iShares USD Systematic Bond ETF SEC Filings

iShares Trust – iShares J.P. Morgan USD Emerging Markets Bond ETF filed its Form N-PORT (monthly portfolio report) covering the period ended 30 April 2025.

Fund size & balance sheet: The Series reported total assets of US$12.72 billion and total liabilities of only US$16.7 million, resulting in net assets of US$12.70 billion. The liability ratio is roughly 0.13 % of assets, indicating very low structural leverage. Payables for when-issued or delayed-delivery purchases were US$12.1 million; there were no outstanding borrowings or preferred shares.

Recent performance: Monthly total returns for the past three months were +1.51 % (Month 1), -0.81 % (Month 2) and -0.10 % (Month 3). Realised and unrealised results were volatile: Month 1 posted a US$1.8 million realised gain and US$148.1 million unrealised appreciation; Month 2 swung to a US$10.2 million realised loss and US$167.5 million unrealised depreciation; Month 3 saw a large US$144.8 million realised loss offset by US$48.1 million unrealised appreciation.

Risk metrics: Because debt securities exceed 25 % of NAV, the fund disclosed duration and credit-spread sensitivities. DV01 shows that a 1 bp upward shift in rates would reduce portfolio value by US$13.1 k (3-mo) to US$2.26 m (30-yr), while DV100 (100 bp) shocks translate into US$1.72 m to US$262.8 m respectively. Credit-spread risk for investment-grade exposure is highest at the 30-year point (US$2.63 m per bp); non-investment-grade exposure is materially lower but still significant.

Securities lending & derivatives: The filing notes that some counterparties may have provided non-cash collateral, but no position-level data are supplied. Derivative-level realised/unrealised results were not populated, suggesting minimal or no derivatives during the period.

Outlook implications: The ETF maintains a large asset base with minimal leverage and manageable rate risk. However, the recent pattern of realised losses and two consecutive negative monthly returns signals short-term headwinds in emerging-market USD debt.

Form NPORT-P filing for iShares Trust – iShares iBonds Dec 2044 Term Treasury ETF (series ID S000085230, ticker USBF) provides a month-end snapshot as of 30 April 2025.

Scale & Capital-base: Total assets stand at $66.37 million against minimal liabilities of $3.56 thousand, leaving net assets essentially unchanged at $66.36 million. Cash not otherwise disclosed totals $8.96 thousand, confirming that the portfolio is almost fully invested in Treasuries.

Performance: Three-month trailing returns illustrate volatility: +4.56 % in February, followed by -0.58 % in March and -0.79 % in April. Realised trading activity generated a $210.6 k loss in February and a further $4.3 k loss in April, while unrealised gains were sizeable in February (+$2.42 million) but reversed in the subsequent two months (-$1.17 million combined).

Risk Profile: Interest-rate sensitivity dominates: DV01 exposure in US dollars reaches $48,557 for 30-year equivalents, and DV100 scales to $4.85 million at the 30-year point. Shorter maturities show proportionately lower sensitivities (e.g., DV01 of $60 at three months). Credit spread risk is de-minimis, reinforcing the pure-Treasury mandate. No leverage, derivatives, or borrowings are reported; securities-lending collateral is limited to cash.

Operational Notes: The fund designates this as a live filing; no final-filing indication is made. The registrant (iShares Trust, CIK 0001100663) lists BlackRock’s San Francisco address and maintains a fiscal year-end of 31 October 2025.

Investor Takeaway: The ETF remains small in asset size but clean in structure, with negligible credit and counter-party risk. However, the significant duration exposure means NAV will remain highly sensitive to moves in the long end of the Treasury curve, as evidenced by the uneven recent return pattern.

iShares Trust – iShares Currency Hedged MSCI EAFE Small-Cap ETF (symbol: USBF) filed its Form N-PORT for the month ended 30 April 2025.

Fund size & balance sheet. Total assets were $153.8 million against liabilities of $6.16 million, leaving net assets of $147.65 million. No borrowings, preferred stock or delayed-delivery payables were reported, indicating a conservative capital structure with liabilities representing roughly 4.0 % of assets. Cash and cash equivalents outside the securities schedule were negligible at $497.

Performance. The ETF recorded mixed three-month performance:

• Month 1: -0.80 %
• Month 2: -0.77 %
• Month 3: +0.68 %

Derivatives impact. Currency forward positions drove sizeable losses: cumulative $6.73 million net realized and $5.35 million unrealized depreciation over the three months, all within Foreign-Exchange Contracts – Forward. This contrasts with non-derivative investments, which produced total realized gains of $1.22 million and unrealized appreciation of $8.14 million over the same period.

Risk metrics. No SDV01/CS01 credit-spread data were provided, consistent with the fund’s equity focus. The filing shows no leverage, no securities lending with non-cash collateral, and zero controlled foreign corporation exposure.

Administrative items. Reporting period coincides with fiscal year-end 31 July 2025. Series LEI is 5493007Q2WE714GUTO05. A “Final filing” box was presented but not marked, so continuation is assumed. Contact fields were left blank.

Overall, the fund maintains a clean balance sheet, yet recent FX-hedging losses weighed on monthly returns, a focal point for investors assessing currency-hedged strategies.

iShares Trust – iShares MSCI All Country Asia ex Japan ETF (NYSE: USBF) filed a routine Form NPORT-P monthly portfolio report covering the period ended 30 April 2025.

The filing discloses total assets of $2.58 billion, total liabilities of $130.5 million, and net assets of $2.45 billion. Cash and cash equivalents outside the portfolio totaled $3.1 million.

For the three most recent months, the fund recorded total returns of +1.33 %, +0.60 %, and -0.17 %, respectively. Derivative activity within the equity contracts category produced a mixed picture, with a $125 k realized gain offset by a $186 k unrealized loss in the latest month.

Securities-lending activity remains modest: a combined $47.9 million of securities were on loan to 14 counterparties, led by UBS AG ($18.8 million) and Morgan Stanley & Co LLC ($7.8 million). No borrowings, preferred stock, or contingent liabilities were reported.

The filing contains no new risk factors, legal proceedings, or major transactions and indicates this is not a final filing. Overall, the report provides standard monthly transparency rather than signaling any material strategic change.

iShares Trust – USD Systematic Bond ETF (NYSE: USBF) filed its routine monthly NPORT-P portfolio report covering data as of 30 April 2025.

The filing shows total assets of $2.07 billion, liabilities of $141.5 million, and net assets of $1.93 billion. Three-month total returns were 2.80%, 0.18%, and 4.56%, respectively. Securities lending exposure remained modest, with $2.25 million on loan to Goldman Sachs & Co. and $0.19 million to State Street Bank & Trust. No borrowings, preferred stock, or material credit-spread risk metrics were reported. Derivative gains and losses were immaterial relative to fund size. No risk factors, legal proceedings, or major transactions were disclosed.

iShares Treasury Floating Rate Bond ETF filed its Form NPORT-P for the period ended 30-Apr-2025. The filing shows total assets of $7.36 billion, liabilities of $243.6 million and net assets of $7.11 billion. Cash and cash equivalents not otherwise classified totaled $80.8 million, and the fund reported no borrowings, standby commitments or preferred stock outstanding, indicating a largely unlevered balance sheet.

Risk metrics remain modest relative to net assets. The portfolio’s DV01 exposure to a 1-bp move in rates is $96.9k (3-month) and - $85.8k (1-year), scaling to $9.72 million and - $8.72 million under a 100-bp shift (DV100). Exposure beyond five-year maturities is negligible, consistent with the strategy of holding floating-rate Treasuries. Credit-spread sensitivity is de minimis, with an investment-grade CS01 of only $0.01.

Performance was steady: the fund posted monthly total returns of 0.32%, 0.34% and 0.31% over the past three months. However, it recorded cumulative unrealized depreciation of roughly $5.34 million over the same period, while realized gains totaled about $0.26 million. Share-flow data were provided but not populated in the excerpt.

No securities-lending counterparties posted non-cash collateral, and the fund marked this section as having no applicable data. The registrant’s LEI is 5493000860OXIC4B5K91; the series LEI is 549300IH7Y9SW6BCOA50. The fund’s fiscal year-end is 31-Oct-2025, and this is not expected to be a final filing.

iShares Trust – iShares iBonds 2027 Term High Yield and Income ETF (Series ID S000072335) filed its monthly Form N-PORT report covering the period ended 30 April 2025.

• Net assets: US$274.30 million, derived from total assets of US$327.29 million and liabilities of US$52.98 million.
• Risk profile (USD): DV01 exposure is concentrated in the 1-year bucket (US$14,092.55) with smaller exposure at 3-month (US$1,262.62) and 5-year (US$2,931.55) tenors; no material exposure at 10- or 30-year maturities. Corresponding DV100 values are US$2.998 million (1 yr), US$207.40 k (3 mo) and US$648.89 k (5 yr).
• Credit-spread sensitivity: Non-investment-grade positions dominate, with CS01 of US$207.60 (3 mo), US$32,940.58 (1 yr) and US$5,458.78 (5 yr); investment-grade CS01 is negligible (US$0.89 at 3 mo).
• Securities lending: Eleven counterparties hold securities on loan, the largest being Barclays Bank PLC (US$8.37 m), JPMorgan Securities LLC (US$4.86 m) and Morgan Stanley & Co. LLC (US$4.68 m). Aggregate loan values per counterparty are disclosed; the filing confirms that non-cash collateral was permitted, though collateral details are not shown.
• Recent performance: The fund posted total returns of +0.58%, -0.29% and +0.30% for the most recent three months, indicating modest month-to-month volatility.

The registrant remains iShares Trust (CIK 0001100663) with LEI 5493000860OXIC4B5K91 and fiscal year-end 31 October 2025. No borrowings, delayed-delivery payables, preferred stock or cash equivalents of note (cash only US$2.69 k) were reported. This filing supplies routine portfolio, risk and securities-lending disclosures; no major transactions or strategy changes were indicated.