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

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC filed an Amendment to Schedule 13G reporting beneficial ownership of 470,000 shares of iShares Large Cap Deep Buffer ETF, representing 12.9% of the class. The filing shows BlackRock Portfolio Management LLC holds sole voting and sole dispositive power over all 470,000 shares. The Schedule 13G form and signature indicate the disclosure relates to holdings as of 08/31/2025 with the filing signed on 09/05/2025. The document notes a related BlackRock entity, BlackRock Financial Management, Inc.-MTM - Trading, also holds more than 5% of the common stock. Exhibits listed include a Power of Attorney and an Item 7 exhibit identifying a relevant subsidiary.

Insights

Financial Analyst

TL;DR: BlackRock discloses a meaningful 12.9% passive stake with full voting and dispositive control over 470,000 shares.

The Schedule 13G/A shows BlackRock Portfolio Management LLC as a significant holder of the issuer's common stock at 12.9% of the class, with sole voting and dispositive power over the reported shares. Because this disclosure is filed on Schedule 13G (rather than 13D), it reflects a passive reporting status under the Exchange Act rules, indicating the position is reported as not intended to influence control of the issuer. The filing also identifies another BlackRock affiliate with a >5% interest, suggesting multiple related business units hold material positions. For investors, the disclosure increases transparency about concentrated ownership but does not by itself indicate active governance engagement.

Corporate Governance Expert

TL;DR: A 12.9% holding is material for governance visibility but the 13G filing signals a passive intent.

The reporting indicates sole voting and dispositive power for the 470,000 shares held by BlackRock Portfolio Management LLC, which is material from a governance standpoint due to the size of the stake. However, because the holder used Schedule 13G (Amendment No.4), the filing certifies the position is held in the ordinary course of business and not for the purpose of changing control. The presence of an affiliated entity with >5% ownership is noted, and exhibits attached (Power of Attorney; Item 7) are standard for identifying relevant subsidiaries and signatory authority.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

iShares Large Cap Deep Buffer ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

092528801

(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. 092528801

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 470,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 470,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

470,000.00

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)

12.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: iShares Large Cap Deep 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.: 092528801
Item 4.	Ownership
(a)	Amount beneficially owned: 470000
(b)	Percent of class: 12.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 470000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 470000
	(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 - Trading, in the common stock of iShares Large Cap Deep 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:	09/05/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7