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

Rhea-AI Filing Summary

The amended Schedule 13G (Amendment No. 3) filed with the SEC discloses that BlackRock Portfolio Management LLC now reports zero beneficial ownership in the common shares of the iShares Trust (CUSIP 46438G372, ticker USBF). As of the event date 30 June 2025, the firm states:

• Shares beneficially owned: 0
• Percent of class: 0.00%
• Sole/Shared voting power: 0
• Sole/Shared dispositive power: 0

The filing is made under Rule 13d-1(b) for a parent holding company or control person (Type HC). The certification confirms the securities were held in the ordinary course of business and not for influencing control of the issuer. The document is signed by Spencer Fleming, Managing Director, on 15 July 2025, and includes a Power of Attorney (Exhibit 24).

Key takeaway for investors: BlackRock’s specialised portfolio arm has completely exited its position in USBF, eliminating any voting or dispositive power over the ETF. While the disclosure enhances transparency, it signals that a previously reportable holder is no longer invested, which could mildly affect perceptions of institutional support.

Positive

• Regulatory transparency: BlackRock Portfolio Management LLC timely filed the amendment, giving investors clear visibility into changes in institutional ownership.

Negative

• Zero beneficial ownership: The filing confirms BlackRock now holds 0 shares (0.00%) of USBF, indicating a complete exit of a previously reportable position.

Insights

Securities Analyst

TL;DR: BlackRock’s amended 13G shows a full exit from USBF; transparency positive, but loss of institutional stake slightly negative.

From a market-flow perspective, the filing is informative because it confirms that a major asset-manager affiliate no longer owns USBF. Although the ETF structure means shares can be created or redeemed daily, a 0% stake suggests BlackRock’s internal strategies have reallocated capital elsewhere. The lack of voting and dispositive power reduces any perceived sponsorship, which may modestly dampen confidence among other institutional holders. However, no transaction details, redemption size, or timing beyond the 30 Jun 2025 event date are provided, limiting the ability to gauge immediate liquidity impact.

Corporate Governance Expert

TL;DR: Filing meets disclosure requirements; governance impact minimal as no control intentions are stated.

The amendment underscores compliance with Exchange Act rules, reinforcing transparency for ETF shareholders. Because ETFs generally lack concentrated voting influence due to creation/redemption mechanisms, BlackRock’s exit does not alter governance dynamics at the trust level. The certification explicitly denies any intent to influence control, and no group arrangements exist. Overall, the filing is routine and not materially impactful to governance outcomes, though investors should note the absence of a large passive owner.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

iSHARES TRUST

(Name of Issuer)

Common Stock

(Title of Class of Securities)

46438G372

(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. 46438G372

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

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

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)

0.0 %

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.: 46438G372
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: 0
(b)	Percent of class: 0.00%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 0
	(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 ISHRS IBNDS DEC 2035 TERM CRPT ETF. No one person's interest in the common stock of ISHRS IBNDS DEC 2035 TERM CRPT 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.
	Not Applicable
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

FAQ

Why did BlackRock file an amended Schedule 13G for USBF?

To disclose its current beneficial ownership, which is 0 shares (0.00%), thus falling below the 5% reporting threshold.

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

The firm reports 0 shares beneficially owned.

What voting or dispositive power does BlackRock retain over USBF shares?

Both sole and shared voting/dispositive power are 0 according to the filing.

What is the effective date of the ownership information?

The relevant event date is 30 June 2025.

Who signed the filing on behalf of BlackRock?

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