[SCHEDULE 13G/A] iShares Global Government Bond USD Hedged Active ETF SEC Filing

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC filed Amendment No. 1 to Schedule 13G on 5 Aug 2025, disclosing a significant passive holding in iShares Texas Equity ETF (CUSIP 46438G331).

• Shares owned: 200,000 common shares.
• Ownership percentage: 41.7 % of the outstanding class as of the event date 31 Jul 2025.
• Control: Sole voting and dispositive power over the entire stake; no shared power.
• Filing basis: Rule 13d-1(b) (institutional investor, passive intent). Certification states the shares were acquired in the ordinary course of business and not to influence control.
• Reporting person: Delaware-organized subsidiary of BlackRock, Inc.; principal office 50 Hudson Yards, New York, NY 10001.

The disclosure makes BlackRock the dominant holder of the ETF, highlighting concentrated institutional ownership. No transactional details, purchase prices or changes versus prior filings are included.

Positive

• BlackRock holds 41.7 % of outstanding shares, indicating strong institutional confidence and potential liquidity support.
• Certification under Rule 13d-1(b) confirms a passive investment intent, reducing activist risk.

Negative

• A single investor controls over 40 % of the ETF, creating concentration and exit-risk for remaining shareholders.
• Filing provides no information on purchase cost or timing, limiting insight into BlackRock’s valuation view.

Insights

Financial Analyst

TL;DR: BlackRock’s passive 41.7 % stake signals strong institutional backing but little immediate valuation impact.

BlackRock Portfolio Management LLC now controls 200,000 shares of the iShares Texas Equity ETF, equating to 41.7 % of the fund’s outstanding units. The filing under Rule 13d-1(b) confirms a non-activist, ordinary-course position, limiting governance implications. Such a sizeable holding can improve secondary-market liquidity and investor confidence, yet concentration risk rises should BlackRock alter its exposure. Absent acquisition intent or financial metrics, the disclosure is informational rather than catalytic.

Corporate Governance Specialist

TL;DR: One holder controls >40 % of units; passive status eases but does not remove concentration concerns.

From a governance lens, BlackRock’s sole voting and dispositive power over 41.7 % of the ETF centralises influence, although the 13G certification pledges no intent to affect control. Other investors should note potential liquidity shocks if BlackRock redeems shares. Because ETFs track indices mechanically, direct operational influence is minimal, keeping overall impact neutral.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

iShares Large Cap Moderate Buffer ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

092528702

(CUSIP Number)

07/31/2025

(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. 092528702

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 1,064,500.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 1,064,500.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

1,064,500.00

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)

32.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: iShares Large Cap Moderate Buffer 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.: 092528702
Item 4.	Ownership
(a)	Amount beneficially owned: 1064500
(b)	Percent of class: 32.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 1064500
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 1064500
	(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 - Equity, in the common stock of iShares Large Cap Moderate Buffer 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:	08/05/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

How many USBF shares does BlackRock Portfolio Management LLC own?

The filing reports ownership of 200,000 common shares.

What percentage of iShares Texas Equity ETF does BlackRock hold?

BlackRock’s stake represents 41.7 % of the outstanding class.

Does BlackRock have sole voting power over its USBF shares?

Yes. The firm has 200,000 shares of sole voting and dispositive power and no shared power.

Under which rule was this Schedule 13G/A filed?

It was filed pursuant to Rule 13d-1(b) for institutional passive investors.

What is the event date that triggered the filing?

The reportable event occurred on 31 July 2025.