August
31,
2023
iShares,
Inc.
iShares
MSCI
USA
Equal
Weighted
ETF
|
EUSA
|
NYSE
Arca
2023
Annual
Report
Dear
Shareholder,
Despite
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
August
31,
2023,
the
resilience
of
the
U.S.
economy
in
the
face
of
ever
tighter
financial
conditions
provided
an
encouraging
backdrop
for
investors.
While
inflation
was
near
multi-decade
highs
at
the
beginning
of
the
period,
it
declined
precipitously
as
commodity
prices
dropped.
Labor
shortages
also
moderated,
although
wages
continued
to
grow
and
unemployment
rates
reached
the
lowest
levels
in
decades.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
Equity
returns
were
solid,
as
the
durability
of
consumer
sentiment
eased
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
Most
major
classes
of
equities
rose,
as
large-capitalization
U.S.
stocks
and
developed
market
equities
advanced
strongly.
However,
small-capitalization
U.S.
stocks
and
emerging
market
equities
posted
more
modest
gains.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times
during
the
12-month
period.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
its
June
2023
meeting,
the
first
time
it
paused
its
tightening
in
the
current
cycle,
before
again
raising
rates
in
July
2023.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
two
pauses,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
position
to
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
in
the
near
term
as
growth
trends
for
emerging
markets
appear
brighter.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
U.S.
mortgage-backed
securities,
and
hard-
currency
emerging
market
bonds.
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
August
31,
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)
14.50%
15.94%
U.S.
small
cap
equities
(Russell
2000
®
Index)
0.99
4.65
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
4.75
17.92
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
3.62
1.25
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.47
4.25
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
0.11
(4.71)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
0.95
(1.19)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
1.04
1.70
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
4.55
7.19
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
7
Disclosure
of Expenses
...................................................................................................
7
Schedule
of
Investments
..................................................................................................
8
Financial
Statements:
Statement
of
Assets
and
Liabilities
..........................................................................................
17
Statement
of
Operations
................................................................................................
18
Statements
of
Changes
in
Net
Assets
........................................................................................
19
Financial
Highlights
.....................................................................................................
20
Notes
to
Financial
Statements
...............................................................................................
21
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
28
Important
Tax
Information
.................................................................................................
29
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
30
Supplemental
Information
.................................................................................................
32
Director
and
Officer
Information
..............................................................................................
34
General
Information
.....................................................................................................
36
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
37
Market
Overview
4
2023
iShares
Annual
Report
to
Shareholders
iShares,
Inc.
Domestic
Market
Overview
U.S.
stocks
advanced
for
the
12
months
ended
August
31,
2023
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
14.76%.
Economic
strength
in
the
face
of
tightening
monetary
conditions
drove
investor
optimism
surrounding
the
resilience
of
the
domestic
economy.
Meanwhile,
decelerating
inflation
alleviated
concerns
related
to
potential
overheating
and
led
investors
to
anticipate
an
end
to
monetary
tightening.
Nonetheless,
investors
watched
the
economy
closely
for
the
impact
of
higher
interest
rates,
and
several
bank
failures
in
early
2023
highlighted
the
potential
second-order
effects
of
tight
monetary
conditions.
However,
government
agencies
acted
swiftly
to
organize
a
sale
of
the
failed
banks’
assets
and
inject
liquidity
into
the
banking
system,
and
equity
prices
recovered.
As
the
reporting
period
began,
inflation,
which
surged
in
the
aftermath
of
the
coronavirus
pandemic,
stood
near
multi-decade
highs.
However,
the
inflation
rate
declined
substantially
thereafter,
although
it
remained
higher
than
pre-pandemic
levels.
Lower
energy
costs
and
the
resolution
of
supply
chain
disruptions
helped
ease
inflation,
as
the
cost
of
transportation
and
shipping
moderated
significantly.
The
U.S.
Federal
Reserve
(“Fed”)
tightened
monetary
policy
rapidly,
raising
short-term
interest
rates
seven
times
over
the
course
of
the
reporting
period.
The
pace
of
tightening
decelerated
as
the
Fed
twice
lowered
the
increment
of
increase
before
pausing
entirely
in
June
2023,
the
first
time
it
declined
to
act
since
the
tightening
cycle
began.
However,
the
Fed
then
raised
interest
rates
again
at
its
July
2023
meeting
and
stated
that
it
will
continue
to
monitor
economic
data.
The
Fed
also
continued
to
decrease
the
size
of
its
balance
sheet
by
reducing
the
store
of
U.S.
Treasuries
it
had
accumulated
to
stabilize
markets
in
the
early
phases
of
the
coronavirus
pandemic.
Despite
the
tightening
financial
conditions,
the
U.S.
economy
demonstrated
continued
strength.
The
economy
returned
to
growth
in
the
third
quarter
of
2022
and
showed
robust,
if
slightly
slower,
growth
thereafter.
Consumers
powered
the
economy,
increasing
their
spending
in
both
nominal
and
inflation-adjusted
terms.
A
strong
labor
market
bolstered
spending,
as
unemployment
remained
low,
and
the
number
of
employed
persons
reached
an
all-time
high.
Tightness
in
the
labor
market
drove
higher
wages,
although
wage
growth
slowed
as
the
reporting
period
continued.
Despite
a
divided
government,
the
U.S.
Congress
was
able
to
strike
a
deal
in
May
2023
to
raise
the
debt
ceiling,
averting
a
potential
government
default.
While
that
deal
enacted
modest
spending
cuts,
government
spending
rose
overall,
and
several
significant
investment
bills
also
passed.
These
included
the
CHIPS
Act,
which
encouraged
the
building
of
semiconductor
capacity
in
the
U.S.,
and
the
Inflation
Reduction
Act,
which
provided
subsidies
for
various
climate-related
initiatives.
These
new
incentives
helped
drive
a
sharp
increase
in
factory
construction
during
the
reporting
period.
In
this
environment,
corporate
profits
remained
solid,
and
many
companies
were
able
to
sufficiently
raise
prices
to
preserve
profit
margins
even
in
the
face
of
higher
labor
and
input
costs.
Nonetheless,
profits
declined
overall
in
the
fourth
quarter
of
2022
and
the
first
quarter
of
2023
before
rebounding
slightly
in
the
second
quarter
of
2023.
The
yield
curve
(a
graphical
representation
of
U.S.
Treasury
rates
at
different
maturities)
further
inverted,
a
sign
that
markets
were
concerned
about
the
impact
of
higher
borrowing
costs
on
the
economy.
Furthermore,
dwindling
personal
savings
and
rising
household
debt
raised
questions
about
the
sustainability
of
consumer
spending
as
an
engine
of
economic
growth.
iShares
®
MSCI
USA
Equal
Weighted
ETF
5
Fund
Summary
Fund
Summary
as
of
August
31,
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................................
8.69
%
7.77
%
10.38
%
8.69
%
45.36
%
168.58
%
Fund
Market
................................
8.69
7.79
10.40
–
%
8.69
45.49
168.84
Index
.....................................
8.76
7.88
10.52
8.76
46.15
171.89
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(03/01/23)
Ending
Account
Value
(08/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(03/01/23)
Ending
Account
Value
(08/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,048.20
‌
$
0.46
‌
$
1,000.00
‌
$
1,024.75
‌
$
0.46
‌
0.09
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(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.
Fund
Summary
as
of
August
31,
2023
(continued)
iShares
®
MSCI
USA
Equal
Weighted
ETF
6
2023
iShares
Annual
Report
to
Shareholders
Portfolio
Management
Commentary
U.S.
equal
weighted
stocks
advanced
notably
for
the
reporting
period
as
the
U.S.
economy
posted
solid
growth
and
consumer
spending
continued
to
grow.
The
information
technology
sector
contributed
the
most
to
the
Index’s
return,
led
by
the
software
industry.
Many
software
vendors
increased
prices,
often
at
a
pace
exceeding
inflation,
bolstering
the
industry’s
revenues.
Optimism
surrounding
new
developments
in
artificial
intelligence
(“AI”)
also
benefited
the
software
industry,
as
companies
moved
to
develop
applications
that
utilize
it.
A
maker
of
software
that
assesses
creditworthiness
boosted
revenues
following
price
increases,
and
a
data
analytics
company
using
AI
advanced
strongly
as
excitement
about
the
new
technology
drove
increased
demand
for
its
services.
AI
also
helped
stocks
in
the
semiconductors
and
semiconductor
equipment
industry.
Generative
AI
is
computationally
intensive,
and
the
strong
interest
in
the
area
benefited
companies
that
manufacture
specialty
microchips
that
can
be
used
for
these
applications.
New
microchip
development
and
a
partnership
with
a
major
technology
company
further
bolstered
the
stock
of
a
major
semiconductor
firm.
The
industrials
sector
further
contributed
to
the
Index’s
performance,
as
the
strong
economy
and
government
investment
drove
a
large
increase
in
construction
of
new
manufacturing
capacity.
This
benefited
makers
of
construction
equipment
in
the
machinery
industry,
boosting
sales
and
profits
and
allowing
for
price
increases
to
offset
the
higher
cost
of
inputs.
The
building
products
industry
also
gained,
as
homeowners
continued
to
invest
in
repairs
and
remodeling
even
as
existing
home
sales
slowed.
The
consumer
discretionary
sector
also
advanced,
driven
by
strength
in
the
hotels,
restaurants,
and
leisure
industry,
which
benefited
from
higher
spending
on
travel
and
increased
cruise
bookings.
On
the
downside,
stocks
in
the
utilities
sector
declined
as
rising
bond
yields
made
their
dividends
relatively
less
attractive
to
investors.
Portfolio
Information
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
16.4‌
%
Industrials
.....................................
15.1‌
Financials
.....................................
14.5‌
Health
Care
...................................
12.0‌
Consumer
Discretionary
...........................
10.1‌
Consumer
Staples
...............................
6.2‌
Real
Estate
....................................
6.0‌
Materials
.....................................
5.5‌
Communication
Services
...........................
5.0‌
Utilities
.......................................
4.8‌
Energy
.......................................
4.4‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Splunk,
Inc.
...................................
0.2‌
%
Okta,
Inc.,
Class
A
...............................
0.2‌
Hasbro,
Inc.
...................................
0.2‌
Tesla,
Inc.
.....................................
0.2‌
MercadoLibre,
Inc.
...............................
0.2‌
Atlassian
Corp.,
Class
A
...........................
0.2‌
Western
Digital
Corp.
.............................
0.2‌
Veeva
Systems,
Inc.,
Class
A
........................
0.2‌
Intuit,
Inc.
.....................................
0.2‌
Cloudflare,
Inc.,
Class
A
...........................
0.2‌
      aaa
aa
About
Fund
Performance
7
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
August
31,
2023
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.9
%
Axon
Enterprise,
Inc.
......................
4,388
$
934,249
Boeing
Co.
(The)
(a)
........................
3,816
854,899
General
Dynamics
Corp.
....................
3,860
874,830
HEICO
Corp.
(b)
..........................
2,225
375,380
HEICO
Corp.
,
Class
A
......................
3,770
510,571
Howmet
Aerospace,
Inc.
....................
17,840
882,545
Huntington
Ingalls
Industries,
Inc.
..............
3,943
868,722
L3Harris
Technologies,
Inc.
..................
4,778
850,914
Lockheed
Martin
Corp.
.....................
1,914
858,142
Northrop
Grumman
Corp.
...................
1,994
863,581
RTX
Corp.
.............................
10,078
867,111
Textron,
Inc.
............................
11,499
893,587
TransDigm
Group,
Inc.
(a)
....................
1,014
916,504
10,551,035
a
Air
Freight
&
Logistics
 — 
0
.6
%
CH
Robinson
Worldwide,
Inc.
................
9,229
834,578
Expeditors
International
of
Washington,
Inc.
.......
7,543
880,343
FedEx
Corp.
............................
3,338
871,285
United
Parcel
Service,
Inc.
,
Class
B
............
5,129
868,853
3,455,059
a
Automobile
Components
 — 
0
.5
%
Aptiv
PLC
(a)
.............................
8,962
909,195
BorgWarner,
Inc.
.........................
21,604
880,363
Lear
Corp.
.............................
6,126
882,695
2,672,253
a
Automobiles
 — 
0
.8
%
Ford
Motor
Co.
..........................
71,943
872,669
General
Motors
Co.
.......................
25,999
871,226
Lucid
Group,
Inc.
(a)
(b)
.......................
137,627
864,298
Rivian
Automotive,
Inc.
,
Class
A
(b)
..............
41,466
942,522
Tesla,
Inc.
(a)
.............................
3,767
972,187
4,522,902
a
Banks
 — 
2
.5
%
Bank
of
America
Corp.
.....................
29,873
856,459
Citigroup,
Inc.
...........................
20,502
846,528
Citizens
Financial
Group,
Inc.
................
31,551
887,530
Fifth
Third
Bancorp
.......................
33,691
894,496
First
Citizens
BancShares,
Inc.
,
Class
A
..........
627
852,971
First
Horizon
Corp.
........................
68,292
857,065
Huntington
Bancshares,
Inc.
.................
77,817
862,990
JPMorgan
Chase
&
Co.
....................
5,796
848,129
KeyCorp
...............................
79,637
902,287
M&T
Bank
Corp.
.........................
6,744
843,337
PNC
Financial
Services
Group,
Inc.
(The)
........
7,042
850,181
Regions
Financial
Corp.
....................
44,778
821,228
Truist
Financial
Corp.
......................
30,191
922,335
U.S.
Bancorp
...........................
23,664
864,446
Webster
Financial
Corp.
....................
20,674
876,784
Wells
Fargo
&
Co.
........................
20,380
841,490
13,828,256
a
Beverages
 — 
1
.1
%
Brown-Forman
Corp.
,
Class
B
,
NVS
............
12,780
845,141
Coca-Cola
Co.
(The)
......................
14,291
855,031
Constellation
Brands,
Inc.
,
Class
A
.............
3,346
871,834
Keurig
Dr
Pepper,
Inc.
.....................
25,753
866,589
Molson
Coors
Beverage
Co.
,
Class
B
...........
13,774
874,511
Monster
Beverage
Corp.
(a)
...................
15,044
863,676
Security
Shares
Value
a
Beverages
(continued)
PepsiCo,
Inc.
...........................
4,872
$
866,826
6,043,608
a
Biotechnology
 — 
2
.4
%
AbbVie,
Inc.
............................
5,787
850,458
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
4,578
905,620
Amgen,
Inc.
............................
3,333
854,381
Biogen,
Inc.
(a)
...........................
3,247
868,118
BioMarin
Pharmaceutical,
Inc.
................
9,614
878,527
Exact
Sciences
Corp.
(a)
(b)
....................
10,501
878,619
Gilead
Sciences,
Inc.
......................
11,374
869,884
Horizon
Therapeutics
PLC
...................
8,281
933,600
Incyte
Corp.
(a)
...........................
13,333
860,378
Moderna,
Inc.
...........................
7,760
877,423
Neurocrine
Biosciences,
Inc.
(a)
................
8,017
872,971
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
1,028
849,632
Seagen,
Inc.
(a)
...........................
4,473
921,751
United
Therapeutics
Corp.
...................
3,745
840,228
Vertex
Pharmaceuticals,
Inc.
(a)
................
2,461
857,265
13,118,855
a
Broadline
Retail
 — 
0
.6
%
Amazon.com,
Inc.
(a)
.......................
6,450
890,164
eBay,
Inc.
..............................
20,079
899,138
Etsy,
Inc.
(a)
.............................
11,733
863,197
MercadoLibre,
Inc.
(a)
.......................
704
966,141
3,618,640
a
Building
Products
 — 
1
.8
%
A
O
Smith
Corp.
.........................
12,560
910,600
Allegion
PLC
............................
8,044
915,488
Builders
FirstSource,
Inc.
(b)
..................
6,532
947,401
Carlisle
Companies,
Inc.
....................
3,273
860,865
Carrier
Global
Corp.
.......................
16,252
933,677
Fortune
Brands
Innovations,
Inc.
..............
13,072
902,230
Johnson
Controls
International
PLC
............
14,664
866,056
Lennox
International,
Inc.
...................
2,500
942,025
Masco
Corp.
............................
15,433
910,701
Owens
Corning
..........................
6,384
918,721
Trane
Technologies
PLC
....................
4,377
898,423
10,006,187
a
Capital
Markets
 — 
4
.8
%
Ameriprise
Financial,
Inc.
...................
2,604
879,058
Ares
Management
Corp.
,
Class
A
..............
8,848
915,237
Bank
of
New
York
Mellon
Corp.
(The)
...........
19,798
888,336
BlackRock,
Inc.
(c)
.........................
1,287
901,595
Blackstone,
Inc.
,
NVS
......................
8,797
935,737
Carlyle
Group,
Inc.
(The)
....................
29,580
956,913
Cboe
Global
Markets,
Inc.
...................
5,754
861,431
Charles
Schwab
Corp.
(The)
.................
14,616
864,536
CME
Group,
Inc.
,
Class
A
...................
4,281
867,673
Coinbase
Global,
Inc.
,
Class
A
(b)
...............
11,587
922,325
FactSet
Research
Systems,
Inc.
...............
2,015
879,366
Franklin
Resources,
Inc.
....................
33,559
897,368
Goldman
Sachs
Group,
Inc.
(The)
.............
2,682
878,918
Intercontinental
Exchange,
Inc.
...............
7,607
897,550
Invesco
Ltd.
............................
57,656
917,884
KKR
&
Co.,
Inc.
..........................
14,523
912,190
LPL
Financial
Holdings,
Inc.
..................
3,744
863,329
MarketAxess
Holdings,
Inc.
..................
3,441
829,040
Moody's
Corp.
...........................
2,651
892,857
Morgan
Stanley
..........................
10,271
874,576
MSCI,
Inc.
,
Class
A
.......................
1,654
899,147
Nasdaq,
Inc.
............................
16,664
874,527
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(continued)
August
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
Capital
Markets
(continued)
Northern
Trust
Corp.
.......................
11,365
$
864,536
Raymond
James
Financial,
Inc.
...............
8,282
866,214
Robinhood
Markets,
Inc.
,
Class
A
..............
80,908
881,088
S&P
Global,
Inc.
.........................
2,286
893,506
SEI
Investments
Co.
.......................
14,159
878,708
State
Street
Corp.
........................
12,821
881,316
T
Rowe
Price
Group,
Inc.
...................
8,045
902,890
Tradeweb
Markets,
Inc.
,
Class
A
...............
10,318
891,785
26,669,636
a
Chemicals
 — 
2
.9
%
Air
Products
and
Chemicals,
Inc.
..............
3,031
895,630
Albemarle
Corp.
.........................
4,586
911,284
Celanese
Corp.
..........................
7,347
928,367
CF
Industries
Holdings,
Inc.
..................
10,987
846,768
Corteva,
Inc.
............................
17,162
866,853
Dow,
Inc.
..............................
15,978
871,760
DuPont
de
Nemours,
Inc.
...................
11,598
891,770
Eastman
Chemical
Co.
.....................
10,374
881,894
Ecolab,
Inc.
............................
4,794
881,185
FMC
Corp.
.............................
9,756
841,260
International
Flavors
&
Fragrances,
Inc.
..........
13,307
937,478
Linde
PLC
.............................
2,291
886,709
LyondellBasell
Industries
NV
,
Class
A
...........
8,850
874,114
Mosaic
Co.
(The)
.........................
21,932
852,058
PPG
Industries,
Inc.
.......................
6,233
883,590
RPM
International,
Inc.
.....................
8,610
858,761
Sherwin-Williams
Co.
(The)
..................
3,213
873,036
Westlake
Corp.
..........................
6,620
867,088
15,849,605
a
Commercial
Services
&
Supplies
 — 
0
.9
%
Cintas
Corp.
............................
1,783
898,935
Copart,
Inc.
(a)
...........................
19,869
890,727
Republic
Services,
Inc.
.....................
5,893
849,358
Rollins,
Inc.
.............................
21,674
857,640
Waste
Connections,
Inc.
....................
6,264
858,106
Waste
Management,
Inc.
....................
5,435
852,099
5,206,865
a
Communications
Equipment
 — 
0
.8
%
Arista
Networks,
Inc.
(a)
.....................
4,720
921,486
Cisco
Systems,
Inc.
.......................
15,651
897,585
F5,
Inc.
(a)
..............................
5,551
908,477
Juniper
Networks,
Inc.
.....................
30,835
897,915
Motorola
Solutions,
Inc.
....................
3,113
882,753
4,508,216
a
Construction
&
Engineering
 — 
0
.3
%
AECOM
...............................
9,982
875,921
Quanta
Services,
Inc.
......................
4,269
895,935
1,771,856
a
Construction
Materials
 — 
0
.3
%
Martin
Marietta
Materials,
Inc.
................
2,003
894,159
Vulcan
Materials
Co.
......................
4,075
889,369
1,783,528
a
Consumer
Finance
 — 
0
.8
%
Ally
Financial,
Inc.
........................
31,867
882,397
American
Express
Co.
.....................
5,381
850,144
Capital
One
Financial
Corp.
..................
8,297
849,530
Discover
Financial
Services
..................
9,374
844,316
Synchrony
Financial
.......................
26,343
850,352
4,276,739
a
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
 — 
1
.4
%
Albertsons
Companies,
Inc.
,
Class
A
............
39,969
$
895,306
Costco
Wholesale
Corp.
....................
1,596
876,651
Dollar
General
Corp.
......................
5,292
732,942
Dollar
Tree,
Inc.
(a)
.........................
6,077
743,582
Kroger
Co.
(The)
.........................
18,219
845,179
Sysco
Corp.
............................
12,156
846,665
Target
Corp.
............................
6,734
852,188
Walgreens
Boots
Alliance,
Inc.
................
32,558
824,043
Walmart,
Inc.
............................
5,497
893,867
7,510,423
a
Containers
&
Packaging
 — 
1
.3
%
Amcor
PLC
.............................
91,288
889,145
Avery
Dennison
Corp.
......................
4,871
917,599
Ball
Corp.
..............................
16,289
886,936
Crown
Holdings,
Inc.
......................
9,918
919,002
International
Paper
Co.
.....................
25,429
887,981
Packaging
Corp.
of
America
.................
5,972
890,425
Sealed
Air
Corp.
.........................
25,180
933,171
Westrock
Co.
...........................
27,534
900,637
7,224,896
a
Distributors
 — 
0
.5
%
Genuine
Parts
Co.
........................
5,607
861,964
LKQ
Corp.
.............................
16,486
866,010
Pool
Corp.
.............................
2,469
902,666
2,630,640
a
Diversified
REITs
 — 
0
.2
%
WP
Carey,
Inc.
..........................
13,547
881,232
a
Diversified
Telecommunication
Services
 — 
0
.5
%
AT&T,
Inc.
..............................
61,083
903,417
Liberty
Global
PLC
,
Class
C
,
NVS
(a)
............
45,033
893,455
Verizon
Communications,
Inc.
................
26,142
914,447
2,711,319
a
Electric
Utilities
 — 
2
.5
%
Alliant
Energy
Corp.
.......................
17,175
861,670
American
Electric
Power
Co.,
Inc.
..............
10,977
860,597
Constellation
Energy
Corp.
..................
8,214
855,570
Duke
Energy
Corp.
.......................
9,639
855,943
Edison
International
.......................
12,533
862,897
Entergy
Corp.
...........................
9,081
864,965
Evergy,
Inc.
.............................
15,394
846,208
Eversource
Energy
.......................
13,494
861,187
Exelon
Corp.
............................
21,753
872,730
FirstEnergy
Corp.
........................
24,055
867,664
NextEra
Energy,
Inc.
......................
12,856
858,781
NRG
Energy,
Inc.
.........................
23,516
883,026
PG&E
Corp.
............................
51,834
844,894
PPL
Corp.
.............................
34,220
852,763
Southern
Co.
(The)
.......................
12,770
864,912
Xcel
Energy,
Inc.
.........................
14,868
849,409
13,763,216
a
Electrical
Equipment
 — 
1
.1
%
AMETEK,
Inc.
...........................
5,601
893,416
Eaton
Corp.
PLC
.........................
4,033
929,082
Emerson
Electric
Co.
......................
9,135
897,514
Generac
Holdings,
Inc.
.....................
7,448
884,897
Hubbell,
Inc.
............................
2,819
919,135
Rockwell
Automation,
Inc.
(b)
..................
2,955
922,196
Sensata
Technologies
Holding
PLC
............
23,047
867,028
6,313,268
a
Schedule
of
Investments
(continued)
August
31,
2023
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
 — 
1
.8
%
Amphenol
Corp.
,
Class
A
...................
10,151
$
897,145
Arrow
Electronics,
Inc.
.....................
6,732
898,251
CDW
Corp.
.............................
4,314
910,901
Cognex
Corp.
...........................
18,542
872,957
Corning,
Inc.
............................
27,034
887,256
Jabil,
Inc.
..............................
8,172
935,040
Keysight
Technologies,
Inc.
(a)
.................
6,639
884,979
TE
Connectivity
Ltd.
.......................
6,753
894,030
Teledyne
Technologies,
Inc.
..................
2,135
893,071
Trimble,
Inc.
(a)
...........................
16,397
898,392
Zebra
Technologies
Corp.
,
Class
A
(a)
............
3,226
887,182
9,859,204
a
Energy
Equipment
&
Services
 — 
0
.5
%
Baker
Hughes
Co.
,
Class
A
..................
24,832
898,670
Halliburton
Co.
..........................
22,351
863,196
Schlumberger
Ltd.
........................
15,163
894,010
2,655,876
a
Entertainment
 — 
1
.6
%
Activision
Blizzard,
Inc.
.....................
9,570
880,344
Electronic
Arts,
Inc.
.......................
7,280
873,454
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
13,049
897,641
Live
Nation
Entertainment,
Inc.
(a)
..............
10,296
870,321
Netflix,
Inc.
(a)
............................
2,123
920,703
ROBLOX
Corp.
,
Class
A
....................
31,781
899,085
Roku,
Inc.
,
Class
A
........................
11,207
910,008
Take-Two
Interactive
Software,
Inc.
(b)
............
6,199
881,498
Walt
Disney
Co.
(The)
(a)
....................
10,052
841,151
Warner
Bros
Discovery,
Inc.
,
Series
A
...........
68,421
899,052
8,873,257
a
Financial
Services
 — 
2
.1
%
Apollo
Global
Management,
Inc.
...............
10,684
933,141
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
2,460
886,092
Block,
Inc.
,
Class
A
(a)
......................
15,012
865,442
Equitable
Holdings,
Inc.
....................
31,504
907,315
Fidelity
National
Information
Services,
Inc.
........
15,517
866,780
Fiserv,
Inc.
(a)
............................
7,259
881,170
FleetCor
Technologies,
Inc.
(a)
.................
3,362
913,556
Global
Payments,
Inc.
.....................
7,035
891,264
Jack
Henry
&
Associates,
Inc.
................
5,579
874,676
Mastercard,
Inc.
,
Class
A
....................
2,190
903,682
PayPal
Holdings,
Inc.
(a)
.....................
14,518
907,520
Toast,
Inc.
,
Class
A
........................
40,132
889,726
Visa,
Inc.
,
Class
A
........................
3,615
888,133
11,608,497
a
Food
Products
 — 
2
.3
%
Archer-Daniels-Midland
Co.
..................
10,516
833,919
Bunge
Ltd.
.............................
7,704
880,721
Campbell
Soup
Co.
.......................
20,439
852,306
Conagra
Brands,
Inc.
......................
28,891
863,263
Darling
Ingredients,
Inc.
....................
13,694
845,742
General
Mills,
Inc.
........................
12,499
845,682
Hershey
Co.
(The)
........................
3,979
854,928
Hormel
Foods
Corp.
.......................
22,196
856,544
J
M
Smucker
Co.
(The)
.....................
6,176
895,211
Kellogg
Co.
.............................
14,098
860,260
Kraft
Heinz
Co.
(The)
......................
25,721
851,108
Lamb
Weston
Holdings,
Inc.
.................
9,105
886,918
McCormick
&
Co.,
Inc.
,
NVS
.................
10,316
846,737
Mondelez
International,
Inc.
,
Class
A
............
12,197
869,158
Security
Shares
Value
a
Food
Products
(continued)
Tyson
Foods,
Inc.
,
Class
A
..................
15,817
$
842,572
12,885,069
a
Gas
Utilities
 — 
0
.2
%
Atmos
Energy
Corp.
.......................
7,405
858,610
a
Ground
Transportation
 — 
1
.2
%
CSX
Corp.
.............................
28,113
849,013
JB
Hunt
Transport
Services,
Inc.
..............
4,531
851,284
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
15,376
842,912
Norfolk
Southern
Corp.
.....................
4,109
842,386
Old
Dominion
Freight
Line,
Inc.
...............
2,165
925,256
Uber
Technologies,
Inc.
(a)
...................
19,448
918,529
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
15,955
849,444
Union
Pacific
Corp.
.......................
3,873
854,268
6,933,092
a
Health
Care
Equipment
&
Supplies
 — 
3
.1
%
Abbott
Laboratories
.......................
8,313
855,408
Align
Technology,
Inc.
(a)
.....................
2,538
939,415
Baxter
International,
Inc.
....................
20,557
834,614
Becton
Dickinson
&
Co.
....................
3,146
879,150
Boston
Scientific
Corp.
(a)
....................
17,117
923,291
Cooper
Companies,
Inc.
(The)
................
2,319
858,007
Dentsply
Sirona,
Inc.
......................
22,977
852,217
Dexcom,
Inc.
(a)
..........................
8,235
831,570
Edwards
Lifesciences
Corp.
(a)
................
11,285
862,964
GE
HealthCare
Technologies,
Inc.
.............
12,492
880,061
Hologic,
Inc.
(a)
...........................
11,470
857,268
IDEXX
Laboratories,
Inc.
(a)
...................
1,792
916,447
Insulet
Corp.
(a)
...........................
4,358
835,472
Intuitive
Surgical,
Inc.
(a)
.....................
3,008
940,542
Medtronic
PLC
..........................
10,569
861,374
ResMed,
Inc.
...........................
5,175
825,878
STERIS
PLC
............................
3,890
893,105
Stryker
Corp.
...........................
3,127
886,661
Teleflex,
Inc.
............................
3,949
840,110
Zimmer
Biomet
Holdings,
Inc.
................
7,161
853,018
17,426,572
a
Health
Care
Providers
&
Services
 — 
2
.4
%
Cardinal
Health,
Inc.
.......................
9,949
868,846
Cencora,
Inc.
...........................
4,785
842,064
Centene
Corp.
(a)
.........................
13,538
834,618
Cigna
Group
(The)
........................
3,081
851,157
CVS
Health
Corp.
........................
12,876
839,129
DaVita,
Inc.
(a)
............................
8,490
869,546
Elevance
Health,
Inc.
......................
1,855
819,928
HCA
Healthcare,
Inc.
......................
3,143
871,554
Henry
Schein,
Inc.
(a)
.......................
11,309
865,591
Humana,
Inc.
...........................
1,759
812,007
Laboratory
Corp.
of
America
Holdings
...........
4,011
834,689
McKesson
Corp.
.........................
2,034
838,659
Molina
Healthcare,
Inc.
.....................
2,711
840,735
Quest
Diagnostics,
Inc.
.....................
6,510
856,065
UnitedHealth
Group,
Inc.
....................
1,741
829,726
Universal
Health
Services,
Inc.
,
Class
B
.........
6,728
906,262
13,580,576
a
Health
Care
REITs
 — 
0
.6
%
Healthcare
Realty
Trust,
Inc.
,
Class
A
...........
51,361
899,845
Healthpeak
Properties,
Inc.
..................
43,507
895,374
Ventas,
Inc.
............................
20,720
905,049
Welltower,
Inc.
...........................
10,778
893,281
3,593,549
a
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(continued)
August
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Health
Care
Technology
 — 
0
.2
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
4,614
$
962,942
a
Hotel
&
Resort
REITs
 — 
0
.2
%
Host
Hotels
&
Resorts,
Inc.
..................
54,100
854,239
a
Hotels,
Restaurants
&
Leisure
 — 
3
.5
%
Airbnb,
Inc.
,
Class
A
(a)
......................
7,003
921,245
Aramark
...............................
23,633
878,675
Booking
Holdings,
Inc.
(a)
....................
283
878,723
Caesars
Entertainment,
Inc.
(a)
................
16,938
935,994
Carnival
Corp.
(a)
(b)
.........................
55,693
881,063
Chipotle
Mexican
Grill,
Inc.
(a)
.................
462
890,108
Darden
Restaurants,
Inc.
...................
5,561
864,791
Domino's
Pizza,
Inc.
.......................
2,289
886,759
DoorDash,
Inc.
,
Class
A
....................
11,330
953,193
DraftKings,
Inc.
,
Class
A
....................
30,804
913,339
Expedia
Group,
Inc.
(a)
......................
8,027
870,047
Hilton
Worldwide
Holdings,
Inc.
...............
5,828
866,332
Hyatt
Hotels
Corp.
,
Class
A
(b)
.................
7,679
863,196
Las
Vegas
Sands
Corp.
....................
16,257
891,859
Marriott
International,
Inc.
,
Class
A
.............
4,343
883,844
McDonald's
Corp.
........................
3,082
866,504
MGM
Resorts
International
..................
20,442
899,039
Royal
Caribbean
Cruises
Ltd.
(a)
...............
8,768
867,506
Starbucks
Corp.
..........................
8,943
871,406
Vail
Resorts,
Inc.
.........................
3,832
867,258
Wynn
Resorts
Ltd.
........................
9,140
926,613
Yum!
Brands,
Inc.
........................
6,699
866,717
19,544,211
a
Household
Durables
 — 
1
.1
%
DR
Horton,
Inc.
..........................
7,467
888,722
Garmin
Ltd.
.............................
8,498
900,958
Lennar
Corp.
,
Class
A
......................
7,469
889,483
Mohawk
Industries,
Inc.
(a)
...................
8,898
902,168
NVR,
Inc.
..............................
144
918,336
PulteGroup,
Inc.
.........................
11,131
913,410
Whirlpool
Corp.
..........................
6,494
908,900
6,321,977
a
Household
Products
 — 
0
.8
%
Church
&
Dwight
Co.,
Inc.
...................
9,345
904,316
Clorox
Co.
(The)
.........................
5,746
898,962
Colgate-Palmolive
Co.
.....................
11,691
858,938
Kimberly-Clark
Corp.
......................
6,799
875,915
Procter
&
Gamble
Co.
(The)
.................
5,695
878,966
4,417,097
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.3
%
AES
Corp.
(The)
.........................
48,085
862,164
Vistra
Corp.
............................
29,001
911,211
1,773,375
a
Industrial
Conglomerates
 — 
0
.5
%
3M
Co.
................................
8,719
930,056
General
Electric
Co.
.......................
7,736
885,462
Honeywell
International,
Inc.
.................
4,617
867,719
2,683,237
a
Industrial
REITs
 — 
0
.2
%
Prologis,
Inc.
............................
7,193
893,371
a
Insurance
 — 
4
.1
%
Aflac,
Inc.
..............................
11,651
868,815
Allstate
Corp.
(The)
.......................
8,188
882,748
American
Financial
Group,
Inc.
...............
7,553
875,544
Security
Shares
Value
a
Insurance
(continued)
American
International
Group,
Inc.
.............
14,991
$
877,273
Aon
PLC
,
Class
A
........................
2,669
889,818
Arch
Capital
Group
Ltd.
(a)
...................
11,532
886,350
Arthur
J
Gallagher
&
Co.
....................
3,894
897,489
Assurant,
Inc.
...........................
5,940
827,620
Brown
&
Brown,
Inc.
.......................
12,094
896,166
Chubb
Ltd.
.............................
4,322
868,160
Cincinnati
Financial
Corp.
...................
8,325
880,702
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
3,099
863,784
Everest
Group
Ltd.
........................
2,475
892,683
Fidelity
National
Financial,
Inc.
................
21,745
900,243
Globe
Life,
Inc.
..........................
7,676
856,411
Hartford
Financial
Services
Group,
Inc.
(The)
......
12,108
869,597
Loews
Corp.
............................
14,033
871,309
Markel
Group,
Inc.
(a)
.......................
586
866,647
Marsh
&
McLennan
Companies,
Inc.
............
4,575
892,079
MetLife,
Inc.
............................
14,034
888,914
Principal
Financial
Group,
Inc.
................
11,420
887,448
Progressive
Corp.
(The)
....................
6,536
872,360
Prudential
Financial,
Inc.
....................
9,509
900,217
Travelers
Companies,
Inc.
(The)
...............
5,334
860,001
W
R
Berkley
Corp.
........................
14,129
874,020
Willis
Towers
Watson
PLC
...................
4,287
886,380
22,832,778
a
Interactive
Media
&
Services
 — 
1
.0
%
Alphabet,
Inc.
,
Class
A
(a)
....................
3,554
483,948
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
................
3,169
435,262
Match
Group,
Inc.
(a)
.......................
19,689
922,823
Meta
Platforms,
Inc.
,
Class
A
(a)
................
2,996
886,487
Pinterest,
Inc.
,
Class
A
(a)
....................
31,602
868,739
Snap,
Inc.
,
Class
A
,
NVS
(a)
(b)
.................
92,275
955,046
ZoomInfo
Technologies,
Inc.
.................
48,895
881,088
5,433,393
a
IT
Services
 — 
2
.1
%
Accenture
PLC
,
Class
A
....................
2,827
915,298
Akamai
Technologies,
Inc.
(a)
..................
8,633
907,242
Cloudflare,
Inc.
,
Class
A
(a)
(b)
..................
14,765
960,168
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
12,606
902,715
EPAM
Systems,
Inc.
(a)
......................
3,592
930,292
Gartner,
Inc.
(a)
...........................
2,603
910,217
GoDaddy,
Inc.
,
Class
A
.....................
12,241
887,595
International
Business
Machines
Corp.
..........
6,096
895,076
MongoDB,
Inc.
,
Class
A
(a)
...................
2,432
927,321
Okta,
Inc.
,
Class
A
(a)
.......................
11,817
986,838
Snowflake,
Inc.
,
Class
A
(a)
...................
5,671
889,496
Twilio,
Inc.
,
Class
A
.......................
14,349
914,175
VeriSign,
Inc.
(a)
..........................
4,267
886,640
11,913,073
a
Leisure
Products
 — 
0
.2
%
Hasbro,
Inc.
............................
13,687
985,464
a
Life
Sciences
Tools
&
Services
 — 
2
.2
%
Agilent
Technologies,
Inc.
...................
7,260
878,968
Avantor,
Inc.
............................
39,403
853,075
Bio-Rad
Laboratories,
Inc.
,
Class
A
.............
2,275
910,455
Bio-Techne
Corp.
.........................
10,972
860,205
Charles
River
Laboratories
International,
Inc.
(a)
.....
4,304
890,153
Danaher
Corp.
..........................
3,464
917,960
Illumina,
Inc.
(a)
(b)
..........................
5,137
848,735
IQVIA
Holdings,
Inc.
(a)
......................
4,042
899,871
Mettler-Toledo
International,
Inc.
(a)
.............
735
891,908
Repligen
Corp.
(a)
.........................
5,374
934,592
Schedule
of
Investments
(continued)
August
31,
2023
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Life
Sciences
Tools
&
Services
(continued)
Revvity,
Inc.
............................
7,581
$
887,205
Thermo
Fisher
Scientific,
Inc.
.................
1,623
904,173
Waters
Corp.
(a)
..........................
3,234
908,107
West
Pharmaceutical
Services,
Inc.
............
2,209
898,842
12,484,249
a
Machinery
 — 
3
.1
%
Caterpillar,
Inc.
..........................
3,194
897,929
Cummins,
Inc.
...........................
3,711
853,678
Deere
&
Co.
............................
2,219
911,876
Dover
Corp.
............................
6,181
916,642
Fortive
Corp.
............................
11,356
895,421
Graco,
Inc.
.............................
11,433
902,521
IDEX
Corp.
.............................
3,916
886,582
Illinois
Tool
Works,
Inc.
.....................
3,679
910,001
Ingersoll
Rand,
Inc.
.......................
13,003
905,139
Nordson
Corp.
...........................
3,756
916,990
Otis
Worldwide
Corp.
......................
10,349
885,357
PACCAR,
Inc.
...........................
10,275
845,530
Parker-Hannifin
Corp.
......................
2,187
911,760
Pentair
PLC
............................
13,053
917,104
Snap-on,
Inc.
...........................
3,238
869,727
Stanley
Black
&
Decker,
Inc.
.................
9,669
912,560
Toro
Co.
(The)
...........................
8,811
901,541
Westinghouse
Air
Brake
Technologies
Corp.
.......
7,792
876,756
Xylem,
Inc.
.............................
8,642
894,793
17,011,907
a
Media
 — 
1
.8
%
Charter
Communications,
Inc.
,
Class
A
(a)
.........
2,073
908,223
Comcast
Corp.
,
Class
A
....................
18,914
884,419
Fox
Corp.
,
Class
A
,
NVS
....................
17,521
579,244
Fox
Corp.
,
Class
B
........................
9,177
280,082
Interpublic
Group
of
Companies,
Inc.
(The)
.......
26,654
869,187
Liberty
Broadband
Corp.
,
Class
C
,
NVS
..........
9,732
910,526
Liberty
Media
Corp.-Liberty
SiriusXM
,
Series
C
.....
36,010
880,084
News
Corp.
,
Class
A
,
NVS
..................
42,111
904,965
Omnicom
Group,
Inc.
......................
10,853
879,202
Paramount
Global
,
Class
B
,
NVS
..............
59,004
890,370
Sirius
XM
Holdings,
Inc.
(b)
...................
197,837
870,483
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
11,822
946,115
9,802,900
a
Metals
&
Mining
 — 
1
.0
%
Cleveland-Cliffs,
Inc.
......................
57,721
882,554
Freeport-McMoRan,
Inc.
....................
22,373
892,906
Newmont
Corp.
..........................
22,525
887,935
Nucor
Corp.
............................
5,186
892,511
Reliance
Steel
&
Aluminum
Co.
...............
3,135
893,350
Steel
Dynamics,
Inc.
.......................
8,342
889,174
5,338,430
a
Mortgage
Real
Estate
Investment
Trusts
(REITs)
 — 
0
.2
%
Annaly
Capital
Management,
Inc.
..............
45,279
917,805
a
Multi-Utilities
 — 
1
.5
%
Ameren
Corp.
...........................
10,783
854,768
CenterPoint
Energy,
Inc.
....................
30,561
852,346
CMS
Energy
Corp.
........................
15,323
860,999
Consolidated
Edison,
Inc.
...................
9,728
865,403
Dominion
Energy,
Inc.
......................
17,930
870,322
DTE
Energy
Co.
.........................
8,241
851,955
NiSource,
Inc.
...........................
32,791
877,487
Public
Service
Enterprise
Group,
Inc.
...........
14,343
876,071
Sempra
...............................
12,150
853,173
Security
Shares
Value
a
Multi-Utilities
(continued)
WEC
Energy
Group,
Inc.
....................
10,147
$
853,566
8,616,090
a
Office
REITs
 — 
0
.3
%
Alexandria
Real
Estate
Equities,
Inc.
............
7,565
880,112
Boston
Properties,
Inc.
.....................
13,870
926,100
1,806,212
a
Oil,
Gas
&
Consumable
Fuels
 — 
3
.9
%
APA
Corp.
.............................
19,865
870,882
Cheniere
Energy,
Inc.
......................
5,290
863,328
Chesapeake
Energy
Corp.
..................
9,983
880,600
Chevron
Corp.
...........................
5,413
872,034
ConocoPhillips
..........................
7,404
881,298
Coterra
Energy,
Inc.
.......................
30,746
866,730
Devon
Energy
Corp.
.......................
17,244
880,996
Diamondback
Energy,
Inc.
...................
5,847
887,458
EOG
Resources,
Inc.
......................
6,656
856,095
EQT
Corp.
.............................
19,521
843,698
Exxon
Mobil
Corp.
........................
7,957
884,739
Hess
Corp.
.............................
5,650
872,925
HF
Sinclair
Corp.
.........................
15,369
846,678
Kinder
Morgan,
Inc.
,
Class
P
.................
49,876
858,865
Marathon
Oil
Corp.
........................
32,834
865,176
Marathon
Petroleum
Corp.
..................
6,101
871,040
Occidental
Petroleum
Corp.
..................
13,595
853,630
ONEOK,
Inc.
............................
13,289
866,443
Ovintiv,
Inc.
.............................
18,140
851,854
Phillips
66
..............................
7,670
875,607
Pioneer
Natural
Resources
Co.
...............
3,659
870,586
Targa
Resources
Corp.
.....................
10,285
887,081
Texas
Pacific
Land
Corp.
....................
464
874,524
Valero
Energy
Corp.
.......................
6,625
860,587
Williams
Companies,
Inc.
(The)
...............
24,955
861,696
21,704,550
a
Passenger
Airlines
 — 
0
.3
%
Delta
Air
Lines,
Inc.
.......................
20,812
892,418
Southwest
Airlines
Co.
.....................
27,148
857,877
1,750,295
a
Personal
Care
Products
 — 
0
.3
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
5,691
913,576
Kenvue,
Inc.
............................
36,709
846,143
1,759,719
a
Pharmaceuticals
 — 
1
.6
%
Bristol-Myers
Squibb
Co.
....................
13,942
859,524
Catalent,
Inc.
(a)
(b)
.........................
19,160
957,425
Eli
Lilly
&
Co.
...........................
1,584
877,853
Jazz
Pharmaceuticals
PLC
..................
6,255
896,717
Johnson
&
Johnson
.......................
5,163
834,754
Merck
&
Co.,
Inc.
.........................
7,875
858,218
Pfizer,
Inc.
.............................
23,366
826,689
Royalty
Pharma
PLC
......................
29,069
866,838
Viatris,
Inc.
.............................
77,295
830,921
Zoetis,
Inc.
,
Class
A
.......................
4,781
910,828
8,719,767
a
Professional
Services
 — 
2
.4
%
Automatic
Data
Processing,
Inc.
...............
3,460
880,951
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
7,696
872,034
Broadridge
Financial
Solutions,
Inc.
............
4,881
908,891
Ceridian
HCM
Holding,
Inc.
(a)
(b)
................
12,426
901,134
Clarivate
PLC
(a)
(b)
.........................
120,855
897,953
Equifax,
Inc.
............................
4,501
930,357
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(continued)
August
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Professional
Services
(continued)
Jacobs
Solutions,
Inc.
......................
6,378
$
859,882
Leidos
Holdings,
Inc.
......................
9,018
879,345
Paychex,
Inc.
...........................
7,192
879,078
Paycom
Software,
Inc.
.....................
3,048
898,672
Paylocity
Holding
Corp.
.....................
4,469
896,034
Robert
Half,
Inc.
.........................
11,550
854,238
SS&C
Technologies
Holdings,
Inc.
.............
15,693
901,092
TransUnion
.............................
11,254
914,050
Verisk
Analytics,
Inc.
.......................
3,725
902,269
13,375,980
a
Real
Estate
Management
&
Development
 — 
0
.5
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
10,628
903,911
CoStar
Group,
Inc.
(a)
.......................
11,010
902,710
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
.............
17,638
919,998
2,726,619
a
Residential
REITs
 — 
1
.6
%
American
Homes
4
Rent
,
Class
A
..............
25,036
902,297
AvalonBay
Communities,
Inc.
................
4,870
895,203
Camden
Property
Trust
.....................
8,221
884,744
Equity
LifeStyle
Properties,
Inc.
...............
13,198
883,738
Equity
Residential
........................
13,729
890,051
Essex
Property
Trust,
Inc.
...................
3,722
887,288
Invitation
Homes,
Inc.
......................
26,287
896,124
Mid-America
Apartment
Communities,
Inc.
........
6,069
881,401
Sun
Communities,
Inc.
.....................
7,213
883,016
UDR,
Inc.
..............................
22,666
904,373
8,908,235
a
Retail
REITs
 — 
0
.6
%
Kimco
Realty
Corp.
.......................
45,860
868,589
Realty
Income
Corp.
.......................
15,350
860,214
Regency
Centers
Corp.
....................
14,331
891,388
Simon
Property
Group,
Inc.
..................
7,686
872,284
3,492,475
a
Semiconductors
&
Semiconductor
Equipment
 — 
4
.0
%
Advanced
Micro
Devices,
Inc.
(a)
...............
7,996
845,337
Analog
Devices,
Inc.
.......................
4,867
884,723
Applied
Materials,
Inc.
.....................
5,839
891,966
Broadcom,
Inc.
..........................
1,008
930,273
Enphase
Energy,
Inc.
(a)
(b)
....................
6,606
835,857
Entegris,
Inc.
............................
8,831
894,315
First
Solar,
Inc.
..........................
4,742
896,807
Intel
Corp.
.............................
26,166
919,473
KLA
Corp.
..............................
1,769
887,808
Lam
Research
Corp.
......................
1,296
910,310
Lattice
Semiconductor
Corp.
.................
9,506
924,554
Marvell
Technology,
Inc.
....................
14,532
846,489
Microchip
Technology,
Inc.
...................
10,734
878,471
Micron
Technology,
Inc.
.....................
13,495
943,840
Monolithic
Power
Systems,
Inc.
...............
1,741
907,427
NVIDIA
Corp.
...........................
1,866
920,964
NXP
Semiconductors
NV
...................
4,305
885,625
ON
Semiconductor
Corp.
(a)
..................
9,320
917,647
Qorvo,
Inc.
(a)
............................
8,607
924,306
QUALCOMM,
Inc.
........................
7,823
895,968
Skyworks
Solutions,
Inc.
....................
8,089
879,598
SolarEdge
Technologies,
Inc.
(b)
................
5,237
851,379
Teradyne,
Inc.
...........................
8,430
909,344
Texas
Instruments,
Inc.
.....................
5,145
864,669
Wolfspeed,
Inc.
(a)
(b)
........................
19,443
929,764
22,376,914
a
Security
Shares
Value
a
Software
 — 
6
.3
%
Adobe,
Inc.
(a)
............................
1,679
$
939,132
ANSYS,
Inc.
(a)
...........................
2,915
929,506
Aspen
Technology,
Inc.
(a)
....................
4,488
870,672
Atlassian
Corp.
,
Class
A
....................
4,729
965,000
Autodesk,
Inc.
(a)
..........................
4,281
950,125
Bentley
Systems,
Inc.
,
Class
B
................
18,739
935,263
BILL
Holdings,
Inc.
(a)
(b)
......................
8,070
930,471
Black
Knight,
Inc.
.........................
11,734
888,968
Cadence
Design
Systems,
Inc.
(a)
..............
3,848
925,213
Confluent,
Inc.
,
Class
A
.....................
25,874
856,171
Crowdstrike
Holdings,
Inc.
,
Class
A
.............
5,626
917,207
Datadog,
Inc.
,
Class
A
(a)
....................
9,138
881,634
DocuSign,
Inc.
...........................
17,976
904,193
Dropbox,
Inc.
,
Class
A
(a)
....................
32,291
897,367
Dynatrace,
Inc.
..........................
18,617
897,339
Fair
Isaac
Corp.
(a)
.........................
1,026
928,109
Fortinet,
Inc.
(a)
...........................
14,741
887,556
Gen
Digital,
Inc.
..........................
41,915
848,779
HubSpot,
Inc.
(a)
..........................
1,719
939,468
Intuit,
Inc.
..............................
1,774
961,171
Manhattan
Associates,
Inc.
(a)
.................
4,493
910,372
Microsoft
Corp.
..........................
2,688
881,019
Oracle
Corp.
............................
7,442
895,942
Palantir
Technologies,
Inc.
,
Class
A
.............
60,019
899,085
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
3,619
880,503
PTC,
Inc.
(a)
.............................
6,143
904,065
Roper
Technologies,
Inc.
....................
1,782
889,325
Salesforce,
Inc.
(a)
.........................
4,134
915,516
ServiceNow,
Inc.
(a)
(b)
.......................
1,563
920,341
Splunk,
Inc.
(a)
...........................
8,774
1,063,935
Synopsys,
Inc.
(a)
.........................
1,986
911,356
Tyler
Technologies,
Inc.
(a)
...................
2,301
916,787
UiPath,
Inc.
,
Class
A
(b)
.....................
57,219
904,632
Unity
Software,
Inc.
.......................
25,183
933,534
VMware,
Inc.
,
Class
A
(a)
....................
5,366
905,673
Workday,
Inc.
,
Class
A
(a)
....................
3,823
934,724
Zoom
Video
Communications,
Inc.
,
Class
A
.......
12,840
912,025
Zscaler,
Inc.
(a)
...........................
6,080
948,784
34,780,962
a
Specialized
REITs
 — 
1
.8
%
American
Tower
Corp.
.....................
4,927
893,364
Crown
Castle,
Inc.
........................
8,683
872,641
Digital
Realty
Trust,
Inc.
....................
7,214
950,228
Equinix,
Inc.
............................
1,153
900,931
Extra
Space
Storage,
Inc.
...................
6,762
870,134
Gaming
and
Leisure
Properties,
Inc.
............
18,875
894,675
Iron
Mountain,
Inc.
........................
14,787
939,566
Public
Storage
...........................
3,160
873,361
SBA
Communications
Corp.
,
Class
A
............
3,956
888,241
VICI
Properties,
Inc.
.......................
28,909
891,553
Weyerhaeuser
Co.
........................
26,749
876,030
9,850,724
a
Specialty
Retail
 — 
2
.1
%
AutoZone,
Inc.
(a)
.........................
351
888,497
Bath
&
Body
Works,
Inc.
....................
23,537
867,809
Best
Buy
Co.,
Inc.
........................
10,997
840,721
Burlington
Stores,
Inc.
.....................
5,067
822,171
CarMax,
Inc.
(a)
(b)
..........................
10,723
875,855
Chewy,
Inc.
,
Class
A
(b)
.....................
31,418
753,404
Dick's
Sporting
Goods,
Inc.
..................
5,905
686,988
Home
Depot,
Inc.
(The)
....................
2,678
884,543
Lowe's
Companies,
Inc.
....................
3,979
917,080
O'Reilly
Automotive,
Inc.
(a)
...................
913
857,946
Schedule
of
Investments
(continued)
August
31,
2023
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2023
iShares
Annual
Report
to
Shareholders
Security
Shares
Value
a
Specialty
Retail
(continued)
Ross
Stores,
Inc.
.........................
7,283
$
887,142
TJX
Companies,
Inc.
(The)
..................
9,684
895,576
Tractor
Supply
Co.
........................
4,007
875,529
Ulta
Beauty,
Inc.
(a)
........................
1,925
798,933
11,852,194
a
Technology
Hardware,
Storage
&
Peripherals
 — 
1
.3
%
Apple,
Inc.
.............................
4,917
923,757
Dell
Technologies,
Inc.
,
Class
C
...............
15,498
871,607
Hewlett
Packard
Enterprise
Co.
...............
51,005
866,575
HP,
Inc.
...............................
27,498
816,966
NetApp,
Inc.
............................
11,358
871,159
Seagate
Technology
Holdings
PLC
.............
13,218
935,702
Super
Micro
Computer,
Inc.
..................
3,327
915,191
Western
Digital
Corp.
(a)
(b)
....................
21,432
964,440
7,165,397
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.6
%
Deckers
Outdoor
Corp.
(a)
....................
1,552
821,148
Lululemon
Athletica,
Inc.
(a)
...................
2,248
857,072
Nike,
Inc.
,
Class
B
........................
8,381
852,432
VF
Corp.
..............................
42,549
840,768
3,371,420
a
Tobacco
 — 
0
.3
%
Altria
Group,
Inc.
.........................
20,201
893,288
Philip
Morris
International,
Inc.
................
9,168
880,678
1,773,966
a
Trading
Companies
&
Distributors
 — 
0
.8
%
Fastenal
Co.
............................
15,135
871,473
Ferguson
PLC
...........................
5,599
904,575
United
Rentals,
Inc.
.......................
1,926
917,816
Watsco,
Inc.
............................
2,489
907,365
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
WW
Grainger,
Inc.
........................
1,231
$
879,106
4,480,335
a
Water
Utilities
 — 
0
.3
%
American
Water
Works
Co.,
Inc.
...............
6,282
871,564
Essential
Utilities,
Inc.
......................
23,452
865,379
1,736,943
a
Wireless
Telecommunication
Services
 — 
0
.2
%
T-Mobile
U.S.,
Inc.
(a)
.......................
6,374
868,458
a
Total
Long-Term
Investments — 99.5%
(Cost:
$
517,891,626
)
................................
552,480,239
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.52
%
(c)
(d)
(e)
......................
13,700,681
13,704,791
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.31
%
(c)
(d)
............................
828,406
828,406
a
Total
Short-Term
Securities — 2.6%
(Cost:
$
14,525,071
)
.................................
14,533,197
Total
Investments
—
102.1%
(Cost:
$
532,416,697
)
................................
567,013,436
Liabilities
in
Excess
of
Other
Assets
—
(
2
.1
)
%
...............
(
11,480,634
)
Net
Assets
—
100.0%
.................................
$
555,532,802
(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
year
ended
August
31,
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
08/31/23
  Shares
Held
at
08/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
19,441,960
$
—
$
(
5,734,082
)
(a)
$
(
131
)
$
(
2,956
)
$
13,704,791
13,700,681
$
202,108
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.....
572,417
255,989
(a)
—
—
—
828,406
828,406
29,928
—
BlackRock,
Inc.
.
656,394
456,287
(
238,475
)
61,308
(
33,919
)
901,595
1,287
19,662
—
$
61,177
$
(
36,875
)
$
15,434,792
$
251,698
$
—
(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.
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(continued)
August
31,
2023
15
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
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
August
31,
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. 
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
..................................................................
6
09/15/23
$
1,355
$
(
3,018
)
E-Mini
S&P
MidCap
400
Index
............................................................
5
09/15/23
1,324
4,372
$
1,354
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)
.............
$
—
$
—
$
4,372
$
—
$
—
$
—
$
4,372
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
3,018
$
—
$
—
$
—
$
3,018
(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
..................................
$
—
$
—
$
35,526
$
—
$
—
$
—
$
35,526
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
9,725
$
—
$
—
$
—
$
9,725
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,781,162
a
Schedule
of
Investments
(continued)
August
31,
2023
iShares
®
MSCI
USA
Equal
Weighted
ETF
16
2023
iShares
Annual
Report
to
Shareholders
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
552,480,239
‌
$
—
‌
$
—
‌
$
552,480,239
‌
Short-Term
Securities
Money
Market
Funds
......................................
14,533,197
‌
—
‌
—
‌
14,533,197
‌
$
567,013,436
‌
$
—
‌
$
—
‌
$
567,013,436
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
4,372
‌
$
—
‌
$
—
‌
$
4,372
‌
Liabilities
Equity
Contracts
...........................................
(
3,018
)
—
‌
—
‌
(
3,018
)
$
1,354
‌
$
—
‌
$
—
‌
$
1,354
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
17
Financial
Statements
Statement
of
Assets
and
Liabilities
August
31,
2023
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................................
$
551,578,644
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................................
15,434,792
‌
Cash
...........................................................................................................
10,648
‌
Cash
pledged:
Futures
contracts
.................................................................................................
86,000
‌
Receivables:
Investments
sold
.................................................................................................
29,815,519
‌
Securities
lending
income
—
affiliated
...................................................................................
13,821
‌
Capital
shares
sold
................................................................................................
70,004
‌
Dividends
—
unaffiliated
............................................................................................
797,584
‌
Dividends
—
affiliated
..............................................................................................
3,318
‌
Total
assets
......................................................................................................
597,810,330
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................................
13,709,502
‌
Payables:
Investments
purchased
.............................................................................................
28,525,712
‌
Investment
advisory
fees
............................................................................................
40,502
‌
Variation
margin
on
futures
contracts
....................................................................................
1,812
‌
Total
liabilities
.....................................................................................................
42,277,528
‌
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................................
$
555,532,802
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
576,260,623
‌
Accumulated
loss
..................................................................................................
(
20,727,821
)
NET
ASSETS
.....................................................................................................
$
555,532,802
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
7,000,000
‌
Net
asset
value
....................................................................................................
$
79.36
‌
Shares
authorized
..................................................................................................
500
million
Par
value
........................................................................................................
$                    0.001
(a)
Securities
loaned,
at
value
..........................................................................................
$
13,300,213
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................................
$
517,017,774
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................................
$
15,398,923
‌
18
2023
iShares
Annual
Report
to
Shareholders
Statement
of
Operations
Year
Ended
August
31,
2023
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................................
$
7,643,043
‌
Dividends
—
affiliated
..............................................................................................
49,590
‌
Interest
—
unaffiliated
..............................................................................................
3,784
‌
Securities
lending
income
—
affiliated
—
net
...............................................................................
202,108
‌
Foreign
taxes
withheld
.............................................................................................
(
3,417
)
Total
investment
income
..............................................................................................
7,895,108
‌
EXPENSES
Investment
advisory
...............................................................................................
399,511
‌
Total
expenses
....................................................................................................
399,511
‌
Net
investment
income
...............................................................................................
7,495,597
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................................
(
29,814,168
)
Investments
—
affiliated
...........................................................................................
(
3,279
)
Futures
contracts
...............................................................................................
35,526
‌
In-kind
redemptions
—
unaffiliated
(a)
...................................................................................
30,055,359
‌
In-kind
redemptions
—
affiliated
(a)
....................................................................................
64,456
‌
337,894
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................................
29,545,334
‌
Investments
—
affiliated
...........................................................................................
(
36,875
)
Futures
contracts
...............................................................................................
9,725
‌
29,518,184
‌
Net
realized
and
unrealized
gain
........................................................................................
29,856,078
‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................................
$
37,351,675
‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
19
Financial
Statements
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
Year
Ended
08/31/23
Year
Ended
08/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
7,495,597
‌
$
7,012,298
‌
Net
realized
gain
................................................................................
337,894
‌
23,488,105
‌
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
29,518,184
‌
(
100,544,068
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................................
37,351,675
‌
(
70,043,665
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
7,198,664
)
(
6,766,523
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................................................
112,912,241
‌
16,185,919
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................................................
143,065,252
‌
(
60,624,269
)
Beginning
of
year
..................................................................................
412,467,550
‌
473,091,819
‌
End
of
year
......................................................................................
$
555,532,802
‌
$
412,467,550
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
20
2023
iShares
Annual
Report
to
Shareholders
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
Year
Ended
08/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Year
Ended
08/31/19
Net
asset
value,
beginning
of
year
.........................
$
74.32
‌
$
87.61
‌
$
62.79
‌
$
58.13
‌
$
59.33
‌
Net
investment
income
(a)
...............................
1.27
‌
1.25
‌
1.03
‌
1.09
‌
0.92
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....................
5.05
‌
(13.32
)
24.72
‌
4.65
‌
(1.11
)
Net
increase
(decrease)
from
investment
operations
..............
6.32
‌
(12.07
)
25.75
‌
5.74
‌
(0.19
)
Distributions
from
net
investment
income
(c)
.....................
(1.28
)
(1.22
)
(0.93
)
(1.08
)
(1.01
)
Net
asset
value,
end
of
year
.............................
$
79.36
‌
$
74.32
‌
$
87.61
‌
$
62.79
‌
$
58.13
‌
Total
Return
(d)
–
–
–
–
–
Based
on
net
asset
value
................................
8.69
%
(13.93
)%
41.36
%
10.18
%
(0.23
)%
Ratios
to
Average
Net
Assets
(e)
–
–
–
–
–
Total
expenses
.......................................
0.09
%
0.10
%
0.15
%
0.15
%
0.15
%
Total
expenses
after
fees
waived
...........................
0.09
%
0.09
%
0.15
%
0.15
%
0.15
%
Net
investment
income
..................................
1.69
%
1.52
%
1.34
%
1.84
%
1.63
%
Supplemental
Data
Net
assets,
end
of
year
(000)
..............................
$
555,533
‌
$
412,468
‌
$
473,092
‌
$
226,062
‌
$
308,090
‌
Portfolio
turnover
rate
(f)
..................................
28
%
27
%
30
%
30
%
24
%
(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)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(f)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
21
Notes
to
Financial
Statements
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
August
31,
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.
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
(continued)
22
2023
iShares
Annual
Report
to
Shareholders
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
(
continued)
23
Notes
to
Financial
Statements
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
...........................................
$
1,627,331
‌
$
(1,627,331
)
$
—
‌
$
—
‌
BNP
Paribas
SA
.............................................
1,066,741
‌
(1,066,741
)
—
‌
—
‌
BofA
Securities,
Inc.
..........................................
1,401,132
‌
(1,362,372
)
—
‌
38,760
‌
Citadel
Clearing
LLC
..........................................
17,199
‌
(17,199
)
—
‌
—
‌
Citigroup
Global
Markets,
Inc.
....................................
760,282
‌
(760,282
)
—
‌
—
‌
Goldman
Sachs
&
Co.
LLC
.....................................
2,015,141
‌
(2,015,141
)
—
‌
—
‌
HSBC
Bank
PLC
............................................
2,940,221
‌
(2,940,221
)
—
‌
—
‌
J.P.
Morgan
Securities
LLC
.....................................
361,278
‌
(361,278
)
—
‌
—
‌
Morgan
Stanley
.............................................
975,620
‌
(975,620
)
—
‌
—
‌
National
Financial
Services
LLC
..................................
275,770
‌
(275,770
)
—
‌
—
‌
Natixis
SA
.................................................
12,063
‌
(12,063
)
—
‌
—
‌
RBC
Capital
Markets
LLC
......................................
126,215
‌
(126,215
)
—
‌
—
‌
Toronto-Dominion
Bank
........................................
681,850
‌
(681,850
)
—
‌
—
‌
UBS
AG
..................................................
998,822
‌
(998,822
)
—
‌
—
‌
Wells
Fargo
Bank
NA
.........................................
40,548
‌
(40,474
)
—
‌
74
‌
$
13,300,213
‌
$
(13,261,379
)
$
—
‌
$
38,834
‌
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
August
31,
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
(continued)
24
2023
iShares
Annual
Report
to
Shareholders
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 year
ended
August
31,
2023,
the
Fund
paid
BTC
$55,139 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
year
ended
August
31,
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 year
ended
August
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
August
31,
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
.........................................................
$
39,988,150
‌
$
44,661,155
‌
$
(6,501,948
)
iShares
ETF
Purchases
Sales
MSCI
USA
Equal
Weighted
...........................................................................
$
124,844,868
‌
$
125,301,041
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
USA
Equal
Weighted
...........................................................................
$
228,963,890
‌
$
116,888,755
‌
Notes
to
Financial
Statements
(
continued)
25
Notes
to
Financial
Statements
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Fund
as
of
August
31,
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.
U.S.
GAAP
requires
that
certain
components
of
net
assets
be
adjusted
to
reflect
permanent
differences
between
financial
and
tax
reporting.
These
reclassifications
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
August
31,
2023,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
August
31,
2023,
the
tax
components
of
accumulated
net earnings
(losses)
were
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
August
31,
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,
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
MSCI
USA
Equal
Weighted
...........................................................................
$
30,030,129
‌
$
(30,030,129
)
iShares
ETF
Year
Ended
08/31/23
Year
Ended
08/31/22
MSCI
USA
Equal
Weighted
Ordinary
income
..........................................................................................
$
7,198,664
‌
$
6,766,523
‌
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
MSCI
USA
Equal
Weighted
.......................................
$
1,558,838
‌
$
(55,536,677
)
$
33,250,018
‌
$
(20,727,821
)
(a)
Amounts
available
to
offset
future
realized
capital
gains.
(b)
The
difference
between
book-basis
and
tax-basis
net
unrealized
gains
(losses)
was
attributable
primarily
to
the
tax
deferral
of
losses
on
wash
sales,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
the
realization
for
tax
purposes
of
unrealized
gains
on
investments
in
passive
foreign
investment
companies,
the
characterization
of
corporate
actions
and
the
timing
and
recognition
of
realized
gains
(losses)
for
tax
purposes.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
USA
Equal
Weighted
.......................................
$
533,760,979
‌
$
63,531,960
‌
$
(30,279,503
)
$
33,252,457
‌
Notes
to
Financial
Statements
(continued)
26
2023
iShares
Annual
Report
to
Shareholders
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.
Geographic/Asset
Class
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.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the
Fund
invests.
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.
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.
Year
Ended
08/31/23
Year
Ended
08/31/22
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
USA
Equal
Weighted
Shares
sold
...............................................
3,000,000
‌
$
230,557,616
‌
1,350,000
‌
$
112,623,588
‌
Shares
redeemed
...........................................
(1,550,000
)
(117,645,375
)
(1,200,000
)
(96,437,669
)
1,450,000
‌
$
112,912,241
‌
150,000
‌
$
16,185,919
‌
Notes
to
Financial
Statements
(
continued)
27
Notes
to
Financial
Statements
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.
Report
of
Independent
Registered
Public
Accounting
Firm
28
2023
iShares
Annual
Report
to
Shareholders
To
the
Board
of
Directors
of
iShares,
Inc.
and
Shareholders
of
iShares
MSCI
USA
Equal
Weighted
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
iShares
MSCI
USA
Equal
Weighted
ETF
(one
of
the
funds
constituting
iShares,
Inc.,
referred
to
hereafter
as
the
“Fund”)
as
of
August
31,
2023,
the
related
statement
of
operations
for
the
year
ended
August
31,
2023,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
August
31,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
August
31,
2023
(collectively
referred
to
as
the
“financial
statements”).
In
our
opinion,
the
financial
statements
present
fairly,
in
all
material
respects,
the
financial
position
of
the
Fund
as
of
August
31,
2023,
the
results
of
its
operations
for
the
year
then
ended,
the
changes
in
its
net
assets
for
each
of
the
two
years
in
the
period
ended
August
31,
2023,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
August
31,
2023
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
Basis
for
Opinion
These
financial
statements
are
the
responsibility
of
the
Fund’s
management.
Our
responsibility
is
to
express
an
opinion
on
the
Fund’s
financial
statements
based
on
our
audits.
We
are
a
public
accounting
firm
registered
with
the
Public
Company
Accounting
Oversight
Board
(United
States)
(PCAOB)
and
are
required
to
be
independent
with
respect
to
the
Fund
in
accordance
with
the
U.S.
federal
securities
laws
and
the
applicable
rules
and
regulations
of
the
Securities
and
Exchange
Commission
and
the
PCAOB.
We
conducted
our
audits
of
these
financial
statements
in
accordance
with
the
standards
of
the
PCAOB.
Those
standards
require
that
we
plan
and
perform
the
audit
to
obtain
reasonable
assurance
about
whether
the
financial
statements
are
free
of
material
misstatement,
whether
due
to
error
or
fraud.
Our
audits
included
performing
procedures
to
assess
the
risks
of
material
misstatement
of
the
financial
statements,
whether
due
to
error
or
fraud,
and
performing
procedures
that
respond
to
those
risks.
Such
procedures
included
examining,
on
a
test
basis,
evidence
regarding
the
amounts
and
disclosures
in
the
financial
statements.
Our
audits
also
included
evaluating
the
accounting
principles
used
and
significant
estimates
made
by
management,
as
well
as
evaluating
the
overall
presentation
of
the
financial
statements.
Our
procedures
included
confirmation
of
securities
owned
as
of
August
31,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers;
when
replies
were
not
received
from
brokers,
we
performed
other
auditing
procedures.
We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
October
23,
2023
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
Important
Tax
Information
(unaudited)
29
Important
Tax
Information
The
following
amount,
or
maximum
amount
allowable
by
law,
is
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
August
31,
2023:
The
following
amount,
or
maximum
amount
allowable
by
law,
is
hereby
designated
as
qualified
business
income
for
individuals
for
the
fiscal
year
ended
August
31,
2023:
The
following
percentage,
or
maximum
percentage
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended August
31,
2023
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
MSCI
USA
Equal
Weighted
..............................................................................................
$
6,534,488‌
iShares
ETF
Qualified
Business
Income
MSCI
USA
Equal
Weighted
..............................................................................................
$
213,786‌
iShares
ETF
Dividends-Received
Deduction
MSCI
USA
Equal
Weighted
..............................................................................................
82
.99‌
%
Board
Review
and
Approval
of
Investment
Advisory
Contract
30
2023
iShares
Annual
Report
to
Shareholders
iShares
MSCI
USA
Equal
Weighted
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Company’s
Board
of
Directors
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Company
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Company
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
31
Board
Review
and
Approval
of
Investment
Advisory
Contract
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
32
2023
iShares
Annual
Report
to
Shareholders
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs 
Effective
January
24,
2023,
the
SEC adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Premium/Discount
Information
Information
on
the
Fund’s
net
asset
value,
market
price,
premiums
and
discounts,
and
bid-ask
spreads
can
be
found
at
iShares.com
.
Regulation
under
the
Alternative
Investment
Fund
Managers
Directive
The
Alternative
Investment
Fund
Managers
Directive,
and
its
United
Kingdom
(“UK”)
equivalent,
(“AIFMD”)
impose
detailed
and
prescriptive
obligations
on
fund
managers
established
in
the
European
Union
(the
“EU”)
and
the
UK.
These
do
not
currently
apply
to
managers
established
outside
of
the
EU
or
UK,
such
as BFA
(the
“Company”).
Rather,
the
Company
is
only
required
to
comply
with
certain
disclosure,
reporting
and
transparency
obligations
of
AIFMD
because
it
has
registered
the
iShares
MSCI
USA
Equal
Weighted
ETF (the
“Fund”)
to
be
marketed
to
investors
in
the
EU
and/or
UK.
Report
on
Remuneration
The
Company
is
required
under
AIFMD
to
make
quantitative
disclosures
of
remuneration.
These
disclosures
are
made
in
line
with
BlackRock’s
interpretation
of
currently
available
regulatory
guidance
on
quantitative
remuneration
disclosures.
As
market
or
regulatory
practice
develops
BlackRock
may
consider
it
appropriate
to
make
changes
to
the
way
in
which
quantitative
remuneration
disclosures
are
calculated.
Where
such
changes
are
made,
this
may
result
in
disclosures
in
relation
to
a
fund
not
being
comparable
to
the
disclosures
made
in
the
prior
year,
or
in
relation
to
other
BlackRock
fund
disclosures
in
that
same
year.
Disclosures
are
provided
in
relation
to
(a)
the
staff
of
the
Company;
(b)
staff
who
are
senior
management;
and
(c)
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Fund.
All
individuals
included
in
the
aggregated
figures
disclosed
are
rewarded
in
line
with
BlackRock’s
remuneration
policy
for
their
responsibilities
across
the
relevant
BlackRock
business
area.
As
all
individuals
have
a
number
of
areas
of
responsibilities,
only
the
portion
of
remuneration
for
those
individuals’
services
attributable
to
the
Fund
is
included
in
the
aggregate
figures
disclosed.
BlackRock
has
a
clear
and
well
defined
pay-for-performance
philosophy,
and
compensation
programs
which
support
that
philosophy.
BlackRock
operates
a
total
compensation
model
for
remuneration
which
includes
a
base
salary,
which
is
contractual,
and
a
discretionary
bonus
scheme.
Although
all
employees
are
eligible
to
receive
a
discretionary
bonus,
there
is
no
contractual
obligation
to
make
a
discretionary
bonus
award
to
any
employees.
For
senior
management
and
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Fund,
a
significant
percentage
of
variable
remuneration
is
deferred
over
time.
All
employees
are
subject
to
a
clawback
policy.
Remuneration
decisions
for
employees
are
made
once
annually
in
January
following
the
end
of
the
performance
year,
based
on
BlackRock’s
full-year
financial
results
and
other
non-financial
goals
and
objectives.
Alongside
financial
performance,
individual
total
compensation
is
also
based
on
strategic
and
operating
results
and
other
considerations
such
as
management
and
leadership
capabilities.
No
set
formulas
are
established
and
no
fixed
benchmarks
are
used
in
determining
annual
incentive
awards.
Annual
incentive
awards
are
paid
from
a
bonus
pool
which
is
reviewed
throughout
the
year
by
BlackRock’s
independent
compensation
committee,
taking
into
account
both
actual
and
projected
financial
information
together
with
information
provided
by
the
Enterprise
Risk
and
Regulatory
Compliance
departments
in
relation
to
any
activities,
incidents
or
events
that
warrant
consideration
in
making
compensation
decisions.
Individuals
are
not
involved
in
setting
their
own
remuneration.
Each
of
the
control
functions
(Enterprise
Risk,
Legal
&
Compliance,
and
Internal
Audit)
each
have
their
own
organizational
structures
which
are
independent
of
the
business
units
and
therefore
staff
members
in
control
functions
are
remunerated
independently
of
the
business
they
oversee.
Functional
bonus
pools
for
those
control
functions
are
determined
with
reference
to
the
performance
of
each
individual
function
and
the
remuneration
of
the
senior
members
of
control
functions
is
directly
overseen
by
BlackRock’s
independent
remuneration
committee. 
Members
of
staff
and
senior
management
of
the
Company
typically
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
Company
and
across
the
broader
BlackRock
group.
Conversely,
members
of
staff
and
senior
management
of
the
broader
BlackRock
group
may
provide
both
AIFMD
and
non-AIFMD
related
services
in
respect
of
multiple
funds,
clients
and
functions
of
the
broader
BlackRock
group
and
of
the
Company.
Therefore,
the
figures
disclosed
are
a
sum
of
individuals’
portion
of
remuneration
attributable
to
the
Company
according
to
an
objective
apportionment
methodology
which
acknowledges
the
multiple-service
nature
of
the
Company
and
the
broader
BlackRock
group.
Accordingly,
the
figures
are
not
representative
of
any
individual’s
actual
remuneration
or
their
remuneration
structure.
The
amount
of
the
total
remuneration
awarded
to
the
Company’s
staff
in
respect
of
the
Company’s
financial
year
ending
December
31,
2022
was
USD
4.12
million.
This
figure
is
comprised
of
fixed
remuneration
of
USD
685
thousand
and
variable
remuneration
of
USD
3.44
million.
There
was
a
total
of
8
beneficiaries
of
the
remuneration
described
above.
The
amount
of
the
aggregate
remuneration
awarded
by
the
Company
in
respect
of
the
Company’s
financial
year
ending
December
31,
2022,
to
its
senior
management
was
USD
2.96
million,
and
to
other
members
of
its
staff
whose
actions
potentially
have
a
material
impact
on
the
risk
profile
of
the
Company
or
its
funds
was
USD
970
thousand.
These
figures
relate
to
the
entire
Company
and
not
to
the
Fund.
33
Supplemental
Information
Supplemental
Information
(unaudited)
(continued)
Disclosures
under
the
EU
Sustainable
Finance
Disclosure
Regulation
The
iShares
MSCI
USA
Equal
Weighted
ETF (the
“Fund”)
is
registered
under
the
Alternative
Investment
Fund
Managers
Directive
to
be
marketed
to
European
Union
(“EU”)
investors,
as
noted
above.
As
a
result,
certain
disclosures
are
required
under
the
EU
Sustainable
Finance
Disclosure
Regulation
(“SFDR”).
The
Fund
has
not
been
categorized
under
the
SFDR
as
an
“Article
8”
or
“Article
9”
product.
In
addition,
the
Fund’s
investment
strategy
does
not
take
into
account
the
criteria
for
environmentally
sustainable
economic
activities
under
the
EU
sustainable
investment
taxonomy
regulation
or
principal
adverse
impacts
(“PAIs”)
on
sustainability
factors
under
the
SFDR.
PAIs
are
identified
under
the
SFDR
as
the
material
impacts
of
investment
decisions
on
sustainability
factors
relating
to
environmental,
social
and
employee
matters,
respect
for
human
rights,
and
anti-corruption
and
anti-bribery
matters.
Director
and
Officer
Information
(unaudited)
34
2023
iShares
Annual
Report
to
Shareholders
The
Board
of
Directors
has
responsibility
for
the
overall
management
and
operations
of
the
Funds,
including
general
supervision
of
the
duties
performed
by
BFA
and
other
service
providers.
Each Director
serves
until
he
or
she
resigns,
is
removed,
dies,
retires
or
becomes
incapacitated.
Each
officer
shall
hold
office
until
his
or
her
successor
is
elected
and
qualifies
or
until
his
or
her
death,
resignation
or
removal. Directors
who
are
not
“interested
persons”
(as
defined
in
the
1940
Act)
of
the Company
are
referred
to
as
independent directors
(“Independent
Directors”).
The
registered
investment
companies
advised
by
BFA
or
its
affiliates
(the
“BlackRock-advised
Funds”)
are
organized
into
one
complex
of
open-end
equity,
multi-asset,
index
and
money
market
funds
and
ETFs
(the
“BlackRock
Multi-Asset
Complex”),
one
complex
of
closed-end
funds
and
open-end
non-index
fixed-income
funds
(including
ETFs)
(the
“BlackRock
Fixed-Income
Complex”)
and
one
complex
of
ETFs
(“Exchange-Traded
Fund
Complex”)
(each,
a
“BlackRock
Fund
Complex”).
Each
Fund
is
included
in
the
Exchange-Traded
Fund
Complex.
Each Director
also
serves
as
a Trustee
of
iShares
Trust
and
a
Trustee
of
iShares
U.S.
ETF
Trust
and,
as
a
result,
oversees
all
of
the
funds
within
the
Exchange-Traded
Fund
Complex,
which
consists
of
387
funds
as
of
August
31,
2023.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Aaron
Wasserman,
the
address
of
each Director
and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Wasserman
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
NY
10001.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Funds’ Directors
and
officers
may
be
found
in
the
Funds’
combined
Statement
of
Additional
Information,
which
is
available
without
charge,
upon
request,
by
calling
toll-free
1-800-iShares
(1-800-474-2737).
Interested
Directors
(a)
Robert
S.
Kapito
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Company
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
(b)
Salim
Ramji
is
deemed
to
be
an
“interested
person”
(as
defined
in
the
1940
Act)
of
the
Company
due
to
his
affiliations
with
BlackRock,
Inc.
and
its
affiliates.
Independent
Directors
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Director
Robert
S.
Kapito
(a)
(1957)
Director
(since
2009).
President,
BlackRock,
Inc.
(since
2006);
Vice
Chairman
of
BlackRock,
Inc.
and
Head
of
BlackRock’s
Portfolio
Management
Group
(since
its
formation
in
1998)
and
BlackRock,
Inc.’s
predecessor
entities
(since
1988);
Trustee,
University
of
Pennsylvania
(since
2009);
President
of
Board
of
Directors,
Hope
&
Heroes
Children’s
Cancer
Fund
(since
2002).
Director
of
BlackRock,
Inc.
(since
2006);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Trustee
of
iShares
Trust
(since
2009)
Salim
Ramji
(b)
(1970)
Director
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019);
Trustee
of
iShares
Trust
(since
2019).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Director
John
E.
Kerrigan
(1955)
Director
(since
2005);
Independent
Board
Chair
(since
2022).
Chief
Investment
Officer,
Santa
Clara
University
(since
2002).
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Trustee
of
iShares
Trust
(since
2005);
Independent
Board
Chair
of
iShares
Trust
and
iShares
U.S.
ETF
Trust
(since
2022).
Jane
D.
Carlin
(1956)
Director
(since
2015);
Risk
Committee
Chair
(since
2016).
Consultant
(since
2012);
Member
of
the
Audit
Committee
(2012-2018),
Chair
of
the
Nominating
and
Governance
Committee
(2017-2018)
and
Director
of
PHH
Corporation
(mortgage
solutions)
(2012-2018);
Managing
Director
and
Global
Head
of
Financial
Holding
Company
Governance
&
Assurance
and
the
Global
Head
of
Operational
Risk
Management
of
Morgan
Stanley
(2006-2012).
Trustee
of
iShares
U.S.
ETF
Trust
(since
2015);
Trustee
of
iShares
Trust
(since
2015);
Member
of
the
Audit
Committee
(since
2016),
Chair
of
the
Audit
Committee
(since
2020)
and
Director
of
The
Hanover
Insurance
Group,
Inc.
(since
2016).
Richard
L.
Fagnani
(1954)
Director
(since
2017);
Audit
Committee
Chair
(since
2019).
Partner,
KPMG
LLP
(2002-2016);
Director
of
One
Generation
Away
(since
2021).
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017);
Trustee
of
iShares
Trust
(since
2017).
Cecilia
H.
Herbert
(1949)
Director
(since
2005);
Nominating
and
Governance
and
Equity
Plus
Committee
Chairs
(since
2022).
Chair
of
the
Finance
Committee
(since
2019)
and
Trustee
and
Member
of
the
Finance,
Audit
and
Quality
Committees
of
Stanford
Health
Care
(since
2016);
Trustee
of
WNET,
New
York’s
public
media
company
(since
2011)
and
Member
of
the
Audit
Committee
(since
2018),
Investment
Committee
(since
2011)
and
Personnel
Committee
(since
2022);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021);
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018).
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Trustee
of
iShares
Trust
(since
2005).
Drew
E.
Lawton
(1959)
Director
(since
2017);
15(c)
Committee
Chair
(since
2017).
Senior
Managing
Director
of
New
York
Life
Insurance
Company
(2010-2015).
Trustee
of
iShares
U.S.
ETF
Trust
(since
2017);
Trustee
of
iShares
Trust
(since
2017);
Director
of
Jackson
Financial
Inc.
(since
2021).
Director
and
Officer
Information
(unaudited)
(
continued)
35
Director
and
Officer
Information
Officers
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Other
Directorships
Held
by
Director
John
E.
Martinez
(1961)
Director
(since
2003);
Securities
Lending
Committee
Chair
(since
2019).
Director
of
Real
Estate
Equity
Exchange,
Inc.
(since
2005);
Director
of
Cloudera
Foundation
(2017-2020);
and
Director
of
Reading
Partners
(2012-2016).
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Trustee
of
iShares
Trust
(since
2003).
Madhav
V.
Rajan
(1964)
Director
(since
2011);
Fixed
Income
Plus
Committee
Chair
(since
2019).
Dean,
and
George
Pratt
Shultz
Professor
of
Accounting,
University
of
Chicago
Booth
School
of
Business
(since
2017);
Advisory
Board
Member
(since
2016)
and
Director
(since
2020)
of
C.M.
Capital
Corporation;
Chair
of
the
Board
for
the
Center
for
Research
in
Security
Prices,
LLC
(since
2020);
Robert
K.
Jaedicke
Professor
of
Accounting,
Stanford
University
Graduate
School
of
Business
(2001-2017);
Professor
of
Law
(by
courtesy),
Stanford
Law
School
(2005-2017);
Senior
Associate
Dean
for
Academic
Affairs
and
Head
of
MBA
Program,
Stanford
University
Graduate
School
of
Business
(2010-2016).
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011);
Trustee
of
iShares
Trust
(since
2011).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Dominik
Rohé
(1973)
President
(since
2023).
Managing
Director,
BlackRock,
Inc.
(since
2005);
Head
of
Americas
ETF
and
Index
Investments
(since
2023);
Head
of
Latin
America
(2019-2023).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
2019);
Chief
Financial
Officer
of
iShares
Delaware
Trust
Sponsor
LLC,
BlackRock
Funds,
BlackRock
Funds
II,
BlackRock
Funds
IV,
BlackRock
Funds
V
and
BlackRock
Funds
VI
(since
2021);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Aaron
Wasserman
(1974)
Chief
Compliance
Officer
(since
2023).
Managing
Director
of
BlackRock,
Inc.
(since
2018);
Chief
Compliance
Officer
of
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the
Exchange-Traded
Fund
Complex
(since
2023);
Deputy
Chief
Compliance
Officer
for
the
BlackRock
Multi-Asset
Complex,
the
BlackRock
Fixed-Income
Complex
and
the
Exchange-Traded
Funds
Complex
(2014-2023).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2023);
Director,
BlackRock,
Inc.
(2018-2022);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
March
30,
2023,
Dominik
Rohé
replaced
Armando
Senra
as
President.
Effective
July
1,
2023,
Aaron
Wasserman
replaced
Charles
Park
as
Chief
Compliance
Officer.
Independent
Directors
(
continued
)
General
Information
36
2023
iShares
Annual
Report
to
Shareholders
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
37
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
NVS
Non-Voting
Shares
iS-AR-823-0823
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.