iShares USD Systematic Bond ETF SEC Filings

iShares Trust – iShares China Large-Cap ETF (symbol: USBF) filed its Form NPORT-P for the period ended 30 Apr 2025.

The Fund reported total assets of US$5.81 billion against total liabilities of US$57.76 million, leaving net assets of US$5.75 billion (liabilities < 1 % of assets). Cash and cash equivalents not elsewhere classified were US$15.95 million.

Performance: Monthly total returns for the last three months were 10.59 %, 1.58 %, and -5.27 %, respectively. Equity-futures trading generated a realized gain of US$3.49 million in Month 1 but saw a combined unrealized loss of US$3.02 million in the same month.

Securities lending: Five counterparties borrowed securities, led by Morgan Stanley & Co. (US$16.28 million on loan) and JP Morgan Securities (US$2.20 million). Non-cash collateral was indicated as possible.

The report lists no borrowings, preferred stock, or standby commitments, and it records zero exposure to credit spread risk metrics. The fiscal year-end is 31 Jul 2025, and this is a routine (non-final) monthly filing.

iShares Trust – International Select Dividend ETF filed its monthly Form N-PORT for the period ended 30 April 2025.

• Net assets: US$4.69 billion (assets US$4.76 billion; liabilities US$71.44 million).
• Liquidity: Cash & cash equivalents of US$22.28 million; no bank borrowings or other debt outstanding.
• Securities lending: Five counterparties held securities on loan totaling US$26.63 million; largest exposure to Goldman Sachs (US$17.51 million).
• Recent performance: Monthly total returns of 4.40%, 4.98%, and 4.54% over the past three months, indicating steady positive momentum.
• Derivatives activity: Equity futures and swaps generated mixed results—Month 3 showed a realized loss of US$1.56 million but an unrealized gain of US$0.51 million.
• Risk metrics: No reportable credit-spread or duration metrics as debt exposure is below disclosure thresholds.

The filing shows a broadly unlevered portfolio with moderate securities-lending activity and consistent short-term returns, offering investors visibility into liquidity and counterparty exposures.

iShares Trust – Investment Grade Corporate Bond BuyWrite Strategy ETF (Series ID S000076781, ticker assumed USBF) filed its monthly Form NPORT-P covering the period ended 30 April 2025.

Balance sheet: total assets were $242.74 million, offset by liabilities of $8.70 million, resulting in net assets of $234.04 million. No borrowings, preferred stock, delayed-delivery payables or standby commitments were reported, indicating a largely un-levered balance sheet. Cash and cash equivalents outside the investment portfolio were minimal at $3.5 thousand.

Performance: The Fund posted modest but positive total returns for the past three months: 1.12 % (most recent month), 0.34 %, and 0.03 %. These figures are calculated in accordance with Form N-1A methodologies and apply to Class ID C000236816.

Derivative activity: Equity-option overlay produced notable volatility. Combined realized and unrealized results were -$2.71 million in Month 1, + $1.83 million in Month 2, and + $0.76 million in Month 3. Non-derivative investments showed larger unrealized movements: +$4.36 million in Month 1, -$1.87 million in Month 2 and -$1.65 million in Month 3.

Risk & other disclosures: Credit-spread (SDV01/CS01) metrics were not provided, and the securities-lending section did not specify whether non-cash collateral was accepted. The report does not indicate that this is the Fund’s final NPORT-P filing.

Overall, the filing depicts a medium-sized, low-levered fixed-income ETF with a buy-write strategy that generated stable headline returns but experienced pronounced option-related P&L swings during the three-month window.

iShares Trust – iShares USD Systematic Bond ETF (NYSE: USBF) filed a routine Form NPORT-P covering the period ended 30 Apr 2025. The report shows total assets of $6.05 million, total liabilities of $0.32 million, and net assets of $5.72 million.

The ETF recorded three consecutive negative monthly total returns: -0.60% (Month 1), -3.81% (Month 2), and -3.42% (Month 3). Aggregate securities-lending exposure was about $133 thousand across Scotia Capital (USA), Morgan Stanley & Co., and JP Morgan Securities. No borrowings, preferred shares, or material derivatives positions were reported, and the filing lists $48.7 thousand in cash equivalents. The document contains no new risk factors, legal proceedings, or other material events.

iShares iBonds Dec 2029 Term Corporate ETF (Series ID S000066401), part of iShares Trust (CIK 0001100663), filed its monthly Form NPORT-P for the period ended 30 April 2025.

The fund reported total assets of $2.913 billion, liabilities of $355.5 million, and net assets of $2.557 billion. Cash and cash equivalents were immaterial at just $4,128, and the filing shows no outstanding borrowings or preferred stock. Interest-rate risk (USD DV01) is concentrated in the 5-year bucket at $895 k, scaling to $89.5 million under a 100 bp shift (DV100). Credit-spread risk is overwhelmingly investment-grade, with a 5-year CS01 of $942.9 k; there is no non-investment-grade exposure. The fund had an active securities-lending program, the largest borrower being Barclays Bank PLC at $47.7 million on loan; 20 counterparties are listed and the fund accepted both cash and non-cash collateral.

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.