iShares Enhanced Short-Term Bond Active ETF |
iShares Managed Futures Active ETF |
Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
$ |
|
Average annual total returns | ||||
6-Month Total Returns |
Since Fund Inception |
|||
% | % | |||
Key Fund statistics | |
$ | |
Investment Type | Percent of Total Investments(a) |
|
% | ||
Security | Percent of Total Investments(a) |
|
% | ||
|
Fund name | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
$ |
|
|
Key Fund statistics | |
$ | |
Asset Type | Percent of Net Assets |
|
% | ||
( |
) | |
Security | Percent of Total Investments(a) |
|
% | ||
|
(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.
2025 Semi-Annual Financial Statements and Additional Information (Unaudited) |
BlackRock ETF Trust |
• iShares Enhanced Short-Term Bond Active ETF | CSHP | NYSE Arca |
• iShares Managed Futures Active ETF | ISMF | Cboe BZX Exchange |
|
Not FDIC Insured • May Lose Value • No Bank Guarantee |
Security |
Par (000 ) |
Value |
Corporate Bonds & Notes | ||
Aerospace & Defense — 1.0% | ||
RTX Corp., 3.95%, 08/16/25 |
$1,000 |
$997,538 |
Banks — 6.2% | ||
Bank of America Corp., 3.88%, 08/01/25 |
1,000 |
998,255 |
Canadian Imperial Bank of Commerce, 3.95%, 08/04/25 |
1,000 |
998,019 |
JPMorgan Chase & Co., 3.90%, 07/15/25 |
1,000 |
998,856 |
Morgan Stanley, 4.00%, 07/23/25 |
1,000 |
998,551 |
Toronto-Dominion Bank (The), 0.75%, 09/11/25 |
1,000 |
986,264 |
Wells Fargo & Co., 3.55%, 09/29/25 |
1,000 |
996,591 |
|
|
5,976,536 |
Biotechnology — 1.0% | ||
Biogen Inc., 4.05%, 09/15/25 |
1,000 |
996,635 |
Diversified Financial Services — 1.0% | ||
American Express Co., 3.95%, 08/01/25 |
1,000 |
997,982 |
Electric — 1.0% | ||
Dominion Energy Inc., 3.90%, 10/01/25 |
1,000 |
997,188 |
Food — 1.1% | ||
Walmart Inc., 3.90%, 09/09/25 |
1,000 |
998,000 |
Health Care - Services — 1.1% | ||
UnitedHealth Group Inc., 3.75%, 07/15/25 |
1,000 |
998,198 |
Oil & Gas — 1.0% | ||
BP Capital Markets America Inc., 3.80%, 09/21/25 |
1,000 |
997,146 |
Pharmaceuticals — 1.0% | ||
CVS Health Corp., 3.88%, 07/20/25 |
1,000 |
997,377 |
Semiconductors — 1.0% | ||
Intel Corp., 3.70%, 07/29/25 |
1,000 |
997,398 |
Total Corporate Bonds & Notes — 15.4% (Cost: $14,960,174) |
14,953,998 |
Security |
Par (000 ) |
Value |
U.S. Treasury Obligations(a) | ||
U.S. Treasury Bill |
|
|
4.30%, 05/06/25 |
$22,165 |
$22,151,958 |
4.31%, 05/20/25 |
44,549 |
44,449,726 |
4.31%, 05/27/25 |
14,284 |
14,240,495 |
Total U.S. Treasury Obligations — 83.5% (Cost: $80,842,021) |
80,842,179 | |
|
Shares |
|
Money Market Funds | ||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%(b)(c) |
860,000 |
860,000 |
Total Money Market Funds — 0.9% (Cost: $860,000) |
860,000 | |
Total Investments — 99.8% (Cost: $96,662,195) |
96,656,177 | |
Other Assets Less Liabilities — 0.2% |
199,467 | |
Net Assets — 100.0% |
$96,855,644 |
(a) |
Rates are discount rates or a range of discount rates as of period end. |
(b) |
Affiliate of the Fund. |
(c) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 10/31/24 |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 04/30/25 |
Shares Held at 04/30/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Cash Funds: Treasury, SL Agency Shares |
$330,000 |
$530,000 (a) |
$— |
$— |
$— |
$860,000 |
860,000 |
$33,059 (b) |
$— |
(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 collateral investment fees, and other payments to and from borrowers of securities. |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Long Contracts |
|
|
|
|
3-mo. Euro Euribor |
14 |
09/15/25 |
$3,896 |
$14,260 |
3-mo. SONIA |
23 |
12/16/25 |
7,382 |
18,609 |
|
|
|
|
32,869 |
Short Contracts |
|
|
|
|
2-Year U.S. Treasury Note |
(19) |
06/30/25 |
3,956 |
(39,152) |
3-mo. SOFR |
(44) |
12/16/25 |
10,602 |
(19,702) |
|
|
|
|
(58,854) |
|
|
|
|
$(25,985) |
|
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) |
$— |
$— |
$— |
$— |
$32,869 |
$— |
$32,869 |
Liabilities—Derivative Financial Instruments |
|
|
|
|
|
|
|
Futures contracts |
|
|
|
|
|
|
|
Unrealized depreciation on futures contracts(a) |
$— |
$— |
$— |
$— |
$58,854 |
$— |
$58,854 |
(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). |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
Futures contracts |
$— |
$— |
$— |
$— |
$1,770 |
$— |
$1,770 |
Forward foreign currency exchange contracts |
— |
— |
— |
137,134 |
— |
— |
137,134 |
|
$— |
$— |
$— |
$137,134 |
$1,770 |
$— |
$138,904 |
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
Futures contracts |
$— |
$— |
$— |
$— |
$(31,095 ) |
$— |
$(31,095 ) |
Forward foreign currency exchange contracts |
— |
— |
— |
(12,049 ) |
— |
— |
(12,049 ) |
|
$— |
$— |
$— |
$(12,049 ) |
$(31,095 ) |
$— |
$(43,144 ) |
Futures contracts: |
|
Average notional value of contracts — long |
$7,288,606 |
Average notional value of contracts — short |
$10,809,302 |
Forward foreign currency exchange contracts: |
|
Average amounts sold — in USD |
$7,049,529 |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Short-Term Securities |
|
|
|
|
Corporate Bonds & Notes |
$— |
$14,953,998 |
$— |
$14,953,998 |
U.S. Treasury Obligations |
— |
80,842,179 |
— |
80,842,179 |
Money Market Funds |
860,000 |
— |
— |
860,000 |
|
$860,000 |
$95,796,177 |
$— |
$96,656,177 |
Derivative Financial Instruments(a) |
|
|
|
|
Assets |
|
|
|
|
Interest Rate Contracts |
$32,869 |
$— |
$— |
$32,869 |
Liabilities |
|
|
|
|
Interest Rate Contracts |
(58,854 ) |
— |
— |
(58,854 ) |
|
$(25,985 ) |
$— |
$— |
(25,985 ) |
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
Security |
Par (000 ) |
Value |
U.S. Treasury Obligations(a) | ||
U.S. Treasury Bill |
|
|
4.30%, 07/10/25 |
$5,430 |
$5,385,706 |
4.33%, 05/08/25 |
5,430 |
5,425,560 |
5.08%, 06/12/25 |
5,430 |
5,403,191 |
Total U.S. Treasury Obligations — 94.4% (Cost: $16,214,542) |
16,214,457 | |
|
Shares |
|
Money Market Funds | ||
BlackRock Cash Funds: Treasury, SL Agency Shares, 4.30%(b)(c) |
300,000 |
300,000 |
Total Money Market Funds — 1.7% (Cost: $300,000) |
300,000 | |
Total Investments — 96.1% (Cost: $16,514,542) |
16,514,457 | |
Other Assets Less Liabilities — 3.9% |
665,605 | |
Net Assets — 100.0% |
$17,180,062 |
(a) |
Rates are discount rates or a range of discount rates as of period end. |
(b) |
Affiliate of the Fund. |
(c) |
Annualized 7-day yield as of period end. |
Affiliated Issuer |
Value at 03/12/25(a) |
Purchases at Cost |
Proceeds from Sales |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 04/30/25 |
Shares Held at 04/30/25 |
Income |
Capital Gain Distributions from Underlying Funds |
BlackRock Cash Funds: Treasury, SL Agency Shares |
$— |
$300,000 (b) |
$— |
$— |
$— |
$300,000 |
300,000 |
$58,601 |
$— |
(a) |
Commencement of operations. |
(b) |
Represents net amount purchased (sold). |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Long Contracts |
|
|
|
|
WTI Crude Oil |
1 |
05/20/25 |
$58 |
$2,745 |
FTSE China A50 Index |
24 |
05/29/25 |
313 |
(4,117) |
Brent Crude Oil |
1 |
05/30/25 |
61 |
(5,050) |
TOPIX Index |
2 |
06/12/25 |
373 |
(8,954) |
10-Year Australian Treasury Bond |
1 |
06/16/25 |
74 |
730 |
10-Year Canadian Bond |
29 |
06/19/25 |
2,601 |
4,031 |
S&P/TSX 60 Index |
3 |
06/19/25 |
651 |
20,382 |
DAX Index |
1 |
06/20/25 |
644 |
(24,142) |
E-Mini S&P 500 Index |
1 |
06/20/25 |
279 |
(5,268) |
FTSE 100 Index |
7 |
06/20/25 |
792 |
(16,692) |
MSCI Emerging Markets Index |
7 |
06/20/25 |
389 |
21,405 |
Gold 100 OZ |
3 |
06/26/25 |
996 |
79,490 |
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
Silver |
2 |
06/26/25 |
$327 |
$(3,211) |
Corn |
17 |
07/14/25 |
404 |
(11,213) |
|
|
|
|
50,136 |
Short Contracts |
|
|
|
|
CAC 40 Index |
(8) |
05/16/25 |
686 |
(35,367) |
IFSC Nifty 50 Inex |
(12) |
05/29/25 |
585 |
(1,537) |
Gasoline RBOB |
(2) |
05/30/25 |
169 |
(9,999) |
NY Harbor ULSD |
(1) |
05/30/25 |
84 |
(3,073) |
Euro Bund |
(1) |
06/06/25 |
149 |
(4,034) |
Low Sulphur Gas |
(1) |
06/12/25 |
60 |
(752) |
10-Year Japanese Government Treasury Bonds |
(4) |
06/13/25 |
3,935 |
(78,063) |
LME Copper |
(1) |
06/16/25 |
229 |
(9,595) |
E-Mini Russell 2000 Index |
(6) |
06/20/25 |
591 |
7,864 |
Long Gilt |
(9) |
06/26/25 |
1,122 |
(24,399) |
Soybean |
(10) |
07/14/25 |
522 |
(18,659) |
|
|
|
|
(177,614) |
|
|
|
|
$(127,478) |
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
AUD |
56,000 |
USD |
35,670 |
BNP Paribas SA |
06/18/25 |
$219 |
AUD |
1,132,000 |
USD |
706,514 |
Goldman Sachs & Co. |
06/18/25 |
18,963 |
BRL |
747,000 |
USD |
125,639 |
BNP Paribas SA |
06/18/25 |
4,598 |
BRL |
1,430,000 |
USD |
243,117 |
Goldman Sachs & Co. |
06/18/25 |
6,198 |
CAD |
1,584,000 |
USD |
1,129,383 |
BNP Paribas SA |
06/18/25 |
22,383 |
CAD |
1,523,000 |
USD |
1,073,184 |
Goldman Sachs & Co. |
06/18/25 |
34,228 |
CHF |
196,000 |
EUR |
209,426 |
Goldman Sachs & Co. |
06/18/25 |
852 |
EUR |
1,490,088 |
NOK |
17,378,000 |
Goldman Sachs & Co. |
06/18/25 |
22,165 |
EUR |
557,000 |
USD |
610,373 |
BNP Paribas SA |
06/18/25 |
22,329 |
EUR |
2,079,000 |
USD |
2,282,729 |
Goldman Sachs & Co. |
06/18/25 |
78,829 |
GBP |
255,000 |
USD |
331,300 |
BNP Paribas SA |
06/18/25 |
8,599 |
GBP |
3,280,000 |
USD |
4,249,583 |
Goldman Sachs & Co. |
06/18/25 |
122,454 |
INR |
166,384,000 |
USD |
1,906,037 |
BNP Paribas SA |
06/18/25 |
54,092 |
INR |
6,145,000 |
USD |
71,415 |
Goldman Sachs & Co. |
06/18/25 |
978 |
JPY |
6,311,000 |
USD |
43,237 |
BNP Paribas SA |
06/18/25 |
1,136 |
JPY |
39,799,000 |
USD |
275,198 |
Goldman Sachs & Co. |
06/18/25 |
4,630 |
MXN |
3,592,000 |
USD |
172,613 |
BNP Paribas SA |
06/18/25 |
9,474 |
MXN |
9,631,000 |
USD |
473,068 |
Goldman Sachs & Co. |
06/18/25 |
15,151 |
NOK |
1,534,000 |
EUR |
128,384 |
BNP Paribas SA |
06/18/25 |
1,622 |
NZD |
414,000 |
USD |
231,071 |
BNP Paribas SA |
06/18/25 |
15,195 |
NZD |
474,000 |
USD |
279,906 |
Goldman Sachs & Co. |
06/18/25 |
2,051 |
SEK |
18,893,000 |
EUR |
1,723,809 |
Goldman Sachs & Co. |
06/18/25 |
1,818 |
TWD |
13,205,000 |
USD |
401,956 |
BNP Paribas SA |
06/18/25 |
13,284 |
TWD |
454,000 |
USD |
14,132 |
Goldman Sachs & Co. |
06/18/25 |
144 |
USD |
15,858 |
JPY |
2,251,000 |
BNP Paribas SA |
06/18/25 |
31 |
USD |
146,404 |
ZAR |
2,686,000 |
Goldman Sachs & Co. |
06/18/25 |
2,501 |
ZAR |
2,409,000 |
USD |
123,946 |
Goldman Sachs & Co. |
06/18/25 |
5,117 |
|
|
|
|
|
|
469,041 |
Currency Purchased |
Currency Sold |
Counterparty |
Settlement Date |
Unrealized Appreciation (Depreciation) | ||
BRL |
71,000 |
USD |
12,440 |
Goldman Sachs & Co. |
06/18/25 |
$(61 ) |
CHF |
720,000 |
EUR |
776,629 |
BNP Paribas SA |
06/18/25 |
(5,173 ) |
CHF |
75,000 |
EUR |
80,904 |
BNP Paribas SA |
06/18/25 |
(544 ) |
EUR |
49,505 |
CHF |
47,000 |
BNP Paribas SA |
06/18/25 |
(1,016 ) |
EUR |
1,160,189 |
CHF |
1,105,000 |
Goldman Sachs & Co. |
06/18/25 |
(28,092 ) |
EUR |
171,185 |
NOK |
2,055,000 |
BNP Paribas SA |
06/18/25 |
(3,083 ) |
EUR |
417,348 |
SEK |
4,613,000 |
Goldman Sachs & Co. |
06/18/25 |
(4,471 ) |
EUR |
185,113 |
SEK |
2,042,000 |
Goldman Sachs & Co. |
06/18/25 |
(1,560 ) |
EUR |
906,000 |
USD |
1,032,977 |
BNP Paribas SA |
06/18/25 |
(3,842 ) |
EUR |
179,000 |
USD |
204,105 |
Goldman Sachs & Co. |
06/18/25 |
(777 ) |
JPY |
837,000 |
USD |
5,906 |
BNP Paribas SA |
06/18/25 |
(21 ) |
JPY |
8,092,000 |
USD |
56,928 |
Goldman Sachs & Co. |
06/18/25 |
(33 ) |
NOK |
1,499,000 |
EUR |
131,361 |
Goldman Sachs & Co. |
06/18/25 |
(5,125 ) |
NOK |
14,509,000 |
EUR |
1,254,536 |
Goldman Sachs & Co. |
06/18/25 |
(30,378 ) |
NZD |
270,000 |
USD |
161,156 |
Goldman Sachs & Co. |
06/18/25 |
(548 ) |
SEK |
1,162,000 |
EUR |
108,542 |
BNP Paribas SA |
06/18/25 |
(2,751 ) |
USD |
232,129 |
AUD |
370,000 |
BNP Paribas SA |
06/18/25 |
(4,997 ) |
USD |
2,791,763 |
AUD |
4,430,000 |
Goldman Sachs & Co. |
06/18/25 |
(47,336 ) |
USD |
468,865 |
BRL |
2,752,000 |
BNP Paribas SA |
06/18/25 |
(10,936 ) |
USD |
79,970 |
BRL |
478,000 |
Goldman Sachs & Co. |
06/18/25 |
(3,368 ) |
USD |
5,058,159 |
CAD |
7,230,000 |
Goldman Sachs & Co. |
06/18/25 |
(198,957 ) |
USD |
3,322,158 |
EUR |
3,034,000 |
Goldman Sachs & Co. |
06/18/25 |
(124,194 ) |
USD |
678,211 |
GBP |
515,000 |
Goldman Sachs & Co. |
06/18/25 |
(8,252 ) |
USD |
766,745 |
INR |
66,173,000 |
BNP Paribas SA |
06/18/25 |
(12,822 ) |
USD |
480,141 |
INR |
41,494,000 |
Goldman Sachs & Co. |
06/18/25 |
(8,690 ) |
USD |
99,486 |
JPY |
14,427,000 |
BNP Paribas SA |
06/18/25 |
(1,951 ) |
USD |
407,017 |
JPY |
59,960,000 |
Goldman Sachs & Co. |
06/18/25 |
(14,563 ) |
USD |
75,052 |
MXN |
1,525,000 |
Goldman Sachs & Co. |
06/18/25 |
(2,254 ) |
USD |
258,232 |
NZD |
457,000 |
BNP Paribas SA |
06/18/25 |
(13,612 ) |
USD |
1,992,029 |
NZD |
3,470,000 |
Goldman Sachs & Co. |
06/18/25 |
(72,085 ) |
USD |
2,452,827 |
TWD |
80,257,000 |
BNP Paribas SA |
06/18/25 |
(70,906 ) |
USD |
12,695 |
TWD |
420,000 |
Goldman Sachs & Co. |
06/18/25 |
(512 ) |
USD |
495,351 |
ZAR |
9,412,000 |
BNP Paribas SA |
06/18/25 |
(8,899 ) |
USD |
185,599 |
ZAR |
3,645,000 |
Goldman Sachs & Co. |
06/18/25 |
(9,683 ) |
ZAR |
17,050,000 |
USD |
923,772 |
Goldman Sachs & Co. |
06/18/25 |
(10,315 ) |
|
|
|
|
|
|
(711,807 ) |
|
|
|
|
|
|
$(242,766 ) |
|
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) |
$82,235 |
$— |
$49,651 |
$— |
$4,761 |
$— |
$136,647 |
Forward foreign currency exchange contracts |
|
|
|
|
|
|
|
Unrealized appreciation on forward foreign currency exchange contracts |
$— |
$— |
$— |
$469,041 |
$— |
$— |
$469,041 |
|
$82,235 |
$— |
$49,651 |
$469,041 |
$4,761 |
$— |
$605,688 |
|
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) |
$61,553 |
$— |
$96,076 |
$— |
$106,496 |
$— |
$264,125 |
Forward foreign currency exchange contracts |
|
|
|
|
|
|
|
Unrealized depreciation on forward foreign currency exchange contracts |
$— |
$— |
$— |
$711,807 |
$— |
$— |
$711,807 |
|
$61,553 |
$— |
$96,076 |
$711,807 |
$106,496 |
$— |
$975,932 |
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Consolidated Schedule of Investments. In the Consolidated 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). |
|
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
Net Realized Gain (Loss) from: |
|
|
|
|
|
|
|
Futures contracts |
$(89,757 ) |
$— |
$153,173 |
$— |
$(92,621 ) |
$— |
$(29,205 ) |
Net Change in Unrealized Appreciation (Depreciation) on: |
|
|
|
|
|
|
|
Futures contracts |
$20,682 |
$— |
$(46,425 ) |
$— |
$(101,735 ) |
$— |
$(127,478 ) |
Forward foreign currency exchange contracts |
— |
— |
— |
(242,766 ) |
— |
— |
(242,766 ) |
|
$20,682 |
$— |
$(46,425 ) |
$(242,766 ) |
$(101,735 ) |
$— |
$(370,244 ) |
Futures contracts: |
|
Average notional value of contracts — long |
$7,962,420 |
Average notional value of contracts — short |
$8,131,959 |
Forward foreign currency exchange contracts: |
|
Average amounts purchased — in USD |
$17,177,353 |
Average amounts sold — in USD |
$20,018,691 |
|
Assets |
Liabilities |
Derivative Financial Instruments: |
|
|
Futures contracts |
$136,647 |
$264,125 |
Forward foreign currency exchange contracts |
469,041 |
711,807 |
Total derivative assets and liabilities in the Statement of Assets and Liabilities |
605,688 |
975,932 |
Derivatives not subject to a Master Netting Agreement or similar agreement ("MNA") |
(136,647 ) |
(264,125 ) |
Total derivative assets and liabilities subject to an MNA |
$469,041 |
$711,807 |
Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Received(b) |
Cash Collateral Received(b) |
Net Amount of Derivative Assets(c)(d) |
BNP Paribas SA |
$152,962 |
$(140,553 ) |
$— |
$— |
$12,409 |
Counterparty |
Derivative Assets Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Received(b) |
Cash Collateral Received(b) |
Net Amount of Derivative Assets(c)(d) |
Goldman Sachs & Co. |
$316,079 |
$(316,079 ) |
$— |
$— |
$— |
|
$469,041 |
$(456,632 ) |
$— |
$— |
$12,409 |
Counterparty |
Derivative Liabilities Subject to an MNA by Counterparty |
Derivatives Available for Offset(a) |
Non-Cash Collateral Pledged(b) |
Cash Collateral Pledged(b) |
Net Amount of Derivative Liabilities(d)(e) |
BNP Paribas SA |
$140,553 |
$(140,553 ) |
$— |
$— |
$— |
Goldman Sachs & Co. |
571,254 |
(316,079 ) |
— |
— |
255,175 |
|
$711,807 |
$(456,632 ) |
$— |
$— |
$255,175 |
(a) |
The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA. |
(b) |
Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes. |
(c) |
Net amount represents the net amount receivable from the counterparty in the event of default. |
(d) |
Net amount may also include forward foreign currency exchange contracts that are not required to be collateralized. |
(e) |
Net amount represents the net amount payable due to the counterparty in the event of default. |
|
Level 1 |
Level 2 |
Level 3 |
Total |
Assets |
|
|
|
|
Investments |
|
|
|
|
Short-Term Securities |
|
|
|
|
U.S. Treasury Obligations |
$— |
$16,214,457 |
$— |
$16,214,457 |
Money Market Funds |
300,000 |
— |
— |
300,000 |
|
$300,000 |
$16,214,457 |
$— |
$16,514,457 |
Derivative Financial Instruments(a) |
|
|
|
|
Assets |
|
|
|
|
Commodity Contracts |
$82,235 |
$— |
$— |
$82,235 |
Equity Contracts |
49,651 |
— |
— |
49,651 |
Foreign Currency Exchange Contracts |
— |
469,041 |
— |
469,041 |
Interest Rate Contracts |
4,761 |
— |
— |
4,761 |
Liabilities |
|
|
|
|
Commodity Contracts |
(61,553 ) |
— |
— |
(61,553 ) |
Equity Contracts |
(5,268 ) |
(90,808 ) |
— |
(96,076 ) |
Foreign Currency Exchange Contracts |
— |
(711,807 ) |
— |
(711,807 ) |
Interest Rate Contracts |
(106,496 ) |
— |
— |
(106,496 ) |
|
$(36,670 ) |
$(333,574 ) |
$— |
(370,244 ) |
(a) |
Derivative financial instruments are futures contracts and forward foreign currency exchange contracts. Futures contracts and forward foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
|
iShares Enhanced Short-Term Bond Active ETF |
iShares Managed Futures Active ETF (Consolidated) |
ASSETS |
|
|
Investments, at value—unaffiliated(a) |
$95,796,177 |
$16,214,457 |
Investments, at value—affiliated(b) |
860,000 |
300,000 |
Cash |
3,936 |
378 |
Cash pledged for futures contracts |
89,000 |
637,000 |
Foreign currency, at value(c) |
13,336 |
253,556 |
Receivables: |
|
|
Securities lending income—affiliated |
375 |
— |
Dividends—affiliated |
3,161 |
28,768 |
Interest—unaffiliated |
113,540 |
7 |
Unrealized appreciation on forward foreign currency exchange contracts |
— |
469,041 |
Total assets |
96,879,525 |
17,903,207 |
LIABILITIES |
|
|
Payables: |
|
|
Investment advisory fees |
14,270 |
10,547 |
Variation margin on futures contracts |
9,611 |
791 |
Unrealized depreciation on forward foreign currency exchange contracts |
— |
711,807 |
Total liabilities |
23,881 |
723,145 |
Commitments and contingent liabilities |
|
|
NET ASSETS |
$96,855,644 |
$17,180,062 |
NET ASSETS CONSIST OF |
|
|
Paid-in capital |
$96,502,330 |
$17,498,824 |
Accumulated earnings (loss) |
353,314 |
(318,762) |
NET ASSETS |
$96,855,644 |
$17,180,062 |
NET ASSET VALUE |
|
|
Shares outstanding |
962,500 |
700,000 |
Net asset value |
$100.63 |
$24.54 |
Shares authorized |
Unlimited |
Unlimited |
Par value |
None |
None |
(a) Investments, at cost—unaffiliated |
$95,802,195 |
$16,214,542 |
(b) Investments, at cost—affiliated |
$860,000 |
$300,000 |
(c) Foreign currency, at cost |
$13,528 |
$248,790 |
|
iShares Enhanced Short-Term Bond Active ETF |
iShares Managed Futures Active ETF(a) (Consolidated) |
INVESTMENT INCOME |
|
|
Dividends—affiliated |
$31,688 |
$58,601 |
Interest—unaffiliated |
1,689,132 |
35,980 |
Securities lending income—affiliated—net |
1,371 |
— |
Total investment income |
1,722,191 |
94,581 |
EXPENSES |
|
|
Investment advisory |
80,274 |
17,818 |
Interest expense |
102 |
— |
Commitment costs |
91 |
— |
Total expenses |
80,467 |
17,818 |
Less: |
|
|
Investment advisory fees waived |
(655 ) |
(1,227 ) |
Total expenses after fees waived |
79,812 |
16,591 |
Net investment income |
1,642,379 |
77,990 |
REALIZED AND UNREALIZED GAIN (LOSS) |
|
|
Net realized gain (loss) from: |
|
|
Investments—unaffiliated |
(71,546 ) |
(75 ) |
Forward foreign currency exchange contracts |
137,134 |
— |
Foreign currency transactions |
2,083 |
(1,916 ) |
Futures contracts |
1,770 |
(29,205 ) |
In-kind redemptions—unaffiliated(b) |
52 |
— |
|
69,493 |
(31,196 ) |
Net change in unrealized appreciation (depreciation) on: |
|
|
Investments—unaffiliated |
(6,455 ) |
(85 ) |
Forward foreign currency exchange contracts |
(12,049 ) |
(242,766 ) |
Foreign currency translations |
(193 ) |
4,773 |
Futures contracts |
(31,095 ) |
(127,478 ) |
|
(49,792 ) |
(365,556 ) |
Net realized and unrealized gain (loss) |
19,701 |
(396,752 ) |
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
$1,662,080 |
$(318,762 ) |
(a) For the period from March 12, 2025 (commencement of operations) to April 30, 2025. | ||
(b) See Note 2 of the Notes to Financial Statements. |
|
iShares Enhanced Short-Term Bond Active ETF |
iShares Managed Futures Active ETF (Consolidated) | |
|
Six Months Ended 04/30/25 (unaudited) |
Period From 07/17/24(a) to 10/31/24 |
Period From 03/12/25(a) to 04/30/25 (unaudited) |
INCREASE (DECREASE) IN NET ASSETS |
|
|
|
OPERATIONS |
|
|
|
Net investment income |
$1,642,379 |
$184,479 |
$77,990 |
Net realized gain (loss) |
69,493 |
(11,187 ) |
(31,196 ) |
Net change in unrealized appreciation (depreciation) |
(49,792 ) |
17,596 |
(365,556 ) |
Net increase (decrease) in net assets resulting from operations |
1,662,080 |
190,888 |
(318,762 ) |
DISTRIBUTIONS TO SHAREHOLDERS(b) |
|
|
|
Decrease in net assets resulting from distributions to shareholders |
(1,383,197 )(c) |
(116,457 ) |
— |
CAPITAL SHARE TRANSACTIONS |
|
|
|
Net increase in net assets derived from capital share transactions |
68,936,519 |
27,565,811 |
17,498,824 |
NET ASSETS |
|
|
|
Total increase in net assets |
69,215,402 |
27,640,242 |
17,180,062 |
Beginning of period |
27,640,242 |
— |
— |
End of period |
$96,855,644 |
$27,640,242 |
$17,180,062 |
(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. |
|
iShares Enhanced Short-Term Bond Active ETF | |
|
Six Months Ended 04/30/25 (unaudited) |
Period From 07/17/24(a) to 10/31/24 |
Net asset value, beginning of period |
$100.51 |
$100.00 |
Net investment income(b) |
2.04 |
1.42 |
Net realized and unrealized gain(c) |
0.05 |
0.08 |
Net increase from investment operations |
2.09 |
1.50 |
Distributions from net investment income(d) |
(1.97 )(e) |
(0.99 ) |
Net asset value, end of period |
$100.63 |
$100.51 |
Total Return(f) |
|
|
Based on net asset value |
2.10 %(g) |
1.51 %(g) |
Ratios to Average Net Assets(h) |
|
|
Total expenses |
0.20 %(i) |
0.20 %(i) |
Total expenses after fees waived |
0.20 %(i) |
0.20 %(i) |
Net investment income |
4.09 %(i) |
4.85 %(i) |
Supplemental Data |
|
|
Net assets, end of period (000) |
$96,856 |
$27,640 |
Portfolio turnover rate(j) |
350 % |
0 % |
(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. |
|
iShares Managed Futures Active ETF (Consolidated) |
|
Period From 03/12/25(a) to 04/30/25 (unaudited) |
Net asset value, beginning of period |
$25.00 |
Net investment income(b) |
0.12 |
Net realized and unrealized loss(c) |
(0.58 ) |
Net decrease from investment operations |
(0.46 ) |
Net asset value, end of period |
$24.54 |
Total Return(d) |
|
Based on net asset value |
(1.83 )%(e) |
Ratios to Average Net Assets(f) |
|
Total expenses |
0.80 %(g) |
Total expenses after fees waived |
0.74 %(g) |
Net investment income |
3.50 %(g) |
Supplemental Data |
|
Net assets, end of period (000) |
$17,180 |
Portfolio turnover rate(h) |
0 % |
(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) Where applicable, assumes the reinvestment of distributions. | |
(e) Not annualized. | |
(f) Excludes fees and expenses incurred indirectly as a result of investments in underlying funds. | |
(g) Annualized. | |
(h) Portfolio turnover rate excludes in-kind transactions, if any. |
iShares ETF |
Diversification Classification |
Enhanced Short-Term Bond Active |
Non-diversified |
Managed Futures Active(a) |
Non-diversified |
(a) |
The Fund commenced operations on March 12, 2025. |
iShares ETF |
Investment Advisory Fees |
Enhanced Short-Term Bond Active |
0.20% |
Managed Futures Active |
0.80 |
iShares ETF |
Amounts Waived |
Enhanced Short-Term Bond Active |
$655 |
Managed Futures Active |
1,227 |
iShares ETF |
Amounts |
Enhanced Short-Term Bond Active |
$581 |
iShares ETF |
Purchases |
Sales |
Enhanced Short-Term Bond Active |
$15,772,298 |
$998,900 |
iShares ETF |
Tax Cost |
Gross Unrealized Appreciation |
Gross Unrealized Depreciation |
Net Unrealized Appreciation (Depreciation) |
Enhanced Short-Term Bond Active |
$96,662,195 |
$33,317 |
$(65,320) |
$(32,003) |
Managed Futures Active |
16,514,542 |
605,705 |
(976,034) |
(370,329) |
|
Six Months Ended 04/30/25 |
Period Ended 10/31/24(a) | ||
iShares ETF |
Shares |
Amount |
Shares |
Amount |
Enhanced Short-Term Bond Active |
|
|
|
|
Shares sold |
712,500 |
$71,444,377 |
275,000 |
$27,565,811 |
Shares redeemed |
(25,000 ) |
(2,507,858 ) |
— |
— |
|
687,500 |
$68,936,519 |
275,000 |
$27,565,811 |
|
Period Ended 04/30/25(b) | |
iShares ETF |
Shares |
Amount |
Managed Futures Active |
|
|
Shares sold |
700,000 |
$17,498,824 |
(a) |
The Fund commenced operations on July 17, 2024. |
(b) |
The Fund commenced operations on March 12, 2025. |
iShares ETF |
Shares |
Enhanced Short-Term Bond Active |
100,000 |
Managed Futures Active ETF |
600,000 |
Investment Adviser |
Independent Registered Public Accounting Firm |
BlackRock Fund Advisors San Francisco, CA 94105 |
PricewaterhouseCoopers LLP Philadelphia, Pennsylvania 19103 |
Administrator, Custodian and Transfer Agent |
Legal Counsel |
State Street Bank and Trust Company Boston, MA, 02114 |
Sidley Austin LLP New York, NY 10019 |
Distributor |
Address of the Trust |
BlackRock Investments, LLC New York, NY 10001 |
100 Bellevue Parkway Wilmington, DE 19809 |
Portfolio Abbreviation | |
EURIBOR |
Euro Interbank Offered Rate |
SOFR |
Secured Overnight Financing Rate |
SONIA |
Sterling Overnight Interbank Average Rate |
Currency Abbreviation | |
AUD |
Australian Dollar |
BRL |
Brazilian Real |
CAD |
Canadian Dollar |
CHF |
Swiss Franc |
EUR |
Euro |
GBP |
British Pound |
INR |
Indian Rupee |
JPY |
Japanese Yen |
MXN |
Mexican Peso |
NOK |
Norwegian Krone |
NZD |
New Zealand Dollar |
SEK |
Swedish Krona |
TWD |
New Taiwan Dollar |
USD |
United States Dollar |
ZAR |
South African Rand |
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: June 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: June 24, 2025 |
By: |
/s/ Trent Walker | |||
Trent Walker | ||||
Chief Financial Officer (principal financial officer) of | ||||
BlackRock ETF Trust | ||||
Date: June 24, 2025 |