BlackRock Exits USBF Holdings, Files Amendment No.3 to Schedule 13G

Rhea-AI Filing Summary

BlackRock Portfolio Management LLC has filed Amendment No. 3 to Schedule 13G for iShares Trust – iShares USD Systematic Bond ETF (CUSIP 46438G380, symbol USBF) covering the event date 30 June 2025.

The filing shows the reporting person now holds 0 shares, or 0.00 % of the outstanding common stock. Accordingly, BlackRock reports no sole or shared voting or dispositive power and affirms that it owns 5 % or less of the class.

The certification states any securities were acquired in the ordinary course of business and not for the purpose of influencing control of the issuer. The document is signed by Managing Director Spencer Fleming on 15 July 2025. No additional exhibits beyond a routine power of attorney are included.

Positive

• None.

Negative

• BlackRock Portfolio Management LLC now reports 0 % ownership, signaling the absence of a large institutional holder that previously triggered Schedule 13G reporting.

Insights

Securities Analyst

TL;DR: BlackRock discloses a 0 % stake; neutral signal with negligible near-term market impact.

The amendment confirms that BlackRock Portfolio Management LLC is no longer a beneficial owner of any shares in USBF. Since the position is now below the 5 % reporting threshold, the firm’s influence on trading volume, liquidity or shareholder voting is effectively nil. For investors, the filing mainly serves housekeeping purposes and does not alter the ETF’s fundamentals, cash flows or benchmark tracking. Given BlackRock’s role as an affiliate of the ETF sponsor, this administrative update is best viewed as neutral.

Corporate Governance Expert

TL;DR: Exit from reportable ownership removes potential conflict-of-interest perceptions; governance impact minimal.

By formally reporting 0 % ownership, BlackRock distances its portfolio-management arm from any direct voting or dispositive control over USBF shares. This clarification may ease governance concerns about affiliated ownership but otherwise has limited strategic significance. No group status, control intent, or coordinated activity is indicated. The filing therefore carries low governance risk and is mainly procedural.

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)

46438G380

(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. 46438G380

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.: 46438G380
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 OCT2035 TRM TIPS ETF. No one person's interest in the common stock of ISHRS IBNDS OCT2035 TRM TIPS 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

What percentage of USBF does BlackRock now own?

BlackRock Portfolio Management LLC reports 0.00 % ownership of the ETF’s outstanding shares.

Why did BlackRock file Amendment No.3 to Schedule 13G for USBF?

The amendment updates BlackRock’s holdings, confirming it now owns fewer than 5 % of USBF and therefore has no reportable beneficial ownership.

Does BlackRock have any voting power over USBF shares?

No. The filing states 0 shares with sole or shared voting power.

When was the effective date of the ownership information?

The ownership status is reported as of 30 June 2025.

Who signed the Schedule 13G/A for BlackRock?

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