Schedule 13G: BlackRock Portfolio Management LLC Holds 400,000 Shares (59.1%)

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC reports beneficial ownership of 400,000 shares of common stock of BlackRock ETF Trust (CUSIP 09290C673), representing 59.1% of the class. The filing on Schedule 13G states these shares are held in the ordinary course of business and were not acquired to change or influence control of the issuer. The document lists the issuer address as 100 Bellevue Parkway, Wilmington, Delaware, and identifies BlackRock Portfolio Management LLC's principal office at 50 Hudson Yards, New York. The filing is signed by Spencer Fleming, Managing Director, dated 09/04/2025.

Positive

• Clear disclosure of a large beneficial position: 400,000 shares representing 59.1% of the class
• Certification that shares are held in the ordinary course and not to change control, reducing immediate regulatory concern

Negative

• None.

Insights

Financial Analyst

TL;DR: BlackRock PM reports a controlling 59.1% stake (400,000 shares) in the issuer, a materially significant disclosure for investors.

The Schedule 13G shows a large, concentrated position that could materially affect free float and voting dynamics. The filer explicitly states the position is held in the ordinary course and not for control purposes, which limits immediate governance implications, but the sheer size of the stake reduces available public float and could influence liquidity and index composition. Monitor for any subsequent Schedule 13D or Form 4 filings that would indicate active engagement or changes in intent.

Corporate Governance Expert

TL;DR: A 59.1% beneficial ownership is material for governance; the filer denies control intent but the stake gives substantial de facto influence.

Although the Schedule 13G classification signals passive ownership, owning a majority of the class creates practical voting power and potential sway over corporate actions. The certification that shares were not acquired to change control is important legally, but stakeholders should note the size when assessing board composition, shareholder proposals, and potential conflicts of interest involving related BlackRock entities referenced in Item 6.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

BlackRock ETF Trust

(Name of Issuer)

Common Stock

(Title of Class of Securities)

09290C673

(CUSIP Number)

08/29/2025

(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. 09290C673

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)

59.1 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BlackRock ETF Trust
(b)	Address of issuer's principal executive offices: 100 BELLEVUE PARKWAY, WILMINGTON, DELAWARE, 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.: 09290C673
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 400,000
(b)	Percent of class: 59.1%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 400,000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 400,000
	(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 Infrastructure 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:	09/04/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

What stake does BlackRock Portfolio Management LLC report in TEK?

The filer reports beneficial ownership of 400,000 shares, equal to 59.1% of the class.

Is the 13G filing for TEK indicating an intent to control the issuer?

No. The filing includes a certification that the shares are held in the ordinary course of business and were not acquired to change or influence control.

When was the Schedule 13G for TEK signed and who signed it?

The Schedule 13G is signed by Spencer Fleming, Managing Director, dated 09/04/2025.

What is the issuer and CUSIP referenced in this filing?

Issuer: BlackRock ETF Trust. CUSIP: 09290C673.

Where are the principal offices listed for the issuer and filer?

Issuer address: 100 Bellevue Parkway, Wilmington, DE. Filer address: 50 Hudson Yards, New York, NY 10001.