[SCHEDULE 13G/A] BlackRock ETF Trust II iShares Total Return Active ETF SEC Filing

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC has filed Amendment No. 1 to Schedule 13G for the iShares High Yield Active ETF (CUSIP 092528868, symbol BRTR per metadata). The filing, dated 30 June 2025, discloses that the reporting entity beneficially owns 1,000,000 common shares, equal to 87.0 % of the fund’s outstanding shares. BlackRock holds both sole voting and sole dispositive power over the entire position, with no shared voting or disposal authority.

The ownership is reported under Rule 13d-1(b) as a holding company (HC). The stake is held in the ordinary course of business and is not intended to influence control of the issuer. The filing also notes that another BlackRock affiliate—BlackRock Financial Management, Inc. — has the right to receive dividends on more than 5 % of the class.

Implications for investors:

• BlackRock’s large seed position can enhance initial liquidity and market making for the ETF, aligning the sponsor’s interests with external holders.
• Conversely, public float is only about 13 %, meaning trading volumes and price discovery may rely heavily on BlackRock’s activity; redemptions by BlackRock could increase volatility.

Positive

• 87 % stake by BlackRock provides strong sponsor alignment and seed capital, supporting ETF liquidity at launch.

Negative

• Limited public float (≈13 %) could lead to wider spreads and higher volatility if BlackRock reduces its position quickly.

Insights

Portfolio Manager

TL;DR: BlackRock owns 87 % of BRTR, boosting liquidity but leaving minimal free float; largely housekeeping, modest market impact.

The 13G/A confirms BlackRock’s seed capital strategy: management companies often purchase a majority of newly listed ETF shares to facilitate creation units and secondary-market trading. While the 87 % stake signals confidence and provides depth to authorised participants, it also means external ownership is thin. As the fund scales, BlackRock is expected to redeem or distribute shares, gradually lowering its percentage. Until then, investors should monitor daily volume and spreads, as any significant sell-down by BlackRock could widen bid-ask spreads. No control intentions are declared, keeping regulatory risk low. Overall, the disclosure is routine and neutral for valuation.

Corporate Governance Specialist

TL;DR: Concentrated insider ownership supports launch yet raises liquidity governance flags; disclosure meets SEC transparency standards.

From a governance viewpoint, BlackRock’s HC status and 13G compliance demonstrate proper transparency. The certification states the shares are held in the ordinary course and not for control, reducing takeover concerns. However, concentrated ownership limits proxy influence for minority holders and can delay full market representation in index inclusion screens that require minimum float. Investors relying on benchmark tracking should consider these float constraints. Impact remains not material unless BlackRock alters its position.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

iShares High Yield Active ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

092528868

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 092528868

1

Names of Reporting Persons

BlackRock Portfolio Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 1,000,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,000,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,000,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

87.0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: iShares High Yield Active ETF
(b)	Address of issuer's principal executive offices: 100 BELLEVUE PARKWAY WILMINGTON DE 19809
Item 2.
(a)	Name of person filing: BlackRock Portfolio Management LLC In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock Portfolio Management LLC, 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 092528868
Item 4.	Ownership
(a)	Amount beneficially owned: 1000000
(b)	Percent of class: 87.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1000000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1000000
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The interest of 1 such person, BlackRock Financial Management, Inc.- MTM - Consol, in the common stock of iShares High Yield Active ETF is more than five percent of the total outstanding common stock.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BlackRock Portfolio Management LLC

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	07/02/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

How many BRTR shares does BlackRock own according to the Schedule 13G/A?

BlackRock Portfolio Management LLC reports beneficial ownership of 1,000,000 shares.

What percentage of the iShares High Yield Active ETF does this stake represent?

The filing states BlackRock’s holding equals 87.0 % of the outstanding shares.

Does BlackRock share voting or dispositive power over these shares?

No. The firm reports sole voting and dispositive power over all 1 million shares.

Why did BlackRock file this Schedule 13G/A amendment?

Ownership exceeded the 5 % threshold, requiring disclosure under Rule 13d-1(b) for a holding company.

Could BlackRock’s large stake affect BRTR’s liquidity?

Yes. While the seed position enhances early liquidity, the low free float may cause higher volatility if BlackRock trims its holding.