iShares USD Systematic Bond ETF SEC Filings

iShares USD Systematic Bond ETF (Series of iShares Trust) filed its monthly Form NPORT-P covering the period ended 30 Apr 2025. The fund reported total assets of $3.10 billion, liabilities of $0.29 billion, and net assets of $2.80 billion. No bank or affiliate borrowings were outstanding, and payables for when-issued purchases totaled just $6.5 million.

Risk metrics show moderate exposure concentrated in short- to intermediate-term maturities: DV01 of $2,936 (3-m) and $960 k (1-yr) and a 5-yr DV100 of $67.6 million. All credit-spread sensitivity is investment-grade; the filing lists zero non-investment-grade exposure.

The fund recorded three consecutive positive monthly returns of 1.11%, 0.43% and 0.78%. Securities-lending activity is diversified across 15 counterparties, with the largest loan exposure to JP Morgan Securities (≈$56.8 million). No non-cash collateral was reported. Overall, the filing indicates a low-leverage, investment-grade portfolio with steady recent performance.

iShares CMBS ETF (Series ID S000035914) – Form N-PORT-P, reporting period 30 Apr 2025

The filing shows total assets of $431.66 million against liabilities of only $0.41 million, resulting in net assets of $431.25 million. No borrowings, preferred stock or controlled-foreign-corporation positions were reported, indicating a clean capital structure. Payables for when-issued or delayed-delivery purchases were limited to $309.7 k.

Portfolio risk: All exposures are in U.S. dollars. DV01 totals demonstrate moderate interest-rate sensitivity, with the largest exposure at the 5-year point (DV01 = $145.3 k; DV100 = $14.53 million). Credit-spread risk is entirely investment-grade; the 5-year CS01 is $149.99 k, while non-investment-grade exposure is zero, suggesting a high-quality portfolio.

Performance: The fund delivered positive total returns in each of the last three months: 1.56 %, 0.24 % and 0.89 %. Realized gains were negative in all three months (-$126 k to -$279 k), but were more than offset by sizable unrealized appreciation in Months 1 and 3 (up to $5.70 million), indicating market price gains on existing positions.

Flows and securities-lending details were not disclosed beyond confirmation that at least one counterparty provided only cash collateral. No derivative detail was supplied for Item B.5(c).

Key takeaways for investors: The ETF remains well-capitalized, uses no leverage, and is concentrated in investment-grade commercial mortgage-backed securities, producing steady if modest monthly gains. Interest-rate and credit-spread sensitivities appear manageable given the fund’s size, and recent unrealized gains highlight supportive market conditions for CMBS spreads.

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.