BlackRock Portfolio Management Discloses 93.8% Stake in TEK Class

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC filed a Schedule 13G reporting beneficial ownership of 600,000 shares of common stock of BlackRock ETF Trust (CUSIP 09290C681), representing 93.8% of the class. The filing states these shares are held with sole voting and sole dispositive power by the reporting person and were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control. The document identifies BlackRock Financial Management, Inc.- MTM - Consol as a person with an interest exceeding 5% in the common stock of iShares International Equity Factor Rotation Active ETF and references Exhibit 24 (Power of Attorney) and Exhibit 99 (Item 7).

Positive

• Clear disclosure of beneficial ownership: 600,000 shares with voting and dispositive powers stated
• Materiality acknowledged: ownership quantified as 93.8% of the class
• Certification that holdings are in the ordinary course of business and not intended to change control

Negative

• Extreme concentration: a single reporting person holds 93.8% of the class, which raises governance and liquidity concerns
• Potential single-holder control due to sole voting and dispositive power over reported shares

Insights

Securities Analyst

TL;DR Large disclosed ownership position (600,000 shares, 93.8%) is material and must be monitored for concentration effects.

The filing clearly states that BlackRock Portfolio Management LLC holds 600,000 shares with sole voting and dispositive power, representing 93.8% of the class. This is a material disclosure under Schedule 13G and signals a concentrated ownership profile for this class of common stock. The filing follows Rule 13d-1 reporting conventions and includes the required exhibits. The statement that holdings are in the ordinary course of business clarifies intent under the certification provision.

Corporate Governance Expert

TL;DR Extremely high single-holder percentage creates governance and control concentration considerations for other shareholders.

Holding 93.8% of a class creates a dominant position and raises governance implications even if the filer disclaims intent to influence control. The filing documents sole voting and dispositive power over the reported shares, which effectively centralizes decision-making for that class. Exhibits listed (Power of Attorney and Item 7) suggest standard supporting documentation is provided.

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)

09290C681

(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. 09290C681

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 600,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 600,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

600,000.00

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)

93.8 %

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.: 09290C681
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: 600,000
(b)	Percent of class: 93.8%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 600,000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 600,000
	(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 International Equity Factor Rotation 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 600,000 shares, representing 93.8% of the class.

Does the filer have voting control over the reported shares?

Yes. The filing states the filer has sole voting power and sole dispositive power for the 600,000 shares.

Was the ownership acquired to influence control of the issuer?

The filer certified that the securities were acquired and are held in the ordinary course of business and not to change or influence control.

Are there supporting exhibits with the filing?

Yes. The filing references Exhibit 24 (Power of Attorney) and Exhibit 99 (Item 7).

Is any other BlackRock entity noted as holding more than 5% of a related ETF?

The filing states that BlackRock Financial Management, Inc.- MTM - Consol has an interest exceeding 5% in the common stock of iShares International Equity Factor Rotation Active ETF.