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

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC reports beneficial ownership of 90,000 shares (36.0%) of ISHARES ESG MSCI USA MIN VOL FACTOR ETF (CUSIP 46436E445). The filing, an Amendment No. 3 to Schedule 13G, shows BlackRock has sole voting and sole dispositive power over all 90,000 shares and states the position is held in the ordinary course of business and not for the purpose of changing issuer control. The filing names BlackRock Portfolio Management LLC (organized in Delaware) with its principal office at 50 Hudson Yards, New York, and references an additional Reporting Business Unit, BlackRock Financial Management, Inc.-MTM - Equity, as holding more than 5% of the class. The document includes a certification signed by Spencer Fleming, Managing Director, dated 09/05/2025, and references Exhibit 24 and Exhibit 99.

Positive

• Significant disclosed ownership: 90,000 shares representing 36.0% of the class is clearly reported
• Sole voting and dispositive power: BlackRock Portfolio Management LLC reports full voting and disposal authority over the shares
• Filed as Schedule 13G (passive): The filing asserts holdings are held in the ordinary course and not intended to change control

Negative

• High ownership concentration: A single reporting entity controls 36.0% of the class, which is material to governance
• Multiple BlackRock units with >5%: Disclosure that another BlackRock affiliate also holds more than 5% increases concentration among related parties

Insights

Securities Analyst

TL;DR: BlackRock reports a sizable 36% stake with sole voting and dispositive power, declared held in the ordinary course.

BlackRock Portfolio Management LLC's reported 90,000-share position representing 36.0% of the class is a large, concentrated holding for a single reporting business unit. The filing follows Schedule 13G treatment, indicating passive intent rather than an active proxy or control pursuit. Sole voting and dispositive power over the shares means BlackRock can vote these shares on fund matters, which is material to governance despite the passive classification. The disclosure of another BlackRock affiliate with >5% ownership (BlackRock Financial Management, Inc.-MTM - Equity) suggests concentrated ownership across BlackRock business units. For investors, the key implication is that a dominant asset manager holds a large block but has certified no intent to influence control.

Corporate Governance Expert

TL;DR: A 36% passive stake with sole voting power is governance-relevant but filed under non-control Schedule 13G.

From a governance perspective, sole voting control of a 36% position is significant because such a block can influence shareholder votes and board elections even if the filer disclaims intent to exert control. The Schedule 13G classification signals the filer represents passive investment activities rather than an active takeover or control strategy. The signature and exhibits (Power of Attorney; Item 7) provide customary attestations and subsidiary identification, supporting compliance with reporting rules. Overall, the filing is neutral in immediate corporate-action terms but notable for concentration of voting power within one asset manager.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

ISHARES ESG MSCI USA MIN VOL FACTOR ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

46436E445

(CUSIP Number)

08/31/2025

(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. 46436E445

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 90,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 90,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

90,000.00

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)

36.0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ISHARES ESG MSCI USA MIN VOL FACTOR ETF
(b)	Address of issuer's principal executive offices: 400 HOWARD STREET SAN FRANCISCO CA 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.: 46436E445
Item 4.	Ownership
(a)	Amount beneficially owned: 90000
(b)	Percent of class: 36.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 90000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 90000
	(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, BlackRock Financial Management, Inc.-MTM - Equity, in the common stock of ISHARES ESG MSCI USA MIN VOL FACTOR 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:	09/05/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

How many shares of ISHARES ESG MSCI USA MIN VOL FACTOR ETF does BlackRock Portfolio Management LLC report owning?

The filing reports 90,000 shares, representing 36.0% of the class.

Does BlackRock state it intends to influence control of the issuer (ISHARES ESG MSCI USA MIN VOL FACTOR ETF)?

The certification states the securities are held in the ordinary course of business and were not acquired to change or influence control of the issuer.

What voting and dispositive powers does BlackRock Portfolio Management LLC have over these shares?

The filer reports sole voting power of 90,000 shares and sole dispositive power of 90,000 shares; shared powers are reported as 0.

Who signed the Schedule 13G amendment and when was it signed?

The filing is signed by Spencer Fleming, Managing Director, and dated 09/05/2025.

Are other BlackRock entities disclosed as owning more than 5%?

Yes; the filing discloses BlackRock Financial Management, Inc.-MTM - Equity as having an interest of more than 5% in the common stock.