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

Rhea-AI Filing Summary

GrafTech International Ltd. (EAF) – Form 4 insider filing: Director Anthony R. Taccone reported an equity-based award on 30 June 2025. The transaction involved 23,195.8763 Deferred Share Units (DSUs), disclosed in Table II as an acquisition (Code “A”) at a stated price of $0, indicating the award is part of the company’s non-cash director compensation rather than an open-market purchase.

The filing shows Mr. Taccone now holds 192,107.457 DSUs in total. Each DSU represents the contingent right to receive one common share of EAF. According to the footnotes, these DSUs are fully vested and will convert to common stock “as soon as practicable” after the director ceases service, but no later than the end of the calendar year of termination.

• The award increases the director’s potential equity stake, modestly aligning board and shareholder interests.
• No shares were sold or disposed of; there is no cash flow impact to the company.
• The filing is routine for annual or periodic director compensation and does not indicate any change in the company’s operating outlook, strategy, or capital structure.

Overall, the transaction is administrative and non-dilutive, carrying limited immediate market impact but providing transparency on insider ownership levels.

Positive

• Director increased equity exposure by 23,195.8763 DSUs, modestly enhancing alignment between board member and shareholders.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine DSU grant; increases insider alignment, negligible financial impact.

The award of 23.2 k DSUs to Director Taccone is part of customary board compensation. Because DSUs convert only after board service ends and carry no cash outlay or sale, today’s dilution effect is minimal. Beneficial ownership rises to 192.1 k DSUs, signalling continued commitment but offering little insight into near-term fundamentals. Investors should view this as neutral to slightly positive for governance, with no bearing on revenue, margins, or leverage metrics.

Corporate Governance Specialist

TL;DR: Governance-friendly equity grant, but standard practice—no material signal.

Deferred Share Units that vest immediately yet settle post-service encourage long-term oversight by aligning directors with shareholder value creation over their tenure. The absence of dispositions confirms no negative sentiment. However, because DSUs are typical for GrafTech’s board, the disclosure is procedurally required and not a strategic development. Impact on investor decision-making is therefore limited.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

iShares Global Government Bond USD Hedged Active ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

092528835

(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. 092528835

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 800,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 800,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

800,000.00

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)

100.0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: iShares Global Government Bond USD Hedged 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.: 092528835
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 800000
(b)	Percent of class: 100.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 800000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 800000
	(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 Global Government Bond USD Hedged 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 Deferred Share Units did Director Anthony R. Taccone acquire on 30 June 2025?

He acquired 23,195.8763 DSUs.

What is the director's total holding after the transaction reported in the Form 4 for EAF?

Following the award, Mr. Taccone beneficially owns 192,107.457 DSUs.

When will the vested DSUs convert into GrafTech (EAF) common shares?

The DSUs will be settled in whole shares after the director terminates service, but no later than the end of that calendar year.

Did the Form 4 disclose any sale of GrafTech stock by the director?

No. The filing lists only an acquisition; there were no dispositions.

Was the transaction executed under a Rule 10b5-1 trading plan?

The form does not indicate that the DSU award was made pursuant to a Rule 10b5-1 plan; the relevant checkbox was not marked.