an affiliate, the Fund’s total return would have been -22.73%.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
51
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares
International
Country
Rotation
Active ETF
 
Period From
12/03/24(a)
to 01/31/25
(unaudited)
Net asset value, beginning of period
$25.00
Net investment income(b)
0.36
Net realized and unrealized loss(c)
(0.33
)
Net increase from investment operations
0.03
Distributions from net investment income(d)
(0.36
)(e)
Net asset value, end of period
$24.67
Total Return(f)
Based on net asset value
0.17
%(g)
Ratios to Average Net Assets(h)
Total expenses
0.55
%(i)
Total expenses after fees waived
0.04
%(i)
Net investment income
9.20
%(i)
Supplemental Data
Net assets, end of period (000)
$5,920
Portfolio turnover rate(j)
14
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
52
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Large Cap Core Active ETF
 
Six Months Ended
01/31/25
(unaudited)
Period From
10/24/23(a)
to 07/31/24
Net asset value, beginning of period
$31.39
$25.14
Net investment income(b)
0.10
0.17
Net realized and unrealized gain(c)
2.80
6.22
Net increase from investment operations
2.90
6.39
Distributions(d)
From net investment income
(0.12
)(e)
(0.14
)
From net realized gain
(0.02
)
—
Total distributions
(0.14
)
(0.14
)
Net asset value, end of period
$34.15
$31.39
Total Return(f)
Based on net asset value
9.25
%(g)
25.43
%(g)
Ratios to Average Net Assets(h)
Total expenses
0.38
%(i)
0.38
%(i)
Total expenses after fees waived
0.36
%(i)
0.36
%(i)
Net investment income
0.64
%(i)
0.75
%(i)
Supplemental Data
Net assets, end of period (000)
$7,853
$7,219
Portfolio turnover rate(j)
66
%
31
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
53
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares Large Cap Value Active ETF
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Period From
05/19/23(a)
to 07/31/23
Net asset value, beginning of period
$31.82
$27.12
$24.95
Net investment income(b)
0.35
0.54
0.07
Net realized and unrealized gain(c)
0.87
4.69
2.10
Net increase from investment operations
1.22
5.23
2.17
Distributions from net investment income(d)
(0.27
)(e)
(0.53
)
—
Net asset value, end of period
$32.77
$31.82
$27.12
Total Return(f)
Based on net asset value
3.88
%(g)
19.53
%
8.70
%(g)
Ratios to Average Net Assets(h)
Total expenses
0.55
%(i)
0.55
%
0.55
%(i)
Total expenses after fees waived
0.11
%(i)
0.53
%
0.55
%(i)
Net investment income
2.18
%(i)
1.87
%
1.42
%(i)
Supplemental Data
Net assets, end of period (000)
$16,386
$7,318
$6,510
Portfolio turnover rate(j)
19
%
52
%
12
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
54
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares U.S. Equity Factor Rotation Active ETF
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Year Ended
07/31/22
Year Ended
07/31/21
Year Ended
07/31/20
Net asset value, beginning of period
$47.26
$37.43
$31.60
$37.03
$27.27
$26.52
Net investment income(a)
0.25
0.34
0.47
0.40
0.45
0.52
Net realized and unrealized gain (loss)(b)
5.25
9.77
5.88
(3.84
)
9.78
0.67
Net increase (decrease) from investment operations
5.50
10.11
6.35
(3.44
)
10.23
1.19
Distributions(c)
From net investment income
(0.23
)(d)
(0.28
)
(0.52
)
(0.42
)
(0.47
)
(0.44
)
From net realized gain
—
—
—
(1.57
)
—
—
Total distributions
(0.23
)
(0.28
)
(0.52
)
(1.99
)
(0.47
)
(0.44
)
Net asset value, end of period
$52.53
$47.26
$37.43
$31.60
$37.03
$27.27
Total Return(e)
Based on net asset value
11.64
%(f)
27.15
%
20.47
%
(9.94
)%
37.87
%
4.61
%
Ratios to Average Net Assets(g)
Total expenses
0.27
%(h)
0.27
%
0.30
%
0.30
%
0.30
%
0.30
%
Total expenses after fees waived
0.23
%(h)
0.20
%
0.20
%
0.20
%
0.20
%
0.20
%
Net investment income
0.97
%(h)
0.76
%
1.51
%
1.15
%
1.41
%
1.97
%
Supplemental Data
Net assets, end of period (000)
$14,813,866
$10,139,023
$32,754
$73,470
$96,288
$89,992
Portfolio turnover rate(i)
22
%
90
%
118
%
102
%
146
%
175
%
(a) Based on average shares outstanding.
(b) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(c) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(d) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(e) Where applicable, assumes the reinvestment of distributions.
(f) Not annualized.
(g) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(h) Annualized.
(i) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
55
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares U.S. Industry Rotation Active ETF
 
Six Months Ended
01/31/25
(unaudited)
Period From
03/26/24(a)
to 07/31/24
Net asset value, beginning of period
$26.03
$25.00
Net investment income(b)
0.11
0.04
Net realized and unrealized gain(c)
2.43
1.02
Net increase from investment operations
2.54
1.06
Distributions from net investment income(d)
(0.10
)(e)
(0.03
)
Net asset value, end of period
$28.47
$26.03
Total Return(f)
Based on net asset value
9.79
%(g)
4.27
%(g)
Ratios to Average Net Assets(h)
Total expenses
0.42
%(i)
0.42
%(i)
Total expenses after fees waived
0.42
%(i)
0.42
%(i)
Net investment income
0.79
%(i)
0.48
%(i)
Supplemental Data
Net assets, end of period (000)
$19,932
$9,372
Portfolio turnover rate(j)
190
%
107
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
Financial Highlights
56
Financial Highlights(continued)
(For a share outstanding throughout each period)
 
 
iShares U.S. Thematic Rotation Active ETF
 
Six Months Ended
01/31/25
(unaudited)
Year Ended
07/31/24
Year Ended
07/31/23
Period From
12/14/21(a)
to 07/31/22
Net asset value, beginning of period
$31.08
$24.69
$21.74
$24.78
Net investment income(b)
0.04
0.11
0.17
0.09
Net realized and unrealized gain (loss)(c)
3.71
6.38
2.97
(3.06
)
Net increase (decrease) from investment operations
3.75
6.49
3.14
(2.97
)
Distributions(d)
From net investment income
(0.05
)(e)
(0.10
)
(0.19
)
(0.07
)
From net realized gain
(0.17
)
—
—
—
Total distributions
(0.22
)
(0.10
)
(0.19
)
(0.07
)
Net asset value, end of period
$34.61
$31.08
$24.69
$21.74
Total Return(f)
Based on net asset value
12.07
%(g)
26.36
%
14.56
%
(11.99
)%(g)
Ratios to Average Net Assets(h)
Total expenses
0.60
%(i)
0.60
%
0.60
%
0.60
%(i)
Total expenses after fees waived
0.60
%(i)
0.60
%
0.60
%
0.60
%(i)
Net investment income
0.23
%(i)
0.40
%
0.80
%
0.61
%(i)
Supplemental Data
Net assets, end of period (000)
$14,535
$7,458
$4,938
$4,349
Portfolio turnover rate(j)
31
%
91
%
87
%
43
%
(a) Commencement of operations.
(b) Based on average shares outstanding.
(c) The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share
transactions in relation to the fluctuating market values of the Fund’s underlying securities.
(d) Distributions for annual periods determined in accordance with U.S. federal income tax regulations.
(e) A portion of the distributions from net investment income may be deemed a return of capital or net realized gain at fiscal year-end.
(f) Where applicable, assumes the reinvestment of distributions.
(g) Not annualized.
(h) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.
(i) Annualized.
(j) Portfolio turnover rate excludes in-kind transactions, if any.
See notes to financial statements.
57
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited)
1. ORGANIZATION
BlackRock ETF Trust (the "Trust") is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios. 
These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”): 
Fund Name
Herein Referred To As
Diversification
Classification
BlackRock U.S. Carbon Transition Readiness ETF
U.S. Carbon Transition Readiness
Diversified
BlackRock World ex U.S. Carbon Transition Readiness ETF
World ex U.S. Carbon Transition Readiness
Diversified
iShares FinTech Active ETF(a)
FinTech Active
Non-diversified
iShares Health Innovation Active ETF(b)
Health Innovation Active
Diversified
iShares International Country Rotation Active ETF (c)
International Country Rotation Active
Non-diversified
iShares Large Cap Core Active ETF(d)
Large Cap Core Active
Non-diversified
iShares Large Cap Value Active ETF(e)
Large Cap Value Active
Non-diversified
iShares U.S. Equity Factor Rotation Active ETF(f)
U.S. Equity Factor Rotation Active
Diversified
iShares U.S. Industry Rotation Active ETF(g)
U.S. Industry Rotation Active
Non-diversified
iShares U.S. Thematic Rotation Active ETF(h)
U.S. Thematic Rotation Active
Non-diversified
 
(a)
Formerly known as the BlackRock Future Financial and Technology ETF.
(b)
Formerly known as the BlackRock Future Health ETF.
(c)
The Fund commenced operations on December 03, 2024.
(d)
Formerly known as the BlackRock Large Cap Core ETF.
(e)
Formerly known as the BlackRock Large Cap Value ETF.
(f)
Formerly known as the BlackRock U.S. Equity Factor Rotation ETF.
(g)
Formerly known as the BlackRock U.S. Industry Rotation ETF.
(h)
Formerly known as the BlackRock Future U.S. Themes ETF.
The Funds, together with certain other registered investment companies advised by BlackRock Fund Advisors (“BFA” or the “Manager”) or its affiliates, are included in a complex of open-end equity, multi-asset, index and money market funds referred to as the BlackRock Multi-Asset Complex.
2. SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period.  Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:
Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method.  Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.
Foreign Currency Translation: Each Fund's books and records are maintained in U.S. dollars. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates determined as of the close of trading on the New York Stock Exchange (“NYSE”). Purchases and sales of investments are recorded at the rates of exchange prevailing on the respective dates of such transactions. Generally, when the U.S. dollar rises in value against a foreign currency, the investments denominated in that currency will lose value; the opposite effect occurs if the U.S. dollar falls in relative value.
Each Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the market prices of investments for financial reporting purposes. Accordingly, the effects of changes in exchange rates on investments are not segregated in the Statements of Operations from the effects of changes in market prices of those investments, but are included as a component of net realized and unrealized gain (loss) from investments. Each Fund reports realized currency gains (losses) on foreign currency related transactions as components of net realized gain (loss) for financial reporting purposes, whereas such components are generally treated as ordinary income for U.S. federal income tax purposes.  
Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions.  All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests.  These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows:  foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends
Notes to Financial Statements
58
Notes to Financial Statements (unaudited) (continued)
are presented as “Foreign taxes withheld”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of January 31, 2025, if any, are disclosed in the Statements of Assets and Liabilities.
Consistent with U.S. GAAP accrual requirements, for uncertain tax positions, each Fund recognizes tax reclaims when the Fund determines that it is more likely than not that the Fund will sustain its position that it is due the reclaim.
The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes. 
Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.
In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.
Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.
Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.
Segment Reporting:  The Funds adopted Financial Accounting Standards Board Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures (“ASU 2023-07”) during the period. The Funds’ adoption of the new standard impacted financial statement disclosures only and did not affect each Fund’s financial position or results of operations.
The Chief Financial Officer acts as the Funds’ Chief Operating Decision Maker (“CODM’) and is responsible for assessing performance and allocating resources with respect to each Fund. The CODM has concluded that each Fund operates as a single operating segment since the Funds have a single investment strategy as disclosed in their prospectus, against which the CODM assesses performance. The financial information provided to and reviewed by the CODM is presented within the Funds’ financial statements.  
3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS
Investment  Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date.  U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BFA as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.
Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:
• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.
• Exchange-traded funds and closed-end funds traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the fund is primarily traded. Funds traded on a recognized exchange for which there were no sales on that day may be valued at the last traded price.
• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s NAV.
• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.
Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which occurs after the close of the local markets.
If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued
59
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
Investments”).  The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement as of the measurement date.
For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and other Fair Valued Investments, the fair valuation approaches that are used by the Valuation Committee and third-party pricing services utilized by the Valuation Committee include one or a combination of, but not limited to, the following inputs:
 (i) recent market transactions, including secondary market transactions, merger or acquisition activity and subsequent rounds of financing in the underlying investment or comparable issuers
 (ii) recapitalizations and other transactions across the capital structure
 (iii) market or relevant indices multiples of comparable issuers
 (iv) future cash flows discounted to present and adjusted as appropriate for liquidity, credit, and/or market risks
 (v) quoted prices for similar investments or assets in active markets
 (vi) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts and/or default rates
 (vii) audited or unaudited financial statements, investor communications and Private Company financial or operational metrics
 (viii) relevant market news and other public sources.
Investments in series of preferred stock issued by Private Companies are typically valued utilizing a market approach to determine the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Enterprise valuation techniques such as an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), current value method or a hybrid of those techniques are used as deemed appropriate under the circumstances. The use of these valuation techniques involves a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.
Private Companies are not subject to public company disclosure, timing, and reporting standards applicable to other investments held by a Fund. Certain information made available by a Private Company is as of a date that is earlier than the date a Fund is calculating its NAV. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.
Fair  Value Hierarchy: Various inputs are used in determining the fair value of financial instruments at the measurement date. 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 that each Fund has the ability to access for identical assets or liabilities;
• Level  2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and
• Level 3 – Inputs that are unobservable and significant to entire fair value measurement for the asset or liability (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 Private Companies that may not have a secondary market and/or may have 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.
4. SECURITIES AND OTHER INVESTMENTS
Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned
Notes to Financial Statements
60
Notes to Financial Statements (unaudited) (continued)
securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.
As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.
Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.
As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:  
Fund Name and Counterparty
Securities Loaned
at Value
Cash Collateral
Received(a)
Non-Cash Collateral
Received, at Fair Value(a)
Net Amount
U.S. Carbon Transition Readiness
Barclays Bank PLC
$10,347
$(10,347)
$—
$—
BNP Paribas SA
3,086,004
(3,086,004)
—
—
Citigroup Global Markets, Inc.
1,417,904
(1,417,904)
—
—
J.P. Morgan Securities LLC
319,994
(319,994)
—
—
Morgan Stanley
207,917
(207,917)
—
—
National Financial Services LLC
1,460,140
(1,460,140)
—
—
Nomura Securities International, Inc.
99,528
(99,528)
—
—
State Street Bank & Trust Co.
225,780
(225,780)
—
—
UBS AG
284,923
(284,923)
—
—
Virtu Americas LLC
396,944
(396,944)
—
—
 
$7,509,481
$(7,509,481)
$—
$—
FinTech Active
Goldman Sachs & Co. LLC
$317,870
$(317,870)
$—
$—
HSBC Bank PLC
32,967
(32,967)
—
—
J.P. Morgan Securities LLC
5,753
(5,753)
—
—
Wells Fargo Securities LLC
59,308
(59,308)
—
—
 
$415,898
$(415,898)
$—
$—
Health Innovation Active
BNP Paribas SA
$39,995
$(39,995)
$—
$—
BofA Securities, Inc.
4,264
(4,264)
—
—
Goldman Sachs & Co. LLC
2,670
(2,670)
—
—
HSBC Bank PLC
2,483
(2,483)
—
—
J.P. Morgan Securities LLC
2,160
(2,160)
—
—
Toronto-Dominion Bank
2,104
(2,104)
—
—
UBS AG
63,565
(63,565)
—
—
UBS Securities LLC
16,214
(16,214)
—
—
Wells Fargo Bank N.A.
24,482
(24,482)
—
—
Wells Fargo Securities LLC
15,316
(15,316)
—
—
 
$173,253
$(173,253)
$—
$—
U.S. Industry Rotation Active
BofA Securities, Inc.
$2,123
$(2,123)
$—
$—
J.P. Morgan Securities LLC
9,560
(9,560)
—
—
 
$11,683
$(11,683)
$—
$—
U.S. Thematic Rotation Active
Goldman Sachs & Co. LLC
$11,022
$(11,022)
$—
$—
61
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
 
(a)
Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Fund’s
Statements of Assets and Liabilities.
The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock Finance, Inc. BlackRock Finance, Inc.'s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.
5. DERIVATIVE FINANCIAL INSTRUMENTS
Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).
Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.
Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of  Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.
6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES
Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets.  BFA is a California corporation indirectly owned by BlackRock, Inc. (“BlackRock”). Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).
For its investment advisory services to each of the BlackRock U.S. Carbon Transition Readiness ETF and iShares U.S. Equity Factor Rotation Active ETF, BFA will be paid a management fee from the Funds based on a percentage of each Fund’s average daily net assets as follows: 
Average Daily Net Assets
Investment Advisory Fees
First $1 billion
0.30%
Over $1 billion, up to and including $3 billion
0.28
Over $3 billion, up to and including $5 billion
0.27
Over $5 billion, up to and including $10 billion
0.26
Over $10 billion
0.25
For its investment advisory services to the BlackRock World ex U.S. Carbon Transition Readiness ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Investment Advisory Fees
First $1 billion
0.35%
Over $1 billion, up to and including $3 billion
0.33
Over $3 billion, up to and including $5 billion
0.32
Over $5 billion, up to and including $10 billion
0.30
Over $10 billion
0.29
Notes to Financial Statements
62
Notes to Financial Statements (unaudited) (continued)
For its investment advisory services to the iShares FinTech Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Investment Advisory Fees
First $1 billion
0.70%
Over $1 billion, up to and including $3 billion
0.66
Over $3 billion, up to and including $5 billion
0.63
Over $5 billion, up to and including $10 billion
0.61
Over $10 billion
0.60
For its investment advisory services to the iShares Health Innovation Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Investment Advisory Fees
First $1 billion
0.85%
Over $1 billion, up to and including $3 billion
0.80
Over $3 billion, up to and including $5 billion
0.77
Over $5 billion, up to and including $10 billion
0.74
Over $10 billion
0.72
For its investment advisory services to the iShares International Country Rotation Active ETF, BFA is entitled to an annual investment advisory fee of 0.55%, accrued daily and paid monthly by the Fund, based on the average daily net assets of the Fund.  
For its investment advisory services to the iShares Large Cap Core Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Investment Advisory Fees
First $1 billion
0.38%
Over $1 billion, up to and including $3 billion
0.36
Over $3 billion, up to and including $5 billion
0.34
Over $5 billion, up to and including $10 billion
0.33
Over $10 billion
0.32
For its investment advisory services to the iShares Large Cap Value Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Investment Advisory Fees
First $1 billion
0.55%
Over $1 billion, up to and including $3 billion
0.51
Over $3 billion, up to and including $5 billion
0.48
Over $5 billion, up to and including $10 billion
0.46
Over $10 billion
0.45
For its investment advisory services to the iShares U.S. Industry Rotation Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Investment Advisory Fees
First $1 billion
0.42%
Over $1 billion, up to and including $3 billion
0.39
Over $3 billion, up to and including $5 billion
0.38
Over $5 billion, up to and including $10 billion
0.37
Over $10 billion
0.35
For its investment advisory services to the iShares U.S. Thematic Rotation Active ETF, BFA will be paid a management fee from the Fund based on a percentage of the Fund’s average daily net assets as follows: 
Average Daily Net Assets
Investment Advisory Fees
First $1 billion
0.60%
Over $1 billion, up to and including $3 billion
0.56
Over $3 billion, up to and including $5 billion
0.54
Over $5 billion, up to and including $10 billion
0.52
Over $10 billion
0.51
63
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
Expense Waivers: BFA has contractually agreed to waive 0.15% of its management fee payable for each of the BlackRock U.S. Carbon Transition Readiness and BlackRock World ex U.S. Carbon Transition Readiness ETFs, through June 30, 2026. For the iShares Large Cap Core Active ETF, BFA has contractually agreed to waive 0.02% of its management fee payable through June 30, 2026.  The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.
For the iShares Large Cap Value Active ETF, BFA has contractually agreed to limit the Fund’s total annual fund operating expenses after fee waiver to 0.46% as a percentage of the Fund’s average daily net assets through June 30, 2026.  Effective October 1, 2024, BFA has contractually agreed to waive its management fees pursuant to which the management fee will be limited to 0.00% from October 1, 2024 to March 31, 2025. The agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.
For the iShares U.S. Equity Factor Rotation Active ETF, BFA had voluntarily agreed to waive its management fee payable by the iShares U.S. Equity Factor Rotation Active ETF to limit the annual management fee paid by the Fund to 0.20%. BFA may also from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, if any). Any such voluntary waiver or reimbursement may be eliminated by BFA at any time. The waiver was discontinued as of November 27, 2024.
These amounts are included in investment advisory fees waived in the Statements of Operations. For the six months ended January 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows: 
Fund Name
Amounts Waived
U.S. Carbon Transition Readiness
$949,194
World ex U.S. Carbon Transition Readiness
194,421
Large Cap Core Active
753
Large Cap Value Active
21,981
U.S. Equity Factor Rotation Active
2,546,247
In addition, BFA has contractually agreed to waive a portion of its management fees to each Fund in an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in other equity and fixed-income mutual funds and ETFs advised by BFA or its affiliates through June 30, 2026. BFA has also contractually agreed to waive a portion of its management fees to each Fund by an amount equal to the aggregate Acquired Fund Fees and Expenses, if any, attributable to investments by each Fund in money market funds advised by BFA or its affiliates through June 30, 2026. The agreement may be terminated upon 90 days’ notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.
For the six months ended January 31, 2025, the amounts waived in investment advisory fees pursuant to this arrangement were as follows:  
Fund Name
Amounts Waived
U.S. Carbon Transition Readiness
$5,707
World ex U.S. Carbon Transition Readiness
660
FinTech Active
62
Health Innovation Active
75
International Country Rotation Active
4,724
Large Cap Core Active
44
Large Cap Value Active
24
U.S. Equity Factor Rotation Active
22,509
U.S. Industry Rotation Active
28
U.S. Thematic Rotation Active
29
Sub-Adviser: BFA has entered into a sub-advisory agreement with BlackRock International Limited (the “Sub-Adviser”), an affiliate of BFA, under which BFA pays the Sub-Adviser for services it provides to the BlackRock U.S. Carbon Transition Readiness ETF, BlackRock World ex U.S. Carbon Transition Readiness ETF, iShares FinTech Active ETF and iShares International Country Rotation Active. 
Distributor: BlackRock Investments, LLC ("BRIL"), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.
ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.
Securities Lending: The U.S. Securities and Exchange Commission (the "SEC") has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Funds bear to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. BlackRock Cash Funds: Institutional may impose a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or
Notes to Financial Statements
64
Notes to Financial Statements (unaudited) (continued)
terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in the best interest of the money market fund. Additionally, BlackRock Cash Funds: Institutional will impose a mandatory liquidity fee if the money market fund's total net redemptions on a single day exceed 5% of the money market fund's net assets, unless the amount of the fee is less than 0.01% of the value of the shares redeemed. BlackRock Cash Funds: Institutional will determine the size of the mandatory liquidity fee by making a good faith estimate of certain costs the money market fund would incur if it were to sell a pro rata amount of each security in the portfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a mandatory liquidity fee.  If BlackRock Cash Funds: Institutional cannot estimate the costs of selling a pro rata amount of each portfolio security in good faith and supported by data, it is required to apply a default liquidity fee of 1% on the value of shares redeemed on that day.
Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.
Pursuant to the current securities lending agreement, each of BlackRock U.S. Carbon Transition Readiness ETF, iShares FinTech Active ETF, iShares Health Innovation Active ETF, iShares Large Cap Core Active ETF, iShares Large Cap Value Active ETF, iShares U.S. Equity Factor Rotation Active ETF, iShares U.S. Industry Rotation Active ETF and iShares U.S. Thematic Rotation Active ETF (the “Group 1 Funds”), retains 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Pursuant to the current securities lending agreement, each of  BlackRock World ex U.S. Carbon Transition Readiness ETF and iShares International Country Rotation Active ETF  (the “Group 2 Funds”), retains 82% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the BlackRock Multi-Asset Complex in a given calendar year exceeds a specified threshold: (1) each Group 1 Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 84% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees, and (2) each Group 2 Fund will retain for the remainder of that calendar year 85% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.
Prior to January 1, 2025,  commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across the iShares ETF Complex in a calendar year exceeded a specified threshold: each Group 1 Fund, pursuant to the securities lending agreement, retained  for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained could never be less than 70% of the total of securities lending income plus the collateral investment fees
The share of securities lending income earned by each Fund is shown as securities lending income – affiliated – net in its Statements of Operations. For the six months ended January 31, 2025, the Funds paid BTC the following amounts for securities lending agent services: 
Fund Name
Amounts
U.S. Carbon Transition Readiness
$4,822
World ex U.S. Carbon Transition Readiness
144
FinTech Active
328
Health Innovation Active
244
Large Cap Core Active
51
Large Cap Value Active
22
U.S. Equity Factor Rotation Active
3,454
U.S. Industry Rotation Active
19
U.S. Thematic Rotation Active
41
Trustees and Officers: Certain trustees and/or officers of the Trust are directors and/or officers of BlackRock or its affiliates.
Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.
For the six months ended January 31, 2025, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows: 
Fund Name
Purchases
Sales
Net Realized
Gain (Loss)
U.S. Carbon Transition Readiness
$74,375,947
$64,587,571
$1,375,437
World ex U.S. Carbon Transition Readiness
5,146,429
5,245,703
(10,857)
Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate.  The income earned on these temporary cash investments is shown as dividends – affiliated in the Statements of Operations.
65
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
7. PURCHASES AND SALES
For the six months ended January 31, 2025, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows: 
Fund Name
Purchases
Sales
U.S. Carbon Transition Readiness
$233,525,270
$234,780,632
World ex U.S. Carbon Transition Readiness
41,404,297
44,284,307
FinTech Active
1,814,852
1,710,475
Health Innovation Active
2,369,074
2,329,145
International Country Rotation Active
5,736,797
743,283
Large Cap Core Active
4,833,147
5,274,573
Large Cap Value Active
2,350,156
1,968,700
U.S. Equity Factor Rotation Active
2,796,282,628
2,751,851,517
U.S. Industry Rotation Active
29,374,220
29,070,698
U.S. Thematic Rotation Active
2,856,558
3,042,564
For the six months ended January 31, 2025, in-kind transactions were as follows: 
Fund Name
In-kind
Purchases
In-kind
Sales
U.S. Carbon Transition Readiness
$34,610,518
$96,264,076
World ex U.S. Carbon Transition Readiness
9,780,809
38,329,135
FinTech Active
891,434
—
Health Innovation Active
—
967,137
International Country Rotation Active
999,590
—
Large Cap Core Active
3,645,872
3,222,198
Large Cap Value Active
9,676,994
1,379,013
U.S. Equity Factor Rotation Active
5,936,288,544
2,576,488,119
U.S. Industry Rotation Active
8,807,192
—
U.S. Thematic Rotation Active
8,920,764
2,686,183
8. INCOME TAX INFORMATION
Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes.  It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.
Management has analyzed tax laws and regulations and their application to the Funds as of January 31, 2025, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements. Management’s analysis is based on the tax laws and judicial and administrative interpretations thereof in effect as of the date of these financial statements, all of which are subject to change, possibly with retroactive effect, which may impact the Funds’ NAV.
As of July 31, 2024, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows: 
Fund Name
Non-Expiring
Capital Loss
Carryforwards
Qualified
Late-Year
Ordinary
Losses
U.S. Carbon Transition Readiness
$(76,159,088
)
$—
World ex U.S. Carbon Transition Readiness
(72,887,548
)
—
FinTech Active
(655,038
)
—
Health Innovation Active
(893,871
)
(2,103
)
Large Cap Value Active
(15,271
)
—
U.S. Equity Factor Rotation Active
(49,027,672
)
—
U.S. Industry Rotation Active
(73,990
)
—
U.S. Thematic Rotation Active
(79,487
)
—
A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.
Notes to Financial Statements
66
Notes to Financial Statements (unaudited) (continued)
As of January 31, 2025, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows: 
Fund Name
Tax Cost
Gross Unrealized
Appreciation
Gross Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
U.S. Carbon Transition Readiness
$1,018,740,366
$317,622,052
$(35,704,102)
$281,917,950
World ex U.S. Carbon Transition Readiness
250,522,911
29,175,181
(21,734,058)
7,441,123
FinTech Active
6,156,243
1,458,899
(408,465)
1,050,434
Health Innovation Active
3,131,299
474,971
(234,937)
240,034
International Country Rotation Active
5,985,717
80,074
(147,238)
(67,164)
Large Cap Core Active
6,411,944
1,470,210
(34,511)
1,435,699
Large Cap Value Active
15,330,135
1,484,934
(464,538)
1,020,396
U.S. Equity Factor Rotation Active
13,158,617,498
1,812,539,709
(161,183,076)
1,651,356,633
U.S. Industry Rotation Active
18,386,863
1,873,709
(313,618)
1,560,091
U.S. Thematic Rotation Active
13,099,818
1,531,009
(90,170)
1,440,839
9. LINE OF CREDIT
The Trust, on behalf of the Funds, along with certain other funds managed by the Manager and its affiliates (“Participating Funds”), is party to a 364-day, $2.40 billion credit agreement with a group of lenders. Under this agreement, the Funds may borrow to fund shareholder redemptions. Excluding commitments designated for certain individual funds, the Participating Funds, including the Funds, can borrow up to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other limitations as specified in the agreement. The credit agreement has the following terms: a fee of 0.10% per annum on unused commitment amounts and interest at a rate equal to the higher of (a) one-month Overnight Bank Fund Rate (“OBFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.80% per annum, (b) the Fed Funds rate (but, in any event, not less than 0.00%) in effect from time to time plus 0.80% per annum on amounts borrowed or (c) the sum of (x) Daily Simple Secured Overnight Financing Rate (“SOFR”) (but, in any event, not less than 0.00%) on the date the loan is made plus 0.10% and (y) 0.80% per annum.  The agreement expires in April 2025 unless extended or renewed. These fees were allocated among such funds based upon portions of the aggregate commitment available to them and relative net assets of Participating Funds. During the six months ended January 31, 2025, the Funds did not borrow under the credit agreement.
10. PRINCIPAL RISKS
In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.
The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to mandatory and discretionary liquidity fees under certain circumstances.
Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.
The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment.
Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and
67
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.
A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.
With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.
Geographic/Asset Class Risk:  A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.
Certain Funds invest a significant portion of their assets in securities of issuers located in Europe or with significant exposure to European issuers or countries. The European financial markets have recently experienced volatility and adverse trends due to concerns about economic downturns in, or rising government debt levels of, several European countries as well as acts of war in the region. These events may spread to other countries in Europe and may affect the value and liquidity of certain of the Funds’ investments.
Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not work, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world. The United Kingdom has withdrawn from the European Union, and one or more other countries may withdraw from the European Union and/or abandon the Euro, the common currency of the European Union. These events and actions have adversely affected, and may in the future adversely affect, the value and exchange rate of the Euro and may continue to significantly affect the economies of every country in Europe, including countries that do not use the Euro and non-European Union member states. The impact of these actions, especially if they occur in a disorderly fashion, is not clear but could be significant and far reaching.  In addition, Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions in the region are impossible to predict, but have been, and may continue to be, significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.
Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors.  When a fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the Fund and could affect the income from, or the value or liquidity of, the Fund’s portfolio.  Investment percentages in specific sectors are presented in the  Schedule of Investments.
FinTech Active invests a significant portion of its assets within the financials sector. Performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets.The impact of changes in capital requirements and recent or future regulation on any individual financial company, or on the financials sector as a whole, cannot be predicted, but may negatively impact the Fund.
Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.
11. CAPITAL SHARE TRANSACTIONS
Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.
Transactions in capital shares were as follows: 
 
Six Months Ended
01/31/25
Year Ended
07/31/24
Fund Name
Shares
Amount
Shares
Amount
U.S. Carbon Transition Readiness
Shares sold
550,000
$35,290,514
4,400,000
$217,761,426
Shares redeemed
(1,600,000
)
(97,921,189
)
(17,025,000
)
(887,099,963
)
 
(1,050,000
)
$(62,630,675
)
(12,625,000
)
$(669,338,537
)
Notes to Financial Statements
68
Notes to Financial Statements (unaudited) (continued)
 
Six Months Ended
01/31/25
Year Ended
07/31/24
Fund Name
Shares
Amount
Shares
Amount
World ex U.S. Carbon Transition Readiness
Shares sold
225,000
$10,248,512
675,000
$26,335,156
Shares redeemed
(900,000
)
(39,861,791
)
(7,575,000
)
(320,132,030
)
 
(675,000
)
$(29,613,279
)
(6,900,000
)
$(293,796,874
)
FinTech Active
Shares sold
40,000
$1,061,916
—
$—
Health Innovation Active
Shares redeemed
(40,000
)
$(1,026,178
)
(80,000
)
$(1,909,142
)
 
 
Period Ended
01/31/25(a)
Fund Name
Shares
Amount
International Country Rotation Active
Shares sold
240,000
$6,004,089
 
 
Six Months Ended
01/31/25
Period Ended
07/31/24(b)
Fund Name
Shares
Amount
Shares
Amount
Large Cap Core Active
Shares sold
120,000
$3,906,445
250,000
$6,419,747
Shares redeemed
(120,000
)
(3,941,835
)
(20,000
)
(605,119
)
 
—
$(35,390
)
230,000
$5,814,628
 
 
Six Months Ended
01/31/25
Year Ended
07/31/24
Fund Name
Shares
Amount
Shares
Amount
Large Cap Value Active
Shares sold
320,000
$10,467,800
130,000
$3,691,610
Shares redeemed
(50,000
)
(1,634,267
)
(140,000
)
(4,009,850
)
 
270,000
$8,833,533
(10,000
)
$(318,240
)
U.S. Equity Factor Rotation Active
Shares sold
118,900,000
$5,990,165,711
236,000,000
$10,213,323,645
Shares redeemed
(51,400,000
)
(2,606,187,478
)
(22,350,000
)
(987,271,170
)
 
67,500,000
$3,383,978,233
213,650,000
$9,226,052,475
 
 
Six Months Ended
01/31/25
Period Ended
07/31/24(c)
Fund Name
Shares
Amount
Shares
Amount
U.S. Industry Rotation Active
Shares sold
340,000
$9,128,931
360,000
$9,168,753
 
 
Six Months Ended
01/31/25
Year Ended
07/31/24
Fund Name
Shares
Amount
Shares
Amount
U.S. Thematic Rotation Active
Shares sold
260,000
$9,040,595
40,000
$1,142,729
Shares redeemed
(80,000
)
(2,723,350
)
—
—
 
180,000
$6,317,245
40,000
$1,142,729
 
(a)
The Fund commenced operations on December 03, 2024.
(b)
The Fund commenced operations on October 24, 2023.
(c)
The Fund commenced operations on March 26, 2024.
69
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Notes to Financial Statements (unaudited) (continued)
The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to State Street Bank and Trust Company, the Trust’s administrator or BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.
To the extent applicable, to facilitate the timely settlement of orders for Funds using a clearing facility outside of the continuous net settlement process, each Fund, at its sole discretion, may permit an Authorized Participant to post cash as collateral in anticipation of the delivery of all or a portion of the applicable Deposit Securities or Fund Securities, as further described in the applicable Authorized Participant Agreement. The collateral process is subject to a Control Agreement among the Authorized Participant, each Fund’s custodian, and the Funds. In the event that the Authorized Participant fails to deliver all or a portion of the applicable Deposit Securities or Fund Securities, the Fund may exercise control over such collateral pursuant to the terms of the Control Agreement in order to purchase the applicable Deposit Securities or Fund Securities.
From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.
As of January 31, 2025, shares owned by BlackRock Financial Management, Inc., an affiliate of the Funds, were as follows: 
BlackRock ETF
Shares
FinTech Active
160,000
International Country Rotation Active
200,000
Large Cap Core Active
185,000
Large Cap Value Active
110,000
U.S. Industry Rotation Active
200,000
12. FOREIGN WITHHOLDING TAX CLAIMS
BlackRock World ex U.S. Carbon Transition Readiness ETF has filed European Union Discrimination Claims (“ECJ Claims”) to recover taxes withheld by either Finland or Poland (the “ECJ Paying Countries”) on dividend income based upon certain provisions in the Treaty on the Functioning of the European Union. The Fund has recorded receivables for all recoverable taxes withheld by the ECJ Paying Countries based upon previous determinations made by the local tax authorities.  Professional and other fees associated with the filing of these claims for foreign withholding taxes have been approved by the Board as appropriate expenses of the Fund. Based upon the Fund's evaluation of the facts and circumstances related to the outstanding ECJ Claims, ECJ Paying Countries' tax claim receivables and related liabilities are disclosed in the Statement of Assets and Liabilities. The collection of these receivables, and any payment of associated liabilities, depends upon future determinations made by the local tax authorities, the outcome of which is uncertain. If such future determinations are unfavorable, the potential negative impact to the Fund, as of January 31, 2025, is $21,990 or $0.00 per share.
The Internal Revenue Service (“IRS”) has issued guidance to address U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes withheld in prior calendar years. These withheld foreign taxes were passed through to shareholders in the form of foreign tax credits in the year the taxes were withheld. Assuming there are sufficient foreign taxes paid which the BlackRock World ex U.S. Carbon Transition Readiness ETF is able to pass through to shareholders as a foreign tax credit in the current year, the Fund, will be able to offset the prior years’ withholding taxes recovered against the foreign taxes paid in the current year. Accordingly, no federal income tax liability is recorded by the Fund.
13. SUBSEQUENT EVENTS
Management’s evaluation of the impact of all subsequent events on the Funds’ financial statements was completed through the date the financial statements were available to be issued and the following item was noted:
On February 20, 2025, the Board approved a change in the name of BlackRock U.S. Carbon Transition Readiness ETF to iShares U.S. Carbon Transition Readiness Aware Active ETF and BlackRock World ex U.S. Carbon Transition Readiness ETF to iShares World ex U.S. Carbon Transition Readiness Aware Active ETF and certain changes to each Fund’s investment strategy and investment process. These changes are expected to become effective on or about November 28, 2025.
Notes to Financial Statements
70
Additional Information
Electronic Delivery
Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.
To enroll in electronic delivery:
 • Go to icsdelivery.com.
 • If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor. 
Changes in and Disagreements with Accountants
Not applicable.
Proxy Results
Not applicable.
Remuneration Paid to Trustees, Officers, and Others
Because BFA has agreed in the Investment Advisory Agreements to cover all operating expenses of the Funds, subject to certain exclusions as provided for therein, BFA pays the compensation to each Independent Trustee for services to the Funds from BFA's investment advisory fees.
Availability of Portfolio Holdings Information
A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets, when available, at iShares.com.
Fund and Service Providers 
Investment Adviser
Independent Registered Public Accounting Firm
BlackRock Fund Advisors
San Francisco, CA 94105
PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania 19103
Sub-Adviser
Legal Counsel
BlackRock International Limited 
Edinburgh, EH3 8BL
United Kingdom
Sidley Austin LLP
New York, NY 10019
Administrator, Custodian and Transfer Agent
Address of the Trust
State Street Bank and Trust Company
Boston, MA, 02114
100 Bellevue Parkway
Wilmington, DE 19809
Distributor
 
BlackRock Investments, LLC
New York, NY 10001
 
  
 
71
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock ETF Trust (the “Trust”) met on November 18-20, 2024 (the “Organizational Meeting”) to consider the initial approval of the proposed investment advisory agreement (the “Agreement”) between the Trust, on behalf of iShares International Country Rotation Active ETF (the “Fund”), and BlackRock Fund Advisors (the “Manager” or “BlackRock”), the Fund’s investment advisor. The Agreement was the same agreement that had been previously approved by the Board with respect to certain series of the Trust.
The Approval Process
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), the Trust is required to consider the initial approval of the Agreement. The Board members whom are not “interested persons” of the Fund, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”).  In connection with this deliberative process, the Board assessed, among other things, the nature, extent and quality of the services to be provided to the Fund by BlackRock, BlackRock’s personnel and affiliates, including (as applicable): investment management services; accounting oversight; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; and legal, regulatory and compliance services.
At the Organizational Meeting, the Board received and reviewed materials relating to its consideration of the proposed Agreement.  The Board considered all factors it believed relevant with respect to the Fund, including, among other things: (a) the nature, extent and quality of the services to be provided by BlackRock; (b) the investment performance of BlackRock portfolio management; (c) the advisory fee and the estimated cost of the services and estimated profits to be realized by BlackRock and its affiliates from their relationship with the Fund; (d) the existence and sharing of potential economies of scale; (e) any fall-out benefits to BlackRock and its affiliates as a result of BlackRock’s relationship with the Fund; (f) possible alternatives to the proposed Agreement; (g) the policies and practices of BlackRock with respect to portfolio transactions for the Fund; (h) BlackRock’s portfolio compliance systems and capabilities; and (i) other factors deemed relevant by the Board Members.
In considering approval of the Agreement, the Board met with the relevant investment advisory personnel from BlackRock and considered all information it deemed reasonably necessary to evaluate the terms of the Agreement.  The Board received materials in advance of the Organizational Meeting relating to its consideration of the Agreement, including (a) information independently compiled and prepared by Broadridge Financial Solutions, Inc. (“Broadridge”) regarding the Fund’s fees and estimated expense ratio as compared with a peer group of funds as determined by Broadridge (“Expense Peers”); (b) information regarding BlackRock’s economic outlook for the Fund and its general investment outlook for the markets; (c) information regarding fees paid to service providers that are affiliates of BlackRock; and (d) information outlining the legal duties of the Board under the 1940 Act with respect to the consideration and approval of the Agreement.  The Board also noted information received at prior Board meetings concerning compliance records and regulatory matters relating to BlackRock.
The Board also considered other matters it deemed important to the approval process, such as other payments made to BlackRock or its affiliates relating to securities lending and cash management and BlackRock’s services related to the valuation and pricing of the portfolio holdings of the Fund.  The Board noted the willingness of BlackRock’s personnel to engage in open, candid discussions with the Board.  The Board Members did not identify any particular information or any single factor as determinative, and each Board Member may have attributed different weights to the various items and factors considered.
A. Nature, Extent and Quality of the Services to be Provided by BlackRock
The Board, including the Independent Board Members, reviewed the nature, extent and quality of services to be provided by BlackRock, including the investment advisory services to be provided to the Fund.  The Board received information concerning the investment philosophy and investment process to be used by BlackRock in managing the Fund, as well as a description of the capabilities, personnel and services of BlackRock. The Board considered the scope of the services provided by BlackRock to the Fund under the Agreement relative to services typically provided by third parties to other funds.  The Board noted that the standard of care applicable under the Agreement was comparable to that found generally in investment company advisory agreements.  The Board concluded that the scope of BlackRock’s services to be provided to the Fund was consistent with the Fund’s operational requirements, including, in addition to seeking to meet the Fund’s investment objective(s), compliance with investment restrictions, tax and reporting requirements and related shareholder services.
The Board, including the Independent Board Members, also considered the quality of the administrative and other non-investment advisory services to be provided by BlackRock and its affiliates to the Fund.  The Board evaluated the procedures of BlackRock designed to fulfill its fiduciary duty to the Fund with respect to possible conflicts of interest, including BlackRock’s code of ethics (regulating the personal trading of BlackRock’s officers and employees), the procedures by which BlackRock allocates trades among its various investment advisory clients, the integrity of the systems in place to ensure compliance with the foregoing and the record of BlackRock in these matters.  The Board also noted information received at prior Board meetings concerning standards of BlackRock with respect to the execution of portfolio transactions.
The Board considered, among other factors, with respect to BlackRock: the experience of the Fund’s portfolio management team; research capabilities; investments by portfolio managers in the funds they manage; portfolio trading capabilities; use of technology; commitment to compliance; credit analysis capabilities; risk analysis and oversight capabilities; and the approach to training and retaining portfolio managers and other research, advisory and management personnel. The Board also considered BlackRock’s overall risk management program, including the continued efforts of BlackRock and its affiliates to address cybersecurity risks and the role of BlackRock’s Risk & Quantitative Analysis Group.  The Board engaged in a review of BlackRock’s compensation structure with respect to the Fund’s portfolio management team and BlackRock’s ability to attract and retain high-quality talent and create performance incentives.  The Board also considered the business reputation of BlackRock and its financial resources and concluded that BlackRock would be able to meet any reasonably foreseeable obligation under the Agreement.
In addition to investment advisory services, the Board considered the nature and quality of the administrative and other non-investment advisory services to be provided to the Fund.  The Board considered that BlackRock and its affiliates will provide the Fund with certain administrative, shareholder and other services (in addition to any such services provided to the Fund by third parties) and officers and other personnel as are necessary for the operations of the Fund.  In particular, BlackRock and its affiliates will provide the Fund with administrative services, including, among others: (i) responsibility for disclosure documents, such as the prospectus, the summary prospectus (as applicable), the statement of additional information and periodic shareholder reports; (ii) oversight of daily accounting and pricing; (iii) responsibility for periodic filings with
Disclosure of Investment Advisory Agreement
72
Disclosure of Investment Advisory Agreement  (continued)
regulators; (iv) overseeing and coordinating the activities of third-party service providers, including, among others, the Fund’s custodian, fund accountant, transfer agent, and auditor; (v) organizing Board meetings and preparing the materials for such Board meetings; (vi) providing legal and compliance support; (vii) furnishing analytical and other support to assist the Board in its consideration of strategic issues such as the merger, consolidation or repurposing of certain open-end funds; and (viii) performing or managing administrative functions necessary for the operation of the Fund, such as tax reporting, expense management, fulfilling regulatory filing requirements, overseeing the Fund’s distribution partners, and shareholder call center and other services.  The Board reviewed the structure and duties of BlackRock’s fund administration, shareholder services, and legal and compliance departments and considered BlackRock’s policies and procedures for assuring compliance with applicable laws and regulations. The Board considered the operation of BlackRock’s business continuity plans.
B. The Investment Performance of the Fund
The Board, including the Independent Board Members, previously received and considered information about BlackRock’s investment performance for other funds.  The Board, however, did not consider the performance history of the Fund because the Fund was newly organized and had not yet commenced operations as of the date of the Organizational Meeting.
C. Consideration of the Advisory/Management Fees and the Estimated Cost of the Services to be Provided and Estimated Profits to be Realized by BlackRock and its Affiliates from their Relationship with the Fund
In connection with the initial approval of the Agreement, the Board, including the Independent Board Members, reviewed the Fund’s contractual management fee rate compared with those of its Expense Peers.  The contractual management fee rate represents a combination of the advisory fee and any administrative fees, before taking into account any reimbursements or fee waivers.  The Board also compared the Fund’s estimated total expense ratio, as well as its estimated actual management fee rate, to those of its Expense Peers.  The total expense ratio represents a fund’s total net operating expenses, including any 12b-1 or non-12b-1 service fees.  The total expense ratio gives effect to any expense reimbursements or fee waivers that benefit a fund, and the actual management fee rate gives effect to any management fee reimbursements or waivers that benefit a fund.  Additionally, the Board noted information received at prior Board meetings concerning the services provided and the fees charged by BlackRock and its affiliates to other types of clients with similar investment mandates, as applicable, including institutional accounts and sub-advised mutual funds (including mutual funds sponsored by third parties).
The Board considered whether BlackRock has the financial resources necessary to attract and retain high quality investment management personnel to perform its obligations under the Agreements and to provide the high quality of services that is expected by the Board.  The Board further considered factors including but not limited to BlackRock’s commitment of time and resources, assumption of risk, and liability profile in servicing the Fund, including in contrast to what is required of BlackRock with respect to other products with similar investment mandates across the open-end fund, ETF, closed-end fund, sub-advised mutual fund, separately managed account, collective investment trust, and institutional separate account product channels, as applicable.
The Board noted that the varying fee structures for fund of funds can limit the value of management fee comparisons. The Board noted that the Fund’s contractual management fee rate ranked in the first quartile, and that the estimated actual management fee rate and estimated total expense ratio would each rank in the first quartile, relative to the Fund’s Expense Peers. The Board also noted that BlackRock has contractually agreed to waive a portion of the advisory fee payable by the Fund.
Following consideration of this information, the Board, including the independent Board Members, concluded that the fees to be paid pursuant to the Agreement were fair and reasonable in light of the services provided.
As the Fund had not commenced operations as of the date of the Organizational Meeting, BlackRock was not able to provide the Board with specific information concerning the expected profits to be realized by BlackRock and its affiliates from their relationships with the Fund.  BlackRock, however, will provide the Board with such information at future meetings.
D. Economies of Scale
The Board, including the Independent Board Members, considered the extent to which any economies of scale might benefit the Fund in a variety of ways as the assets of the Fund increase. The Board considered multiple factors, including the advisory fee rate and breakpoints, unitary fee structure, fee waivers, and/or expense caps, as applicable. The Board considered the Fund’s asset levels and whether the current fee schedule was appropriate.
E. Other Factors Deemed Relevant by the Board Members
The Board, including the Independent Board Members, also took into account other ancillary or “fall-out” benefits that BlackRock or its affiliates may derive from BlackRock’s respective relationships with the Fund, both tangible and intangible, such as BlackRock’s ability to leverage its investment professionals who manage other portfolios and risk management personnel, an increase in BlackRock’s profile in the investment advisory community, and the engagement of BlackRock’s affiliates as service providers to the Fund, including for administrative, distribution, securities lending, ETF servicing and cash management services.  The Board also considered BlackRock’s overall operations and its efforts to expand the scale of, and improve the quality of, its operations.  The Board also noted that, subject to applicable law, BlackRock may use and benefit from third-party research obtained by soft dollars generated by certain registered fund transactions to assist in managing all or a number of its other client accounts.
In connection with its consideration of the Agreement, the Board noted that it considered information regarding BlackRock’s brokerage and soft dollar practices and received and reviewed reports from BlackRock and its affiliates at prior meetings of the boards of directors/trustees of other funds in the BlackRock Multi-Asset Complex which included information on brokerage commissions and trade execution practices.
The Board noted the competitive nature of the ETF marketplace, and that shareholders are able to redeem or sell their Fund shares if they believe that the Fund’s fees and expenses are too high or if they are dissatisfied with the performance of the Fund.
73
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Disclosure of Investment Advisory Agreement  (continued)
Conclusion
Following discussion, the Board, including the Independent Board Members, unanimously approved the Agreement between the Manager and the Trust, with respect to the Fund, for a two-year term beginning on the effective date of the Agreement.  Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Agreement were fair and reasonable and in the best interest of the Fund and its shareholders.  In arriving at its decision to approve the Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.
Disclosure of Investment Advisory Agreement
74
Disclosure of Investment Sub-Advisory Agreement
The Board of Trustees (the “Board,” the members of which are referred to as “Board Members”) of BlackRock ETF Trust (the “Trust”) met on November 18-20, 2024 (the “Meeting”) to consider the initial approval of the proposed sub-advisory agreement (the “Sub-Advisory Agreement”) between BlackRock Fund Advisors (the “Manager”), the Trust’s investment advisor, and BlackRock International Limited (the “Sub-Advisor”) with respect to iShares International Country Rotation Active ETF (the “Fund”), a series of the Trust.
Consistent with the requirements of the Investment Company Act of 1940 (the “1940 Act”), at the Meeting, the Board reviewed materials relating to its consideration of the Sub-Advisory Agreement.  The Board Members who are not “interested persons” of the Trust, as defined in the 1940 Act, are considered independent Board members (the “Independent Board Members”).  At the Meeting, the Board also considered the initial approval of the proposed investment advisory agreement (the “Advisory Agreement”) between the Trust and the Manager, on behalf of the Fund.  At the Meeting, the Board, including the Independent Board Members, unanimously approved the Advisory Agreement between the Manager and the Trust, with respect to the Fund, for a two-year term beginning on the effective date of the Advisory Agreement. A discussion of the basis for the Board’s approval of the Advisory Agreement at the Meeting is included in this shareholder report. The factors considered by the Board at the Meeting in connection with the approval of the proposed Sub-Advisory Agreement were substantially the same as the factors considered at the Meeting with respect to approval of the Advisory Agreement.
Following discussion, the Board, including the Independent Board Members, unanimously approved the Sub-Advisory Agreement between the Manager and the Sub-Advisor, with respect to the Fund, for a two-year term beginning on the effective date of the Sub-Advisory Agreement. Based upon its evaluation of all of the aforementioned factors in their totality, as well as other information, the Board, including the Independent Board Members, was satisfied that the terms of the Sub-Advisory Agreement were fair and reasonable and in the best interest of the Fund and its shareholders. In arriving at its decision to approve the Sub-Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, but considered all factors together, and different Board Members may have attributed different weights to the various factors considered. The Independent Board Members were also assisted by the advice of independent legal counsel in making this determination.
75
2025 BlackRock Semi-Annual Financial Statements and Additional Information
Glossary of Terms Used in these Financial Statements
 
Portfolio Abbreviation 
ADR
American Depositary Receipt
JSC
Joint Stock Company
NVS
Non-Voting Shares
S&P
Standard & Poor's
Glossary of Terms Used in this Report
76
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This report is intended for current holders. It is not authorized for use as an offer of sale or a solicitation of an offer to buy shares of the Funds unless preceded or accompanied by the Funds’ current prospectus. Past performance results shown in this report should not be considered a representation of future performance. Investment returns and principal value of shares will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Statements and other information herein are as dated and are subject to change.
 
 

Item 8 –

Changes in and Disagreements with Accountants for Open-End Management Investment Companies – See Item 7

 

Item 9 –

Proxy Disclosures for Open-End Management Investment Companies – See Item 7

 

Item 10 –

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – See Item 7

 

Item 11 –

Statement Regarding Basis for Approval of Investment Advisory Contract – See Item 7

 

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not Applicable

 

Item 13 –

Portfolio Managers of Closed-End Management Investment Companies – Not Applicable

 

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not Applicable

 

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

 

Item 16 –

Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940

Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not Applicable

 

Item 18 –

Recovery of Erroneously Awarded Compensation – Not Applicable

 

Item 19 –

Exhibits attached hereto

(a)(1) Code of Ethics – Not Applicable to this semi-annual report

(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed – Not Applicable

(a)(3) Section 302 Certifications are attached

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a)(5) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BlackRock ETF Trust

 

By:   /s/ John M. Perlowski 
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock ETF Trust

Date: March 24, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:   /s/ John M. Perlowski 
  John M. Perlowski
  Chief Executive Officer (principal executive officer) of
  BlackRock ETF Trust

Date: March 24, 2025

 

By:   /s/ Trent Walker       
  Trent Walker
  Chief Financial Officer (principal financial officer) of
  BlackRock ETF Trust

Date: March 24, 2025