February
28,
2023
iShares,
Inc.
iShares
MSCI
USA
Equal
Weighted
ETF
|
EUSA
|
NYSE
Arca
2023
Semi-Annual
Report
(Unaudited)
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
February
28,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strong
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
accelerated
the
reduction
of
its
balance
sheet.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
it
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
shortly
following
the
end
of
the
period
highlighted
the
potential
for
the
knock-on
effects
of
substantially
higher
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
several
factors
lead
us
to
take
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession
in
a
business
environment
characterized
by
higher
costs
and
reduced
pricing
power.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
a
weaker
U.S.
dollar
provides
a
supportive
backdrop.
We
also
see
long-term
opportunities
in
credit,
where
valuations
are
appealing
and
higher
yields
provide
attractive
income,
although
we
are
neutral
on
credit
in
the
near
term,
as
we
believe
that
troubles
in
the
banking
sector
will
likely
lead
to
reduced
lending.
However,
we
believe
there
are
still
some
strong
opportunities
for
a
six-
to
twelve-month
horizon,
particularly
short-term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
February
28,
2023
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
1.26%
(7.69)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.63
(6.02)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
12.58
(3.14)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(2.29)
(15.28)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.74
2.11
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(4.81)
(14.06)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.13)
(9.72)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.66
(5.10)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
2.52
(5.45)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
5
Disclosure
of Expenses
...................................................................................................
5
Schedule
of
Investments
..................................................................................................
6
Financial
Statements:
Statement
of
Assets
and
Liabilities
..........................................................................................
14
Statement
of
Operations
................................................................................................
15
Statements
of
Changes
in
Net
Assets
........................................................................................
16
Financial
Highlights
.....................................................................................................
17
Notes
to
Financial
Statements
...............................................................................................
18
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
24
General
Information
.....................................................................................................
25
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
26
iShares
®
MSCI
USA
Equal
Weighted
ETF
4
2023
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
February
28,
2023
Investment
Objective
The
iShares
MSCI
USA
Equal
Weighted
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
equal
weighted
U.S.
equities,
as
represented
by
the
MSCI
USA
Equal
Weighted
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
August
31,
2015
reflects
the
performance
of
the
MSCI
USA
Index.
Index
performance
beginning
on
September
1,
2015
reflects
the
performance
of
the
MSCI
USA
Equal
Weighted
Index.
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
...................
3.69
%
(6.68
)
%
8.35
%
10.82
%
(6.68
)
%
49.33
%
179.33
%
Fund
Market
.................
3.70
(6.60
)
8.37
10.84
–
%
(6.60
)
49.49
179.78
Index
......................
3.72
(6.64
)
8.48
10.96
‌
(6.64
)
50.20
182.94
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(09/01/22)
Ending
Account
Value
(02/28/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(09/01/22)
Ending
Account
Value
(02/28/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,036.90
‌
$
0.45
‌
$
1,000.00
‌
$
1,024.35
‌
$
0.45
‌
0.09
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
17.6‌
%
Industrials
.....................................
14.1‌
Financials
.....................................
13.4‌
Health
Care
...................................
12.7‌
Consumer
Discretionary
...........................
10.2‌
Real
Estate
....................................
5.9‌
Consumer
Staples
...............................
5.8‌
Materials
.....................................
5.7‌
Utilities
.......................................
5.1‌
Communication
Services
...........................
5.0‌
Energy
.......................................
4.5‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Seagen,
Inc.
...................................
0.2‌
%
ANSYS,
Inc.
...................................
0.2‌
Palo
Alto
Networks,
Inc.
...........................
0.2‌
MercadoLibre,
Inc.
...............................
0.2‌
Linde
PLC
....................................
0.2‌
GE
HealthCare
Technologies,
Inc.
....................
0.2‌
HubSpot,
Inc.
..................................
0.2‌
Dentsply
Sirona,
Inc
..............................
0.2‌
General
Mills,
Inc.
...............................
0.2‌
Cheniere
Energy,
Inc.
.............................
0.2‌
      aaa
aa
About
Fund
Performance
5
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund's
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of
the
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
example
shown
(which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
example
provides
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
example
also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in the
Fund
and
other
funds,
compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
example
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
example
is
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
(unaudited)
February
28,
2023
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2023
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
2
.0
%
Axon
Enterprise,
Inc.
(a)
.....................
3,993
$
799,838
Boeing
Co.
(The)
(a)
........................
3,689
743,518
General
Dynamics
Corp.
....................
3,384
771,247
HEICO
Corp.
(b)
..........................
1,916
317,232
HEICO
Corp.
,
Class
A
......................
3,245
422,337
Howmet
Aerospace,
Inc.
....................
18,226
768,773
Huntington
Ingalls
Industries,
Inc.
..............
3,576
769,555
L3Harris
Technologies,
Inc.
..................
3,702
781,825
Lockheed
Martin
Corp.
.....................
1,661
787,746
Northrop
Grumman
Corp.
...................
1,682
780,633
Raytheon
Technologies
Corp.
................
7,753
760,492
Textron,
Inc.
............................
10,501
761,638
TransDigm
Group,
Inc.
.....................
1,046
778,088
9,242,922
a
Air
Freight
&
Logistics
 — 
0
.6
%
CH
Robinson
Worldwide,
Inc.
................
7,547
754,398
Expeditors
International
of
Washington,
Inc.
(b)
......
6,977
729,515
FedEx
Corp.
............................
3,698
751,508
United
Parcel
Service,
Inc.
,
Class
B
............
4,219
769,925
3,005,346
a
Airlines
 — 
0
.3
%
Delta
Air
Lines,
Inc.
(a)
......................
20,450
784,053
Southwest
Airlines
Co.
.....................
22,107
742,353
1,526,406
a
Auto
Components
 — 
0
.5
%
Aptiv
PLC
(a)
.............................
6,484
753,959
BorgWarner,
Inc.
.........................
15,557
782,206
Lear
Corp.
.............................
5,475
764,584
2,300,749
a
Automobiles
 — 
0
.8
%
Ford
Motor
Co.
..........................
60,636
731,877
General
Motors
Co.
.......................
18,163
703,635
Lucid
Group,
Inc.
(a)
(b)
.......................
73,642
672,351
Rivian
Automotive,
Inc.
,
Class
A
(a)
..............
37,854
730,582
Tesla,
Inc.
(a)
.............................
3,875
797,126
3,635,571
a
Banks
 — 
3
.1
%
Bank
of
America
Corp.
.....................
22,189
761,083
Citigroup,
Inc.
...........................
15,212
771,096
Citizens
Financial
Group,
Inc.
................
18,286
763,623
Fifth
Third
Bancorp
.......................
21,353
775,114
First
Citizens
BancShares,
Inc.
,
Class
A
..........
1,045
766,779
First
Horizon
Corp.
........................
31,539
781,221
First
Republic
Bank
.......................
5,988
736,584
Huntington
Bancshares,
Inc.
.................
51,031
781,795
JPMorgan
Chase
&
Co.
....................
5,520
791,292
KeyCorp
...............................
41,028
750,402
M&T
Bank
Corp.
.........................
4,902
761,232
PNC
Financial
Services
Group,
Inc.
(The)
........
4,945
780,914
Regions
Financial
Corp.
....................
33,247
775,320
Signature
Bank
..........................
6,163
709,053
SVB
Financial
Group
(a)
.....................
2,593
747,069
Truist
Financial
Corp.
......................
16,322
766,318
U.S.
Bancorp
...........................
16,124
769,599
Webster
Financial
Corp.
....................
14,216
755,154
Wells
Fargo
&
Co.
........................
16,578
775,353
14,519,001
a
Security
Shares
Value
a
Beverages
 — 
1
.1
%
Brown-Forman
Corp.
,
Class
B
,
NVS
............
11,966
$
776,234
Coca-Cola
Co.
(The)
......................
13,219
786,663
Constellation
Brands,
Inc.
,
Class
A
.............
3,445
770,646
Keurig
Dr
Pepper,
Inc.
.....................
21,805
753,363
Molson
Coors
Beverage
Co.
,
Class
B
...........
15,230
810,084
Monster
Beverage
Corp.
(a)
...................
7,535
766,761
PepsiCo,
Inc.
...........................
4,460
773,944
5,437,695
a
Biotechnology
 — 
2
.4
%
AbbVie,
Inc.
............................
5,235
805,667
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
3,561
681,753
Amgen,
Inc.
............................
3,342
774,208
Biogen,
Inc.
(a)
...........................
2,883
778,006
BioMarin
Pharmaceutical,
Inc.
(a)
...............
7,296
726,609
Exact
Sciences
Corp.
(a)
(b)
....................
12,276
765,163
Gilead
Sciences,
Inc.
......................
9,387
755,935
Horizon
Therapeutics
PLC
(a)
.................
7,141
781,868
Incyte
Corp.
(a)
...........................
10,005
770,185
Moderna,
Inc.
(a)
..........................
4,543
630,614
Neurocrine
Biosciences,
Inc.
(a)
................
7,616
785,210
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
1,063
808,326
Seagen,
Inc.
(a)
(b)
..........................
4,865
874,192
United
Therapeutics
Corp.
(a)
..................
3,113
765,923
Vertex
Pharmaceuticals,
Inc.
(a)
................
2,681
778,267
11,481,926
a
Building
Products
 — 
1
.6
%
A
O
Smith
Corp.
.........................
11,560
758,683
Allegion
PLC
............................
6,613
745,352
Carlisle
Companies,
Inc.
....................
3,013
778,017
Carrier
Global
Corp.
.......................
17,307
779,334
Fortune
Brands
Innovations,
Inc.
..............
12,139
752,011
Johnson
Controls
International
PLC
............
12,146
761,797
Lennox
International,
Inc.
...................
2,934
747,671
Masco
Corp.
............................
14,026
735,383
Owens
Corning
..........................
7,699
752,885
Trane
Technologies
PLC
....................
4,267
789,267
7,600,400
a
Capital
Markets
 — 
4
.6
%
Ameriprise
Financial,
Inc.
...................
2,240
768,029
Ares
Management
Corp.
,
Class
A
..............
9,375
755,906
Bank
of
New
York
Mellon
Corp.
(The)
...........
15,263
776,581
BlackRock,
Inc.
(c)
.........................
1,097
756,305
Blackstone,
Inc.
,
NVS
......................
8,289
752,641
Carlyle
Group,
Inc.
(The)
....................
22,488
773,587
Cboe
Global
Markets,
Inc.
...................
6,142
774,936
Charles
Schwab
Corp.
(The)
.................
9,744
759,252
CME
Group,
Inc.
,
Class
A
...................
4,153
769,800
Coinbase
Global,
Inc.
,
Class
A
(a)
(b)
..............
11,935
773,746
FactSet
Research
Systems,
Inc.
...............
1,833
759,870
Franklin
Resources,
Inc.
....................
25,090
739,402
Goldman
Sachs
Group,
Inc.
(The)
.............
2,115
743,740
Intercontinental
Exchange,
Inc.
...............
7,307
743,853
Invesco
Ltd.
............................
42,406
748,890
KKR
&
Co.,
Inc.
..........................
13,602
766,473
LPL
Financial
Holdings,
Inc.
..................
3,154
787,112
MarketAxess
Holdings,
Inc.
..................
2,177
743,337
Moody's
Corp.
...........................
2,588
750,908
Morgan
Stanley
..........................
7,862
758,683
MSCI,
Inc.
,
Class
A
.......................
1,416
739,364
Nasdaq,
Inc.
............................
13,395
750,924
Northern
Trust
Corp.
.......................
8,185
779,785
Raymond
James
Financial,
Inc.
...............
6,866
744,686
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Capital
Markets
(continued)
S&P
Global,
Inc.
.........................
2,188
$
746,546
SEI
Investments
Co.
.......................
12,634
761,199
State
Street
Corp.
........................
8,393
744,291
T
Rowe
Price
Group,
Inc.
...................
6,574
738,129
Tradeweb
Markets,
Inc.
,
Class
A
...............
10,685
757,460
21,965,435
a
Chemicals
 — 
2
.9
%
Air
Products
and
Chemicals,
Inc.
..............
2,789
797,598
Albemarle
Corp.
.........................
2,741
697,064
Celanese
Corp.
..........................
6,457
750,497
CF
Industries
Holdings,
Inc.
..................
9,176
788,127
Corteva,
Inc.
............................
12,475
777,068
Dow,
Inc.
..............................
13,340
763,048
DuPont
de
Nemours,
Inc.
...................
10,373
757,540
Eastman
Chemical
Co.
.....................
9,007
767,396
Ecolab,
Inc.
............................
4,832
770,076
FMC
Corp.
.............................
6,068
783,682
International
Flavors
&
Fragrances,
Inc.
..........
8,150
759,580
Linde
PLC
.............................
2,420
843,055
LyondellBasell
Industries
NV
,
Class
A
...........
7,927
760,913
Mosaic
Co.
(The)
.........................
15,532
826,147
PPG
Industries,
Inc.
.......................
6,061
800,416
RPM
International,
Inc.
.....................
8,918
790,402
Sherwin-Williams
Co.
(The)
..................
3,447
762,994
Westlake
Corp.
..........................
6,316
752,488
13,948,091
a
Commercial
Services
&
Supplies
 — 
1
.0
%
Cintas
Corp.
............................
1,774
777,846
Copart,
Inc.
(a)
...........................
11,357
800,214
Republic
Services,
Inc.
.....................
6,022
776,417
Rollins,
Inc.
.............................
21,637
761,622
Waste
Connections,
Inc.
....................
5,741
768,835
Waste
Management,
Inc.
....................
5,141
769,916
4,654,850
a
Communications
Equipment
 — 
0
.8
%
Arista
Networks,
Inc.
(a)
.....................
5,526
766,456
Cisco
Systems,
Inc.
.......................
15,352
743,344
F5,
Inc.
(a)
..............................
5,333
762,512
Juniper
Networks,
Inc.
.....................
24,828
764,206
Motorola
Solutions,
Inc.
....................
2,928
769,508
3,806,026
a
Construction
&
Engineering
 — 
0
.3
%
AECOM
...............................
8,659
747,791
Quanta
Services,
Inc.
......................
5,065
817,491
1,565,282
a
Construction
Materials
 — 
0
.3
%
Martin
Marietta
Materials,
Inc.
................
2,122
763,644
Vulcan
Materials
Co.
......................
4,223
763,983
1,527,627
a
Consumer
Finance
 — 
0
.8
%
Ally
Financial,
Inc.
........................
25,018
751,791
American
Express
Co.
.....................
4,399
765,382
Capital
One
Financial
Corp.
..................
7,018
765,524
Discover
Financial
Services
..................
7,013
785,456
Synchrony
Financial
.......................
21,958
784,120
3,852,273
a
Containers
&
Packaging
 — 
1
.3
%
Amcor
PLC
.............................
68,608
764,293
Avery
Dennison
Corp.
......................
4,300
783,417
Security
Shares
Value
a
Containers
&
Packaging
(continued)
Ball
Corp.
..............................
13,648
$
767,154
Crown
Holdings,
Inc.
......................
8,924
772,015
International
Paper
Co.
.....................
20,259
737,225
Packaging
Corp.
of
America
.................
5,533
756,472
Sealed
Air
Corp.
.........................
15,697
763,188
Westrock
Co.
...........................
23,657
742,830
6,086,594
a
Distributors
 — 
0
.5
%
Genuine
Parts
Co.
........................
4,370
772,878
LKQ
Corp.
.............................
13,520
774,561
Pool
Corp.
.............................
2,009
716,932
2,264,371
a
Diversified
Financial
Services
 — 
0
.5
%
Apollo
Global
Management,
Inc.
...............
10,859
769,903
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
2,540
775,157
Equitable
Holdings,
Inc.
....................
23,823
748,519
2,293,579
a
Diversified
Telecommunication
Services
 — 
0
.5
%
AT&T,
Inc.
..............................
40,645
768,597
Liberty
Global
PLC
,
Class
A
(a)
................
14,308
293,171
Liberty
Global
PLC
,
Class
C
,
NVS
.............
22,877
486,136
Verizon
Communications,
Inc.
................
19,649
762,578
2,310,482
a
Electric
Utilities
 — 
2
.5
%
Alliant
Energy
Corp.
.......................
14,731
755,259
American
Electric
Power
Co.,
Inc.
..............
8,631
759,269
Constellation
Energy
Corp.
..................
9,142
684,645
Duke
Energy
Corp.
.......................
7,964
750,687
Edison
International
.......................
11,646
771,082
Entergy
Corp.
...........................
7,230
743,750
Evergy,
Inc.
.............................
12,831
754,591
Eversource
Energy
.......................
9,944
749,380
Exelon
Corp.
............................
18,424
744,145
FirstEnergy
Corp.
........................
19,295
762,924
NextEra
Energy,
Inc.
......................
10,342
734,592
NRG
Energy,
Inc.
.........................
22,970
753,186
PG&E
Corp.
(a)
(b)
..........................
50,342
786,342
PPL
Corp.
.............................
27,516
744,858
Southern
Co.
(The)
.......................
11,886
749,531
Xcel
Energy,
Inc.
.........................
11,639
751,530
11,995,771
a
Electrical
Equipment
 — 
1
.3
%
AMETEK,
Inc.
...........................
5,425
767,963
Eaton
Corp.
PLC
.........................
4,496
786,485
Emerson
Electric
Co.
......................
9,134
755,473
Generac
Holdings,
Inc.
(a)
(b)
...................
6,026
723,180
Hubbell,
Inc.
............................
3,128
786,817
Plug
Power,
Inc.
(a)
(b)
.......................
49,420
734,876
Rockwell
Automation,
Inc.
...................
2,646
780,385
Sensata
Technologies
Holding
PLC
............
14,945
755,918
6,091,097
a
Electronic
Equipment,
Instruments
&
Components
 — 
1
.5
%
Amphenol
Corp.
,
Class
A
...................
9,622
745,897
Arrow
Electronics,
Inc.
(a)
(b)
...................
6,330
746,877
CDW
Corp.
.............................
3,654
739,643
Cognex
Corp.
...........................
14,153
671,135
Corning,
Inc.
............................
22,203
753,792
Keysight
Technologies,
Inc.
(a)
.................
4,187
669,753
TE
Connectivity
Ltd.
.......................
5,919
753,607
Teledyne
Technologies,
Inc.
(a)
.................
1,785
767,675
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2023
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
Trimble,
Inc.
(a)
...........................
14,241
$
741,386
Zebra
Technologies
Corp.
,
Class
A
(a)
(b)
...........
2,348
704,987
7,294,752
a
Energy
Equipment
&
Services
 — 
0
.5
%
Baker
Hughes
Co.
,
Class
A
..................
24,266
742,540
Halliburton
Co.
..........................
20,363
737,751
Schlumberger
Ltd.
........................
14,081
749,250
2,229,541
a
Entertainment
 — 
1
.6
%
Activision
Blizzard,
Inc.
.....................
10,146
773,633
Electronic
Arts,
Inc.
.......................
7,007
777,357
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
11,189
759,397
Live
Nation
Entertainment,
Inc.
(a)
..............
10,009
721,249
Netflix,
Inc.
(a)
............................
2,232
718,994
ROBLOX
Corp.
,
Class
A
(a)
(b)
..................
17,963
658,164
Roku,
Inc.
,
Class
A
(a)
......................
11,093
717,606
Take-Two
Interactive
Software,
Inc.
(a)
............
6,957
762,139
Walt
Disney
Co.
(The)
(a)
....................
7,397
736,815
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
51,131
798,666
7,424,020
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 
5
.5
%
Alexandria
Real
Estate
Equities,
Inc.
............
4,832
723,737
American
Homes
4
Rent
,
Class
A
..............
23,497
728,877
American
Tower
Corp.
.....................
3,693
731,251
AvalonBay
Communities,
Inc.
................
4,346
749,772
Boston
Properties,
Inc.
.....................
10,968
718,185
Camden
Property
Trust
.....................
6,559
752,711
Crown
Castle,
Inc.
........................
5,601
732,331
Digital
Realty
Trust,
Inc.
....................
6,935
722,835
Equinix,
Inc.
............................
1,084
746,085
Equity
LifeStyle
Properties,
Inc.
...............
10,952
750,321
Equity
Residential
........................
11,883
742,925
Essex
Property
Trust,
Inc.
...................
3,302
753,054
Extra
Space
Storage,
Inc.
...................
4,928
811,395
Gaming
and
Leisure
Properties,
Inc.
............
14,812
798,071
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
37,420
729,690
Healthpeak
Properties,
Inc.
..................
30,337
729,908
Host
Hotels
&
Resorts,
Inc.
..................
45,119
757,999
Invitation
Homes,
Inc.
......................
24,062
752,178
Iron
Mountain,
Inc.
........................
14,726
776,796
Kimco
Realty
Corp.
.......................
37,065
763,910
Medical
Properties
Trust,
Inc.
.................
61,062
628,939
Mid-America
Apartment
Communities,
Inc.
........
4,660
746,066
Prologis,
Inc.
............................
6,223
767,918
Public
Storage
...........................
2,613
781,156
Realty
Income
Corp.
.......................
11,805
754,930
Regency
Centers
Corp.
....................
12,118
762,222
SBA
Communications
Corp.
,
Class
A
............
2,760
715,806
Simon
Property
Group,
Inc.
..................
6,295
768,557
Sun
Communities,
Inc.
.....................
4,958
709,688
UDR,
Inc.
..............................
17,408
745,759
Ventas,
Inc.
............................
15,379
748,188
VICI
Properties,
Inc.
.......................
22,963
769,949
Welltower,
Inc.
...........................
10,030
743,424
Weyerhaeuser
Co.
........................
24,131
754,094
WP
Carey,
Inc.
..........................
9,307
755,356
26,124,083
a
Food
&
Staples
Retailing
 — 
0
.8
%
Costco
Wholesale
Corp.
....................
1,553
751,932
Kroger
Co.
(The)
.........................
17,852
770,135
Security
Shares
Value
a
Food
&
Staples
Retailing
(continued)
Sysco
Corp.
............................
10,105
$
753,530
Walgreens
Boots
Alliance,
Inc.
................
21,553
765,778
Walmart,
Inc.
............................
5,426
771,197
3,812,572
a
Food
Products
 — 
2
.5
%
Archer-Daniels-Midland
Co.
..................
9,615
765,354
Bunge
Ltd.
.............................
8,025
766,388
Campbell
Soup
Co.
.......................
15,383
807,915
Conagra
Brands,
Inc.
......................
21,854
795,704
Darling
Ingredients,
Inc.
(a)
(b)
..................
11,560
731,401
General
Mills,
Inc.
........................
10,422
828,653
Hershey
Co.
(The)
........................
3,343
796,704
Hormel
Foods
Corp.
.......................
17,415
772,878
J
M
Smucker
Co.
(The)
.....................
5,317
786,331
Kellogg
Co.
.............................
11,712
772,289
Kraft
Heinz
Co.
(The)
......................
19,736
768,520
Lamb
Weston
Holdings,
Inc.
.................
7,827
787,709
McCormick
&
Co.,
Inc.
,
NVS
.................
10,534
782,887
Mondelez
International,
Inc.
,
Class
A
............
11,919
776,880
Tyson
Foods,
Inc.
,
Class
A
..................
12,899
764,137
11,703,750
a
Gas
Utilities
 — 
0
.3
%
Atmos
Energy
Corp.
(b)
......................
6,766
763,273
UGI
Corp.
..............................
20,228
753,088
1,516,361
a
Health
Care
Equipment
&
Supplies
 — 
3
.6
%
Abbott
Laboratories
.......................
7,379
750,592
Align
Technology,
Inc.
(a)
(b)
....................
2,400
742,800
Baxter
International,
Inc.
....................
19,669
785,776
Becton
Dickinson
and
Co.
...................
3,236
759,004
Boston
Scientific
Corp.
(a)
....................
16,842
786,858
Cooper
Companies,
Inc.
(The)
(b)
...............
2,277
744,511
Dentsply
Sirona,
Inc.
......................
21,866
832,439
Dexcom,
Inc.
(a)
..........................
6,676
741,103
Edwards
Lifesciences
Corp.
(a)
................
10,130
814,857
GE
HealthCare
Technologies,
Inc.
(a)
............
11,040
839,040
Hologic,
Inc.
(a)
...........................
9,475
754,589
IDEXX
Laboratories,
Inc.
(a)
...................
1,546
731,629
Insulet
Corp.
(a)
...........................
2,619
723,787
Intuitive
Surgical,
Inc.
(a)
.....................
3,260
747,811
Masimo
Corp.
(a)
..........................
4,747
794,220
Medtronic
PLC
..........................
9,297
769,792
Novocure
Ltd.
(a)
(b)
.........................
9,035
695,424
ResMed,
Inc.
...........................
3,660
779,580
STERIS
PLC
............................
4,084
767,914
Stryker
Corp.
...........................
2,974
781,805
Teleflex,
Inc.
............................
3,178
757,095
Zimmer
Biomet
Holdings,
Inc.
................
6,257
775,055
16,875,681
a
Health
Care
Providers
&
Services
 — 
2
.5
%
AmerisourceBergen
Corp.
...................
4,878
758,822
Cardinal
Health,
Inc.
.......................
9,954
753,617
Centene
Corp.
(a)
.........................
10,722
733,385
Cigna
Corp.
(The)
........................
2,614
763,549
CVS
Health
Corp.
........................
8,899
743,422
DaVita,
Inc.
(a)
(b)
..........................
9,384
771,928
Elevance
Health,
Inc.
......................
1,607
754,760
HCA
Healthcare,
Inc.
......................
2,975
724,264
Henry
Schein,
Inc.
(a)
.......................
9,452
740,186
Humana,
Inc.
...........................
1,548
766,291
Laboratory
Corp.
of
America
Holdings
...........
3,057
731,723
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
McKesson
Corp.
.........................
2,152
$
752,791
Molina
Healthcare,
Inc.
(a)
....................
2,672
735,682
Quest
Diagnostics,
Inc.
.....................
5,338
738,566
UnitedHealth
Group,
Inc.
....................
1,606
764,360
Universal
Health
Services,
Inc.
,
Class
B
.........
5,219
697,102
11,930,448
a
Health
Care
Technology
 — 
0
.2
%
Veeva
Systems,
Inc.
,
Class
A
(a)
(b)
..............
4,524
749,446
a
Hotels,
Restaurants
&
Leisure
 — 
3
.0
%
Airbnb,
Inc.
,
Class
A
(a)
......................
5,615
692,217
Aramark
...............................
20,428
751,750
Booking
Holdings,
Inc.
(a)
....................
314
792,536
Caesars
Entertainment,
Inc.
(a)
................
15,059
764,395
Carnival
Corp.
(a)
(b)
.........................
67,484
716,680
Chipotle
Mexican
Grill,
Inc.
(a)
.................
483
720,192
Darden
Restaurants,
Inc.
...................
5,371
767,999
Domino's
Pizza,
Inc.
.......................
2,194
645,058
Expedia
Group,
Inc.
(a)
......................
7,019
764,861
Hilton
Worldwide
Holdings,
Inc.
...............
5,279
762,868
Las
Vegas
Sands
Corp.
(a)
...................
13,777
791,764
Marriott
International,
Inc.
,
Class
A
.............
4,453
753,626
McDonald's
Corp.
........................
2,945
777,215
MGM
Resorts
International
..................
17,711
761,750
Royal
Caribbean
Cruises
Ltd.
(a)
...............
10,593
748,290
Starbucks
Corp.
..........................
7,279
743,113
Vail
Resorts,
Inc.
.........................
3,153
736,194
Wynn
Resorts
Ltd.
(a)
.......................
7,217
782,106
Yum!
Brands,
Inc.
........................
5,943
755,712
14,228,326
a
Household
Durables
 — 
1
.3
%
DR
Horton,
Inc.
..........................
8,058
745,204
Garmin
Ltd.
.............................
8,058
790,731
Lennar
Corp.
,
Class
A
......................
7,728
747,607
Mohawk
Industries,
Inc.
(a)
...................
6,747
693,929
Newell
Brands,
Inc.
.......................
51,164
751,599
NVR,
Inc.
(a)
.............................
153
791,564
PulteGroup,
Inc.
.........................
14,001
765,435
Whirlpool
Corp.
..........................
5,394
744,264
6,030,333
a
Household
Products
 — 
0
.8
%
Church
&
Dwight
Co.,
Inc.
...................
9,455
792,140
Clorox
Co.
(The)
.........................
5,128
797,096
Colgate-Palmolive
Co.
.....................
10,757
788,488
Kimberly-Clark
Corp.
......................
6,190
774,060
Procter
&
Gamble
Co.
(The)
.................
5,708
785,192
3,936,976
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.3
%
AES
Corp.
(The)
.........................
29,686
732,650
Vistra
Corp.
............................
34,304
754,345
1,486,995
a
Industrial
Conglomerates
 — 
0
.5
%
3M
Co.
................................
6,989
752,995
General
Electric
Co.
.......................
9,314
788,989
Honeywell
International,
Inc.
.................
3,927
751,942
2,293,926
a
Insurance
 — 
4
.2
%
Aflac,
Inc.
..............................
11,324
771,731
Allstate
Corp.
(The)
.......................
5,710
735,334
American
Financial
Group,
Inc.
...............
5,966
800,100
Security
Shares
Value
a
Insurance
(continued)
American
International
Group,
Inc.
.............
12,661
$
773,714
Aon
PLC
,
Class
A
........................
2,523
767,118
Arch
Capital
Group
Ltd.
(a)
...................
11,666
816,620
Arthur
J
Gallagher
&
Co.
....................
4,150
777,502
Assurant,
Inc.
...........................
4,720
601,281
Brown
&
Brown,
Inc.
.......................
13,645
765,075
Chubb
Ltd.
.............................
3,723
785,627
Cincinnati
Financial
Corp.
...................
6,218
750,513
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
3,253
765,724
Everest
Re
Group
Ltd.
.....................
2,058
790,210
Fidelity
National
Financial,
Inc.
................
18,230
726,648
Globe
Life,
Inc.
..........................
6,441
783,805
Hartford
Financial
Services
Group,
Inc.
(The)
......
10,102
790,785
Loews
Corp.
............................
12,696
775,599
Markel
Corp.
(a)
...........................
592
787,277
Marsh
&
McLennan
Companies,
Inc.
............
4,701
762,220
MetLife,
Inc.
............................
10,802
774,827
Principal
Financial
Group,
Inc.
................
8,567
767,260
Progressive
Corp.
(The)
....................
5,492
788,212
Prudential
Financial,
Inc.
....................
7,592
759,200
Travelers
Companies,
Inc.
(The)
...............
4,276
791,573
W
R
Berkley
Corp.
........................
11,710
775,085
Willis
Towers
Watson
PLC
...................
3,214
753,233
19,936,273
a
Interactive
Media
&
Services
 — 
1
.0
%
Alphabet,
Inc.
,
Class
A
(a)
....................
4,270
384,556
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
3,915
353,525
Match
Group,
Inc.
(a)
.......................
17,824
738,270
Meta
Platforms,
Inc.
,
Class
A
(a)
................
4,540
794,228
Pinterest,
Inc.
,
Class
A
(a)
....................
31,514
791,316
Snap,
Inc.
,
Class
A
,
NVS
(a)
..................
72,956
740,503
ZoomInfo
Technologies,
Inc.
(a)
................
29,652
716,689
4,519,087
a
Internet
&
Direct
Marketing
Retail
 — 
0
.9
%
Amazon.com,
Inc.
(a)
.......................
7,992
753,086
Chewy,
Inc.
,
Class
A
(a)
(b)
....................
16,575
672,116
DoorDash,
Inc.
,
Class
A
(a)
...................
11,703
639,686
eBay,
Inc.
..............................
16,087
738,394
Etsy,
Inc.
(a)
(b)
............................
6,007
729,310
MercadoLibre,
Inc.
(a)
.......................
699
852,780
4,385,372
a
IT
Services
 — 
4
.2
%
Accenture
PLC
,
Class
A
....................
2,784
739,291
Akamai
Technologies,
Inc.
(a)
..................
10,157
737,398
Automatic
Data
Processing,
Inc.
...............
3,441
756,401
Block,
Inc.
,
Class
A
(a)
(b)
.....................
9,956
763,924
Broadridge
Financial
Solutions,
Inc.
............
5,452
767,532
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
11,458
687,595
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
11,797
738,846
EPAM
Systems,
Inc.
(a)
......................
2,262
695,904
Fidelity
National
Information
Services,
Inc.
........
11,319
717,285
Fiserv,
Inc.
(a)
............................
6,751
776,973
FleetCor
Technologies,
Inc.
(a)
.................
3,652
784,413
Gartner,
Inc.
(a)
...........................
2,262
741,506
Global
Payments,
Inc.
.....................
6,671
748,486
GoDaddy,
Inc.
,
Class
A
(a)
....................
9,857
746,273
International
Business
Machines
Corp.
..........
5,799
749,811
Jack
Henry
&
Associates,
Inc.
................
4,740
778,498
Mastercard,
Inc.
,
Class
A
....................
2,130
756,768
MongoDB,
Inc.
,
Class
A
(a)
(b)
..................
3,602
754,691
Okta,
Inc.
,
Class
A
(a)
.......................
10,400
741,416
Paychex,
Inc.
...........................
6,827
753,701
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2023
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
IT
Services
(continued)
PayPal
Holdings,
Inc.
(a)
.....................
10,202
$
750,867
Snowflake,
Inc.
,
Class
A
(a)
...................
4,762
735,158
SS&C
Technologies
Holdings,
Inc.
.............
12,561
737,331
Toast,
Inc.
,
Class
A
(a)
(b)
.....................
39,082
739,431
Twilio,
Inc.
,
Class
A
(a)
......................
10,375
697,304
VeriSign,
Inc.
(a)
..........................
3,774
742,836
Visa,
Inc.
,
Class
A
........................
3,466
762,312
20,101,951
a
Leisure
Products
 — 
0
.2
%
Hasbro,
Inc.
............................
13,391
736,639
a
Life
Sciences
Tools
&
Services
 — 
2
.2
%
Agilent
Technologies,
Inc.
...................
5,279
749,460
Avantor,
Inc.
(a)
...........................
32,122
782,813
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
1,717
820,451
Bio-Techne
Corp.
.........................
10,268
745,868
Charles
River
Laboratories
International,
Inc.
(a)
.....
3,089
677,541
Danaher
Corp.
..........................
3,061
757,689
Illumina,
Inc.
(a)
...........................
3,696
736,243
IQVIA
Holdings,
Inc.
(a)
......................
3,517
733,189
Mettler-Toledo
International,
Inc.
(a)
.............
510
731,192
PerkinElmer,
Inc.
.........................
5,804
723,004
Repligen
Corp.
(a)
(b)
........................
3,952
689,110
Thermo
Fisher
Scientific,
Inc.
.................
1,411
764,424
Waters
Corp.
(a)
..........................
2,392
743,649
West
Pharmaceutical
Services,
Inc.
............
2,448
776,090
10,430,723
a
Machinery
 — 
3
.1
%
Caterpillar,
Inc.
..........................
3,175
760,571
Cummins,
Inc.
...........................
3,082
749,173
Deere
&
Co.
............................
1,943
814,583
Dover
Corp.
............................
5,052
757,295
Fortive
Corp.
............................
11,395
759,591
Graco,
Inc.
.............................
10,953
761,672
IDEX
Corp.
.............................
3,478
782,480
Illinois
Tool
Works,
Inc.
.....................
3,301
769,661
Ingersoll
Rand,
Inc.
.......................
13,640
792,075
Nordson
Corp.
...........................
3,243
712,293
Otis
Worldwide
Corp.
......................
9,365
792,466
PACCAR,
Inc.
...........................
10,456
754,923
Parker-Hannifin
Corp.
......................
2,208
776,885
Pentair
PLC
............................
13,895
777,286
Snap-on,
Inc.
...........................
3,101
771,157
Stanley
Black
&
Decker,
Inc.
.................
8,679
743,009
Toro
Co.
(The)
...........................
6,872
758,944
Westinghouse
Air
Brake
Technologies
Corp.
.......
7,500
782,475
Xylem,
Inc.
.............................
7,368
756,325
14,572,864
a
Media
 — 
1
.8
%
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
........
1,955
718,678
Comcast
Corp.
,
Class
A
....................
19,708
732,546
DISH
Network
Corp.
,
Class
A
(a)
...............
55,519
633,472
Fox
Corp.
,
Class
A
,
NVS
....................
14,791
517,981
Fox
Corp.
,
Class
B
........................
7,048
227,298
Interpublic
Group
of
Companies,
Inc.
(The)
.......
21,043
747,868
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
........
8,328
721,788
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
A
.....
7,161
231,945
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
,
NVS
(a)
15,955
514,070
News
Corp.
,
Class
A
,
NVS
..................
41,929
719,082
Omnicom
Group,
Inc.
......................
8,399
760,697
Paramount
Global
,
Class
B
,
NVS
..............
33,311
713,522
Sirius
XM
Holdings,
Inc.
(b)
...................
169,808
745,457
Security
Shares
Value
a
Media
(continued)
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
12,412
$
694,575
8,678,979
a
Metals
&
Mining
 — 
1
.1
%
Alcoa
Corp.
.............................
16,051
785,536
Cleveland-Cliffs,
Inc.
(a)
.....................
38,019
810,945
Freeport-McMoRan,
Inc.
....................
18,307
750,038
Newmont
Corp.
..........................
17,073
744,554
Nucor
Corp.
............................
4,610
771,898
Reliance
Steel
&
Aluminum
Co.
...............
3,220
798,045
Steel
Dynamics,
Inc.
.......................
6,204
782,386
5,443,402
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
 — 
0
.2
%
Annaly
Capital
Management,
Inc.
..............
36,058
745,679
a
Multiline
Retail
 — 
0
.5
%
Dollar
General
Corp.
......................
3,421
739,962
Dollar
Tree,
Inc.
(a)
.........................
5,331
774,488
Target
Corp.
............................
4,485
755,723
2,270,173
a
Multi-Utilities
 — 
1
.6
%
Ameren
Corp.
...........................
9,119
754,232
CenterPoint
Energy,
Inc.
....................
26,947
749,666
CMS
Energy
Corp.
........................
12,839
757,116
Consolidated
Edison,
Inc.
...................
8,540
763,049
Dominion
Energy,
Inc.
......................
13,474
749,424
DTE
Energy
Co.
.........................
6,903
757,328
NiSource,
Inc.
...........................
29,123
798,844
Public
Service
Enterprise
Group,
Inc.
...........
12,673
765,829
Sempra
Energy
..........................
4,971
745,451
WEC
Energy
Group,
Inc.
....................
8,545
757,600
7,598,539
a
Oil,
Gas
&
Consumable
Fuels
 — 
4
.0
%
APA
Corp.
.............................
19,502
748,487
Cheniere
Energy,
Inc.
......................
5,261
827,766
Chesapeake
Energy
Corp.
..................
9,329
753,877
Chevron
Corp.
...........................
4,700
755,619
ConocoPhillips
..........................
7,224
746,600
Coterra
Energy,
Inc.
.......................
31,809
794,271
Devon
Energy
Corp.
.......................
14,049
757,522
Diamondback
Energy,
Inc.
...................
5,522
776,283
EOG
Resources,
Inc.
......................
6,256
707,053
EQT
Corp.
.............................
24,594
816,029
Exxon
Mobil
Corp.
........................
6,764
743,431
Hess
Corp.
.............................
5,445
733,442
HF
Sinclair
Corp.
(a)
........................
14,548
723,327
Kinder
Morgan,
Inc.
,
Class
P
.................
43,273
738,237
Marathon
Oil
Corp.
........................
29,231
735,160
Marathon
Petroleum
Corp.
..................
6,211
767,680
Occidental
Petroleum
Corp.
(b)
.................
12,525
733,464
ONEOK,
Inc.
............................
11,314
740,501
Ovintiv,
Inc.
.............................
16,755
716,611
Phillips
66
..............................
7,461
765,200
Pioneer
Natural
Resources
Co.
...............
3,618
725,083
Targa
Resources
Corp.
.....................
10,330
765,453
Texas
Pacific
Land
Corp.
....................
418
744,119
Valero
Energy
Corp.
.......................
5,436
716,084
Williams
Companies,
Inc.
(The)
...............
24,394
734,259
18,765,558
a
Personal
Products
 — 
0
.2
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
3,137
762,448
a
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Pharmaceuticals
 — 
1
.7
%
Bristol-Myers
Squibb
Co.
....................
11,049
$
761,939
Catalent,
Inc.
(a)
(b)
.........................
10,889
742,847
Elanco
Animal
Health,
Inc.
(a)
..................
59,080
677,648
Eli
Lilly
&
Co.
...........................
2,401
747,239
Jazz
Pharmaceuticals
PLC
(a)
.................
5,350
751,140
Johnson
&
Johnson
.......................
4,947
758,177
Merck
&
Co.,
Inc.
.........................
7,350
780,864
Pfizer,
Inc.
.............................
18,226
739,429
Royalty
Pharma
PLC
,
Class
A
................
21,021
753,603
Viatris,
Inc.
.............................
67,195
766,023
Zoetis,
Inc.
,
Class
A
.......................
4,501
751,667
8,230,576
a
Professional
Services
 — 
1
.4
%
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
8,114
768,639
Clarivate
PLC
(a)
(b)
.........................
72,083
730,201
CoStar
Group,
Inc.
(a)
.......................
10,013
707,518
Equifax,
Inc.
............................
3,675
744,298
Jacobs
Solutions,
Inc.
......................
6,388
763,366
Leidos
Holdings,
Inc.
......................
7,873
764,232
Robert
Half
International,
Inc.
.................
9,443
761,295
TransUnion
.............................
11,107
726,731
Verisk
Analytics,
Inc.
.......................
4,442
760,071
6,726,351
a
Real
Estate
Management
&
Development
 — 
0
.3
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
8,845
753,063
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
.............
16,343
686,406
1,439,469
a
Road
&
Rail
 — 
1
.3
%
CSX
Corp.
.............................
25,163
767,220
JB
Hunt
Transport
Services,
Inc.
..............
4,190
757,510
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
13,049
741,705
Norfolk
Southern
Corp.
.....................
3,403
765,063
Old
Dominion
Freight
Line,
Inc.
...............
2,224
754,514
Uber
Technologies,
Inc.
(a)
...................
21,613
718,849
U-Haul
Holding
Co.
,
Series
N
,
NVS
(a)
...........
13,567
754,732
Union
Pacific
Corp.
.......................
3,904
809,221
6,068,814
a
Semiconductors
&
Semiconductor
Equipment
 — 
3
.8
%
Advanced
Micro
Devices,
Inc.
(a)
...............
9,775
768,119
Analog
Devices,
Inc.
.......................
4,039
741,035
Applied
Materials,
Inc.
.....................
6,784
787,962
Broadcom,
Inc.
..........................
1,304
774,954
Enphase
Energy,
Inc.
(a)
.....................
3,860
812,646
Entegris,
Inc.
............................
8,995
766,644
First
Solar,
Inc.
(a)
.........................
4,744
802,400
Intel
Corp.
.............................
27,759
692,032
KLA
Corp.
..............................
1,999
758,381
Lam
Research
Corp.
......................
1,561
758,662
Marvell
Technology,
Inc.
....................
17,133
773,555
Microchip
Technology,
Inc.
...................
9,249
749,446
Micron
Technology,
Inc.
.....................
13,036
753,742
Monolithic
Power
Systems,
Inc.
...............
1,525
738,542
NVIDIA
Corp.
...........................
3,558
826,025
NXP
Semiconductors
NV
...................
4,094
730,697
ON
Semiconductor
Corp.
(a)
(b)
.................
9,305
720,300
Qorvo,
Inc.
(a)
............................
7,495
756,171
QUALCOMM,
Inc.
........................
6,041
746,245
Skyworks
Solutions,
Inc.
....................
6,567
732,680
SolarEdge
Technologies,
Inc.
(a)
(b)
..............
2,486
790,349
Teradyne,
Inc.
...........................
7,364
744,795
Texas
Instruments,
Inc.
.....................
4,446
762,267
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
Wolfspeed,
Inc.
(a)
(b)
........................
9,690
$
716,866
18,204,515
a
Software
 — 
6
.0
%
Adobe,
Inc.
(a)
............................
2,144
694,549
ANSYS,
Inc.
(a)
...........................
2,865
869,843
Aspen
Technology,
Inc.
(a)
....................
3,672
778,501
Atlassian
Corp.
,
Class
A
(a)
...................
4,482
736,527
Autodesk,
Inc.
(a)
..........................
3,524
700,183
Bentley
Systems,
Inc.
,
Class
B
................
19,102
772,867
BILL
Holdings,
Inc.
(a)
(b)
......................
8,111
686,434
Black
Knight,
Inc.
(a)
........................
12,142
723,663
Cadence
Design
Systems,
Inc.
(a)
..............
4,022
776,005
Ceridian
HCM
Holding,
Inc.
(a)
.................
10,319
752,565
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
6,800
820,692
Datadog,
Inc.
,
Class
A
(a)
(b)
...................
9,492
726,328
DocuSign,
Inc.
(a)
.........................
11,745
720,556
Dropbox,
Inc.
,
Class
A
(a)
....................
32,672
666,509
Dynatrace,
Inc.
(a)
.........................
17,885
760,649
Fair
Isaac
Corp.
(a)
.........................
1,138
770,870
Fortinet,
Inc.
(a)
...........................
12,752
757,979
Gen
Digital,
Inc.
..........................
36,666
715,354
HubSpot,
Inc.
(a)
..........................
2,163
836,778
Intuit,
Inc.
..............................
1,917
780,564
Microsoft
Corp.
..........................
2,986
744,768
Oracle
Corp.
............................
8,924
779,957
Palantir
Technologies,
Inc.
,
Class
A
(a)
(b)
..........
80,620
632,061
Palo
Alto
Networks,
Inc.
(a)
...................
4,551
857,272
Paycom
Software,
Inc.
(a)
....................
2,546
735,947
Paylocity
Holding
Corp.
(a)
...................
3,742
720,747
PTC,
Inc.
(a)
.............................
5,955
746,340
Roper
Technologies,
Inc.
....................
1,851
796,300
Salesforce,
Inc.
(a)
.........................
4,657
761,932
ServiceNow,
Inc.
(a)
........................
1,725
745,493
Splunk,
Inc.
(a)
...........................
7,310
749,275
Synopsys,
Inc.
(a)
.........................
2,176
791,542
Tyler
Technologies,
Inc.
(a)
...................
2,309
741,766
Unity
Software,
Inc.
(a)
(b)
.....................
19,224
585,178
VMware,
Inc.
,
Class
A
(a)
....................
6,733
741,505
Workday,
Inc.
,
Class
A
(a)
....................
4,169
773,224
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
10,048
749,480
Zscaler,
Inc.
(a)
(b)
..........................
5,889
772,342
28,472,545
a
Specialty
Retail
 — 
2
.1
%
Advance
Auto
Parts,
Inc.
....................
5,212
755,532
AutoZone,
Inc.
(a)
.........................
304
755,908
Bath
&
Body
Works,
Inc.
....................
18,243
745,591
Best
Buy
Co.,
Inc.
........................
8,875
737,601
Burlington
Stores,
Inc.
(a)
....................
3,450
739,163
CarMax,
Inc.
(a)
(b)
..........................
10,533
727,198
Home
Depot,
Inc.
(The)
....................
2,437
722,668
Lowe's
Companies,
Inc.
....................
3,658
752,633
O'Reilly
Automotive,
Inc.
(a)
...................
908
753,731
Ross
Stores,
Inc.
.........................
6,788
750,346
TJX
Companies,
Inc.
(The)
..................
9,832
753,131
Tractor
Supply
Co.
........................
3,303
770,458
Ulta
Beauty,
Inc.
(a)
........................
1,473
764,192
9,728,152
a
Technology
Hardware,
Storage
&
Peripherals
 — 
1
.1
%
Apple,
Inc.
.............................
5,093
750,759
Dell
Technologies,
Inc.
,
Class
C
...............
18,324
744,687
Hewlett
Packard
Enterprise
Co.
...............
47,707
744,706
HP,
Inc.
...............................
25,861
763,417
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2023
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Technology
Hardware,
Storage
&
Peripherals
(continued)
NetApp,
Inc.
............................
11,520
$
743,616
Seagate
Technology
Holdings
PLC
.............
11,099
716,552
Western
Digital
Corp.
(a)
.....................
18,389
707,609
5,171,346
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.5
%
Lululemon
Athletica,
Inc.
(a)
...................
2,432
751,974
Nike,
Inc.
,
Class
B
........................
6,294
747,664
VF
Corp.
..............................
28,918
717,745
2,217,383
a
Tobacco
 — 
0
.3
%
Altria
Group,
Inc.
.........................
16,515
766,792
Philip
Morris
International,
Inc.
................
7,817
760,594
1,527,386
a
Trading
Companies
&
Distributors
 — 
0
.7
%
Fastenal
Co.
............................
14,765
761,283
Ferguson
PLC
...........................
5,276
760,272
United
Rentals,
Inc.
.......................
1,694
793,690
WW
Grainger,
Inc.
........................
1,168
780,726
3,095,971
a
Water
Utilities
 — 
0
.3
%
American
Water
Works
Co.,
Inc.
...............
5,309
745,277
Essential
Utilities,
Inc.
......................
17,201
735,859
1,481,136
a
Security
Shares
Value
a
Wireless
Telecommunication
Services
 — 
0
.2
%
T-Mobile
U.S.,
Inc.
(a)
.......................
5,335
$
758,530
a
Total
Long-Term
Investments — 99.5%
(Cost:
$
449,674,725
)
................................
470,818,565
a
Short-Term
Securities
Money
Market
Funds
 — 
4
.4
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.81
%
(c)
(d)
(e)
......................
19,628,175
19,639,952
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.41
%
(c)
(d)
............................
915,349
915,349
a
Total
Short-Term
Securities — 4.4%
(Cost:
$
20,541,110
)
.................................
20,555,301
Total
Investments
—
103.9%
(Cost:
$
470,215,835
)
................................
491,373,866
Liabilities
in
Excess
of
Other
Assets
—
(
3
.9
)
%
...............
(
18,231,842
)
Net
Assets
—
100.0%
.................................
$
473,142,024
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
February
28,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/28/23
  Shares
Held
at
02/28/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
19,441,960
$
194,596
(a)
$
—
$
287
$
3,109
$
19,639,952
19,628,175
$
93,865
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
572,417
342,932
(a)
—
—
—
915,349
915,349
11,145
—
BlackRock,
Inc.
...
656,394
217,460
(
135,987
)
29,849
(
11,411
)
756,305
1,097
9,262
—
$
30,136
$
(
8,302
)
$
21,311,606
$
114,272
$
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
...................................................................
4
03/17/23
$
795
$
1,928
S&P
MidCap
400
E-Mini
Index
.............................................................
4
03/17/23
1,041
1,749
$
3,677
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2023
13
Schedule
of
Investments
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows: 
For
the
period
ended
February
28,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
3,677
$
—
$
—
$
—
$
3,677
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statement
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
—
$
—
$
(
21,595
)
$
—
$
—
$
—
$
(
21,595
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
—
$
—
$
12,048
$
—
$
—
$
—
$
12,048
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,353,274
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
470,818,565
‌
$
—
‌
$
—
‌
$
470,818,565
‌
Short-Term
Securities
Money
Market
Funds
......................................
20,555,301
‌
—
‌
—
‌
20,555,301
‌
$
491,373,866
‌
$
—
‌
$
—
‌
$
491,373,866
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
3,677
‌
$
—
‌
$
—
‌
$
3,677
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
14
2023
iShares
Semi-Annual
Report
to
Shareholders
Statement
of
Assets
and
Liabilities
(unaudited)
February
28,
2023
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................................
$
470,062,260
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................................
21,311,606
‌
Cash
...........................................................................................................
9,865
‌
Cash
pledged:
Futures
contracts
.................................................................................................
81,000
‌
Receivables:
Investments
sold
.................................................................................................
25,396,569
‌
Securities
lending
income
—
affiliated
...................................................................................
15,797
‌
Dividends
—
unaffiliated
............................................................................................
653,610
‌
Dividends
—
affiliated
..............................................................................................
2,686
‌
Interest
—
unaffiliated
..............................................................................................
59
‌
Total
assets
......................................................................................................
517,533,452
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................................
19,638,179
‌
Payables:
Investments
purchased
.............................................................................................
24,715,394
‌
Investment
advisory
fees
............................................................................................
34,378
‌
Variation
margin
on
futures
contracts
....................................................................................
3,477
‌
Total
liabilities
.....................................................................................................
44,391,428
‌
NET
ASSETS
.....................................................................................................
$
473,142,024
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
479,941,533
‌
Accumulated
loss
..................................................................................................
(
6,799,509
)
NET
ASSETS
.....................................................................................................
$
473,142,024
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
6,200,000
‌
Net
asset
value
....................................................................................................
$
76.31
‌
Shares
authorized
..................................................................................................
500
million
Par
value
........................................................................................................
$                    0.001
(a)
Securities
loaned,
at
value
..........................................................................................
$
19,263,377
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................................
$
448,968,671
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................................
$
21,247,164
‌
15
Financial
Statements
Statement
of
Operations
(unaudited)
Six
Months
Ended
February
28,
2023
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................................
$
3,788,552
‌
Dividends
—
affiliated
..............................................................................................
20,407
‌
Interest
—
unaffiliated
..............................................................................................
1,732
‌
Securities
lending
income
—
affiliated
—
net
...............................................................................
93,865
‌
Foreign
taxes
withheld
.............................................................................................
(
322
)
Total
investment
income
..............................................................................................
3,904,234
‌
EXPENSES
Investment
advisory
...............................................................................................
191,192
‌
Total
expenses
....................................................................................................
191,192
‌
Net
investment
income
...............................................................................................
3,713,042
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................................
(
17,694,903
)
Investments
—
affiliated
...........................................................................................
(
2,861
)
Futures
contracts
...............................................................................................
(
21,595
)
In-kind
redemptions
—
unaffiliated
(a)
...................................................................................
15,741,041
‌
In-kind
redemptions
—
affiliated
(a)
....................................................................................
32,997
‌
(
1,945,321
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................................
16,078,053
‌
Investments
—
affiliated
...........................................................................................
(
8,302
)
Futures
contracts
...............................................................................................
12,048
‌
16,081,799
‌
Net
realized
and
unrealized
gain
........................................................................................
14,136,478
‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................................
$
17,849,520
‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
16
2023
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
Six
Months
Ended
02/28/23
(unaudited)
Year
Ended
08/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
3,713,042
‌
$
7,012,298
‌
Net
realized
gain
(loss)
............................................................................
(
1,945,321
)
23,488,105
‌
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
16,081,799
‌
(
100,544,068
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................................
17,849,520
‌
(
70,043,665
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
3,798,326
)
(
6,766,523
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................................................
46,623,280
‌
16,185,919
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................................................
60,674,474
‌
(
60,624,269
)
Beginning
of
period
................................................................................
412,467,550
‌
473,091,819
‌
End
of
period
....................................................................................
$
473,142,024
‌
$
412,467,550
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
17
Financial
Highlights
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
.
iShares
MSCI
USA
Equal
Weighted
ETF
Six
Months
Ended
02/28/23
(unaudited)
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Year
Ended
08/31/18
Net
asset
value,
beginning
of
period
......
$
74.32
‌
$
87.61
‌
$
62.79
‌
$
58.13
‌
$
59.33
‌
$
51.30
‌
Net
investment
income
(a)
..............
0
.64
‌
1
.25
‌
1
.03
‌
1
.09
‌
0
.92
‌
0
.98
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
2
.04
‌
(
13.32
)
24.72
‌
4
.65
‌
(
1
.11
)
7
.94
‌
Net
increase
(decrease)
from
investment
operations
........................
2
.68
‌
(
12.07
)
25.75
‌
5
.74
‌
(
0
.19
)
8
.92
‌
Distributions
from
net
investment
income
(c)
....
(
0
.69
)
(
1
.22
)
(
0
.93
)
(
1
.08
)
(
1
.01
)
(
0
.89
)
Net
asset
value,
end
of
period
...........
$
76.31
‌
$
74.32
‌
$
87.61
‌
$
62.79
‌
$
58.13
‌
$
59.33
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
3
.69
%
(e)
(
13.93
)
%
41.36
%
10.18
%
(
0
.23
)
%
17.55
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0
.09
%
(g)
0
.10
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Total
expenses
after
fees
waived
..........
0
.09
%
(g)
0
.09
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
.................
1
.75
%
(g)
1
.52
%
1
.34
%
1
.84
%
1
.63
%
1
.76
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
473,142
‌
$
412,468
‌
$
473,092
‌
$
226,062
‌
$
308,090
‌
$
192,820
‌
Portfolio
turnover
rate
(h)
.................
15
%
27
%
30
%
30
%
24
%
23
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
(unaudited)
18
2023
iShares
Semi-Annual
Report
to
Shareholders
1.
Organization
iShares,
Inc.
(the
“Company”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Company
is
organized
as
a
Maryland
corporation
and
is
authorized
to
have
multiple
series
or
portfolios. 
These financial
statements
relate
only
to
the
following
fund
(the
“Fund”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Fund
is
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
The
Fund
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
the
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
the
Fund
and
are
reflected
in
its
Statement
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
February
28,
2023,
if
any,
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
The
Fund
files
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Fund
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statement
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by the
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Fund. 
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP. 
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Directors of
the
Company (the
“Board”) of
the
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Fund’s
investment
adviser, as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value.
BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
iShares
ETF
Diversification
Classification
MSCI
USA
Equal
Weighted
..............................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(
continued)
19
Notes
to
Financial
Statements
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV. 
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded. 
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that the
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments 
Securities
Lending:
The
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
the
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
the
Fund’s Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
Notes
to
Financial
Statements
(unaudited)
(continued)
20
2023
iShares
Semi-Annual
Report
to
Shareholders
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets. 
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Company, BFA
manages
the
investment
of
the
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by
BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Fund,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
directors).
For
its
investment
advisory
services
to
the
Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund
as
follows: 
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
MSCI
USA
Equal
Weighted
Barclays
Bank
PLC
...........................................
$
1,557,155
‌
$
(1,557,155
)
$
—
‌
$
—
‌
Barclays
Capital,
Inc.
.........................................
79,479
‌
(78,990
)
—
‌
489
‌
BMO
Capital
Markets
Corp.
.....................................
390,010
‌
(390,010
)
—
‌
—
‌
BNP
Paribas
SA
.............................................
1,576,477
‌
(1,576,477
)
—
‌
—
‌
BofA
Securities,
Inc.
..........................................
821,490
‌
(821,490
)
—
‌
—
‌
Citigroup
Global
Markets,
Inc.
....................................
757,133
‌
(756,451
)
—
‌
682
‌
Goldman
Sachs
&
Co.
LLC
.....................................
5,962,094
‌
(5,962,094
)
—
‌
—
‌
HSBC
Bank
PLC
............................................
470,880
‌
(470,880
)
—
‌
—
‌
J.P.
Morgan
Securities
LLC
.....................................
3,355,369
‌
(3,355,369
)
—
‌
—
‌
Jefferies
LLC
...............................................
38,678
‌
(38,678
)
—
‌
—
‌
Morgan
Stanley
.............................................
3,199,468
‌
(3,199,468
)
—
‌
—
‌
RBC
Capital
Markets
LLC
......................................
340,941
‌
(340,941
)
—
‌
—
‌
SG
Americas
Securities
LLC
....................................
76,520
‌
(76,520
)
—
‌
—
‌
State
Street
Bank
&
Trust
Co.
....................................
107,891
‌
(107,491
)
—
‌
400
‌
Toronto-Dominion
Bank
........................................
529,792
‌
(529,792
)
—
‌
—
‌
$
19,263,377
‌
$
(19,261,806
)
$
—
‌
$
1,571
‌
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund’s
Statement
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
February
28,
2023.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
iShares
ETF
Investment
Advisory
Fees
MSCI
USA
Equal
Weighted
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.09%
Notes
to
Financial
Statements
(unaudited)
(
continued)
21
Notes
to
Financial
Statements
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
the
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Fund. 
ETF
Servicing
Fees:
The
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Fund
does
not
pay
BRIL
for
ETF
Services. 
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
The
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees the
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees. 
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold, the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statement
of
Operations.
For
the six
months
ended
February
28,
2023,
the
Fund
paid
BTC
$25,877 for
securities
lending
agent
services.
Officers
and
Directors:
Certain
officers
and/or
directors
of
the
Company
are
officers
and/or directors
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
six
months
ended
February
28,
2023,
transactions
executed
by
the
Fund
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
The
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statement
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months
ended
February
28,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the six
months
ended
February
28,
2023,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
The
Fund
is
treated
as
an
entity
separate
from
the
Company’s
other
funds
for
federal
income
tax
purposes.
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.  
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Equal
Weighted
.........................................................
$
17,215,925
‌
$
23,993,516
‌
$
(3,498,677
)
iShares
ETF
Purchases
Sales
MSCI
USA
Equal
Weighted
...........................................................................
$
64,701,546
‌
$
65,567,993
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
USA
Equal
Weighted
...........................................................................
$
100,049,612
‌
$
54,003,052
‌
Notes
to
Financial
Statements
(unaudited)
(continued)
22
2023
iShares
Semi-Annual
Report
to
Shareholders
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Fund
as
of
February
28,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Fund’s
financial
statements.
As
of August
31,
2022,
the
Fund
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
February
28,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and
its
investments. The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
the
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. 
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures, there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law,
a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Fund.
iShares
ETF
Amounts
MSCI
USA
Equal
Weighted
.............................................................................................
$
25,487,829
‌
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
USA
Equal
Weighted
.......................................
$
471,880,728
‌
$
51,439,883
‌
$
(31,943,068
)
$
19,496,815
‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
23
Notes
to
Financial
Statements
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
Fund
may
be
exposed
to
financial
instruments
that
are
tied
to
the
London
Interbank
Offered
Rate
(“LIBOR”)
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
United
Kingdom’s
Financial
Conduct
Authority,
which
regulates
LIBOR,
announced
that
a
majority
of
USD
LIBOR
settings
will
no
longer
be
published
after
June
30,
2023.
All
other
LIBOR
settings
and
certain
other
interbank
offered
rates
ceased
to
be
published
after
December
31,
2021.
The
Secured
Overnight
Financing
Rate
(“SOFR”)
has
been
used
increasingly
on
a
voluntary
basis
in
new
instruments
and
transactions.
The
Federal
Reserve
Board
adopted
regulations
that
provide
a
fallback
mechanism
by
identifying
benchmark
rates
based
on
SOFR
that
will
replace
LIBOR
in certain
financial
contracts
after
June
30,
2023.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Fund
is
uncertain.
10.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by the
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Company
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Company
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statement
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
02/28/23
Year
Ended
08/31/22
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
USA
Equal
Weighted
Shares
sold
...............................................
1,350,000
‌
$
100,957,086
‌
1,350,000
‌
$
112,623,588
‌
Shares
redeemed
...........................................
(700,000
)
(54,333,806
)
(1,200,000
)
(96,437,669
)
650,000
‌
$
46,623,280
‌
150,000
‌
$
16,185,919
‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
24
2023
iShares
Semi-Annual
Report
to
Shareholders
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares,
Inc.
(the
“Company”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
MSCI
USA
Equal
Weighted
ETF
(the
“Fund”
or
“ETF”),
a
series
of
the
Company,
which
is
reasonably
designed
to
assess
and
manage the
Fund’s
liquidity
risk.
The
Board
of
Directors
(the
“Board”)
of
the
Company,
on
behalf
of
the
Fund,
met
on
December
9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Fund,
as
the
program
administrator
for
the
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of the
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”). 
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
the
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
the
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
the
Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
the
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
the
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Fund
does
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish the
ETF’s
reasonably
anticipated
trading
size
(“RATS”).
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/
discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of the
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
General
Information
25
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
the
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Company’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
26
2023
iShares
Semi-Annual
Report
to
Shareholders
Portfolio
Abbreviation
NVS
Non-Voting
Shares
iS-SAR-823-0223
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Fund’s
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
MSCI
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.