[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 for the iShares iBonds 1-5 Year High Yield & Income Ladder ETF (CUSIP 46438G547) covering the period ended 31 Jul 2025.

• Beneficial ownership: 8,000 common shares, equal to 5.0 % of the ETF’s outstanding units.
• Sole voting power: 8,000 shares; shared voting power: 0.
• Sole dispositive power: 8,000 shares; shared dispositive power: 0.
• BlackRock is classified as a Holding Company (HC); the filing aggregates positions of specific BlackRock business units only.
• Certification states the stake is held in the ordinary course of business and not to influence control.
• Document signed by Managing Director Spencer Fleming on 05 Aug 2025.

The disclosure was required because the position meets the 5 % reporting threshold. No purchase prices, intentions, or changes versus prior amendments are provided.

Insights

Portfolio Manager

TL;DR: Routine 5 % threshold filing; minor stake, neutral governance impact, signals BlackRock’s passive exposure.

The amendment shows BlackRock’s passive ownership in USBF has reached the 5 % reporting line, totaling 8,000 units. All voting and dispositive powers are sole, indicating no shared control arrangements. Because this is a Schedule 13G rather than 13D, BlackRock asserts a non-activist, investment-only intent, limiting strategic implications for the fund. The small absolute position size and absence of intent language make the filing informational rather than market-moving. Investors should view it as confirmation of BlackRock’s internal ETF allocation rather than a signal of future corporate action.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

iShares iBonds 1-5 Year High Yield and Income Ladder ETF

(Name of Issuer)

Common Stock

(Title of Class of Securities)

46438G547

(CUSIP Number)

07/31/2025

(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. 46438G547

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

9

Aggregate Amount Beneficially Owned by Each Reporting Person

8,000.00

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)

5.0 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: iShares iBonds 1-5 Year High Yield and Income Ladder 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.: 46438G547
Item 4.	Ownership
(a)	Amount beneficially owned: 8000
(b)	Percent of class: 5.0 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 8000
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 8000
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	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. Various persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of the common stock of iShares iBonds 1-5 Year High Yield and Income Ladder ETF. No one person's interest in the common stock of iShares iBonds 1-5 Year High Yield and Income Ladder ETF is more than five percent of the total outstanding common shares.
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:	08/05/2025

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

Why did BlackRock file a Schedule 13G for USBF?

Because its beneficial ownership reached 5 % of USBF’s outstanding shares, triggering the SEC reporting requirement.

How many USBF shares does BlackRock own?

BlackRock Portfolio Management LLC reports ownership of 8,000 common shares.

What voting power does BlackRock hold over USBF shares?

It has sole voting and dispositive power over all 8,000 shares; there is no shared power.

When was the Schedule 13G/A signed and by whom?

Signed on 05 Aug 2025 by Managing Director Spencer Fleming.

Does the filing indicate activist intent by BlackRock?

No. Filing under Rule 13d-1(b) and the certification state the shares are held in the ordinary course of business.