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

Rhea-AI Filing Summary

Schedule 13G (Amendment) shows BlackRock Portfolio Management LLC reports beneficial ownership of 1,000,000 shares of iShares High Yield Active ETF, representing 76.9% of the class. The filing states BlackRock PM has sole voting and sole dispositive power over these shares and is organized in Delaware. The document notes BlackRock Financial Management, Inc. - MTM - Consol also holds an interest in the common stock exceeding 5%. The filing is signed by Spencer Fleming, Managing Director, and includes exhibits for a power of attorney and an Item 7 exhibit identifying a relevant subsidiary.

Positive

• Material ownership disclosed: BlackRock Portfolio Management LLC beneficially owns 1,000,000 shares (76.9%) of the common stock.
• Sole control documented: Reporting person has sole voting and sole dispositive power over the reported shares.
• Subsidiary and authority exhibits included: Exhibit 24 (power of attorney) and Exhibit 99 (Item 7 identification) are attached.

Negative

• High ownership concentration: A single reporting entity holds 76.9% of the class, indicating concentration risk in ownership.

Insights

Financial Analyst

TL;DR: BlackRock PM holds an outsized 76.9% stake with sole voting and dispositive power, a materially concentrated ownership position.

The filing documents that BlackRock Portfolio Management LLC beneficially owns 1,000,000 shares, equal to 76.9% of the outstanding common stock of the referenced ETF. The reporting person indicates sole voting and sole dispositive authority, meaning BlackRock PM can unilaterally vote and dispose of the reported shares. The statement also identifies another BlackRock affiliate with more-than-5% interest, and includes exhibits for subsidiary identification and power of attorney. For investors, this filing is material because ownership concentration at this level is a significant corporate governance and control factor explicitly stated in the document.

Corporate Governance Expert

TL;DR: A single institutional manager exercises full control over a dominant position, which is a notable governance signal.

The Schedule 13G (Amendment) confirms that BlackRock Portfolio Management LLC possesses sole voting and dispositive power over the reported 1,000,000 shares (76.9%). The filing includes Exhibit 99 to identify relevant subsidiary relationships and Exhibit 24 for power of attorney, consistent with disclosure norms when a parent/advised structure is involved. The documentation and signature by a Managing Director satisfy the filing's certification. The concentrated ownership and sole authority are specified facts in the filing and therefore constitute a clear governance consideration for holders of the issuer's common stock.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

iShares High Yield Active ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

092528868

(CUSIP Number)

08/31/2025

(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. 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)

76.9 %

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: 76.9 %
(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:	09/05/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

Who filed the Schedule 13G related to the issuer?

The filing was made by BlackRock Portfolio Management LLC (organized in Delaware) and signed by Spencer Fleming, Managing Director.

How many shares and what percentage does BlackRock PM report owning?

BlackRock PM reports beneficial ownership of 1,000,000 shares, representing 76.9% of the class.

Does BlackRock PM have voting or dispositive power over the shares?

Yes. The filing states BlackRock PM has sole voting power and sole dispositive power over the 1,000,000 shares.

Are other BlackRock affiliates identified as owning more than 5%?

Yes. The filing identifies BlackRock Financial Management, Inc. - MTM - Consol as having an interest in the common stock in excess of 5%.

What exhibits are attached to the filing?

Exhibit 24 (Power of Attorney) and Exhibit 99 (Item 7 subsidiary identification) are noted in the filing.