Schedule 13G: BlackRock Reports 570,000 USBF Shares (71.3%)

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC reports beneficial ownership of 570,000 shares of iShares J.P. Morgan Broad USD Emerging Markets Bond ETF common stock, representing 71.3% of the class. The filer discloses sole voting and sole dispositive power over those shares, indicating BlackRock exercises direct control of voting and disposition for that stake. The filing notes that BlackRock Financial Management, Inc.- MTM - Consol also holds an interest that exceeds 5% of the class. The statement is filed under Schedule 13G and reflects ownership held in the ordinary course of business.

Positive

• Material ownership disclosed: 570,000 shares representing 71.3% of the class, clearly reported
• Sole voting and dispositive power: Reporting person holds exclusive authority to vote and dispose of the reported shares
• Held in ordinary course: Certification states the position is held in the ordinary course of business, not to change control

Negative

• High ownership concentration: 71.3% stake indicates very limited public float and concentrated shareholder control
• Governance centralization: Sole voting power over majority stake centralizes voting outcomes with one reporting entity

Insights

Financial Analyst

TL;DR: A single BlackRock entity holds a dominant 71.3% stake with sole voting and dispositive power, a material ownership concentration.

The reported 570,000-share position equating to 71.3% of the outstanding common shares is a major ownership concentration and is likely to be the controlling economic and voting interest disclosed on the Schedule 13G. Sole voting and dispositive power over the full position implies the reporting entity can unilaterally direct shareholder votes and disposition decisions for that block. For investors, such concentration materially reduces the free float and centralizes decision-making authority; any transactions by this holder would be highly consequential to liquidity and control.

Corporate Governance Expert

TL;DR: The filing shows a controlling stake held in the ordinary course, creating concentrated governance influence by BlackRock.

Classification as a Schedule 13G (rather than 13D) and the certification that the position is held in the ordinary course of business indicate the filer is not asserting an intent to change control. Nevertheless, the combination of >70% ownership and sole voting power establishes practical control of shareholder voting outcomes. The disclosure that another BlackRock affiliate also exceeds 5% underscores the group's material aggregate influence over the issuer.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

iShares J.P. Morgan Broad USD Emerging Markets Bond ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

46436E262

(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. 46436E262

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 570,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 570,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

570,000.00

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)

71.3 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: iShares J.P. Morgan Broad USD Emerging Markets Bond 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.: 46436E262
Item 4.	Ownership
(a)	Amount beneficially owned: 570000
(b)	Percent of class: 71.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 570000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 570000
	(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 - Consol, in the common stock of iShares J.P. Morgan Broad USD Emerging Markets Bond 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 USBF does BlackRock Portfolio Management LLC report owning?

The filing reports 570,000 shares beneficially owned by BlackRock Portfolio Management LLC.

What percentage of USBF does the reported stake represent?

The reported position represents 71.3% of the class of common stock.

Does BlackRock have voting control over the reported USBF shares?

Yes; the filing shows sole voting power and sole dispositive power over the 570,000 shares.

Is the stake reported as held to influence control of USBF?

The filing includes a certification that the securities were acquired and are held in the ordinary course of business and not to change or influence control.

Are other BlackRock affiliates reported as having significant interests in USBF?

Yes; the filing states that BlackRock Financial Management, Inc.- MTM - Consol has an interest exceeding 5% of the common stock.