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

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC filed Amendment No. 3 to Schedule 13G disclosing its beneficial ownership in iShares iBonds 2032 Term High Yield & Income ETF (CUSIP 46438G364). As of 30 June 2025, the firm reports:

• Shares held: 280,000
• Percent of outstanding class: 80.0%
• Sole voting power: 280,000
• Sole dispositive power: 280,000

The filing states the position is held in the ordinary course of business and not for the purpose of influencing control of the issuer. The large stake is attributed to specific “Reporting Business Units” of BlackRock, Inc. and excludes other disaggregated units. A related person—BlackRock Financial Management, Inc. – MTM – Consol—also owns more than 5 % of the ETF’s outstanding shares.

Because BlackRock is both the ETF sponsor and an affiliated investment adviser, its 80 % ownership indicates tight alignment of interests but also a highly concentrated float. Investors should consider potential liquidity constraints until additional shares are issued and dispersed.

Positive

• Strong sponsor alignment: BlackRock’s 80 % stake demonstrates commitment to supporting the ETF’s launch and liquidity.
• Sole voting & dispositive control: Clear ownership structure reduces uncertainty about who exercises voting rights.

Negative

• Limited free-float: An 80 % insider position leaves a small public float, potentially widening bid-ask spreads and elevating liquidity risk.
• Governance concentration: Outside investors have minimal influence until ownership diversifies.

Insights

Securities Analyst

TL;DR: BlackRock controls 80 % of the ETF; strong sponsor backing but free-float is minimal.

From an equity-market standpoint, the disclosure is unsurprising—BlackRock commonly seeds new iShares ETFs to provide initial liquidity. Nonetheless, 80 % control signals that secondary-market trading may remain thin until assets grow. Sponsor alignment is positive, yet market makers may widen spreads, affecting entry and exit costs for outside investors.

Corporate Governance Expert

TL;DR: Ownership concentration raises governance and liquidity questions but no control intent is claimed.

BlackRock’s certification expressly disclaims any intent to influence control, consistent with routine seed capital practices. Still, with such dominance, independent shareholder voice is effectively absent, making board accountability largely internal. This is standard for ETF structures, but until ownership diversifies, governance checks rely on BlackRock’s internal policies rather than market oversight.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

ISHARES MSCI EMERGING MARKETS VALUE FACTOR ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

46438G208

(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. 46438G208

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 160,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 160,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

160,000.00

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)

53.3 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ISHARES MSCI EMERGING MARKETS VALUE 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.: 46438G208
Item 4.	Ownership
(a)	Amount beneficially owned: 160000
(b)	Percent of class: 53.3 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 160000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 160000
	(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 MSCI EMERGING MARKETS VALUE 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:	07/02/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

How many shares of USBF does BlackRock Portfolio Management LLC own?

BlackRock reports owning 280,000 shares of iShares iBonds 2032 Term High Yield & Income ETF.

What percentage of USBF’s outstanding shares does this represent?

The filing states the stake equals 80.0 % of the ETF’s total outstanding common stock.

Does BlackRock share voting power with any other entity?

No. The firm reports sole voting and dispositive power over all 280,000 shares.

Is the position intended to influence control of the ETF?

According to Item 10 certifications, the securities were acquired in the ordinary course and not to change or influence control.

Who signed the Schedule 13G filing for BlackRock?

The filing was signed by Spencer Fleming, Managing Director, on 02 July 2025.