[SCHEDULE 13G/A] iShares Trust iShares USD Systematic Bond ETF SEC Filing

Rhea-AI Filing Summary

Schedule 13G/A Amendment No. 2 filed by BlackRock Portfolio Management LLC discloses its passive ownership in the iShares Trust – iShares USD Systematic Bond ETF (CUSIP 46436E767, symbol USBF) as of 30 June 2025.

The reporting person, a Delaware-organized subsidiary within the BlackRock group, states beneficial ownership of 2,475,361 common shares, representing 11.0 % of the ETF’s outstanding units. The firm holds sole voting and sole dispositive power over the entire position; no shared power is reported. Because the stake exceeds the 5 % threshold, BlackRock qualifies as a significant holder under Section 13(d) of the Exchange Act, but it files on Schedule 13G, indicating the investment is made in the ordinary course of business without intent to influence control.

Item 6 notes that proceeds or dividends on more than 5 % of the class may be directed to a third party—specifically the United Nations Endowment Fund – OCIO—highlighting the presence of an underlying client with material economic interest. The certification section confirms that the securities were not acquired for activist purposes. The filing is signed by Spencer Fleming, Managing Director, on 15 July 2025.

Positive

• BlackRock Portfolio Management LLC holds 2,475,361 shares, equal to 11.0 % of the ETF’s outstanding units, providing strong institutional backing and potential liquidity stability.

Negative

• None.

Insights

Securities Analyst

TL;DR – BlackRock reports 11 % passive stake in USBF; no control intent stated.

BlackRock Portfolio Management LLC’s 2.48 million-share position makes it the ETF’s largest disclosed holder, surpassing the 5 % reporting threshold. Because this is a 13G (not 13D) filing, the ownership is deemed passive and should not trigger governance changes. For investors, the disclosure mainly signals substantial institutional sponsorship and liquidity support. The size of the position—11 %—is noteworthy for a fixed-income ETF that relies on primary-market creations/redemptions; a holder of this scale could influence secondary-market trading spreads if it rebalances. However, the absence of activist intent and the fact that BlackRock entities manage the iShares platform render the filing largely a maintenance disclosure. Net impact: neutral to slightly positive due to confirmation of significant, stable institutional backing.

Corporate Governance Expert

TL;DR – Large but passive ownership; no governance ramifications anticipated.

Ownership concentration at 11 % sets BlackRock above typical 5 % monitoring thresholds, yet the 13G election and accompanying certification confirm no agenda to change or influence control. The filing therefore does not trigger heightened takeover-defense considerations for the trust. As sole voting agent, BlackRock will exercise proxy authority consistent with its published stewardship policies, which may influence ESG-related ballot items, but this is routine for BlackRock-managed vehicles. No red flags regarding group activity, shared power or derivatives are disclosed. Overall governance impact is minimal.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

iSHARES TRUST

(Name of Issuer)

Common Stock

(Title of Class of Securities)

46436E767

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 46436E767

1

Names of Reporting Persons

BlackRock Portfolio Management LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 2,475,361.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,475,361.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,475,361.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

11.0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: iSHARES TRUST
(b)	Address of issuer's principal executive offices: 400 HOWARD STREET, SAN FRANCISCO, CALIFORNIA, 94105
Item 2.
(a)	Name of person filing: BlackRock Portfolio Management LLC In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by certain business units (collectively, the "Reporting Business Units") of BlackRock, Inc. and its subsidiaries and affiliates. It does not include securities, if any, beneficially owned by other business units whose beneficial ownership of securities are disaggregated from that of the Reporting Business Units in accordance with such release.
(b)	Address or principal business office or, if none, residence: BlackRock Portfolio Management LLC, 50 Hudson Yards New York, NY 10001
(c)	Citizenship: See Item 4 of Cover Page
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 46436E767
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2,475,361
(b)	Percent of class: 11.0%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 2,475,361
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2,475,361
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The interest of 1 such person, United Nations Endowment Fund - OCIO, in the common stock of ISHARES ESG ADVANCED MSCI USA ETF is more than five percent of the total outstanding common stock.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See Exhibit 99
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify 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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BlackRock Portfolio Management LLC

Signature:	Spencer Fleming
Name/Title:	Managing Director
Date:	07/15/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

Why did BlackRock file a Schedule 13G/A for USBF?

Because its beneficial ownership exceeded 5 % (11 % of the class) and the stake is held passively, triggering Section 13(d) disclosure requirements.

How many USBF shares does BlackRock beneficially own?

2,475,361 common shares as of 30 June 2025.

What percentage of USBF does this represent?

Approximately 11.0 % of the ETF’s outstanding shares.

Does BlackRock share voting or dispositive power over these shares?

No. The filing reports sole voting and sole dispositive power; shared power is 0.

Is BlackRock seeking control of the iShares USD Systematic Bond ETF?

No. The 13G filing and certification state the position is held in the ordinary course without intent to influence control.

Who signed the Schedule 13G/A?

The filing was signed by Spencer Fleming, Managing Director, on 15 July 2025.