iShares Inc.

11/06/2024 | Press release | Distributed by Public on 11/06/2024 09:31

Annual Report by Investment Company Form N CSR

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09102
Name of Fund: iShares, Inc.
Fund Address: c/o BlackRockFund Advisors, 400 Howard Street, San Francisco, CA 94105
Name and address of agent for service: The Corporation Trust Incorporated, 2405 York Road, Suite 201, Lutherville-Timonium, Maryland 21093
Registrant's telephone number, including area code: (415) 670-2000
Date of fiscal year end: 08/31/2024
Date of reporting period: 08/31/2024
Item 1 - Reports to Stockholders
(a) The Reports to Shareholders are attached herewith.

iShares MSCI USA Equal Weighted ETF

EUSA |NYSE Arca

Annual Shareholder Report - August 31, 2024

This annual shareholder report contains important information about iShares MSCI USA Equal Weighted ETF (the "Fund") for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at blackrock.com/fundreports. You can also request this information by contacting us at 1-800-iShares (1-800-474-2737).

What were the Fund costs for the last year?

(based on a hypothetical $10,000 investment)

Fund name
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iShares MSCI USA Equal Weighted ETF
$10
0.09%

How did the Fund perform last year?

  • U.S. stocks registered solid gains during the reporting period, as investor confidence increased over hopes of interest rate cuts and robust corporate earnings.

  • The United States experienced stronger-than-expected economic growth driven by robust consumer spending and business investment. Meanwhile, inflation measures continued to trend downward, prompting comments by U.S. Federal Reserve Bank officials that indicated interest rate cuts would be forthcoming.

  • Powered by artificial intelligence ("AI"), information technology stocks led the market for the majority of the reporting period. However, market sentiment pivoted toward more defensive sectors late in the reporting period amid growing uncertainty surrounding economic growth, geopolitics, and the upcoming U.S. presidential election.

What contributed to performance?

For the reporting period, the largest contributor to the Fund's performance was the financials sector, driven by financial services companies. The outperformance was due to significant merger and acquisition activity; banks consolidated to manage rising costs and regulatory pressures, while digital transformation spurred acquisitions in financial technology. Additionally, growing expectations of an interest rate cut by the U.S. Federal Reserve Bank fueled investor confidence and drove growth within the broader financial sector. Industrials stocks helped performance due to unexpectedly strong economic data, including higher durable goods orders and manufacturing growth. Enhanced infrastructure spending and reduced supply chain issues fueled sector growth. The information technology sector benefited, especially software and services, which saw solid performance fueled by continued investments in AI, cybersecurity, and cloud technology.

What detracted from performance?

There were no meaningful detractors to the Fund's performance during the reporting period.

The views expressed reflect the opinions of BlackRock as of the date of this report and are subject to change based on changes in market, economic or other conditions. These views are not intended to be a forecast of future events and are no guarantee of future results.

Fund performance

Cumulative performance: September 1, 2014 through August 31, 2024

Initial investment of $10,000

Fund
MSCI USA Index
MSCI USA Equal Weighted Index
Aug 14
$10,000
$10,000
$10,000
Sep 14
$9,843
$9,844
$9,844
Oct 14
$10,081
$10,081
$10,081
Nov 14
$10,347
$10,349
$10,349
Dec 14
$10,315
$10,317
$10,317
Jan 15
$10,023
$10,026
$10,026
Feb 15
$10,606
$10,612
$10,612
Mar 15
$10,453
$10,459
$10,459
Apr 15
$10,545
$10,555
$10,555
May 15
$10,686
$10,696
$10,696
Jun 15
$10,483
$10,493
$10,493
Jul 15
$10,691
$10,703
$10,703
Aug 15
$10,048
$10,053
$10,053
Sep 15
$9,659
$9,787
$9,666
Oct 15
$10,341
$10,595
$10,350
Nov 15
$10,372
$10,632
$10,383
Dec 15
$10,091
$10,453
$10,102
Jan 16
$9,442
$9,897
$9,450
Feb 16
$9,523
$9,877
$9,533
Mar 16
$10,290
$10,553
$10,304
Apr 16
$10,451
$10,605
$10,465
May 16
$10,612
$10,799
$10,627
Jun 16
$10,606
$10,827
$10,624
Jul 16
$11,086
$11,238
$11,106
Aug 16
$11,108
$11,255
$11,129
Sep 16
$11,131
$11,267
$11,152
Oct 16
$10,847
$11,054
$10,870
Nov 16
$11,402
$11,453
$11,429
Dec 16
$11,511
$11,666
$11,541
Jan 17
$11,793
$11,908
$11,825
Feb 17
$12,171
$12,376
$12,206
Mar 17
$12,154
$12,394
$12,190
Apr 17
$12,256
$12,528
$12,295
May 17
$12,339
$12,699
$12,380
Jun 17
$12,491
$12,778
$12,532
Jul 17
$12,675
$13,039
$12,719
Aug 17
$12,577
$13,081
$12,621
Sep 17
$12,917
$13,348
$12,964
Oct 17
$13,067
$13,654
$13,117
Nov 17
$13,557
$14,069
$13,608
Dec 17
$13,709
$14,222
$13,764
Jan 18
$14,328
$15,038
$14,387
Feb 18
$13,729
$14,486
$13,787
Mar 18
$13,646
$14,133
$13,704
Apr 18
$13,666
$14,190
$13,727
May 18
$13,889
$14,536
$13,953
Jun 18
$14,029
$14,634
$14,094
Jul 18
$14,442
$15,160
$14,513
Aug 18
$14,784
$15,662
$14,857
Sep 18
$14,765
$15,733
$14,839
Oct 18
$13,623
$14,641
$13,693
Nov 18
$13,974
$14,926
$14,048
Dec 18
$12,591
$13,582
$12,655
Jan 19
$13,862
$14,699
$13,935
Feb 19
$14,406
$15,191
$14,485
Mar 19
$14,495
$15,471
$14,577
Apr 19
$15,041
$16,092
$15,128
May 19
$14,018
$15,074
$14,100
Jun 19
$15,066
$16,133
$15,159
Jul 19
$15,228
$16,382
$15,325
Aug 19
$14,749
$16,098
$14,844
Sep 19
$15,176
$16,384
$15,276
Oct 19
$15,374
$16,741
$15,477
Nov 19
$15,955
$17,370
$16,065
Dec 19
$16,348
$17,879
$16,462
Jan 20
$16,158
$17,914
$16,273
Feb 20
$14,756
$16,453
$14,862
Mar 20
$12,021
$14,367
$12,108
Apr 20
$13,689
$16,256
$13,785
May 20
$14,552
$17,102
$14,657
Jun 20
$14,783
$17,492
$14,889
Jul 20
$15,547
$18,530
$15,659
Aug 20
$16,251
$19,922
$16,370
Sep 20
$15,891
$19,179
$16,012
Oct 20
$15,811
$18,680
$15,932
Nov 20
$18,043
$20,841
$18,186
Dec 20
$18,825
$21,700
$18,977
Jan 21
$18,645
$21,499
$18,796
Feb 21
$19,615
$22,060
$19,777
Mar 21
$20,461
$22,890
$20,634
Apr 21
$21,486
$24,136
$21,672
May 21
$21,794
$24,252
$21,987
Jun 21
$22,156
$24,927
$22,356
Jul 21
$22,447
$25,517
$22,652
Aug 21
$22,971
$26,270
$23,184
Sep 21
$22,009
$25,029
$22,213
Oct 21
$23,272
$26,775
$23,490
Nov 21
$22,580
$26,506
$22,793
Dec 21
$23,630
$27,553
$23,854
Jan 22
$22,238
$25,993
$22,451
Feb 22
$21,970
$25,232
$22,182
Mar 22
$22,459
$26,119
$22,677
Apr 22
$20,672
$23,751
$20,873
May 22
$20,685
$23,699
$20,886
Jun 22
$18,763
$21,737
$18,947
Jul 22
$20,432
$23,765
$20,632
Aug 22
$19,772
$22,834
$19,965
Sep 22
$17,874
$20,716
$18,048
Oct 22
$19,460
$22,361
$19,652
Nov 22
$20,681
$23,577
$20,886
Dec 22
$19,605
$22,191
$19,800
Jan 23
$21,205
$23,664
$21,418
Feb 23
$20,503
$23,086
$20,708
Mar 23
$20,389
$23,906
$20,595
Apr 23
$20,293
$24,210
$20,499
May 23
$19,805
$24,367
$20,005
Jun 23
$21,318
$25,992
$21,535
Jul 23
$22,210
$26,887
$22,439
Aug 23
$21,490
$26,434
$21,714
Sep 23
$20,452
$25,194
$20,667
Oct 23
$19,551
$24,614
$19,758
Nov 23
$21,467
$26,935
$21,684
Dec 23
$23,056
$28,204
$23,291
Jan 24
$22,864
$28,644
$23,097
Feb 24
$23,910
$30,181
$24,153
Mar 24
$24,949
$31,141
$25,207
Apr 24
$23,675
$29,855
$23,921
May 24
$24,289
$31,281
$24,545
Jun 24
$24,272
$32,400
$24,531
Jul 24
$25,263
$32,807
$25,533
Aug 24
$25,880
$33,598
$26,158

See "Average annual total returns" for additional information on fund performance.

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
1 Year
5 Years
10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.43%
11.90%
9.98%
Fund Market........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.39
11.92
9.98
MSCI USA Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
27.10
15.85
12.88
MSCI USA Equal Weighted Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
20.47
12.00
10.09

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$809,091,984
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
596
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$597,103
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
26%

The Fund has added the MSCI USA Index in response to new regulatory requirements.

The performance of the MSCI USA Equal Weighted Index in this report reflects the performance of the MSCI USA Index through August 31, 2015 and, beginning on September 1, 2015, 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. Visit iShares.com for more recent performance information.

What did the Fund invest in?

(as of August 31, 2024)

Sector allocation

Sector
Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
16.1%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
15.2
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
15.2
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.1
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.0
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.6
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.2
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.5
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.7
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2

Ten largest holdings

Security
Percent of Total InvestmentsFootnote Reference(a)
Best Buy Co., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2%
Prudential Financial, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
MetLife, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Zoom Video Communications, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Aflac, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Hartford Financial Services Group, Inc. (The)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
MongoDB, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Visa, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Mastercard, Inc., Class A........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Fiserv, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2

⁽ᵃ⁾ Excludes money market funds.

Additional information

If you wish to view additional information about the Fund, including but not limited to financial statements, the Fund's prospectus, and proxy voting policies and procedures, please visit blackrock.com/fundreports. For proxy voting records, visit blackrock.com/proxyrecords.

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 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.

The Fund is not sponsored, endorsed, issued, sold or promoted by MSCI Inc. and its affiliates, nor does this company make any representation regarding the advisability of investing in the Fund. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. or its affiliates. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

iShares MSCI USA Equal Weighted ETF

Annual Shareholder Report - August 31, 2024

EUSA-08/24-AR

(b) Not Applicable
Item 2 - Code of Ethics - The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.
Item 3 - Audit Committee Financial Expert - The registrant's board of directors (the "board of directors"), has determined that (i) the registrant has the following audit committee financial experts serving on its audit committee and (ii) each audit committee financial expert is independent:
Richard L. Fagnani
Madhav V. Rajan

Under applicable securities laws, a person determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations, or liability of any other member of the audit committee or board of directors.
Item 4 - Principal Accountant Fees and Services
The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the one series of the registrant for which the fiscal year-end is August 31, 2024 (the "Fund"), and whose annual financial statements are reported in Item 1.
(a) Audit Fees- The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Fund's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $13,300 for the fiscal year ended August 31, 2023 and $13,300 for the fiscal year ended August 31, 2024.
(b) Audit-Related Fees- There were no fees billed for the fiscal years ended August 31, 2023 and August 31, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund's financial statements and are not reported under (a) of this Item.
(c) Tax Fees- The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Fund were $9,700 for the fiscal year ended August 31, 2023 and $9,700 for the fiscal year ended August 31, 2024. These services related to the review of the Fund's tax returns and excise tax calculations.
(d) All Other Fees - There were no other fees billed in each of the fiscal years ended August 31, 2023 and August 31, 2024 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.
(e)(1) Audit Committee Pre-Approval Policies and Procedures:
The registrant's audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant's financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant's investment adviser ("Adviser Affiliate") that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(e)(2) None of the services described in each of Items 4(b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant's principal accountant for services rendered to the Fund, and rendered to the registrant's investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $9,700 for the fiscal year ended August 31, 2023 and $9,700 for the fiscal year ended August 31, 2024.
(h) The registrant's audit committee has considered whether the provision of non-audit services rendered to the registrant's investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant's independence, and has determined that the provision of these services, if any, does not compromise the principal accountant's independence.
(i) Not Applicable
(j) Not Applicable
Item 5 - Audit Committee of Listed Registrant
(a) The following individuals are members of the registrant's separately designated standing Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(58)(A)):

Richard L. Fagnani
Laura F. Fergerson
Cecilia H. Herbert
Madhav V. Rajan
(b) Not Applicable
Item 6 - Investments

(a) The registrant's Schedule of Investments is included as part of the Financial Statements and Financial Highlights for Open-End Management Investment Companies filed under Item 7 of this Form.

(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
Item 7 - Financial Statements and Financial Highlights for Open-End Management Investment Companies
(a) The registrant's Financial Statements are attached herewith.

(b) The registrant's Financial Highlights are attached herewith.
August
31,
2024
2024
Annual
Financial
Statements
iShares,
Inc.
iShares
MSCI
USA
Equal
Weighted
ETF
|
EUSA
|
NYSE
Arca
Table
of
Contents
Page
2
Schedule
of
Investments
..................................................................................................
3
Statement
of
Assets
and
Liabilities
............................................................................................
11
Statement
of
Operations
..................................................................................................
12
Statements
of
Changes
in
Net
Assets
..........................................................................................
13
Financial
Highlights
.....................................................................................................
14
Notes
to
Financial
Statements
...............................................................................................
15
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
22
Important
Tax
Information
(unaudited)
.................................................................................................
23
Additional
Information
....................................................................................................
24
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
26
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
28
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
August
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
3
Schedule
of
Investments
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
-
2
.2
%
Axon
Enterprise,
Inc.
(a)
.....................
3,586
$
1,308,782
Boeing
Co.
(The)
(a)
........................
7,773
1,350,481
GE
Aerospace
...........................
7,927
1,384,213
General
Dynamics
Corp.
....................
4,532
1,356,700
HEICO
Corp.
...........................
2,272
582,904
HEICO
Corp.
,
Class
A
......................
4,287
857,786
Howmet
Aerospace,
Inc.
....................
14,003
1,353,530
Huntington
Ingalls
Industries,
Inc.
..............
4,888
1,382,180
L3Harris
Technologies,
Inc.
..................
5,835
1,380,969
Lockheed
Martin
Corp.
.....................
2,385
1,354,919
Northrop
Grumman
Corp.
...................
2,615
1,368,194
RTX
Corp.
.............................
11,348
1,399,662
Textron,
Inc.
............................
15,233
1,389,250
TransDigm
Group,
Inc.
.....................
1,029
1,413,033
17,882,603
a
Air
Freight
&
Logistics
-
0
.7
%
CH
Robinson
Worldwide,
Inc.
................
13,414
1,388,483
Expeditors
International
of
Washington,
Inc.
.......
11,003
1,357,880
FedEx
Corp.
............................
4,637
1,385,397
United
Parcel
Service,
Inc.
,
Class
B
............
10,324
1,327,150
5,458,910
a
Automobile
Components
-
0
.2
%
Aptiv
PLC
(a)
(b)
............................
19,113
1,367,153
a
Automobiles
-
0
.7
%
Ford
Motor
Co.
..........................
125,523
1,404,602
General
Motors
Co.
.......................
29,274
1,457,260
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
.............
101,325
1,431,722
Tesla,
Inc.
(a)
.............................
6,051
1,295,580
5,589,164
a
Banks
-
2
.5
%
Bank
of
America
Corp.
.....................
34,679
1,413,169
Citigroup,
Inc.
...........................
21,998
1,377,955
Citizens
Financial
Group,
Inc.
................
33,182
1,428,485
Fifth
Third
Bancorp
.......................
33,631
1,435,707
First
Citizens
BancShares,
Inc.
,
Class
A
..........
671
1,362,600
Huntington
Bancshares,
Inc.
.................
98,054
1,467,868
JPMorgan
Chase
&
Co.
....................
6,198
1,393,310
KeyCorp
...............................
80,834
1,379,028
M&T
Bank
Corp.
.........................
8,339
1,435,225
PNC
Financial
Services
Group,
Inc.
(The)
........
7,840
1,451,106
Regions
Financial
Corp.
....................
62,168
1,455,975
Truist
Financial
Corp.
......................
31,769
1,412,450
U.S.
Bancorp
...........................
30,828
1,456,007
Wells
Fargo
&
Co.
........................
23,849
1,394,451
19,863,336
a
Beverages
-
1
.3
%
Brown-Forman
Corp.
,
Class
B
,
NVS
............
29,839
1,360,360
Celsius
Holdings,
Inc.
(a)
(b)
....................
33,156
1,260,923
Coca-Cola
Co.
(The)
......................
19,158
1,388,380
Constellation
Brands,
Inc.
,
Class
A
.............
5,501
1,324,146
Keurig
Dr
Pepper,
Inc.
.....................
37,453
1,371,154
Molson
Coors
Beverage
Co.
,
Class
B
...........
24,913
1,344,555
Monster
Beverage
Corp.
(a)
(b)
..................
28,439
1,340,330
PepsiCo,
Inc.
...........................
7,523
1,300,576
10,690,424
a
Biotechnology
-
2
.1
%
AbbVie,
Inc.
............................
6,839
1,342,564
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
4,756
1,249,354
Security
Shares
Value
a
Biotechnology
(continued)
Amgen,
Inc.
............................
4,089
$
1,365,031
Biogen,
Inc.
(a)
...........................
6,473
1,325,411
BioMarin
Pharmaceutical,
Inc.
(a)
...............
14,179
1,293,267
Exact
Sciences
Corp.
(a)
(b)
....................
22,660
1,397,895
Gilead
Sciences,
Inc.
......................
17,919
1,415,601
Incyte
Corp.
(a)
...........................
20,790
1,365,071
Moderna,
Inc.
(a)
..........................
15,394
1,191,496
Neurocrine
Biosciences,
Inc.
(a)
................
8,981
1,141,126
Regeneron
Pharmaceuticals,
Inc.
(a)
.............
1,110
1,315,006
United
Therapeutics
Corp.
(a)
..................
3,861
1,403,667
Vertex
Pharmaceuticals,
Inc.
(a)
................
2,750
1,363,697
17,169,186
a
Broadline
Retail
-
0
.5
%
Amazon.com,
Inc.
(a)
.......................
7,448
1,329,468
eBay,
Inc.
..............................
23,555
1,392,100
MercadoLibre,
Inc.
(a)
.......................
666
1,373,066
4,094,634
a
Building
Products
-
1
.9
%
A
O
Smith
Corp.
.........................
16,460
1,378,031
Allegion
PLC
............................
10,153
1,409,643
Builders
FirstSource,
Inc.
(a)
..................
8,157
1,419,318
Carlisle
Companies,
Inc.
....................
3,349
1,419,306
Carrier
Global
Corp.
.......................
19,495
1,418,846
Fortune
Brands
Innovations,
Inc.
..............
17,382
1,380,305
Johnson
Controls
International
PLC
............
18,979
1,382,620
Lennox
International,
Inc.
...................
2,344
1,383,405
Masco
Corp.
............................
17,510
1,393,096
Owens
Corning
..........................
8,415
1,419,863
Trane
Technologies
PLC
....................
3,856
1,394,561
15,398,994
a
Capital
Markets
-
4
.9
%
Ameriprise
Financial,
Inc.
...................
3,057
1,373,938
Ares
Management
Corp.
,
Class
A
..............
9,358
1,370,011
Bank
of
New
York
Mellon
Corp.
(The)
...........
20,749
1,415,497
BlackRock,
Inc.
(c)
.........................
1,546
1,394,198
Blackstone,
Inc.
,
NVS
......................
10,119
1,440,541
Carlyle
Group,
Inc.
(The)
....................
33,368
1,339,058
Cboe
Global
Markets,
Inc.
...................
6,448
1,324,419
Charles
Schwab
Corp.
(The)
.................
20,597
1,340,865
CME
Group,
Inc.
,
Class
A
...................
6,320
1,363,477
Coinbase
Global,
Inc.
,
Class
A
(a)
...............
6,782
1,243,547
FactSet
Research
Systems,
Inc.
...............
3,208
1,356,471
Franklin
Resources,
Inc.
....................
59,426
1,202,782
Goldman
Sachs
Group,
Inc.
(The)
.............
2,738
1,397,064
Intercontinental
Exchange,
Inc.
...............
8,401
1,357,182
KKR
&
Co.,
Inc.
..........................
11,301
1,398,725
LPL
Financial
Holdings,
Inc.
..................
6,078
1,363,538
MarketAxess
Holdings,
Inc.
..................
5,751
1,393,985
Moody's
Corp.
...........................
2,790
1,360,795
Morgan
Stanley
..........................
13,388
1,387,131
MSCI,
Inc.
,
Class
A
.......................
2,351
1,364,967
Nasdaq,
Inc.
............................
19,032
1,371,827
Northern
Trust
Corp.
.......................
15,597
1,422,602
Raymond
James
Financial,
Inc.
...............
11,586
1,385,338
Robinhood
Markets,
Inc.
,
Class
A
(a)
.............
67,393
1,355,947
S&P
Global,
Inc.
.........................
2,657
1,363,679
SEI
Investments
Co.
.......................
19,691
1,331,702
State
Street
Corp.
........................
16,706
1,455,093
T
Rowe
Price
Group,
Inc.
...................
12,315
1,305,883
Tradeweb
Markets,
Inc.
,
Class
A
...............
11,527
1,362,952
39,543,214
a
Schedule
of
Investments
(continued)
August
31,
2024
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Chemicals
-
2
.9
%
Air
Products
and
Chemicals,
Inc.
..............
4,882
$
1,361,346
Albemarle
Corp.
.........................
15,866
1,431,907
Celanese
Corp.
..........................
10,547
1,377,438
CF
Industries
Holdings,
Inc.
..................
16,674
1,385,443
Corteva,
Inc.
............................
24,861
1,424,535
Dow,
Inc.
..............................
25,426
1,362,325
DuPont
de
Nemours,
Inc.
...................
16,822
1,417,254
Eastman
Chemical
Co.
.....................
13,970
1,430,109
Ecolab,
Inc.
............................
5,519
1,397,300
International
Flavors
&
Fragrances,
Inc.
..........
13,635
1,417,904
Linde
PLC
.............................
2,852
1,363,969
LyondellBasell
Industries
NV
,
Class
A
...........
13,903
1,372,226
Mosaic
Co.
(The)
.........................
49,032
1,400,844
PPG
Industries,
Inc.
.......................
10,728
1,391,743
RPM
International,
Inc.
.....................
11,645
1,353,731
Sherwin-Williams
Co.
(The)
..................
3,753
1,386,246
Westlake
Corp.
..........................
9,330
1,356,955
23,631,275
a
Commercial
Services
&
Supplies
-
1
.2
%
Cintas
Corp.
............................
1,715
1,380,781
Copart,
Inc.
(a)
...........................
25,470
1,348,891
Republic
Services,
Inc.
.....................
6,404
1,333,377
Rollins,
Inc.
.............................
26,794
1,344,523
Veralto
Corp.
............................
12,155
1,366,586
Waste
Connections,
Inc.
....................
7,220
1,346,530
Waste
Management,
Inc.
....................
6,369
1,350,483
9,471,171
a
Communications
Equipment
-
0
.8
%
Arista
Networks,
Inc.
(a)
.....................
3,777
1,334,716
Cisco
Systems,
Inc.
.......................
26,248
1,326,574
F5,
Inc.
(a)
..............................
6,671
1,355,214
Juniper
Networks,
Inc.
.....................
34,522
1,342,215
Motorola
Solutions,
Inc.
....................
3,122
1,380,049
6,738,768
a
Construction
&
Engineering
-
0
.5
%
AECOM
...............................
13,736
1,375,523
EMCOR
Group,
Inc.
.......................
3,647
1,433,490
Quanta
Services,
Inc.
......................
5,004
1,376,750
4,185,763
a
Construction
Materials
-
0
.5
%
CRH
PLC
..............................
15,684
1,423,637
Martin
Marietta
Materials,
Inc.
................
2,513
1,342,344
Vulcan
Materials
Co.
......................
5,476
1,342,770
4,108,751
a
Consumer
Finance
-
0
.9
%
Ally
Financial,
Inc.
........................
32,272
1,393,828
American
Express
Co.
.....................
5,299
1,370,586
Capital
One
Financial
Corp.
..................
9,525
1,399,508
Discover
Financial
Services
..................
9,939
1,378,639
Synchrony
Financial
.......................
28,669
1,440,904
6,983,465
a
Consumer
Staples
Distribution
&
Retail
-
1
.4
%
Albertsons
Companies,
Inc.
,
Class
A
............
65,005
1,275,398
Costco
Wholesale
Corp.
....................
1,527
1,362,664
Dollar
General
Corp.
......................
10,954
908,853
Dollar
Tree,
Inc.
(a)
.........................
13,440
1,135,546
Kroger
Co.
(The)
.........................
25,837
1,374,787
Sysco
Corp.
............................
17,585
1,371,102
Target
Corp.
............................
9,254
1,421,600
Walgreens
Boots
Alliance,
Inc.
................
124,693
1,153,410
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
(continued)
Walmart,
Inc.
............................
17,807
$
1,375,235
11,378,595
a
Containers
&
Packaging
-
1
.2
%
Amcor
PLC
.............................
123,582
1,413,778
Avery
Dennison
Corp.
......................
6,230
1,382,126
Ball
Corp.
..............................
20,967
1,337,904
Crown
Holdings,
Inc.
......................
15,137
1,368,536
International
Paper
Co.
.....................
28,155
1,363,265
Packaging
Corp.
of
America
.................
6,801
1,425,082
Smurfit
WestRock
PLC
.....................
31,098
1,474,667
9,765,358
a
Distributors
-
0
.5
%
Genuine
Parts
Co.
........................
9,588
1,373,577
LKQ
Corp.
.............................
32,450
1,349,595
Pool
Corp.
.............................
3,871
1,361,121
4,084,293
a
Diversified
REITs
-
0
.2
%
WP
Carey,
Inc.
..........................
12,936
1,379,560
a
Diversified
Telecommunication
Services
-
0
.3
%
AT&T,
Inc.
..............................
69,280
1,378,672
Verizon
Communications,
Inc.
................
32,876
1,373,559
2,752,231
a
Electric
Utilities
-
2
.7
%
Alliant
Energy
Corp.
.......................
23,426
1,365,033
American
Electric
Power
Co.,
Inc.
..............
13,780
1,381,858
Constellation
Energy
Corp.
..................
7,010
1,378,867
Duke
Energy
Corp.
.......................
11,780
1,342,331
Edison
International
.......................
15,930
1,386,388
Entergy
Corp.
...........................
11,466
1,383,831
Evergy,
Inc.
.............................
23,141
1,368,559
Eversource
Energy
.......................
20,132
1,359,514
Exelon
Corp.
............................
35,120
1,337,721
FirstEnergy
Corp.
........................
30,836
1,354,317
NextEra
Energy,
Inc.
......................
16,795
1,352,165
NRG
Energy,
Inc.
.........................
16,388
1,393,144
PG&E
Corp.
............................
71,948
1,417,376
PPL
Corp.
.............................
42,201
1,346,634
Southern
Co.
(The)
.......................
15,529
1,341,706
Xcel
Energy,
Inc.
.........................
22,183
1,358,265
21,867,709
a
Electrical
Equipment
-
1
.2
%
AMETEK,
Inc.
...........................
8,038
1,374,900
Eaton
Corp.
PLC
.........................
4,511
1,384,561
Emerson
Electric
Co.
......................
13,066
1,377,026
GE
Vernova,
Inc.
(a)
........................
7,138
1,434,738
Hubbell,
Inc.
............................
3,582
1,432,514
Rockwell
Automation,
Inc.
...................
5,009
1,362,598
Vertiv
Holdings
Co.
,
Class
A
.................
17,531
1,455,599
9,821,936
a
Electronic
Equipment,
Instruments
&
Components
-
1
.5
%
Amphenol
Corp.
,
Class
A
...................
20,027
1,350,821
CDW
Corp.
.............................
6,048
1,364,671
Corning,
Inc.
............................
33,010
1,381,468
Jabil,
Inc.
..............................
12,508
1,366,874
Keysight
Technologies,
Inc.
(a)
.................
9,625
1,483,405
TE
Connectivity
Ltd.
.......................
8,955
1,375,488
Teledyne
Technologies,
Inc.
(a)
.................
3,210
1,389,288
Trimble,
Inc.
(a)
...........................
23,788
1,348,542
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(continued)
August
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
5
Schedule
of
Investments
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
Zebra
Technologies
Corp.
,
Class
A
(a)
............
3,882
$
1,340,765
12,401,322
a
Energy
Equipment
&
Services
-
0
.5
%
Baker
Hughes
Co.
,
Class
A
..................
39,411
1,386,085
Halliburton
Co.
..........................
43,380
1,348,684
Schlumberger
N.V.
........................
30,444
1,339,232
4,074,001
a
Entertainment
-
1
.5
%
Electronic
Arts,
Inc.
.......................
8,926
1,355,145
Liberty
Media
Corp.-Liberty
Formula
One
,
Series
C
,
NVS
(a)
...............................
16,859
1,315,845
Live
Nation
Entertainment,
Inc.
(a)
(b)
.............
13,794
1,347,260
Netflix,
Inc.
(a)
............................
1,911
1,340,280
ROBLOX
Corp.
,
Class
A
(a)
...................
33,021
1,452,594
Roku,
Inc.
,
Class
A
(a)
......................
21,511
1,457,800
Take-Two
Interactive
Software,
Inc.
(a)
............
8,604
1,391,353
Walt
Disney
Co.
(The)
.....................
14,833
1,340,607
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
..........
171,093
1,341,369
12,342,253
a
Financial
Services
-
2
.3
%
Apollo
Global
Management,
Inc.
...............
12,709
1,470,813
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
............
3,090
1,470,593
Block,
Inc.
,
Class
A
(a)
......................
20,813
1,375,323
Corpay,
Inc.
(a)
(b)
..........................
4,746
1,497,600
Equitable
Holdings,
Inc.
....................
31,641
1,345,375
Fidelity
National
Information
Services,
Inc.
........
17,539
1,446,091
Fiserv,
Inc.
(a)
............................
8,625
1,505,925
Global
Payments,
Inc.
.....................
12,526
1,390,511
Jack
Henry
&
Associates,
Inc.
................
8,575
1,483,732
Mastercard,
Inc.
,
Class
A
....................
3,117
1,506,571
PayPal
Holdings,
Inc.
(a)
.....................
18,735
1,356,976
Toast,
Inc.
,
Class
A
(a)
......................
56,307
1,399,792
Visa,
Inc.
,
Class
A
........................
5,516
1,524,457
18,773,759
a
Food
Products
-
2
.3
%
Archer-Daniels-Midland
Co.
..................
22,660
1,382,033
Bunge
Global
SA
.........................
14,115
1,430,979
Campbell
Soup
Co.
.......................
26,738
1,329,413
Conagra
Brands,
Inc.
......................
43,603
1,360,414
General
Mills,
Inc.
........................
18,207
1,316,184
Hershey
Co.
(The)
........................
6,709
1,295,239
Hormel
Foods
Corp.
.......................
41,271
1,343,371
J
M
Smucker
Co.
(The)
.....................
10,995
1,260,907
Kellanova
..............................
16,583
1,336,756
Kraft
Heinz
Co.
(The)
......................
37,812
1,339,679
Lamb
Weston
Holdings,
Inc.
.................
21,584
1,336,481
McCormick
&
Co.,
Inc.
,
NVS
.................
17,087
1,367,473
Mondelez
International,
Inc.
,
Class
A
............
18,625
1,337,461
Tyson
Foods,
Inc.
,
Class
A
..................
21,316
1,370,832
18,807,222
a
Gas
Utilities
-
0
.2
%
Atmos
Energy
Corp.
.......................
10,339
1,351,721
a
Ground
Transportation
-
1
.3
%
CSX
Corp.
.............................
39,937
1,368,641
JB
Hunt
Transport
Services,
Inc.
..............
7,699
1,333,467
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
..
25,028
1,310,967
Norfolk
Southern
Corp.
.....................
5,566
1,425,786
Old
Dominion
Freight
Line,
Inc.
...............
6,689
1,289,639
Uber
Technologies,
Inc.
(a)
...................
18,238
1,333,745
U-Haul
Holding
Co.
,
Series
N
,
NVS
.............
20,154
1,377,526
Security
Shares
Value
a
Ground
Transportation
(continued)
Union
Pacific
Corp.
.......................
5,393
$
1,381,093
10,820,864
a
Health
Care
Equipment
&
Supplies
-
3
.4
%
Abbott
Laboratories
.......................
11,929
1,351,198
Align
Technology,
Inc.
(a)
.....................
5,710
1,354,526
Baxter
International,
Inc.
....................
36,649
1,390,463
Becton
Dickinson
&
Co.
....................
5,664
1,373,010
Boston
Scientific
Corp.
(a)
....................
17,208
1,407,442
Cooper
Companies,
Inc.
(The)
(a)
...............
13,936
1,473,453
Dexcom,
Inc.
(a)
..........................
18,311
1,269,685
Edwards
Lifesciences
Corp.
(a)
................
19,203
1,343,442
GE
HealthCare
Technologies,
Inc.
.............
15,952
1,353,049
Hologic,
Inc.
(a)
...........................
16,572
1,346,309
IDEXX
Laboratories,
Inc.
(a)
...................
2,684
1,291,890
Insulet
Corp.
(a)
...........................
7,316
1,483,465
Intuitive
Surgical,
Inc.
(a)
.....................
2,764
1,361,629
Medtronic
PLC
..........................
15,500
1,372,990
ResMed,
Inc.
...........................
5,975
1,463,995
Solventum
Corp.
(a)
(b)
.......................
22,395
1,435,743
STERIS
PLC
............................
5,742
1,384,396
Stryker
Corp.
...........................
3,894
1,403,476
Teleflex,
Inc.
............................
5,627
1,379,572
Zimmer
Biomet
Holdings,
Inc.
................
11,911
1,375,244
27,614,977
a
Health
Care
Providers
&
Services
-
2
.7
%
Cardinal
Health,
Inc.
.......................
12,183
1,373,268
Cencora,
Inc.
...........................
5,599
1,341,352
Centene
Corp.
(a)
.........................
17,139
1,351,067
Cigna
Group
(The)
........................
3,922
1,419,019
CVS
Health
Corp.
........................
22,682
1,298,318
DaVita,
Inc.
(a)
(b)
..........................
9,068
1,368,542
Elevance
Health,
Inc.
......................
2,461
1,370,506
HCA
Healthcare,
Inc.
......................
3,569
1,411,861
Henry
Schein,
Inc.
(a)
.......................
19,332
1,363,873
Humana,
Inc.
...........................
3,766
1,334,934
Labcorp
Holdings,
Inc.
.....................
5,836
1,341,638
McKesson
Corp.
.........................
2,443
1,370,718
Molina
Healthcare,
Inc.
(a)
....................
3,835
1,341,445
Quest
Diagnostics,
Inc.
.....................
8,807
1,382,435
UnitedHealth
Group,
Inc.
....................
2,319
1,368,674
Universal
Health
Services,
Inc.
,
Class
B
.........
5,900
1,404,023
21,841,673
a
Health
Care
REITs
-
0
.7
%
Alexandria
Real
Estate
Equities,
Inc.
............
11,581
1,384,740
Healthpeak
Properties,
Inc.
..................
61,651
1,373,584
Ventas,
Inc.
............................
22,630
1,405,549
Welltower,
Inc.
...........................
11,452
1,382,028
5,545,901
a
Health
Care
Technology
-
0
.2
%
Veeva
Systems,
Inc.
,
Class
A
(a)
...............
6,879
1,488,891
a
Hotel
&
Resort
REITs
-
0
.2
%
Host
Hotels
&
Resorts,
Inc.
..................
81,199
1,437,222
a
Hotels,
Restaurants
&
Leisure
-
3
.4
%
Airbnb,
Inc.
,
Class
A
(a)
......................
11,401
1,337,451
Booking
Holdings,
Inc.
.....................
359
1,403,414
Carnival
Corp.
(a)
..........................
87,058
1,436,457
Chipotle
Mexican
Grill,
Inc.
(a)
.................
25,562
1,433,517
Darden
Restaurants,
Inc.
...................
8,636
1,365,783
Domino's
Pizza,
Inc.
.......................
3,128
1,295,649
DoorDash,
Inc.
,
Class
A
(a)
...................
10,475
1,348,237
Schedule
of
Investments
(continued)
August
31,
2024
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
DraftKings,
Inc.
,
Class
A
(a)
...................
38,529
$
1,329,250
Expedia
Group,
Inc.
(a)
......................
10,001
1,391,039
Flutter
Entertainment
PLC
(a)
..................
6,501
1,380,877
Hilton
Worldwide
Holdings,
Inc.
...............
6,317
1,387,466
Hyatt
Hotels
Corp.
,
Class
A
..................
9,381
1,425,162
Las
Vegas
Sands
Corp.
....................
32,335
1,260,742
Marriott
International,
Inc.
,
Class
A
.............
5,986
1,404,854
McDonald's
Corp.
........................
4,597
1,326,970
MGM
Resorts
International
(a)
.................
34,164
1,284,225
Royal
Caribbean
Cruises
Ltd.
(a)
...............
8,437
1,388,899
Starbucks
Corp.
..........................
14,284
1,350,838
Wynn
Resorts
Ltd.
........................
17,610
1,353,857
Yum!
Brands,
Inc.
........................
9,622
1,298,200
27,202,887
a
Household
Durables
-
0
.9
%
DR
Horton,
Inc.
..........................
7,407
1,398,145
Garmin
Ltd.
.............................
7,621
1,396,853
Lennar
Corp.
,
Class
A
......................
7,711
1,403,865
NVR,
Inc.
(a)
.............................
149
1,366,696
PulteGroup,
Inc.
.........................
10,955
1,442,226
7,007,785
a
Household
Products
-
0
.8
%
Church
&
Dwight
Co.,
Inc.
...................
13,158
1,340,537
Clorox
Co.
(The)
.........................
8,767
1,387,904
Colgate-Palmolive
Co.
.....................
13,100
1,395,150
Kimberly-Clark
Corp.
......................
9,292
1,344,180
Procter
&
Gamble
Co.
(The)
.................
7,785
1,335,439
6,803,210
a
Independent
Power
and
Renewable
Electricity
Producers
-
0
.3
%
AES
Corp.
(The)
.........................
76,811
1,315,772
Vistra
Corp.
............................
16,823
1,437,189
2,752,961
a
Industrial
Conglomerates
-
0
.4
%
3M
Co.
................................
10,472
1,410,474
Honeywell
International,
Inc.
.................
6,616
1,375,532
2,786,006
a
Industrial
REITs
-
0
.2
%
Prologis,
Inc.
............................
10,715
1,369,591
a
Insurance
-
4
.4
%
Aflac,
Inc.
..............................
14,062
1,551,882
Allstate
Corp.
(The)
.......................
7,446
1,406,847
American
Financial
Group,
Inc.
...............
10,774
1,439,622
American
International
Group,
Inc.
.............
18,862
1,453,317
Aon
PLC
,
Class
A
........................
3,959
1,360,787
Arch
Capital
Group
Ltd.
(a)
...................
13,022
1,472,658
Arthur
J
Gallagher
&
Co.
....................
4,728
1,383,271
Assurant,
Inc.
...........................
7,518
1,476,159
Brown
&
Brown,
Inc.
.......................
13,359
1,404,432
Chubb
Ltd.
.............................
5,049
1,434,825
Cincinnati
Financial
Corp.
...................
10,421
1,427,990
Erie
Indemnity
Co.
,
Class
A
,
NVS
..............
2,860
1,453,538
Everest
Group
Ltd.
........................
3,567
1,399,120
Fidelity
National
Financial,
Inc.
................
10,419
1,387,683
Hartford
Financial
Services
Group,
Inc.
(The)
......
13,301
1,544,246
Loews
Corp.
............................
17,487
1,432,885
Markel
Group,
Inc.
(a)
.......................
871
1,394,192
Marsh
&
McLennan
Companies,
Inc.
............
6,080
1,383,261
MetLife,
Inc.
............................
20,260
1,569,745
Principal
Financial
Group,
Inc.
................
17,208
1,401,075
Progressive
Corp.
(The)
....................
5,596
1,411,311
Security
Shares
Value
a
Insurance
(continued)
Prudential
Financial,
Inc.
....................
13,000
$
1,575,080
Travelers
Companies,
Inc.
(The)
...............
6,071
1,384,613
W
R
Berkley
Corp.
........................
23,503
1,403,129
Willis
Towers
Watson
PLC
...................
4,793
1,400,083
35,951,751
a
Interactive
Media
&
Services
-
0
.8
%
Alphabet,
Inc.
,
Class
A
.....................
3,959
646,821
Alphabet,
Inc.
,
Class
C
,
NVS
.................
3,938
650,203
Match
Group,
Inc.
(a)
.......................
36,456
1,356,528
Meta
Platforms,
Inc.
,
Class
A
.................
2,529
1,318,393
Pinterest,
Inc.
,
Class
A
(a)
....................
42,318
1,355,869
Snap,
Inc.
,
Class
A
,
NVS
(a)
..................
141,323
1,319,957
6,647,771
a
IT
Services
-
2
.1
%
Accenture
PLC
,
Class
A
....................
3,944
1,348,651
Akamai
Technologies,
Inc.
(a)
..................
12,989
1,322,800
Cloudflare,
Inc.
,
Class
A
(a)
...................
16,274
1,336,746
Cognizant
Technology
Solutions
Corp.
,
Class
A
.....
17,179
1,336,011
EPAM
Systems,
Inc.
(a)
......................
6,666
1,338,266
Gartner,
Inc.
(a)
...........................
2,730
1,343,051
GoDaddy,
Inc.
,
Class
A
(a)
....................
8,132
1,361,378
International
Business
Machines
Corp.
..........
6,738
1,361,952
MongoDB,
Inc.
,
Class
A
(a)
...................
5,280
1,535,371
Okta,
Inc.
,
Class
A
(a)
.......................
13,656
1,075,137
Snowflake,
Inc.
,
Class
A
(a)
...................
10,120
1,156,007
Twilio,
Inc.
,
Class
A
(a)
......................
21,955
1,377,896
VeriSign,
Inc.
(a)
..........................
7,281
1,338,976
17,232,242
a
Life
Sciences
Tools
&
Services
-
2
.2
%
Agilent
Technologies,
Inc.
...................
9,541
1,363,600
Avantor,
Inc.
(a)
(b)
..........................
52,383
1,353,577
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
............
4,175
1,408,311
Bio-Techne
Corp.
.........................
18,496
1,368,519
Charles
River
Laboratories
International,
Inc.
(a)
.....
6,641
1,313,258
Danaher
Corp.
..........................
4,934
1,328,775
Illumina,
Inc.
(a)
...........................
10,040
1,319,256
IQVIA
Holdings,
Inc.
(a)
......................
5,403
1,359,125
Mettler-Toledo
International,
Inc.
(a)
.............
934
1,344,101
Revvity,
Inc.
............................
11,198
1,372,203
Thermo
Fisher
Scientific,
Inc.
.................
2,175
1,337,777
Waters
Corp.
(a)
..........................
3,973
1,376,048
West
Pharmaceutical
Services,
Inc.
............
4,444
1,393,772
17,638,322
a
Machinery
-
3
.4
%
Caterpillar,
Inc.
..........................
3,891
1,385,585
CNH
Industrial
N.V.
.......................
136,482
1,411,224
Cummins,
Inc.
...........................
4,423
1,383,736
Deere
&
Co.
............................
3,570
1,377,092
Dover
Corp.
............................
7,464
1,388,528
Fortive
Corp.
............................
18,835
1,401,324
Graco,
Inc.
.............................
16,467
1,372,524
IDEX
Corp.
.............................
6,635
1,369,995
Illinois
Tool
Works,
Inc.
.....................
5,326
1,348,437
Ingersoll
Rand,
Inc.
.......................
15,014
1,373,030
Nordson
Corp.
...........................
5,536
1,420,316
Otis
Worldwide
Corp.
......................
14,208
1,345,355
PACCAR,
Inc.
...........................
14,052
1,351,521
Parker-Hannifin
Corp.
......................
2,293
1,376,259
Pentair
PLC
............................
16,053
1,423,741
Snap-on,
Inc.
...........................
4,841
1,373,585
Stanley
Black
&
Decker,
Inc.
.................
13,746
1,407,041
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(continued)
August
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Machinery
(continued)
Toro
Co.
(The)
...........................
14,944
$
1,383,814
Westinghouse
Air
Brake
Technologies
Corp.
.......
8,362
1,417,944
Xylem,
Inc.
.............................
10,038
1,380,526
27,691,577
a
Media
-
1
.3
%
Charter
Communications,
Inc.
,
Class
A
(a)
(b)
........
3,851
1,338,377
Comcast
Corp.
,
Class
A
....................
33,303
1,317,800
Fox
Corp.
,
Class
A
,
NVS
....................
21,753
899,921
Fox
Corp.
,
Class
B
........................
12,402
476,609
Interpublic
Group
of
Companies,
Inc.
(The)
.......
42,909
1,399,263
News
Corp.
,
Class
A
,
NVS
..................
49,141
1,392,165
Omnicom
Group,
Inc.
......................
13,668
1,372,677
Paramount
Global
,
Class
B
,
NVS
..............
121,701
1,274,209
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
..............
13,078
1,367,043
10,838,064
a
Metals
&
Mining
-
0
.9
%
Freeport-McMoRan,
Inc.
....................
30,802
1,363,912
Newmont
Corp.
..........................
25,825
1,378,797
Nucor
Corp.
............................
9,274
1,408,813
Reliance,
Inc.
...........................
4,761
1,364,741
Steel
Dynamics,
Inc.
.......................
11,613
1,387,870
6,904,133
a
Mortgage
REITs
-
0
.2
%
Annaly
Capital
Management,
Inc.
..............
66,405
1,338,725
a
Multi-Utilities
-
1
.7
%
Ameren
Corp.
...........................
16,101
1,328,493
CenterPoint
Energy,
Inc.
....................
51,886
1,416,488
CMS
Energy
Corp.
........................
19,810
1,344,307
Consolidated
Edison,
Inc.
...................
13,412
1,362,123
Dominion
Energy,
Inc.
......................
23,703
1,324,998
DTE
Energy
Co.
.........................
10,934
1,366,969
NiSource,
Inc.
...........................
42,058
1,390,437
Public
Service
Enterprise
Group,
Inc.
...........
16,915
1,365,886
Sempra
...............................
16,484
1,354,655
WEC
Energy
Group,
Inc.
....................
14,440
1,343,353
13,597,709
a
Office
REITs
-
0
.2
%
BXP,
Inc.
..............................
19,095
1,436,326
a
Oil,
Gas
&
Consumable
Fuels
-
4
.2
%
APA
Corp.
.............................
47,177
1,344,073
Cheniere
Energy,
Inc.
......................
7,286
1,349,804
Chesapeake
Energy
Corp.
..................
18,389
1,369,797
Chevron
Corp.
...........................
9,134
1,351,375
Chord
Energy
Corp.
.......................
9,026
1,339,729
ConocoPhillips
..........................
11,862
1,349,777
Coterra
Energy,
Inc.
.......................
55,773
1,356,957
Devon
Energy
Corp.
.......................
30,489
1,365,297
Diamondback
Energy,
Inc.
...................
7,126
1,390,354
EOG
Resources,
Inc.
......................
10,446
1,345,654
EQT
Corp.
.............................
40,200
1,347,102
Exxon
Mobil
Corp.
........................
11,401
1,344,634
Hess
Corp.
.............................
9,764
1,348,018
HF
Sinclair
Corp.
.........................
27,973
1,374,593
Kinder
Morgan,
Inc.
,
Class
P
.................
63,885
1,377,999
Marathon
Oil
Corp.
........................
48,015
1,375,630
Marathon
Petroleum
Corp.
..................
7,796
1,380,828
Occidental
Petroleum
Corp.
..................
23,610
1,345,298
ONEOK,
Inc.
............................
15,450
1,426,962
Ovintiv,
Inc.
.............................
31,572
1,352,229
Phillips
66
..............................
10,107
1,418,113
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
Targa
Resources
Corp.
.....................
9,520
$
1,398,488
Texas
Pacific
Land
Corp.
....................
1,628
1,414,553
Valero
Energy
Corp.
.......................
9,510
1,395,402
Williams
Companies,
Inc.
(The)
...............
30,284
1,386,099
34,248,765
a
Passenger
Airlines
-
0
.4
%
Delta
Air
Lines,
Inc.
.......................
33,417
1,419,888
Southwest
Airlines
Co.
.....................
50,063
1,447,822
2,867,710
a
Personal
Care
Products
-
0
.3
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
......
14,682
1,345,752
Kenvue,
Inc.
............................
61,646
1,353,130
2,698,882
a
Pharmaceuticals
-
1
.5
%
Bristol-Myers
Squibb
Co.
....................
27,333
1,365,283
Catalent,
Inc.
(a)
..........................
22,490
1,370,991
Eli
Lilly
&
Co.
...........................
1,405
1,348,828
Johnson
&
Johnson
.......................
8,098
1,343,134
Merck
&
Co.,
Inc.
.........................
11,665
1,381,719
Pfizer,
Inc.
.............................
46,416
1,346,528
Royalty
Pharma
PLC
,
Class
A
................
49,196
1,428,160
Viatris,
Inc.
.............................
115,200
1,391,616
Zoetis,
Inc.
,
Class
A
.......................
7,257
1,331,587
12,307,846
a
Professional
Services
-
2
.0
%
Automatic
Data
Processing,
Inc.
...............
4,900
1,351,959
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.......
8,777
1,393,612
Broadridge
Financial
Solutions,
Inc.
............
6,366
1,355,067
Dayforce,
Inc.
(a)
(b)
.........................
24,320
1,390,374
Equifax,
Inc.
............................
4,499
1,381,778
Jacobs
Solutions,
Inc.
......................
8,981
1,355,053
Leidos
Holdings,
Inc.
......................
8,861
1,404,557
Paychex,
Inc.
...........................
10,266
1,346,899
Paycom
Software,
Inc.
.....................
8,407
1,368,492
SS&C
Technologies
Holdings,
Inc.
.............
18,169
1,364,310
TransUnion
.............................
14,307
1,385,061
Verisk
Analytics,
Inc.
.......................
4,968
1,355,370
16,452,532
a
Real
Estate
Management
&
Development
-
0
.5
%
CBRE
Group,
Inc.
,
Class
A
(a)
.................
11,961
1,377,190
CoStar
Group,
Inc.
(a)
.......................
17,865
1,380,964
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
.............
24,412
1,349,984
4,108,138
a
Residential
REITs
-
1
.7
%
American
Homes
4
Rent
,
Class
A
..............
34,245
1,361,924
AvalonBay
Communities,
Inc.
................
6,128
1,383,273
Camden
Property
Trust
.....................
11,082
1,387,466
Equity
LifeStyle
Properties,
Inc.
...............
18,693
1,359,168
Equity
Residential
........................
18,499
1,385,205
Essex
Property
Trust,
Inc.
...................
4,664
1,407,549
Invitation
Homes,
Inc.
......................
37,037
1,364,443
Mid-America
Apartment
Communities,
Inc.
........
8,634
1,401,903
Sun
Communities,
Inc.
.....................
10,033
1,356,863
UDR,
Inc.
..............................
31,647
1,408,608
13,816,402
a
Retail
REITs
-
0
.7
%
Kimco
Realty
Corp.
.......................
59,706
1,388,762
Realty
Income
Corp.
.......................
21,903
1,360,395
Regency
Centers
Corp.
....................
18,858
1,370,788
Schedule
of
Investments
(continued)
August
31,
2024
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2024
iShares
Annual
Financial
Statements
Security
Shares
Value
a
Retail
REITs
(continued)
Simon
Property
Group,
Inc.
..................
8,493
$
1,421,303
5,541,248
a
Semiconductors
&
Semiconductor
Equipment
-
3
.7
%
Advanced
Micro
Devices,
Inc.
(a)
(b)
..............
8,526
1,266,623
Analog
Devices,
Inc.
.......................
5,919
1,390,018
Applied
Materials,
Inc.
.....................
6,465
1,275,286
Broadcom,
Inc.
..........................
8,050
1,310,701
Enphase
Energy,
Inc.
(a)
(b)
....................
11,403
1,380,219
Entegris,
Inc.
............................
11,977
1,387,775
First
Solar,
Inc.
(a)
.........................
6,063
1,378,544
Intel
Corp.
.............................
63,663
1,403,133
KLA
Corp.
..............................
1,645
1,347,962
Lam
Research
Corp.
......................
1,549
1,271,744
Marvell
Technology,
Inc.
....................
19,212
1,464,723
Microchip
Technology,
Inc.
...................
16,678
1,370,264
Micron
Technology,
Inc.
.....................
12,416
1,194,916
Monolithic
Power
Systems,
Inc.
...............
1,473
1,376,784
NVIDIA
Corp.
...........................
10,462
1,248,849
NXP
Semiconductors
NV
...................
5,264
1,349,479
ON
Semiconductor
Corp.
(a)
..................
17,594
1,370,045
Qorvo,
Inc.
(a)
............................
12,012
1,392,071
QUALCOMM,
Inc.
........................
7,774
1,362,782
Skyworks
Solutions,
Inc.
....................
12,586
1,379,300
Teradyne,
Inc.
...........................
10,080
1,378,238
Texas
Instruments,
Inc.
.....................
6,508
1,394,925
29,694,381
a
Software
-
5
.5
%
Adobe,
Inc.
(a)
............................
2,360
1,355,608
ANSYS,
Inc.
(a)
...........................
4,074
1,309,465
AppLovin
Corp.
,
Class
A
(a)
...................
15,436
1,433,541
Aspen
Technology,
Inc.
(a)
....................
6,188
1,448,858
Atlassian
Corp.
,
Class
A
(a)
...................
8,564
1,418,198
Autodesk,
Inc.
(a)
..........................
5,312
1,372,621
Bentley
Systems,
Inc.
,
Class
B
................
26,906
1,384,852
Cadence
Design
Systems,
Inc.
(a)
..............
4,724
1,270,425
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
............
5,012
1,389,727
Datadog,
Inc.
,
Class
A
(a)
....................
11,537
1,341,292
DocuSign,
Inc.
(a)
.........................
23,465
1,389,363
Dynatrace,
Inc.
(a)
.........................
26,604
1,346,694
Fair
Isaac
Corp.
(a)
.........................
766
1,325,387
Fortinet,
Inc.
(a)
...........................
17,594
1,349,636
Gen
Digital,
Inc.
..........................
53,010
1,402,645
HubSpot,
Inc.
(a)
(b)
.........................
2,747
1,370,945
Intuit,
Inc.
..............................
1,980
1,247,915
Manhattan
Associates,
Inc.
(a)
.................
5,141
1,359,435
Microsoft
Corp.
..........................
3,086
1,287,294
MicroStrategy,
Inc.
,
Class
A
(a)
(b)
................
9,996
1,323,670
Oracle
Corp.
............................
9,621
1,359,351
Palantir
Technologies,
Inc.
,
Class
A
(a)
...........
41,347
1,301,604
Palo
Alto
Networks,
Inc.
(a)
(b)
..................
3,617
1,311,958
PTC,
Inc.
(a)
.............................
7,664
1,372,546
Roper
Technologies,
Inc.
....................
2,419
1,341,118
Salesforce,
Inc.
..........................
5,080
1,284,732
Samsara,
Inc.
,
Class
A
(a)
(b)
...................
32,846
1,348,985
ServiceNow,
Inc.
(a)
........................
1,594
1,362,870
Synopsys,
Inc.
(a)
.........................
2,397
1,245,433
Tyler
Technologies,
Inc.
(a)
...................
2,325
1,366,798
Workday,
Inc.
,
Class
A
(a)
....................
5,721
1,505,710
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
......
22,474
1,552,504
Zscaler,
Inc.
(a)
(b)
..........................
6,796
1,359,064
44,840,244
a
Security
Shares
Value
a
Specialized
REITs
-
1
.9
%
American
Tower
Corp.
.....................
6,047
$
1,354,891
Crown
Castle,
Inc.
........................
12,125
1,358,243
Digital
Realty
Trust,
Inc.
....................
8,989
1,362,822
Equinix,
Inc.
............................
1,597
1,332,473
Extra
Space
Storage,
Inc.
...................
7,904
1,399,008
Gaming
and
Leisure
Properties,
Inc.
............
27,639
1,437,781
Iron
Mountain,
Inc.
........................
12,321
1,395,476
Public
Storage
...........................
4,066
1,397,566
SBA
Communications
Corp.
,
Class
A
............
6,047
1,370,613
VICI
Properties,
Inc.
.......................
42,112
1,409,910
Weyerhaeuser
Co.
........................
44,452
1,355,341
15,174,124
a
Specialty
Retail
-
2
.4
%
AutoZone,
Inc.
(a)
.........................
419
1,333,040
Bath
&
Body
Works,
Inc.
....................
40,393
1,242,489
Best
Buy
Co.,
Inc.
........................
15,804
1,586,722
Burlington
Stores,
Inc.
(a)
....................
5,071
1,360,245
CarMax,
Inc.
(a)
(b)
..........................
16,695
1,411,562
Dick's
Sporting
Goods,
Inc.
..................
5,972
1,415,125
Home
Depot,
Inc.
(The)
....................
3,629
1,337,287
Lowe's
Companies,
Inc.
....................
5,554
1,380,169
O'Reilly
Automotive,
Inc.
(a)
...................
1,185
1,339,014
Ross
Stores,
Inc.
.........................
9,045
1,362,267
TJX
Companies,
Inc.
(The)
..................
11,662
1,367,603
Tractor
Supply
Co.
........................
5,080
1,359,154
Ulta
Beauty,
Inc.
(a)
(b)
.......................
3,604
1,271,635
Williams-Sonoma,
Inc.
.....................
9,776
1,313,210
19,079,522
a
Technology
Hardware,
Storage
&
Peripherals
-
1
.4
%
Apple,
Inc.
.............................
5,708
1,307,132
Dell
Technologies,
Inc.
,
Class
C
...............
12,089
1,396,763
Hewlett
Packard
Enterprise
Co.
...............
71,371
1,382,456
HP,
Inc.
...............................
38,562
1,395,173
NetApp,
Inc.
............................
10,225
1,234,362
Pure
Storage,
Inc.
,
Class
A
(a)
.................
21,776
1,116,891
Seagate
Technology
Holdings
PLC
.............
13,043
1,298,431
Super
Micro
Computer,
Inc.
(a)
.................
2,188
957,688
Western
Digital
Corp.
(a)
.....................
20,809
1,364,862
11,453,758
a
Textiles,
Apparel
&
Luxury
Goods
-
0
.5
%
Deckers
Outdoor
Corp.
(a)
....................
1,413
1,355,477
Lululemon
Athletica,
Inc.
(a)
...................
5,108
1,325,373
Nike,
Inc.
,
Class
B
........................
15,905
1,325,204
4,006,054
a
Tobacco
-
0
.4
%
Altria
Group,
Inc.
.........................
26,398
1,419,421
Philip
Morris
International,
Inc.
................
11,356
1,400,081
2,819,502
a
Trading
Companies
&
Distributors
-
0
.8
%
Fastenal
Co.
............................
19,827
1,353,787
Ferguson
Enterprises,
Inc.
...................
6,494
1,335,881
United
Rentals,
Inc.
.......................
1,884
1,396,534
Watsco,
Inc.
............................
2,841
1,350,668
WW
Grainger,
Inc.
........................
1,378
1,357,220
6,794,090
a
Water
Utilities
-
0
.3
%
American
Water
Works
Co.,
Inc.
...............
9,448
1,352,198
Essential
Utilities,
Inc.
......................
34,063
1,328,116
2,680,314
a
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(continued)
August
31,
2024
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Wireless
Telecommunication
Services
-
0
.2
%
T-Mobile
U.S.,
Inc.
........................
6,692
$
1,329,834
a
Total
Long-Term
Investments - 99.7%
(Cost:
$
680,147,635
)
................................
806,838,705
a
Short-Term
Securities
Money
Market
Funds
-
2
.6
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
5.45
%
(c)
(d)
(e)
......................
19,655,597
19,667,391
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
5.25
%
(c)
(d)
............................
1,101,337
1,101,337
a
Total
Short-Term
Securities - 2.6%
(Cost:
$
20,754,797
)
.................................
20,768,728
Total
Investments
-
102.3%
(Cost:
$
700,902,432
)
................................
827,607,433
Liabilities
in
Excess
of
Other
Assets
-
(
2
.3
)
%
...............
(
18,515,449
)
Net
Assets
-
100.0%
.................................
$
809,091,984
(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,
2024
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
08/31/24
Shares
Held
at
08/31/24
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
13,704,791
$
5,956,987
(a)
$
-
$
(
192
)
$
5,805
$
19,667,391
19,655,597
$
230,296
(b)
$
-
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
828,406
272,931
(a)
-
-
-
1,101,337
1,101,337
59,352
-
BlackRock,
Inc.
...
901,595
505,307
(
306,455
)
57,650
236,101
1,394,198
1,546
28,132
-
$
57,458
$
241,906
$
22,162,926
$
317,780
$
-
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
S&P
500
Index
...................................................................
3
09/20/24
$
849
$
5,322
E-Mini
S&P
MidCap
400
Index
.............................................................
4
09/20/24
1,239
50,930
$
56,252
Schedule
of
Investments
(continued)
August
31,
2024
iShares
®
MSCI
USA
Equal
Weighted
ETF
10
2024
iShares
Annual
Financial
Statements
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
For
the period
ended
August
31,
2024,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund's
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund's
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund's
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
-
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
-
$
-
$
56,252
$
-
$
-
$
-
$
56,252
(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
..................................
$
-
$
-
$
167,692
$
-
$
-
$
-
$
167,692
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
-
$
-
$
54,898
$
-
$
-
$
-
$
54,898
Futures
contracts
Average
notional
value
of
contracts
-
long
...................................................................................
$
1,841,880
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
806,838,705
‌
$
-
‌
$
-
‌
$
806,838,705
‌
Short-Term
Securities
Money
Market
Funds
......................................
20,768,728
‌
-
‌
-
‌
20,768,728
‌
$
827,607,433
‌
$
-
‌
$
-
‌
$
827,607,433
‌
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...........................................
$
56,252
‌
$
-
‌
$
-
‌
$
56,252
‌
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
11
Statement
of
Assets
and
Liabilities
Statement
of
Assets
and
Liabilities
August
31,
2024
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
ASSETS
Investments,
at
value
-
unaffiliated
(a)
(b)
....................................................................................
$
805,444,507
‌
Investments,
at
value
-
affiliated
(c)
.......................................................................................
22,162,926
‌
Cash
...........................................................................................................
3,988
‌
Cash
pledged:
Futures
contracts
.................................................................................................
109,000
‌
Receivables:
Investments
sold
.................................................................................................
41,527,159
‌
Securities
lending
income
-
affiliated
...................................................................................
3,167
‌
Dividends
-
unaffiliated
............................................................................................
996,834
‌
Dividends
-
affiliated
..............................................................................................
5,020
‌
Variation
margin
on
futures
contracts
....................................................................................
13,658
‌
Total
assets
......................................................................................................
870,266,259
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................................
19,666,489
‌
Payables:
Investments
purchased
.............................................................................................
41,448,015
‌
Investment
advisory
fees
............................................................................................
59,771
‌
Total
liabilities
.....................................................................................................
61,174,275
‌
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................................
$
809,091,984
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
745,171,498
‌
Accumulated
earnings
...............................................................................................
63,920,486
‌
NET
ASSETS
.....................................................................................................
$
809,091,984
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
8,600,000
‌
Net
asset
value
....................................................................................................
$
94.08
‌
Shares
authorized
..................................................................................................
500
million
Par
value
........................................................................................................
$ 0.001
(a)
Securities
loaned,
at
value
..........................................................................................
$
19,272,274
‌
(b)
Investments,
at
cost
-
unaffiliated
.....................................................................................
$
679,017,281
‌
(c)
Investments,
at
cost
-
affiliated
.......................................................................................
$
21,885,151
‌
12
2024
iShares
Annual
Financial
Statements
Statement
of
Operations
Year
Ended
August
31,
2024
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
INVESTMENT
INCOME
Dividends
-
unaffiliated
............................................................................................
$
11,504,537
‌
Dividends
-
affiliated
..............................................................................................
87,484
‌
Interest
-
unaffiliated
..............................................................................................
6,978
‌
Securities
lending
income
-
affiliated
-
net
...............................................................................
230,296
‌
Foreign
taxes
withheld
.............................................................................................
(
8,167
)
Total
investment
income
..............................................................................................
11,821,128
‌
EXPENSES
Investment
advisory
...............................................................................................
597,103
‌
Interest
expense
.................................................................................................
14
‌
Total
expenses
....................................................................................................
597,117
‌
Net
investment
income
...............................................................................................
11,224,011
‌
-
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
-
unaffiliated
.........................................................................................
(
8,963,287
)
Investments
-
affiliated
...........................................................................................
2,466
‌
Futures
contracts
...............................................................................................
167,692
‌
In-kind
redemptions
-
unaffiliated
(a)
...................................................................................
33,017,400
‌
In-kind
redemptions
-
affiliated
(a)
....................................................................................
54,992
‌
24,279,263
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
-
unaffiliated
.........................................................................................
91,866,356
‌
Investments
-
affiliated
...........................................................................................
241,906
‌
Futures
contracts
...............................................................................................
54,898
‌
92,163,160
‌
Net
realized
and
unrealized
gain
........................................................................................
116,442,423
‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................................
$
127,666,434
‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
13
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
Year
Ended
08/31/24
Year
Ended
08/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
11,224,011
‌
$
7,495,597
‌
Net
realized
gain
................................................................................
24,279,263
‌
337,894
‌
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
92,163,160
‌
29,518,184
‌
Net
increase
in
net
assets
resulting
from
operations
...........................................................
127,666,434
‌
37,351,675
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
10,104,916
)
(
7,198,664
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................................................
135,997,664
‌
112,912,241
‌
NET
ASSETS
Total
increase
in
net
assets
...........................................................................
253,559,182
‌
143,065,252
‌
Beginning
of
year
..................................................................................
555,532,802
‌
412,467,550
‌
End
of
year
......................................................................................
$
809,091,984
‌
$
555,532,802
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
14
2024
iShares
Annual
Financial
Statements
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
Year
Ended
08/31/24
Year
Ended
08/31/23
Year
Ended
08/31/22
Year
Ended
08/31/21
Year
Ended
08/31/20
Net
asset
value,
beginning
of
year
..........................
$
79.36
‌
$
74.32
‌
$
87.61
‌
$
62.79
‌
$
58.13
‌
Net
investment
income
(a)
................................
1
.44
‌
1
.27
‌
1
.25
‌
1
.03
‌
1
.09
‌
Net
realized
and
unrealized
gain
(loss)
(b)
......................
14.59
‌
5
.05
‌
(
13.32
)
24.72
‌
4
.65
‌
Net
increase
(decrease)
from
investment
operations
...............
16.03
‌
6
.32
‌
(
12.07
)
25.75
‌
5
.74
‌
Distributions
from
net
investment
income
(c)
......................
(
1
.31
)
(
1
.28
)
(
1
.22
)
(
0
.93
)
(
1
.08
)
Net
asset
value,
end
of
year
..............................
$
94.08
‌
$
79.36
‌
$
74.32
‌
$
87.61
‌
$
62.79
‌
Total
Return
(d)
-
-
-
-
-
Based
on
net
asset
value
.................................
20.43
%
8
.69
%
(
13.93
)
%
41.36
%
10.18
%
Ratios
to
Average
Net
Assets
(e)
-
-
-
-
-
Total
expenses
........................................
0
.09
%
0
.09
%
0
.10
%
0
.15
%
0
.15
%
Total
expenses
after
fees
waived
............................
0
.09
%
0
.09
%
0
.09
%
0
.15
%
0
.15
%
Net
investment
income
...................................
1
.69
%
1
.69
%
1
.52
%
1
.34
%
1
.84
%
Supplemental
Data
Net
assets,
end
of
year
(000)
...............................
$
809,092
‌
$
555,533
‌
$
412,468
‌
$
473,092
‌
$
226,062
‌
Portfolio
turnover
rate
(f)
...................................
26
%
28
%
27
%
30
%
30
%
(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,
if
any.
Notes
to
Financial
Statements
15
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,
2024,
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.
Bank
Overdraft:
The
Fund had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian during
the
reporting
period. The
Fund
is obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
For
financial
reporting
purposes,
overdraft
fees,
if
any,
are
included
in
interest
expense
in
the
Statement
of
Operations.
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
iShares
ETF
Diversification
Classification
MSCI
USA
Equal
Weighted
..............................................................................................
Diversified
Notes
to
Financial
Statements
(continued)
16
2024
iShares
Annual
Financial
Statements
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.
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
Notes
to
Financial
Statements
(
continued)
17
Notes
to
Financial
Statements
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.
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.
iShares
ETF
and
Co
unterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
MSCI
USA
Equal
Weighted
Barclays
Bank
PLC
...........................................
$
1,354,808
‌
$
(1,354,808
)
$
-
‌
$
-
‌
BNP
Paribas
SA
.............................................
58,000
‌
(58,000
)
-
‌
-
‌
BofA
Securities,
Inc.
..........................................
221,799
‌
(221,799
)
-
‌
-
‌
Citigroup
Global
Markets,
Inc.
....................................
2,725,776
‌
(2,725,776
)
-
‌
-
‌
Goldman
Sachs
&
Co.
LLC
.....................................
3,216,423
‌
(3,216,423
)
-
‌
-
‌
HSBC
Bank
PLC
............................................
12,436
‌
(12,436
)
-
‌
-
‌
J.P.
Morgan
Securities
LLC
.....................................
2,198,231
‌
(2,198,231
)
-
‌
-
‌
Jefferies
LLC
...............................................
499,070
‌
(499,070
)
-
‌
-
‌
Morgan
Stanley
.............................................
215,887
‌
(215,887
)
-
‌
-
‌
National
Financial
Services
LLC
..................................
1,936,950
‌
(1,936,950
)
-
‌
-
‌
Natixis
SA
.................................................
249,490
‌
(249,490
)
-
‌
-
‌
RBC
Capital
Markets
LLC
......................................
127,251
‌
(127,251
)
-
‌
-
‌
Scotia
Capital
(USA),
Inc.
......................................
285,450
‌
(285,450
)
-
‌
-
‌
UBS
AG
..................................................
2,729,027
‌
(2,729,027
)
-
‌
-
‌
Wells
Fargo
Bank
NA
.........................................
3,431,945
‌
(3,431,945
)
-
‌
-
‌
Wells
Fargo
Securities
LLC
.....................................
9,731
‌
(9,731
)
-
‌
-
‌
$
19,272,274
‌
$
(19,272,274
)
$
-
‌
$
-
‌
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.
Notes
to
Financial
Statements
(continued)
18
2024
iShares
Annual
Financial
Statements
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:
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,
redemption
fee,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
of
the
value
redeemed,
if
such
fee
is
determined
to
be
in
the
best
interests
of
such
money
market
fund.
Securities
lending
income
is
generally
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral
(and
excludes
collateral
investment
fees),
and
any
fees
or
other
payments
to
and
from
borrowers
of
securities. The
Fund
retains
a
portion
of
the
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,
2024,
the
Fund
paid
BTC
$61,755 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,
2024,
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.
iShares
ETF
Investment
Advisory
Fees
MSCI
USA
Equal
Weighted
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.09%
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Equal
Weighted
.........................................................
$
65,944,883
‌
$
65,339,451
‌
$
(3,629,748
)
Notes
to
Financial
Statements
(
continued)
19
Notes
to
Financial
Statements
7.
Purchases
and
Sales
For
the year
ended
August
31,
2024,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
August
31,
2024,
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.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Fund
as
of
August
31,
2024,
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.
Management's
analysis
is
based
on
the
tax
laws
and
judicial
and
administrative
interpretations
thereof
in
effect
as
of
the
date
of
these
financial
statements,
all
of
which
are
subject
to
change,
possibly
with
retroactive
effect,
which
may
impact
the
Fund's
NAV.
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,
2024,
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,
2024,
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,
2024,
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:
iShares
ETF
Purchases
Sales
MSCI
USA
Equal
Weighted
...........................................................................
$
174,059,427
‌
$
169,851,616
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
USA
Equal
Weighted
...........................................................................
$
254,536,061
‌
$
119,717,212
‌
iShares
ETF
Paid-in
Capital
Accumulated
Earnings
(Loss)
MSCI
USA
Equal
Weighted
...........................................................................
$
32,913,211
‌
$
(32,913,211
)
iShares
ETF
Year
Ended
08/31/24
Year
Ended
08/31/23
MSCI
USA
Equal
Weighted
Ordinary
income
..........................................................................................
$
10,104,916
‌
$
7,198,664
‌
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
MSCI
USA
Equal
Weighted
.......................................
$
2,685,569
‌
$
(64,492,564
)
$
125,727,481
‌
$
63,920,486
‌
(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
undistributed
capital
gains
from
underlying
REIT
investments.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
USA
Equal
Weighted
.......................................
$
701,873,340
‌
$
147,083,765
‌
$
(21,349,672
)
$
125,734,093
‌
Notes
to
Financial
Statements
(continued)
20
2024
iShares
Annual
Financial
Statements
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
an
indexing
approach
to
try
to
achieve
the
Fund's
investment
objective.
The
Fund
is
not
actively
managed,
and
BFA
generally
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
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
discretionary
liquidity
fees
under
certain
circumstances.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund's
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund's
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures, there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, the
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:
Notes
to
Financial
Statements
(
continued)
21
Notes
to
Financial
Statements
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.
Authorized
Participants
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Authorized
Participants
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.
To
the
extent
applicable,
to
facilitate
the
timely
settlement
of
orders
for
the
Fund
using
a
clearing
facility
outside
of
the
continuous
net
settlement
process,
the
Fund,
at
its
sole
discretion,
may
permit
an
Authorized
Participant
to
post
cash
as
collateral
in
anticipation
of
the
delivery
of
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
as
further
described
in
the
applicable
Authorized
Participant
Agreement.
The
collateral
process
is
subject
to
a
Control
Agreement
among
the
Authorized
Participant,
the
Fund's
custodian,
and
the
Fund.
In
the
event
that
the
Authorized
Participant
fails
to
deliver
all
or
a
portion
of
the
applicable
Deposit
Securities
or
Fund
Securities,
the
Fund
may
exercise
control
over
such
collateral
pursuant
to
the
terms
of
the
Control
Agreement
in
order
to
purchase
the
applicable
Deposit
Securities
or
Fund
Securities.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statement
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
08/31/24
Year
Ended
08/31/23
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
USA
Equal
Weighted
Shares
sold
...............................................
3,050,000
‌
$
256,597,755
‌
3,000,000
‌
$
230,557,616
‌
Shares
redeemed
...........................................
(1,450,000
)
(120,600,091
)
(1,550,000
)
(117,645,375
)
1,600,000
‌
$
135,997,664
‌
1,450,000
‌
$
112,912,241
‌
Report
of
Independent
Registered
Public
Accounting
Firm
22
2024
iShares
Annual
Financial
Statements
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,
2024,
the
related
statement
of
operations
for
the
year
ended
August
31,
2024,
the
statement
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
August
31,
2024,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
August
31,
2024
(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,
2024,
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,
2024
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
August
31,
2024
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,
2024
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
24
,
2024
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
Important
Tax
Information
(unaudited)
23
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,
2024:
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,
2024:
The
following
percentage,
or
maximum
percentage
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended August
31,
2024
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
MSCI
USA
Equal
Weighted
..............................................................................................
$
10,048,948‌
iShares
ETF
Qualified
Business
Income
MSCI
USA
Equal
Weighted
..............................................................................................
$
1,288,891‌
iShares
ETF
Dividends-Received
Deduction
MSCI
USA
Equal
Weighted
..............................................................................................
84
.94‌
%
Additional
Information
24
2024
iShares
Annual
Financial
Statements
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,
(the
"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").
However,
the
Company
is
required
to
comply
with
certain
disclosure,
reporting
and
transparency
obligations
of
the
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
until
September
26,
2023.
Report
on
Remuneration
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,
Finance,
Human
Resources
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
businesses
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.
The
Company
is
required
under
the
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.
BlackRock
bases
its
proportionality
approach
on
a
combination
of
factors
that
it
is
entitled
to
take
into
account
based
on
relevant
guidelines.
Remuneration
information
at
an
individual
Fund
level
is
not
readily
available.
Disclosures
are
provided
in
relation
to
(a)
the
staff
of
the
Company;
(b)
staff
who
are
senior
management;
(c)
staff
who
have
the
ability
to
materially
affect
the
risk
profile
of
the
Fund;
and
(d)
staff
of
companies
to
which
portfolio
management
and
risk
management
has
been
formally
delegated.
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.
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,
2023
was
USD
5.43m.
This
figure
is
comprised
of
fixed
remuneration
of
USD
0.74m
and
variable
remuneration
of
USD
4.68m.
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,
2023,
to
its
senior
management
was
USD
3.66m,
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
1.77m.
Disclosures
under
the
EU
Sustainable
Finance
Disclosure
Regulation
Until
September
26,
2023,
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
Additional
Information
(continued)
25
Additional
Information
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.
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.
Changes
in
and
Disagreements
with
Accountants
Not
applicable.
Proxy
Results
Not
applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
Because
BFA
has
agreed in
the
Investment
Advisory
Agreements
to
cover
all
operating
expenses
of
the
Fund,
subject
to
certain
exclusions as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent Director
for
services
to
the
Fund
from
BFA's
investment
advisory
fees.
Availability
of
Portfolio
Holdings
Information
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,
when
available, at
iShares.com
.
Board
Review
and
Approval
of
Investment
Advisory
Contract
26
2024
iShares
Semi-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;
and
legal
and
compliance
services;
including
the
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
held
on
May
6,
2024
and
May
17,
2024,
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.
Prior
to
and
in
preparation
for
the
meeting,
the
Board
received
and
reviewed
materials
specifically
relating
to
matters
relevant
to
the
renewal
of
the
Advisory
Agreement.
Following
discussion,
the
15(c)
Committee
subsequently
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
4-5,
2024,
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
Board
Members
did
not
identify
any
particular
information
or
any
single
factor
as
determinative,
and
each
Board
Member
may
have
attributed
different
weights
to
the
various
matters
and
factors
considered.
The
material
factors,
considerations
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,
2023,
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
relevant
factors
and
information
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
product
line
and
BFA's
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
6,
2024
meeting
and
throughout
the
year,
and
matters
related
to
BFA's
portfolio
compliance
program
and
other
compliance
programs
and
services,
as
well
as
BlackRock's
continued
investments
in
its
ETF
business.
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(
continued)
27
Board
Review
and
Approval
of
Investment
Advisory
Contract
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
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,
and
related
costs
of
the
services
provided
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
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business,
including
enhancements
to
or
the
provision
of
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders
and,
with
respect
to
New
Funds,
set
management
fees
at
levels
that
anticipate
scale
over
time.
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
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
character
and
scope
of
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
acknowledged
BFA's
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts
in
its
consideration
of
relevant
qualitative
and
quantitative
comparative
information
provided.
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
(including
cash
sweep
vehicles)
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
actual
and
potential
reductions
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.
Glossary
of
Terms
Used
in
this
Report
28
2024
iShares
Annual
Financial
Statements
Portfolio
Abbreviation
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
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.
©2024
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.
Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - See Item 7
Item 9 - Proxy Disclosures for Open-End Management Investment Companies - See Item 7
Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - See Item 7
Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract - See Item 7
Item 12 - Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies - Not Applicable
Item 13 - Portfolio Managers of Closed-End Management Investment Companies - Not Applicable
Item 14 - Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers - Not Applicable
Item 15 - Submission of Matters to a Vote of Security Holders - There have been no material changes to these procedures.
Item 16 - Controls and Procedures
(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.
(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17 - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies -Not Applicable
Item 18 - Recovery of Erroneously Awarded Compensation - Not Applicable
Item 19 - Exhibits attached hereto
(a)(1) Code of Ethics - See Item 2
(a)(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed - Not Applicable
(a)(3) Section 302 Certifications are attached
(a)(4) Any written solicitation to purchase securities under Rule 23c-1 - Not Applicable
(a)(5) Change in registrant's independent public accountant - Not Applicable
(b) Section 906 Certifications are attached

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
iShares, Inc.
By: /s/ Jessica Tan___________________
Jessica Tan
President (principal executive officer) of
iShares, Inc.
Date: October 24, 2024
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ Jessica Tan___________________
Jessica Tan
President (principal executive officer) of
iShares, Inc.
Date: October 24, 2024
By: /s/ Trent Walker__________________
Trent Walker
Treasurer and Chief Financial Officer (principal financial officer) of
iShares, Inc.
Date: October 24, 2024