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

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC reports beneficial ownership of 800,000 shares of iShares Total Return Active ETF, representing 15.5% of the class. The filing shows BlackRock Portfolio Management LLC has sole voting and dispositive power over all 800,000 shares. The statement, filed as a Schedule 13G (Amendment No. 3), lists the issuer's principal office in Wilmington, DE, and identifies an affiliated business unit, BlackRock Financial Management, Inc.-MTM - Equity, as holding more than 5% in the same common stock. The filing includes routine certifications that the shares were acquired in the ordinary course of business and not to influence control of the issuer.

Positive

• Material disclosure of stake size: 800,000 shares representing 15.5% of the class provides clear transparency to the market
• Sole voting and dispositive power: BlackRock Portfolio Management LLC can vote and dispose of the entire disclosed position, simplifying clarity on control of the block
• Certification of ordinary-course holding: The filer explicitly states the shares are held in the ordinary course of business and not to influence issuer control

Negative

• None.

Insights

Financial Analyst

TL;DR BlackRock discloses a significant 15.5% stake with full voting and dispositive authority, a material ownership disclosure but a routine regulatory filing.

The Schedule 13G shows a concentrated position of 800,000 shares (15.5% of the class) held with sole voting and dispositive power by BlackRock Portfolio Management LLC. For investors this is material because holdings above 5% must be disclosed and can affect free float and shareholder composition. The filing states the position is held in the ordinary course of business and not to influence control, which indicates passive reporting status under Rule 13d-1(b)/(c). The mention of an affiliated business unit holding more than 5% suggests aggregated ownership within BlackRock-managed entities, which could mean BlackRock-affiliated entities collectively hold a larger portion than shown here.

Corporate Governance Expert

TL;DR Disclosure of sole voting and dispositive power at 15.5% is governance-relevant but the filer certifies no intent to change control.

From a governance perspective, the key details are the sole voting and sole dispositive powers over the disclosed shares, which gives BlackRock the ability to vote this block without co-controller involvement. The filing’s certification that the holdings are not for the purpose of influencing control frames this as a passive ownership disclosure under Schedule 13G. Investors and the issuer should note the aggregated influence from related BlackRock business units referenced in Item 6, which may be relevant for shareholder engagement and proxy considerations.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

iShares Total Return Active ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

092528876

(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. 092528876

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)

15.5 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: iShares Total Return 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.: 092528876
Item 4.	Ownership
(a)	Amount beneficially owned: 800000
(b)	Percent of class: 15.5 %
(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 - Equity, in the common stock of iShares Total Return 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

What stake does BlackRock Portfolio Management LLC report in iShares Total Return Active ETF (092528876)?

The filing reports 800,000 shares, equal to 15.5% of the class, with sole voting and dispositive power.

Does the Schedule 13G indicate BlackRock intends to influence control of the issuer (GGOV/092528876)?

No. The filer certifies the securities were acquired and are held in the ordinary course of business and not to change or influence control.

Are other BlackRock entities reported as holding more than 5%?

Yes. The filing notes an interest of BlackRock Financial Management, Inc.-MTM - Equity in the common stock that is also more than 5%.

Who signed the Schedule 13G amendment and when?

The filing is signed by Spencer Fleming, Managing Director on 09/05/2025.

Where is the issuer's principal executive office listed?

The issuer's principal executive offices are listed as 100 Bellevue Parkway, Wilmington, DE 19809.