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

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC has filed Amendment No. 2 to Schedule 13G for iShares Trust – iShares USD Systematic Bond ETF (CUSIP 46438G612, symbol USBF). The filing, triggered as of 30 June 2025, discloses that the reporting person now owns 0 shares, or 0.00 % of the ETF’s outstanding common stock. All boxes for voting and dispositive power are marked zero, confirming no current influence over the shares. The certification states the position was held and disposed of in the ordinary course of business and not for the purpose of influencing control. The document is purely an ownership update—no financial statements, earnings data or transactional terms are included.

Because Schedule 13G filings are informational rather than transactional, the key takeaway for investors is that a previously reported holder—affiliated with the ETF’s sponsor—has completely exited its reportable position. The change does not signal operational issues at the fund but may marginally affect perceptions of strategic alignment and secondary-market liquidity, depending on the size of prior holdings. No new obligations, rights, or capital events for USBF shareholders arise from this filing.

Positive

• None.

Negative

• BlackRock Portfolio Management LLC now owns zero USBF shares, signalling a complete exit by a previously reportable holder, which could modestly affect perceptions of insider alignment and large-block liquidity.

Insights

Financial Analyst

TL;DR – BlackRock reports 0% stake; informational filing with limited market impact.

This amendment shows BlackRock Portfolio Management LLC holds no USBF shares as of 30 Jun 2025, eliminating its previously reportable beneficial ownership. Because the ETF itself is managed under the broader BlackRock/iShares umbrella, the divestiture likely reflects internal portfolio rebalancing rather than a negative view of the fund. There is no change to USBF’s investment mandate, fee structure, or assets under management disclosed here. For ETF investors, the absence of a large affiliated holder could slightly reduce perceived support but should not materially influence net-asset value or tracking error. Overall market impact: neutral.

ETF Industry Specialist

TL;DR – Complete stake exit by affiliated entity; liquidity implications minimal.

BlackRock’s internal business unit no longer shows any voting or dispositive power over USBF shares, confirming full divestment. As USBF is an open-ended ETF, creations/redemptions handled through authorized participants underpin liquidity, so the loss of this holder does not impede daily trading spreads. Unless BlackRock’s prior position exceeded 5 % (triggering the original 13G), the actual number of shares involved may have been modest given the ETF’s total shares outstanding. Investors should note the filing is routine compliance and provides no insight into fund performance or strategy adjustments. Impact assessment: not impactful.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

iSHARES TRUST

(Name of Issuer)

Common Stock

(Title of Class of Securities)

46438G612

(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. 46438G612

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

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.: 46438G612
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 ISHARES LARGE CAP MAX BUFFER. No one person's interest in the common stock of ISHARES LARGE CAP MAX BUFFER 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 Amendment No. 2 to Schedule 13G for USBF?

To disclose that it no longer owns any shares of iShares USD Systematic Bond ETF and therefore holds 0 % of the outstanding class.

How many USBF shares does BlackRock currently own?

The filing states 0 shares, representing 0.00 % of the fund.

Does BlackRock retain voting or dispositive power over USBF shares?

No. Both sole and shared voting and dispositive power are reported as 0.

What is the effective date of the ownership change?

The date of event requiring the filing is June 30, 2025.

Does this filing affect USBF's investment strategy or operations?

No. Schedule 13G reports ownership only; it does not alter the ETF’s strategy, fees, or operations.