SCHEDULE 13G/A: PNC Financial Services Group Discloses Significant Stake in iShares Self-Driving EV and Tech ETF

The PNC Financial Services Group, Inc. has disclosed a beneficial ownership of 6.93% in the iShares Self-Driving EV and Tech ETF as of December 31, 2024, held primarily in a fiduciary capacity for clients.

Summary

• The PNC Financial Services Group, Inc. (PNC) filed an Amendment No. 1 to Schedule 13G, disclosing its beneficial ownership in the iShares Self-Driving EV and Tech ETF.
• As of December 31, 2024, PNC beneficially owned an aggregate of 401,720 shares of the iShares Self-Driving EV and Tech ETF.
• This ownership represents 6.93% of the class of securities.
• PNC holds sole voting power over 395,236 shares and shared voting power over 0 shares.
• PNC holds sole dispositive power over 334,803 shares and shared dispositive power over 66,917 shares.
• The majority of these shares are held in fiduciary capacities for clients across various PNC subsidiaries, including PNC Bank, National Association (393,816 shares), PNC Delaware Trust Company (4,119 shares), PNC Ohio Trust Company (320 shares), and PNC Investments LLC (3,465 shares).
• PNC certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.

Sentiment

Score: 5

Explanation: The document is a standard regulatory disclosure of beneficial ownership, providing factual information without expressing positive or negative sentiment regarding the issuer's performance or future prospects. It is a neutral, compliance-driven filing.

Risks

• The reporting persons' inclusion of securities in this report shall not be deemed an admission of beneficial ownership for the purposes of Section 13(d) or 13(g) of the Act, or for any other purposes, indicating a potential legal distinction in their beneficial ownership status.

Future Outlook

The document does not provide forward-looking statements or guidance regarding the future performance of the iShares Self-Driving EV and Tech ETF or PNC's investment strategy beyond the ongoing nature of holding shares in the ordinary course of business.

Management Comments

• Gregory H. Kozich, Senior Vice President & Controller of The PNC Financial Services Group, Inc., certified 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.'

Industry Context

This filing reflects a routine disclosure by a major financial institution, The PNC Financial Services Group, Inc., regarding its passive investment holdings in an Exchange-Traded Fund (ETF). Such disclosures are common for large banks and asset managers that hold significant stakes in various securities on behalf of their clients or in their own portfolios. The iShares Self-Driving EV and Tech ETF focuses on a specific thematic investment area, indicating PNC's or its clients' exposure to the electric vehicle and technology sectors.

Stakeholder Impact

• Shareholders of The PNC Financial Services Group, Inc. are informed of a significant holding in a thematic ETF, reflecting the scope of assets managed by the company.
• Investors in the iShares Self-Driving EV and Tech ETF gain transparency into a large institutional holder, which can contribute to market stability and liquidity for the ETF.

Key Dates

Keywords

PNC Financial Services Group, iShares Self-Driving EV and Tech ETF, Schedule 13G, Beneficial Ownership, ETF, Exchange-Traded Fund, Investment Holdings, Fiduciary Capacity, Financial Services, Asset Management