BlackRock Unit Discloses 33.9% Stake in iShares Defense Industrials ETF

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC reports beneficial ownership of 400,000 shares of iShares Defense Industrials Active ETF, representing 33.9% of the class. The filing states BlackRock has sole voting and sole dispositive power over all 400,000 shares and identifies an additional BlackRock entity, BlackRock Financial Management, Inc.- MTM - Consol, as holding more than 5% of the fund’s common stock. The statement is filed on a Schedule 13G (Amendment No. 3) and includes exhibits for power of attorney and Item 7 details.

Positive

• Material stake disclosed: Clear reporting of 400,000 shares representing 33.9% of the class
• Full control disclosed: Reporting person has sole voting and sole dispositive power over the shares
• Transparency on related entities: Identifies another BlackRock affiliate holding >5% (BlackRock Financial Management, Inc.- MTM - Consol)

Negative

• Concentration risk: A single reporting business unit holds a large minority position (33.9%), which may concentrate voting power
• Potential related-party concentration: Another BlackRock entity also holds >5%, increasing aggregate affiliated ownership concentration

Insights

Financial Analyst

TL;DR: A single BlackRock unit holds a substantial minority stake (33.9%) with full voting and dispositive control, a material ownership position.

The disclosed 400,000-share stake equal to 33.9% of the class is large enough to be material for most ETF share classes and may affect shareholder dynamics. The filing shows sole voting and sole dispositive power, indicating centralized decision authority for those shares. The report conforms to a Schedule 13G treatment, which signals passive intent, though the scale of ownership warrants investor attention to possible concentration effects on governance and liquidity.

Corporate Governance Expert

TL;DR: Ownership concentration at 33.9% with sole control raises governance relevance without explicit intent to influence control.

The statement explicitly certifies holdings are held in the ordinary course of business and not to change or influence control. Nonetheless, the combination of a >5% interest by another BlackRock entity and a 33.9% stake by the reporting unit is material from a governance perspective because it represents a significant voting bloc. Exhibits attached for power of attorney and Item 7 identification provide additional transparency on organizational relationships.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

iShares Defense Industrials Active ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

09290C699

(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. 09290C699

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 400,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 400,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

400,000.00

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)

33.9 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: iShares Defense Industrials 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.: 09290C699
Item 4.	Ownership
(a)	Amount beneficially owned: 400000
(b)	Percent of class: 33.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 400000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 400000
	(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 Defense Industrials 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

How many shares does BlackRock Portfolio Management LLC report owning in iShares Defense Industrials Active ETF?

The filing reports 400,000 shares beneficially owned by BlackRock Portfolio Management LLC.

What percentage of the class does the 400,000 shares represent?

The 400,000 shares represent 33.9% of the outstanding class according to the filing.

Does BlackRock have voting control over the shares reported?

Yes. The filing states BlackRock Portfolio Management LLC has sole voting power and sole dispositive power for the 400,000 shares.

Are there other BlackRock entities with notable ownership in this issuer?

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

What Schedule and amendment does this disclosure use?

The disclosure is filed on a Schedule 13G (Amendment No. 3).