iShares USD Systematic Bond ETF SEC Filings

iShares Trust – iShares iBonds Oct 2034 Term TIPS ETF filed its monthly Form N-PORT for the period ended 30 April 2025. The Series reports total assets of $40.92 million against total liabilities of $3.29 thousand, resulting in net assets of $40.92 million. No borrowings, preferred shares or payables on firm-commitment purchases were outstanding.

Risk metrics: Interest-rate DV01 exposure in U.S. dollars totals $18.14 (3-month), $217.01 (1-year), $12.72 thousand (5-year) and $21.21 thousand (10-year); the 30-year bucket shows no exposure. Corresponding DV100 figures scale proportionally, with the 10-year bucket at $2.12 million. The Fund reports zero credit-spread risk, consistent with its mandate to hold U.S. Treasury Inflation-Protected Securities (TIPS).

Performance: The Fund recorded monthly total returns of +2.77 %, +0.86 % and -0.22 % for the three months prior to the report date. Unrealized appreciation reached $916.7 k in Month 1, moderated to $38.5 k in Month 2, and swung to an unrealized loss of $316.6 k in Month 3; realized gains/losses were de-minimis over the period.

Liquidity & cash: Cash and cash equivalents not otherwise classified amount to $9.4 k. No controlled foreign corporations, derivatives exposures, or securities-lending non-cash collateral are reported. Flow data (sales and redemptions) were not provided in the excerpt.

The filing indicates the Fund’s fiscal year-end is 31 October 2025 and LEI is 529900HZHST35R3RRN63. No statement confirms that this is a final Form N-PORT filing.

iShares Trust – iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (symbol: USBF) filed its Form NPORT-P covering the period ended 30 April 2025.

Fund size and balance sheet: Total assets were reported at $1.0656 billion with total liabilities of $25.1 million, leaving net assets of $1.0404 billion. Liabilities therefore represent roughly 2.4 % of assets, indicating a low leverage profile.

Performance (last three months):

• Month 1 (most recent): +3.71 %
• Month 2: +0.61 %
• Month 3: -0.77 %

The fund produced positive total returns in two of the last three months, although results show a modest reversal in Month 3.

Derivatives activity: The Series employs equity-index options as part of its buy-write strategy. For Month 1 the portfolio realised $5.9 million of option gains but booked $26.4 million of unrealised losses, signalling mark-to-market volatility. The pattern reversed in Month 2 with $6.5 million of realised losses offset by $27.0 million of unrealised gains. Month 3 again showed realised gains ($7.5 million) and a smaller unrealised loss ($1.2 million).

Non-derivative investments: Realised losses persisted across all three months (-$0.6 million, -$1.1 million, -$8.2 million respectively). Unrealised moves were highly positive in Month 1 (+$55.2 million) but negative in Months 2 and 3 (-$15.6 million and -$11.1 million).

Risk & leverage: The filing shows no outstanding borrowings, preferred stock, delayed-delivery payables or cash equivalents, suggesting a conservative capital structure. Credit-spread risk metrics were not populated, implying that the <1-year rolling average of debt exposure is below the 25 % NAV threshold.

Other observations: • Securities-lending collateral details were not provided. • The fund indicates this is not its final NPORT-P filing. • LEI codes are supplied for both the trust and the Series. • Sales/redemption flow data were not included in the excerpt.

Form N-PORT filing overview: iShares Trust – Series iShares iBonds Dec 2034 Term Corporate ETF reported portfolio data for the month ended 30 Apr 2025.

Balance-sheet snapshot: total assets stood at $385.85 million, liabilities at $62.16 million, resulting in net assets of $323.69 million. Cash & cash equivalents were immaterial at $6.9 k; the fund shows no outstanding borrowings, preferred stock, or delayed-delivery payables.

Performance: the most recent three monthly total returns were +2.26 %, -0.16 % and +0.11 % (Class ID C000249961).

Risk metrics: for U.S.-dollar exposures, 10-year DV01 is $125.18 k (≈$12.51 m DV100), while 10-year investment-grade credit-spread sensitivity (CS01) is $222.33 k. DV01 exposure is negligible at the 30-year tenor.

Securities lending: roughly $30 million of securities were on loan across 14 counterparties. The two largest borrowers were JP Morgan Securities ($8.18 m) and RBC Capital Markets ($8.36 m). Non-cash collateral was accepted.

No indication was given that this is a final N-PORT filing, and no miscellaneous assets, controlled foreign corporations, or derivatives-driven leverage were disclosed.

iShares MSCI EAFE Min Vol Factor ETF (Series ID S000031837) filed its monthly Form NPORT-P for the period ended 30 Apr 2025.

The fund reported total assets of US$5.47 billion against liabilities of US$4.11 million, leaving net assets of US$5.46 billion; liabilities equal roughly 0.08 % of assets, indicating minimal leverage.

Cash and cash equivalents stood at US$13.95 million. No borrowings, preferred stock, delayed-delivery payables, or controlled foreign corporation assets were reported.

Performance: the ETF recorded three consecutive positive monthly total returns—+5.90 %, +2.82 %, and +3.78 % (Month 3, 2, and 1 respectively).

Derivatives: Equity and interest-rate futures generated mixed results: realized gains/losses ranged from -US$347 k to +US$278 k; unrealized swings were larger, from -US$875 k to +US$991 k.

No credit spread risk metrics were disclosed, and the filing does not indicate this is a final Form NPORT submission.

iShares Trust – iShares MSCI China A ETF filed its monthly Form N-PORT for the period ended 30 April 2025. The filing discloses total assets of $212.18 million against total liabilities of $0.10 million, resulting in net assets of $212.07 million and a leverage-free balance sheet (no short- or long-term borrowings reported).

Performance. The fund’s last three monthly total returns were +2.39 % (February), -0.04 % (March) and -3.07 % (April), indicating recent volatility after a strong February gain. Derivative activity (equity futures) produced cumulative realized losses of $15.7 k and unrealized depreciation of $29.9 k over the same three-month window. By contrast, the cash equity book generated a large $2.23 million realized gain and $3.71 million unrealized appreciation in Month 1, but a sharp $6.85 million unrealized loss in Month 3.

Risk & Liquidity. The fund reported no exposure to credit spread risk metrics (Item B.3) and held $0.37 million in cash and cash equivalents outside of portfolio holdings. No outstanding preferred shares, delayed-delivery payables, or securities-lending non-cash collateral were disclosed.

Flows & Capital Activity. Aggregate share-sale and redemption data (Item B.6) was referenced but specific dollar amounts were not included in the excerpt. The registrant identifies this filing as LIVE (not a test) and does not mark it as a final N-PORT filing.

Key takeaways:

• Solid asset base with minimal liabilities (<0.05 % of assets).
• Return profile turned negative in the latest month, driven largely by unrealized equity losses.
• No leverage, CFCs, or material credit exposure; overall risk posture appears conservative.

Key transaction details: Selling securityholders, led by Sycamore Partners, are offering 10,000,000 shares of Torrid Holdings Inc. (NYSE: CURV) at a public offering price of $3.50, a 31% discount to the $5.08 closing price on 23 Jun 2025. Gross proceeds total $35.0 million; underwriting discounts are $0.18375 per share (5.25%), leaving $33.16 million to the sellers. An over-allotment option gives underwriters another 1.5 million shares within 30 days.

Concurrent repurchase: Torrid has separately agreed to repurchase $20 million of its own stock—approximately 6,030,908 shares—from Sycamore at the same $3.50 price. The buyback is contingent on the offering’s close, has board and audit-committee approval, and will settle concurrently on or about 26 Jun 2025. Underwriters receive no fees on the repurchased shares.

Impact on capital structure: Because the deal is a purely secondary sale, Torrid receives no new capital; instead, it spends $20 million in cash. If the repurchased shares are retired, net share count rises by roughly 3.97 million (10 million issued less 6.03 million repurchased). Public float increases, enhancing liquidity, while Sycamore’s ownership stake and influence decline.

Investor considerations: • Discounted pricing may pressure the share price near-term. • Cash outflow reduces balance-sheet flexibility but signals management’s confidence. • Increased float could attract new investors and research coverage. • The offering’s success and any exercise of the 1.5 million-share option will determine the final ownership mix.