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 BlackRock Fund 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: 8/31/2025
 
Date of reporting period: 2/28/2025
 
Item 1 – Reports to Stockholders
(a)    The Reports to Shareholders are attached herewith.
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iShares MSCI USA Equal Weighted ETF

EUSA |NYSE Arca 

Semi-Annual Shareholder Report — February 28, 2025

Image

This semi-annual shareholder report contains important information about iShares MSCI USA Equal Weighted ETF (the “Fund”) for the period of September 1, 2024 to February 28, 2025. 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 six months?

(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
$5
0.09%Footnote Reference(a)

⁽ᵃ⁾ Annualized.

Fund performance

Average annual total returns

........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6-Month Total Returns
1 Year
5 Years
10 Years
Fund NAV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.88%
13.52%
12.96%
9.85%
MSCI USA Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.49
18.55
16.81
12.92
MSCI USA Equal Weighted Index........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.97
13.69
13.06
9.97

Key Fund statistics

Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
$1,247,576,963
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
580
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
16%

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 February 28, 2025) 

Sector allocation 

Sector
Percent of Total InvestmentsFootnote Reference(a)
Industrials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
15.9%
Financials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
15.5
Information Technology........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
14.7
Health Care........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
12.3
Consumer Discretionary........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
9.1
Consumer Staples........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
7.0
Real Estate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
6.6
Utilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.4
Materials........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
5.2
Energy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.2
Communication Services........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
4.1

Ten largest holdings

Security
Percent of Total InvestmentsFootnote Reference(a)
Aflac, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2%
MetLife, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
American International Group, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Assurant, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Molina Healthcare, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Cincinnati Financial Corp.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Berkshire Hathaway, Inc., Class B........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Merck & Co., Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Baxter International, Inc.........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................
0.2
Fidelity National Financial, 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.

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.

 

©2025 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.

 

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iShares MSCI USA Equal Weighted ETF

Semi-Annual Shareholder Report — February 28, 2025

EUSA-02/25-SAR

 

 
(b)     Not Applicable
Item 2 – Code of Ethics – Not Applicable to this semi-annual report
Item 3 – Audit Committee Financial Expert – Not Applicable to this semi-annual report
Item 4 – Principal Accountant Fees and Services – Not Applicable to this semi-annual report
Item 5 –  Audit Committee of Listed Registrant – 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.
February
28,
2025
2025
Semi-Annual
Financial
Statements
and
Additional
Information
(Unaudited)
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
Additional
Information
....................................................................................................
22
Glossary
of
Terms
Used
in
these
Financial
Statements
................................................................................
23
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
February
28,
2025
(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)
.....................
3,115
$
1,646,122
Boeing
Co.
(The)
(a)
........................
11,925
2,082,463
General
Dynamics
Corp.
....................
9,116
2,302,702
General
Electric
Co.
.......................
10,590
2,191,918
HEICO
Corp.
(b)
..........................
4,196
1,110,597
HEICO
Corp.,
Class
A
......................
7,293
1,554,576
Howmet
Aerospace,
Inc.
....................
16,239
2,218,247
L3Harris
Technologies,
Inc.
..................
11,321
2,333,371
Lockheed
Martin
Corp.
.....................
5,162
2,324,810
Northrop
Grumman
Corp.
...................
5,019
2,317,473
RTX
Corp.
.............................
17,943
2,386,239
Textron,
Inc.
............................
30,583
2,285,468
TransDigm
Group,
Inc.
.....................
1,709
2,336,545
27,090,531
a
Air
Freight
&
Logistics
 — 0.7%
CH
Robinson
Worldwide,
Inc.
................
22,075
2,243,261
Expeditors
International
of
Washington,
Inc.
.......
18,471
2,167,757
FedEx
Corp.
............................
8,239
2,166,033
United
Parcel
Service,
Inc.,
Class
B
............
19,132
2,277,282
8,854,333
a
Automobile
Components
 — 0.2%
Aptiv
PLC
(a)
.............................
33,084
2,154,430
a
Automobiles
 — 0.6%
Ford
Motor
Co.
..........................
239,018
2,282,622
General
Motors
Co.
.......................
46,043
2,262,093
Rivian
Automotive,
Inc.,
Class
A
(a)(b)
.............
152,957
1,811,011
Tesla,
Inc.
(a)
.............................
6,237
1,827,316
8,183,042
a
Banks
 — 2.4%
Bank
of
America
Corp.
.....................
47,473
2,188,505
Citigroup,
Inc.
...........................
26,253
2,098,927
Citizens
Financial
Group,
Inc.
................
48,102
2,201,628
Fifth
Third
Bancorp
.......................
50,649
2,201,712
First
Citizens
BancShares
,
Inc.,
Class
A
..........
1,029
2,107,454
Huntington
Bancshares,
Inc.
.................
132,814
2,187,447
JPMorgan
Chase
&
Co.
....................
7,911
2,093,646
KeyCorp
...............................
123,360
2,136,595
M&T
Bank
Corp.
.........................
11,125
2,132,885
PNC
Financial
Services
Group,
Inc.
(The)
........
11,429
2,193,454
Regions
Financial
Corp.
....................
91,884
2,178,570
Truist
Financial
Corp.
......................
46,694
2,164,267
U.S.
Bancorp
...........................
46,741
2,192,153
Wells
Fargo
&
Co.
........................
27,480
2,152,234
30,229,477
a
Beverages
 — 1.3%
Brown-Forman
Corp.,
Class
B,
NVS
............
71,424
2,364,849
Coca-Cola
Co.
(The)
......................
32,036
2,281,284
Constellation
Brands,
Inc.,
Class
A
.............
13,024
2,285,712
Keurig
Dr
Pepper,
Inc.
.....................
68,294
2,289,215
Molson
Coors
Beverage
Co.,
Class
B
...........
36,625
2,244,746
Monster
Beverage
Corp.
(a)
...................
42,908
2,344,922
PepsiCo,
Inc.
...........................
15,256
2,341,338
16,152,066
a
Biotechnology
 — 2.5%
AbbVie,
Inc.
............................
11,290
2,359,949
Alnylam
Pharmaceuticals,
Inc.
(a)
...............
8,845
2,182,504
Amgen,
Inc.
............................
7,579
2,334,787
Biogen,
Inc.
(a)
...........................
16,164
2,271,042
Security
Shares
Value
a
Biotechnology
(continued)
BioMarin
Pharmaceutical,
Inc.
(a)
...............
34,019
$
2,420,792
Exact
Sciences
Corp.
(a)
.....................
44,490
2,109,271
Gilead
Sciences,
Inc.
......................
21,086
2,410,341
Incyte
Corp.
(a)
...........................
30,999
2,278,426
Moderna
,
Inc.
(a)
..........................
61,736
1,911,346
Natera
,
Inc.
(a)
...........................
13,062
2,032,316
Neurocrine
Biosciences,
Inc.
(a)
................
19,359
2,298,300
Regeneron
Pharmaceuticals,
Inc.
..............
3,236
2,261,123
United
Therapeutics
Corp.
(a)
..................
5,934
1,899,177
Vertex
Pharmaceuticals,
Inc.
(a)
................
4,763
2,285,240
31,054,614
a
Broadline
Retail
 — 0.5%
Amazon.com,
Inc.
(a)
.......................
9,501
2,016,872
eBay,
Inc.
..............................
31,983
2,070,580
MercadoLibre
,
Inc.
(a)
.......................
1,053
2,234,329
6,321,781
a
Building
Products
 — 1.9%
A
O
Smith
Corp.
.........................
33,500
2,227,080
Allegion
PLC
............................
17,601
2,265,425
Builders
FirstSource
,
Inc.
(a)(b)
.................
14,948
2,077,622
Carlisle
Companies,
Inc.
....................
6,231
2,123,276
Carrier
Global
Corp.
.......................
33,148
2,147,990
Fortune
Brands
Innovations,
Inc.
..............
32,412
2,097,705
Johnson
Controls
International
PLC
............
24,445
2,093,959
Lennox
International,
Inc.
...................
3,469
2,085,042
Masco
Corp.
............................
28,674
2,155,711
Owens
Corning
..........................
12,479
1,922,265
Trane
Technologies
PLC
....................
6,077
2,149,435
23,345,510
a
Capital
Markets
 — 5.0%
Ameriprise
Financial,
Inc.
...................
4,028
2,164,244
Ares
Management
Corp.,
Class
A
..............
11,861
2,027,519
Bank
of
New
York
Mellon
Corp.
(The)
...........
25,521
2,270,093
BlackRock,
Inc.
(c)
.........................
2,260
2,209,783
Blackstone,
Inc.
..........................
13,281
2,140,366
Carlyle
Group,
Inc.
(The)
....................
41,544
2,070,553
Cboe
Global
Markets,
Inc.
...................
10,688
2,253,030
Charles
Schwab
Corp.
(The)
.................
27,245
2,166,795
CME
Group,
Inc.,
Class
A
...................
8,969
2,276,063
Coinbase
Global,
Inc.,
Class
A
(a)
...............
8,335
1,797,193
FactSet
Research
Systems,
Inc.
...............
4,792
2,212,658
Franklin
Resources,
Inc.
....................
105,623
2,138,866
Goldman
Sachs
Group,
Inc.
(The)
.............
3,395
2,112,675
Interactive
Brokers
Group,
Inc.,
Class
A
..........
9,382
1,917,681
Intercontinental
Exchange,
Inc.
...............
13,309
2,305,518
KKR
&
Co.,
Inc.
..........................
15,677
2,125,644
LPL
Financial
Holdings,
Inc.
..................
5,823
2,164,642
Moody's
Corp.
...........................
4,255
2,144,265
Morgan
Stanley
..........................
16,044
2,135,617
MSCI,
Inc.
.............................
3,845
2,270,511
Nasdaq,
Inc.
............................
27,407
2,268,751
Northern
Trust
Corp.
.......................
19,905
2,193,929
Raymond
James
Financial,
Inc.
...............
13,899
2,149,758
Robinhood
Markets,
Inc.,
Class
A
(a)
.............
36,530
1,830,153
S&P
Global,
Inc.
.........................
4,053
2,163,248
SEI
Investments
Co.
.......................
26,719
2,138,856
State
Street
Corp.
........................
22,404
2,223,149
T
Rowe
Price
Group,
Inc.
...................
20,483
2,165,463
Tradeweb
Markets,
Inc.,
Class
A
...............
17,334
2,346,504
62,383,527
a
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2025
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
4
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Chemicals
 — 2.6%
Air
Products
and
Chemicals,
Inc.
..............
6,980
$
2,206,727
Albemarle
Corp.
.........................
26,396
2,033,284
CF
Industries
Holdings,
Inc.
..................
26,702
2,163,396
Corteva
,
Inc.
............................
34,291
2,159,647
Dow,
Inc.
..............................
55,858
2,128,748
DuPont
de
Nemours,
Inc.
...................
26,305
2,150,960
Eastman
Chemical
Co.
.....................
21,710
2,124,324
Ecolab,
Inc.
............................
8,295
2,231,438
International
Flavors
&
Fragrances,
Inc.
..........
25,355
2,074,293
Linde
PLC
.............................
4,694
2,192,333
LyondellBasell
Industries
N.V.,
Class
A
..........
28,518
2,191,038
PPG
Industries,
Inc.
.......................
18,570
2,102,495
RPM
International,
Inc.
.....................
17,763
2,200,658
Sherwin-Williams
Co.
(The)
..................
6,248
2,263,463
Westlake
Corp.
..........................
18,918
2,124,491
32,347,295
a
Commercial
Services
&
Supplies
 — 1.2%
Cintas
Corp.
............................
10,743
2,229,172
Copart
,
Inc.
(a)
...........................
37,002
2,027,710
Republic
Services,
Inc.
.....................
9,632
2,282,977
Rollins,
Inc.
.............................
43,797
2,294,525
Veralto
Corp.
............................
22,477
2,242,305
Waste
Connections,
Inc.
....................
11,656
2,211,843
Waste
Management,
Inc.
....................
9,618
2,238,878
15,527,410
a
Communications
Equipment
 — 0.8%
Arista
Networks,
Inc.
(a)
.....................
19,733
1,836,156
Cisco
Systems,
Inc.
.......................
34,085
2,185,189
F5,
Inc.
(a)
..............................
7,168
2,096,138
Juniper
Networks,
Inc.
.....................
61,024
2,209,069
Motorola
Solutions,
Inc.
....................
5,152
2,268,013
10,594,565
a
Construction
&
Engineering
 — 0.5%
AECOM
...............................
21,781
2,179,189
EMCOR
Group,
Inc.
.......................
5,093
2,082,579
Quanta
Services,
Inc.
......................
7,670
1,991,362
6,253,130
a
Construction
Materials
 — 0.5%
CRH
PLC
..............................
20,001
2,050,502
Martin
Marietta
Materials,
Inc.
................
4,114
1,987,638
Vulcan
Materials
Co.
......................
8,028
1,985,405
6,023,545
a
Consumer
Finance
 — 0.8%
Ally
Financial,
Inc.
........................
56,470
2,095,037
American
Express
Co.
.....................
7,121
2,143,136
Capital
One
Financial
Corp.
..................
10,965
2,199,031
Discover
Financial
Services
..................
11,333
2,212,088
Synchrony
Financial
.......................
34,385
2,086,482
10,735,774
a
Consumer
Staples
Distribution
&
Retail
 — 1.6%
Albertsons
Companies,
Inc.,
Class
A
............
107,841
2,268,975
Costco
Wholesale
Corp.
....................
2,045
2,144,407
Dollar
General
Corp.
......................
29,493
2,187,791
Dollar
Tree,
Inc.
(a)
.........................
29,582
2,155,345
Kroger
Co.
(The)
.........................
33,892
2,196,879
Sysco
Corp.
............................
31,624
2,388,877
Target
Corp.
............................
17,007
2,112,950
Walgreens
Boots
Alliance,
Inc.
................
199,420
2,129,806
Security
Shares
Value
a
Consumer
Staples
Distribution
&
Retail
(continued)
Walmart,
Inc.
............................
21,091
$
2,079,783
19,664,813
a
Containers
&
Packaging
 — 1.2%
Amcor
PLC
.............................
217,881
2,204,956
Avery
Dennison
Corp.
......................
11,930
2,242,482
Ball
Corp.
..............................
44,398
2,339,331
Crown
Holdings,
Inc.
......................
24,699
2,213,771
International
Paper
Co.
.....................
38,598
2,174,997
Packaging
Corp.
of
America
.................
10,406
2,217,414
Smurfit
WestRock
PLC
.....................
39,883
2,076,708
15,469,659
a
Distributors
 — 0.5%
Genuine
Parts
Co.
........................
18,224
2,275,813
LKQ
Corp.
.............................
56,275
2,374,242
Pool
Corp.
.............................
6,444
2,236,068
6,886,123
a
Diversified
REITs
 — 0.2%
WP
Carey,
Inc.
..........................
36,639
2,352,590
a
Diversified
Telecommunication
Services
 — 0.4%
AT&T,
Inc.
..............................
85,110
2,332,865
Verizon
Communications,
Inc.
................
53,615
2,310,807
4,643,672
a
Electric
Utilities
 — 2.9%
Alliant
Energy
Corp.
.......................
35,932
2,318,692
American
Electric
Power
Co.,
Inc.
..............
21,635
2,294,392
Constellation
Energy
Corp.
..................
6,785
1,699,948
Duke
Energy
Corp.
.......................
19,783
2,324,305
Edison
International
.......................
42,998
2,340,811
Entergy
Corp.
...........................
25,420
2,219,420
Evergy
,
Inc.
.............................
33,227
2,289,672
Eversource
Energy
.......................
35,789
2,255,065
Exelon
Corp.
............................
51,864
2,292,389
FirstEnergy
Corp.
........................
54,138
2,098,930
NextEra
Energy,
Inc.
......................
32,170
2,257,369
NRG
Energy,
Inc.
.........................
19,763
2,089,147
PG&E
Corp.
............................
142,954
2,335,868
PPL
Corp.
.............................
64,346
2,265,623
Southern
Co.
(The)
.......................
25,723
2,309,668
Xcel
Energy,
Inc.
.........................
32,203
2,321,836
35,713,135
a
Electrical
Equipment
 — 1.2%
AMETEK,
Inc.
...........................
11,953
2,262,703
Eaton
Corp.
PLC
.........................
7,030
2,062,039
Emerson
Electric
Co.
......................
17,666
2,148,362
GE
Vernova
,
Inc.
.........................
5,909
1,980,579
Hubbell,
Inc.
............................
5,586
2,075,702
Rockwell
Automation,
Inc.
...................
7,341
2,107,968
Vertiv
Holdings
Co.,
Class
A
.................
20,145
1,917,200
14,554,553
a
Electronic
Equipment,
Instruments
&
Components
 — 1.5%
Amphenol
Corp.,
Class
A
...................
31,900
2,124,540
CDW
Corp.
.............................
11,501
2,049,478
Corning,
Inc.
............................
42,132
2,112,920
Jabil,
Inc.
..............................
13,051
2,021,861
Keysight
Technologies,
Inc.
(a)
.................
12,002
1,914,679
TE
Connectivity
PLC
......................
14,317
2,205,248
Teledyne
Technologies,
Inc.
(a)
.................
4,466
2,300,079
Trimble,
Inc.
(a)
...........................
29,598
2,130,464
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2025
(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)
............
6,675
$
2,102,959
18,962,228
a
Energy
Equipment
&
Services
 — 0.5%
Baker
Hughes
Co.,
Class
A
..................
47,437
2,115,216
Halliburton
Co.
..........................
83,330
2,197,412
Schlumberger
N.V.
........................
52,138
2,172,069
6,484,697
a
Entertainment
 — 1.5%
Electronic
Arts,
Inc.
.......................
17,196
2,220,348
Liberty
Media
Corp.-Liberty
Formula
One,
Series
C,
NVS
(a)
...............................
22,689
2,187,900
Live
Nation
Entertainment,
Inc.
(a)
..............
14,264
2,044,887
Netflix,
Inc.
(a)
............................
2,130
2,088,593
ROBLOX
Corp.,
Class
A
(a)
...................
33,483
2,130,858
Roku,
Inc.,
Class
A
(a)
......................
23,057
1,925,490
Take-Two
Interactive
Software,
Inc.
(a)
............
10,201
2,162,408
Walt
Disney
Co.
(The)
.....................
20,049
2,281,576
Warner
Bros
Discovery,
Inc.,
Series
A
(a)
..........
207,264
2,375,245
19,417,305
a
Financial
Services
 — 2.3%
Apollo
Global
Management,
Inc.
...............
14,148
2,111,872
Berkshire
Hathaway,
Inc.,
Class
B
(a)
............
4,769
2,450,455
Block,
Inc.,
Class
A
(a)
......................
26,517
1,731,560
Corpay
,
Inc.
(a)
...........................
5,897
2,164,494
Equitable
Holdings,
Inc.
....................
31,641
1,740,888
Fidelity
National
Information
Services,
Inc.
........
32,326
2,299,025
Fiserv,
Inc.
(a)
............................
9,738
2,295,149
Global
Payments,
Inc.
.....................
21,135
2,225,093
Jack
Henry
&
Associates,
Inc.
................
13,810
2,397,278
Mastercard
,
Inc.,
Class
A
....................
4,211
2,426,841
PayPal
Holdings,
Inc.
(a)
.....................
28,509
2,025,565
Toast,
Inc.,
Class
A
(a)
......................
53,255
2,055,643
Visa,
Inc.,
Class
A
........................
6,533
2,369,584
28,293,447
a
Food
Products
 — 2.4%
Archer-Daniels-Midland
Co.
..................
48,061
2,268,479
Bunge
Global
SA
.........................
31,714
2,352,862
Conagra
Brands,
Inc.
......................
92,205
2,354,916
General
Mills,
Inc.
........................
38,537
2,336,113
Hershey
Co.
(The)
........................
13,522
2,335,384
Hormel
Foods
Corp.
.......................
77,976
2,232,453
J
M
Smucker
Co.
(The)
.....................
21,942
2,425,249
Kellanova
..............................
26,876
2,228,020
Kraft
Heinz
Co.
(The)
......................
75,321
2,313,108
McCormick
&
Co.,
Inc.,
NVS
.................
29,090
2,403,125
Mondelez
International,
Inc.,
Class
A
............
36,085
2,317,739
The
Campbell's
Company
...................
57,844
2,317,231
Tyson
Foods,
Inc.,
Class
A
..................
38,052
2,334,110
30,218,789
a
Gas
Utilities
 — 0.2%
Atmos
Energy
Corp.
.......................
14,877
2,263,238
a
Ground
Transportation
 — 1.1%
CSX
Corp.
.............................
65,423
2,094,190
JB
Hunt
Transport
Services,
Inc.
..............
12,604
2,031,639
Norfolk
Southern
Corp.
.....................
8,557
2,102,883
Old
Dominion
Freight
Line,
Inc.
...............
10,463
1,846,720
Uber
Technologies,
Inc.
(a)
...................
27,100
2,059,871
U-Haul
Holding
Co.,
Series
N,
NVS
.............
32,798
2,018,717
Security
Shares
Value
a
Ground
Transportation
(continued)
Union
Pacific
Corp.
.......................
8,760
$
2,161,004
14,315,024
a
Health
Care
Equipment
&
Supplies
 — 3.4%
Abbott
Laboratories
.......................
16,927
2,336,095
Align
Technology,
Inc.
(a)
.....................
10,896
2,037,879
Baxter
International,
Inc.
....................
70,639
2,437,752
Becton
Dickinson
&
Co.
....................
9,799
2,209,968
Boston
Scientific
Corp.
(a)
....................
21,025
2,182,185
Cooper
Companies,
Inc.
(The)
(a)
...............
25,273
2,284,174
Dexcom
,
Inc.
(a)
..........................
24,404
2,156,582
Edwards
Lifesciences
Corp.
(a)
................
29,179
2,089,800
GE
HealthCare
Technologies,
Inc.
.............
23,909
2,088,451
Hologic
,
Inc.
(a)
...........................
34,567
2,191,202
IDEXX
Laboratories,
Inc.
(a)
...................
4,895
2,139,653
Insulet
Corp.
(a)
...........................
7,876
2,144,399
Intuitive
Surgical,
Inc.
(a)
.....................
3,649
2,091,424
Medtronic
PLC
..........................
25,816
2,375,588
ResMed
,
Inc.
...........................
9,561
2,232,685
Solventum
Corp.
(a)
........................
29,736
2,371,446
STERIS
PLC
............................
10,083
2,210,799
Stryker
Corp.
...........................
5,715
2,207,076
Zimmer
Biomet
Holdings,
Inc.
................
21,663
2,259,884
42,047,042
a
Health
Care
Providers
&
Services
 — 2.7%
Cardinal
Health,
Inc.
.......................
17,458
2,260,462
Cencora
,
Inc.
...........................
9,085
2,303,411
Centene
Corp.
(a)
.........................
39,720
2,310,115
Cigna
Group
(The)
........................
7,530
2,325,640
CVS
Health
Corp.
........................
33,647
2,211,281
DaVita,
Inc.
(a)(b)
..........................
14,254
2,107,882
Elevance
Health,
Inc.
......................
5,777
2,292,776
HCA
Healthcare,
Inc.
......................
6,961
2,132,154
Humana,
Inc.
...........................
8,602
2,326,153
Labcorp
Holdings,
Inc.
.....................
8,925
2,240,532
McKesson
Corp.
.........................
3,674
2,352,315
Molina
Healthcare,
Inc.
(a)
....................
8,254
2,485,444
Quest
Diagnostics,
Inc.
.....................
13,030
2,252,887
UnitedHealth
Group,
Inc.
....................
4,438
2,107,872
Universal
Health
Services,
Inc.,
Class
B
.........
12,034
2,108,959
33,817,883
a
Health
Care
REITs
 — 0.7%
Alexandria
Real
Estate
Equities,
Inc.
............
22,836
2,335,209
Healthpeak
Properties,
Inc.
..................
112,914
2,310,221
Ventas,
Inc.
............................
33,127
2,291,726
Welltower
,
Inc.
...........................
14,594
2,240,325
9,177,481
a
Health
Care
Technology
 — 0.2%
Veeva
Systems,
Inc.,
Class
A
(a)
...............
9,456
2,119,468
a
Hotel
&
Resort
REITs
 — 0.2%
Host
Hotels
&
Resorts,
Inc.
..................
129,714
2,092,287
a
Hotels,
Restaurants
&
Leisure
 — 3.4%
Airbnb,
Inc.,
Class
A
(a)
......................
13,760
1,910,851
Booking
Holdings,
Inc.
.....................
428
2,146,852
Carnival
Corp.
(a)
..........................
86,255
2,064,082
Chipotle
Mexican
Grill,
Inc.
(a)
.................
39,912
2,154,051
Darden
Restaurants,
Inc.
...................
11,031
2,211,274
Domino's
Pizza,
Inc.
.......................
4,604
2,254,625
DoorDash
,
Inc.,
Class
A
(a)
...................
10,464
2,076,476
DraftKings
,
Inc.,
Class
A
(a)
...................
42,957
1,884,094
Expedia
Group,
Inc.
(a)
......................
10,834
2,144,699
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2025
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
6
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Hotels,
Restaurants
&
Leisure
(continued)
Flutter
Entertainment
PLC
(a)
..................
7,491
$
2,101,900
Hilton
Worldwide
Holdings,
Inc.
...............
8,155
2,160,749
Hyatt
Hotels
Corp.,
Class
A
..................
15,166
2,137,648
Las
Vegas
Sands
Corp.
....................
50,437
2,255,038
Marriott
International,
Inc.,
Class
A
.............
7,618
2,136,468
McDonald's
Corp.
........................
7,181
2,214,118
MGM
Resorts
International
(a)(b)
................
58,145
2,021,120
Royal
Caribbean
Cruises
Ltd.
................
8,514
2,095,295
Starbucks
Corp.
..........................
19,493
2,257,484
Wynn
Resorts
Ltd.
........................
24,286
2,169,226
Yum!
Brands,
Inc.
........................
14,921
2,333,197
42,729,247
a
Household
Durables
 — 0.9%
DR
Horton,
Inc.
..........................
16,978
2,152,980
Garmin
Ltd.
.............................
10,300
2,357,979
Lennar
Corp.,
Class
A
......................
18,010
2,154,536
NVR,
Inc.
(a)
.............................
299
2,166,429
PulteGroup,
Inc.
.........................
21,254
2,195,113
11,027,037
a
Household
Products
 — 0.9%
Church
&
Dwight
Co.,
Inc.
...................
21,110
2,347,432
Clorox
Co.
(The)
.........................
14,891
2,328,803
Colgate-Palmolive
Co.
.....................
25,227
2,299,946
Kimberly-Clark
Corp.
......................
16,263
2,309,509
Procter
&
Gamble
Co.
(The)
.................
13,099
2,277,130
11,562,820
a
Independent
Power
and
Renewable
Electricity
Producers
 — 0.1%
Vistra
Corp.
............................
13,064
1,746,134
a
Industrial
Conglomerates
 — 0.4%
3M
Co.
................................
14,885
2,308,961
Honeywell
International,
Inc.
.................
10,607
2,258,124
4,567,085
a
Industrial
REITs
 — 0.2%
Prologis,
Inc.
............................
18,142
2,248,157
a
Insurance
 — 4.8%
Aflac,
Inc.
..............................
23,293
2,549,885
Allstate
Corp.
(The)
.......................
11,829
2,355,745
American
Financial
Group,
Inc.
...............
18,301
2,311,050
American
International
Group,
Inc.
.............
30,392
2,520,712
Aon
PLC,
Class
A
........................
5,701
2,332,393
Arch
Capital
Group
Ltd.
....................
25,305
2,351,088
Arthur
J
Gallagher
&
Co.
....................
6,861
2,317,234
Assurant,
Inc.
...........................
12,041
2,503,203
Brown
&
Brown,
Inc.
.......................
20,178
2,391,900
Chubb
Ltd.
.............................
8,483
2,421,727
Cincinnati
Financial
Corp.
...................
16,693
2,467,392
Erie
Indemnity
Co.,
Class
A,
NVS
..............
5,647
2,417,311
Everest
Group
Ltd.
........................
6,595
2,329,486
Fidelity
National
Financial,
Inc.
................
37,759
2,436,588
Hartford
Insurance
Group,
Inc.
(The)
............
20,222
2,391,858
Loews
Corp.
............................
27,504
2,383,772
Markel
Group,
Inc.
(a)
.......................
1,197
2,314,328
Marsh
&
McLennan
Companies,
Inc.
............
9,859
2,344,865
MetLife,
Inc.
............................
29,498
2,542,138
Principal
Financial
Group,
Inc.
................
25,599
2,279,335
Progressive
Corp.
(The)
....................
8,415
2,373,030
Prudential
Financial,
Inc.
....................
19,766
2,275,067
Travelers
Companies,
Inc.
(The)
...............
9,406
2,431,357
W
R
Berkley
Corp.
........................
37,295
2,352,569
Security
Shares
Value
a
Insurance
(continued)
Willis
Towers
Watson
PLC
...................
6,870
$
2,333,395
59,727,428
a
Interactive
Media
&
Services
 — 0.8%
Alphabet,
Inc.,
Class
A
.....................
6,597
1,123,337
Alphabet,
Inc.,
Class
C,
NVS
.................
5,254
904,844
Meta
Platforms,
Inc.,
Class
A
.................
3,069
2,050,706
Pinterest,
Inc.,
Class
A
(a)
....................
56,140
2,076,057
Reddit
,
Inc.,
Class
A
(a)
......................
11,815
1,911,431
Snap,
Inc.,
Class
A,
NVS
(a)
..................
200,093
2,050,953
10,117,328
a
IT
Services
 — 2.1%
Accenture
PLC,
Class
A
....................
5,553
1,935,221
Akamai
Technologies,
Inc.
(a)(b)
.................
22,146
1,786,739
Cloudflare
,
Inc.,
Class
A
(a)
...................
13,126
1,907,208
Cognizant
Technology
Solutions
Corp.,
Class
A
.....
24,469
2,039,002
EPAM
Systems,
Inc.
(a)
......................
8,434
1,738,585
Gartner,
Inc.
(a)
...........................
4,225
2,105,402
GoDaddy
,
Inc.,
Class
A
(a)
....................
12,157
2,182,182
International
Business
Machines
Corp.
..........
8,355
2,109,136
MongoDB,
Inc.,
Class
A
(a)
...................
7,405
1,980,319
Okta
,
Inc.,
Class
A
(a)
.......................
22,708
2,054,847
Snowflake,
Inc.,
Class
A
(a)
...................
11,444
2,026,732
Twilio
,
Inc.,
Class
A
(a)
......................
17,608
2,111,727
VeriSign,
Inc.
(a)
..........................
9,448
2,247,490
26,224,590
a
Life
Sciences
Tools
&
Services
 — 2.1%
Agilent
Technologies,
Inc.
...................
16,320
2,087,654
Avantor
,
Inc.
(a)(b)
..........................
127,324
2,126,311
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
............
7,772
2,060,824
Bio-
Techne
Corp.
.........................
33,811
2,087,829
Danaher
Corp.
..........................
10,774
2,238,406
Illumina,
Inc.
(a)
...........................
21,822
1,936,484
IQVIA
Holdings,
Inc.
(a)
......................
11,438
2,159,494
Mettler
-Toledo
International,
Inc.
(a)
.............
1,727
2,197,988
Revvity
,
Inc.
............................
19,780
2,218,327
Thermo
Fisher
Scientific,
Inc.
.................
4,209
2,226,393
Waters
Corp.
(a)
..........................
5,874
2,216,495
West
Pharmaceutical
Services,
Inc.
............
10,457
2,429,579
25,985,784
a
Machinery
 — 3.3%
Caterpillar,
Inc.
..........................
6,251
2,150,031
CNH
Industrial
N.V.
.......................
167,411
2,156,254
Cummins,
Inc.
...........................
5,871
2,161,585
Deere
&
Co.
............................
4,424
2,127,015
Dover
Corp.
............................
10,865
2,159,636
Fortive
Corp.
............................
27,033
2,150,205
Graco
,
Inc.
.............................
25,031
2,179,449
IDEX
Corp.
.............................
11,227
2,181,743
Illinois
Tool
Works,
Inc.
.....................
8,357
2,206,081
Ingersoll
Rand,
Inc.
.......................
25,405
2,153,836
Nordson
Corp.
...........................
10,067
2,116,989
Otis
Worldwide
Corp.
......................
22,504
2,245,449
PACCAR,
Inc.
...........................
20,865
2,237,562
Parker-Hannifin
Corp.
......................
3,188
2,131,210
Pentair
PLC
............................
22,984
2,165,093
Snap-on,
Inc.
...........................
6,470
2,207,370
Stanley
Black
&
Decker,
Inc.
.................
25,395
2,197,429
Westinghouse
Air
Brake
Technologies
Corp.
.......
11,827
2,192,253
Xylem,
Inc.
.............................
16,911
2,213,481
41,332,671
a
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2025
(Percentages
shown
are
based
on
Net
Assets)
7
Schedule
of
Investments
Security
Shares
Value
a
Media
 — 1.2%
Charter
Communications,
Inc.,
Class
A
(a)
.........
6,104
$
2,219,231
Comcast
Corp.,
Class
A
....................
60,612
2,174,759
Fox
Corp.,
Class
A,
NVS
....................
24,665
1,420,704
Fox
Corp.,
Class
B
........................
15,890
859,172
Interpublic
Group
of
Companies,
Inc.
(The)
.......
80,489
2,205,399
News
Corp.,
Class
A,
NVS
..................
72,931
2,087,285
Omnicom
Group,
Inc.
......................
26,521
2,194,878
Trade
Desk,
Inc.
(The),
Class
A
(a)
..............
27,537
1,936,402
15,097,830
a
Metals
&
Mining
 — 0.8%
Freeport-McMoRan,
Inc.
....................
56,368
2,080,543
Newmont
Corp.
..........................
46,584
1,995,659
Nucor
Corp.
............................
15,479
2,127,898
Reliance,
Inc.
...........................
7,289
2,165,999
Steel
Dynamics,
Inc.
.......................
15,883
2,145,317
10,515,416
a
Mortgage
REITs
 — 0.2%
Annaly
Capital
Management,
Inc.
..............
103,522
2,273,343
a
Multi-Utilities
 — 1.8%
Ameren
Corp.
...........................
22,537
2,288,858
CenterPoint
Energy,
Inc.
....................
65,443
2,249,930
CMS
Energy
Corp.
........................
31,706
2,316,123
Consolidated
Edison,
Inc.
...................
23,036
2,338,615
Dominion
Energy,
Inc.
......................
39,563
2,240,057
DTE
Energy
Co.
.........................
17,109
2,287,473
NiSource,
Inc.
...........................
56,309
2,297,970
Public
Service
Enterprise
Group,
Inc.
...........
26,065
2,115,175
Sempra
...............................
26,043
1,863,898
WEC
Energy
Group,
Inc.
....................
21,509
2,294,795
22,292,894
a
Office
REITs
 — 0.2%
BXP,
Inc.
..............................
31,061
2,203,157
a
Oil,
Gas
&
Consumable
Fuels
 — 3.7%
Cheniere
Energy,
Inc.
......................
10,315
2,357,596
Chevron
Corp.
...........................
14,015
2,223,059
ConocoPhillips
..........................
22,385
2,219,473
Coterra
Energy,
Inc.
.......................
79,217
2,138,067
Devon
Energy
Corp.
.......................
63,595
2,303,411
Diamondback
Energy,
Inc.
...................
14,064
2,235,613
EOG
Resources,
Inc.
......................
16,668
2,115,836
EQT
Corp.
.............................
40,939
1,972,032
Expand
Energy
Corp.
......................
21,054
2,081,820
Exxon
Mobil
Corp.
........................
19,791
2,203,332
Hess
Corp.
.............................
14,775
2,200,588
Kinder
Morgan,
Inc.
.......................
82,710
2,241,441
Marathon
Petroleum
Corp.
..................
13,883
2,084,949
Occidental
Petroleum
Corp.
..................
45,035
2,199,509
ONEOK,
Inc.
............................
22,377
2,246,427
Ovintiv
,
Inc.
.............................
50,279
2,185,125
Phillips
66
..............................
16,877
2,188,778
Targa
Resources
Corp.
.....................
10,608
2,139,846
Texas
Pacific
Land
Corp.
....................
1,560
2,227,602
Valero
Energy
Corp.
.......................
15,974
2,088,281
Williams
Companies,
Inc.
(The)
...............
38,414
2,234,927
45,887,712
a
Passenger
Airlines
 — 0.5%
Delta
Air
Lines,
Inc.
.......................
34,482
2,073,058
Southwest
Airlines
Co.
.....................
73,368
2,278,810
Security
Shares
Value
a
Passenger
Airlines
(continued)
United
Airlines
Holdings,
Inc.
(a)
................
21,489
$
2,015,883
6,367,751
a
Personal
Care
Products
 — 0.4%
Estee
Lauder
Companies,
Inc.
(The),
Class
A
......
30,573
2,198,505
Kenvue
,
Inc.
............................
100,499
2,371,776
4,570,281
a
Pharmaceuticals
 — 1.5%
Bristol-Myers
Squibb
Co.
....................
40,613
2,421,347
Eli
Lilly
&
Co.
...........................
2,569
2,365,098
Johnson
&
Johnson
.......................
14,265
2,354,010
Merck
&
Co.,
Inc.
.........................
26,541
2,448,407
Pfizer,
Inc.
.............................
86,843
2,295,261
Royalty
Pharma
PLC,
Class
A
................
67,620
2,274,737
Viatris
,
Inc.
.............................
203,500
1,878,305
Zoetis,
Inc.,
Class
A
.......................
14,094
2,357,081
18,394,246
a
Professional
Services
 — 2.1%
Automatic
Data
Processing,
Inc.
...............
6,893
2,172,536
Booz
Allen
Hamilton
Holding
Corp.,
Class
A
.......
18,466
1,958,504
Broadridge
Financial
Solutions,
Inc.
............
9,282
2,239,004
Dayforce
,
Inc.
(a)(b)
.........................
32,653
2,024,159
Equifax,
Inc.
............................
8,959
2,196,747
Jacobs
Solutions,
Inc.
......................
16,913
2,166,724
Leidos
Holdings,
Inc.
......................
16,768
2,179,337
Paychex,
Inc.
...........................
14,369
2,179,346
Paycom
Software,
Inc.
.....................
10,338
2,268,881
SS&C
Technologies
Holdings,
Inc.
.............
24,638
2,194,014
TransUnion
.............................
22,762
2,103,892
Verisk
Analytics,
Inc.
.......................
7,508
2,229,200
25,912,344
a
Real
Estate
Management
&
Development
 — 0.5%
CBRE
Group,
Inc.,
Class
A
(a)
.................
15,288
2,169,979
CoStar
Group,
Inc.
(a)
.......................
29,318
2,235,497
Zillow
Group,
Inc.,
Class
C,
NVS
(a)
.............
27,438
2,103,397
6,508,873
a
Residential
REITs
 — 1.9%
American
Homes
4
Rent,
Class
A
..............
61,951
2,292,806
AvalonBay
Communities,
Inc.
................
10,092
2,282,609
Camden
Property
Trust
.....................
18,513
2,296,723
Equity
LifeStyle
Properties,
Inc.
...............
33,668
2,308,951
Equity
Residential
........................
30,987
2,298,306
Essex
Property
Trust,
Inc.
...................
7,623
2,375,098
Invitation
Homes,
Inc.
......................
68,868
2,342,201
Mid-America
Apartment
Communities,
Inc.
........
14,030
2,358,724
Sun
Communities,
Inc.
.....................
17,383
2,366,695
UDR,
Inc.
..............................
51,355
2,320,219
23,242,332
a
Retail
REITs
 — 0.7%
Kimco
Realty
Corp.
.......................
102,227
2,259,217
Realty
Income
Corp.
.......................
39,565
2,256,392
Regency
Centers
Corp.
....................
30,391
2,330,990
Simon
Property
Group,
Inc.
..................
12,018
2,236,429
9,083,028
a
Semiconductors
&
Semiconductor
Equipment
 — 3.3%
Advanced
Micro
Devices,
Inc.
(a)
...............
19,241
1,921,406
Analog
Devices,
Inc.
.......................
10,023
2,305,891
Applied
Materials,
Inc.
.....................
12,779
2,019,976
Broadcom,
Inc.
..........................
9,662
1,926,893
Entegris
,
Inc.
............................
20,485
2,073,492
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2025
iShares
®
MSCI
USA
Equal
Weighted
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
First
Solar,
Inc.
(a)
.........................
13,553
$
1,845,648
Intel
Corp.
.............................
80,518
1,910,692
KLA
Corp.
..............................
2,906
2,059,889
Lam
Research
Corp.
......................
25,423
1,950,961
Marvell
Technology,
Inc.
....................
20,623
1,893,604
Microchip
Technology,
Inc.
...................
38,215
2,249,335
Micron
Technology,
Inc.
.....................
20,684
1,936,643
Monolithic
Power
Systems,
Inc.
...............
3,191
1,949,733
NVIDIA
Corp.
...........................
15,690
1,959,995
NXP
Semiconductors
N.V.
...................
9,656
2,081,737
ON
Semiconductor
Corp.
(a)
..................
42,510
2,000,095
QUALCOMM,
Inc.
........................
12,680
1,992,916
Skyworks
Solutions,
Inc.
....................
32,940
2,195,780
Teradyne,
Inc.
...........................
19,159
2,104,808
Texas
Instruments,
Inc.
.....................
11,814
2,315,426
40,694,920
a
Software
 — 5.5%
Adobe,
Inc.
(a)
............................
4,736
2,077,020
ANSYS,
Inc.
(a)
...........................
6,505
2,167,791
AppLovin
Corp.,
Class
A
(a)
...................
4,457
1,451,823
Aspen
Technology,
Inc.
(a)
....................
8,358
2,216,960
Atlassian
Corp.,
Class
A
(a)
...................
7,018
1,994,937
Autodesk,
Inc.
(a)
..........................
7,447
2,042,042
Bentley
Systems,
Inc.,
Class
B
................
46,257
2,030,682
Cadence
Design
Systems,
Inc.
(a)
..............
7,317
1,832,909
Crowdstrike
Holdings,
Inc.,
Class
A
(a)(b)
..........
4,844
1,887,513
Datadog
,
Inc.,
Class
A
(a)
....................
16,808
1,958,972
DocuSign,
Inc.
(a)
.........................
25,270
2,101,706
Dynatrace
,
Inc.
(a)
.........................
35,484
2,031,459
Fair
Isaac
Corp.
(a)
.........................
1,229
2,318,324
Fortinet,
Inc.
(a)
...........................
19,279
2,082,325
Gen
Digital,
Inc.
..........................
80,475
2,199,382
HubSpot
,
Inc.
(a)
..........................
2,759
1,997,488
Intuit,
Inc.
..............................
3,778
2,319,088
Manhattan
Associates,
Inc.
(a)
.................
11,724
2,073,741
Microsoft
Corp.
..........................
5,273
2,093,328
MicroStrategy
,
Inc.,
Class
A
(a)(b)
................
6,617
1,690,180
Nutanix
,
Inc.,
Class
A
(a)
.....................
30,638
2,355,756
Oracle
Corp.
............................
12,306
2,043,534
Palantir
Technologies,
Inc.,
Class
A
(a)
...........
17,732
1,505,801
Palo
Alto
Networks,
Inc.
(a)(b)
..................
10,548
2,008,656
PTC,
Inc.
(a)
.............................
12,897
2,110,336
Roper
Technologies,
Inc.
....................
3,845
2,247,402
Salesforce,
Inc.
..........................
6,673
1,987,553
Samsara,
Inc.,
Class
A
(a)
....................
36,334
1,732,405
ServiceNow
,
Inc.
(a)
........................
2,205
2,050,121
Synopsys,
Inc.
(a)
.........................
4,180
1,911,430
Tyler
Technologies,
Inc.
(a)
...................
3,451
2,099,692
Workday,
Inc.,
Class
A
(a)
....................
8,296
2,184,669
Zoom
Communications,
Inc.,
Class
A
(a)
..........
25,895
1,908,462
Zscaler
,
Inc.
(a)
...........................
10,208
2,003,116
68,716,603
a
Specialized
REITs
 — 2.0%
American
Tower
Corp.
.....................
11,626
2,390,538
Crown
Castle,
Inc.
........................
24,741
2,328,128
Digital
Realty
Trust,
Inc.
....................
13,306
2,079,994
Equinix
,
Inc.
............................
2,354
2,129,476
Extra
Space
Storage,
Inc.
...................
14,222
2,169,708
Gaming
and
Leisure
Properties,
Inc.
............
46,287
2,321,293
Iron
Mountain,
Inc.
........................
23,453
2,185,116
Public
Storage
...........................
7,418
2,252,253
SBA
Communications
Corp.,
Class
A
............
10,664
2,323,686
VICI
Properties,
Inc.
.......................
73,313
2,381,939
Security
Shares
Value
a
Specialized
REITs
(continued)
Weyerhaeuser
Co.
........................
73,911
$
2,224,721
24,786,852
a
Specialty
Retail
 — 2.4%
AutoZone,
Inc.
(a)
.........................
654
2,284,428
Best
Buy
Co.,
Inc.
........................
24,340
2,188,409
Burlington
Stores,
Inc.
(a)
....................
8,971
2,236,739
CarMax,
Inc.
(a)(b)
..........................
24,726
2,051,516
Carvana
Co.,
Class
A
(a)(b)
....................
7,767
1,810,488
Dick's
Sporting
Goods,
Inc.
..................
9,456
2,128,546
Home
Depot,
Inc.
(The)
....................
5,466
2,167,815
Lowe's
Companies,
Inc.
....................
8,840
2,197,978
O'Reilly
Automotive,
Inc.
(a)
...................
1,703
2,339,309
Ross
Stores,
Inc.
.........................
15,874
2,227,440
TJX
Companies,
Inc.
(The)
..................
17,629
2,199,394
Tractor
Supply
Co.
........................
38,339
2,122,064
Ulta
Beauty,
Inc.
(a)
........................
5,978
2,190,100
Williams-Sonoma,
Inc.
.....................
10,158
1,976,544
30,120,770
a
Technology
Hardware,
Storage
&
Peripherals
 — 1.4%
Apple,
Inc.
.............................
8,936
2,161,082
Dell
Technologies,
Inc.,
Class
C
...............
18,387
1,889,448
Hewlett
Packard
Enterprise
Co.
...............
102,020
2,021,016
HP,
Inc.
...............................
65,263
2,014,669
NetApp,
Inc.
............................
18,431
1,839,598
Pure
Storage,
Inc.,
Class
A
(a)
.................
32,122
1,685,442
Seagate
Technology
Holdings
PLC
.............
21,545
2,195,651
Super
Micro
Computer,
Inc.
(a)(b)
................
39,589
1,641,360
Western
Digital
Corp.
(a)
.....................
38,671
1,892,172
17,340,438
a
Textiles,
Apparel
&
Luxury
Goods
 — 0.5%
Deckers
Outdoor
Corp.
(a)
....................
14,163
1,973,756
Lululemon
Athletica
,
Inc.
(a)
...................
5,929
2,167,702
NIKE,
Inc.,
Class
B
.......................
28,503
2,263,993
6,405,451
a
Tobacco
 — 0.4%
Altria
Group,
Inc.
.........................
42,342
2,364,801
Philip
Morris
International,
Inc.
................
14,955
2,322,212
4,687,013
a
Trading
Companies
&
Distributors
 — 0.8%
Fastenal
Co.
............................
29,128
2,205,863
Ferguson
Enterprises,
Inc.
...................
11,892
2,110,830
United
Rentals,
Inc.
.......................
3,077
1,976,419
Watsco
,
Inc.
............................
4,151
2,093,474
WW
Grainger,
Inc.
........................
2,135
2,180,283
10,566,869
a
Water
Utilities
 — 0.4%
American
Water
Works
Co.,
Inc.
...............
17,322
2,355,273
Essential
Utilities,
Inc.
......................
61,889
2,350,544
4,705,817
a
Wireless
Telecommunication
Services
 — 0.2%
T-Mobile
U.S.,
Inc.
........................
8,350
2,251,911
a
Total
Long-Term
Investments — 99.8%
(Cost:
$1,094,561,617)
...............................
1,245,638,596
iShares
®
MSCI
USA
Equal
Weighted
ETF
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2025
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
1.3%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
4.50%
(c)(d)(e)
......................
14,021,756
$
14,028,766
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.33%
(c)(d)
............................
2,065,205
2,065,205
a
Total
Short-Term
Securities — 1.3%
(Cost:
$16,083,041)
.................................
16,093,971
Total
Investments
—
101.1%
(Cost:
$1,110,644,658)
...............................
1,261,732,567
Liabilities
in
Excess
of
Other
Assets
—
(1.1)%
...............
(14,155,604)
Net
Assets
—
100.0%
.................................
$
1,247,576,963
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
February
28,
2025
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
08/31/24
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
02/28/25
  Shares
Held
at
02/28/25
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
19,667,391
$
—
$
(5,634,275
)
(a)
$
(1,349
)
$
(3,001
)
$
14,028,766
14,021,756
$
29,565
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.....
1,101,337
963,868
(a)
—
—
—
2,065,205
2,065,205
37,347
—
BlackRock,
Inc.
.
1,394,198
904,340
(194,971
)
23,985
82,231
2,209,783
2,260
16,264
—
$
22,636
$
79,230
$
18,303,754
$
83,176
$
—
(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
03/21/25
$
894
$
(3,252
)
E-Mini
S&P
MidCap
400
Index
............................................................
7
03/21/25
2,170
(41,699
)
$
(44,951
)
Schedule
of
Investments
(unaudited)
(continued)
February
28,
2025
iShares
®
MSCI
USA
Equal
Weighted
ETF
10
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
February
28,
2025,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments
at
the
measurement
date.
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
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
–
–
Unrealized
depreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
44,951
$
—
$
—
$
—
$
44,951
(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
..................................
$
—
$
—
$
78,461
$
—
$
—
$
—
$
78,461
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(101,203
)
$
—
$
—
$
—
$
(101,203
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
2,341,384
a
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,245,638,596
‌
$
—
‌
$
—
‌
$
1,245,638,596
‌
Short-Term
Securities
Money
Market
Funds
......................................
16,093,971
‌
—
‌
—
‌
16,093,971
‌
$
1,261,732,567
‌
$
—
‌
$
—
‌
$
1,261,732,567
‌
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(44,951
)
$
—
‌
$
—
‌
$
(44,951
)
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
(unaudited)
February
28,
2025
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
....................................................................................
$
1,243,428,813
‌
Investments,
at
value
—
affiliated
(c)
.......................................................................................
18,303,754
‌
Cash
...........................................................................................................
45,236
‌
Cash
pledged:
Futures
contracts
.................................................................................................
195,000
‌
Receivables:
Investments
sold
.................................................................................................
82,205,961
‌
Securities
lending
income
—
affiliated
...................................................................................
4,825
‌
Dividends
—
unaffiliated
............................................................................................
1,405,182
‌
Dividends
—
affiliated
..............................................................................................
5,952
‌
Variation
margin
on
futures
contracts
....................................................................................
34,960
‌
Foreign
withholding
tax
claims
........................................................................................
3,319
‌
Total
assets
......................................................................................................
1,345,633,002
‌
LIABILITIES
Collateral
on
securities
loaned
..........................................................................................
14,032,214
‌
Payables:
Investments
purchased
.............................................................................................
83,939,230
‌
Investment
advisory
fees
............................................................................................
84,595
‌
Total
liabilities
.....................................................................................................
98,056,039
‌
Commitments
and
contingent
liabilities
NET
ASSETS
.....................................................................................................
$
1,247,576,963
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
1,149,509,914
‌
Accumulated
earnings
...............................................................................................
98,067,049
‌
NET
ASSETS
.....................................................................................................
$
1,247,576,963
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
12,750,000
‌
Net
asset
value
....................................................................................................
$
97.85
‌
Shares
authorized
..................................................................................................
500
million
Par
value
........................................................................................................
$                    0.001
(a)
Securities
loaned,
at
value
..........................................................................................
$
13,857,532
‌
(b)
Investments,
at
cost
—
unaffiliated
.....................................................................................
$
1,092,697,909
‌
(c)
Investments,
at
cost
—
affiliated
.......................................................................................
$
17,946,749
‌
12
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Statement
of
Operations
(unaudited)
Six
Month
Ended
February
28,
2025
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
INVESTMENT
INCOME
Dividends
—
unaffiliated
............................................................................................
$
8,404,812
‌
Dividends
—
affiliated
..............................................................................................
53,611
‌
Interest
—
unaffiliated
..............................................................................................
3,194
‌
Securities
lending
income
—
affiliated
—
net
...............................................................................
29,565
‌
Foreign
taxes
withheld
.............................................................................................
(
2,858
)
Total
investment
income
..............................................................................................
8,488,324
‌
EXPENSES
Investment
advisory
...............................................................................................
451,818
‌
Total
expenses
....................................................................................................
451,818
‌
Net
investment
income
...............................................................................................
8,036,506
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.........................................................................................
(
235,050
)
Investments
—
affiliated
...........................................................................................
6,280
‌
Futures
contracts
...............................................................................................
78,461
‌
In-kind
redemptions
—
unaffiliated
(a)
...................................................................................
9,808,833
‌
In-kind
redemptions
—
affiliated
(a)
....................................................................................
16,356
‌
9,674,880
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.........................................................................................
24,303,678
‌
Investments
—
affiliated
...........................................................................................
79,230
‌
Futures
contracts
...............................................................................................
(
101,203
)
24,281,705
‌
Net
realized
and
unrealized
gain
........................................................................................
33,956,585
‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................................
$
41,993,091
‌
(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
Six
Months
Ended
02/28/25
(unaudited)
Year
Ended
08/31/24
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................................................
$
8,036,506
‌
$
11,224,011
‌
Net
realized
gain
...............................................................................
9,674,880
‌
24,279,263
‌
Net
change
in
unrealized
appreciation
(depreciation)
.......................................................
24,281,705
‌
92,163,160
‌
Net
increase
in
net
assets
resulting
from
operations
..........................................................
41,993,091
‌
127,666,434
‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................................................
(
7,846,528
)
(b)
(
10,104,916
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
................................................
404,338,416
‌
135,997,664
‌
NET
ASSETS
Total
increase
in
net
assets
..........................................................................
438,484,979
‌
253,559,182
‌
Beginning
of
period
...............................................................................
809,091,984
‌
555,532,802
‌
End
of
period
...................................................................................
$
1,247,576,963
‌
$
809,091,984
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(b)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
14
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
MSCI
USA
Equal
Weighted
ETF
Six
Months
Ended
02/28/25
(unaudited)
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
period
.......
$
94.08
‌
$
79.36
‌
$
74.32
‌
$
87.61
‌
$
62.79
‌
$
58.13
‌
Net
investment
income
(a)
...............
0
.77
‌
1
.44
‌
1
.27
‌
1
.25
‌
1
.03
‌
1
.09
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....
3
.81
‌
14.59
‌
5
.05
‌
(
13.32
)
24.72
‌
4
.65
‌
Net
increase
(decrease)
from
investment
operations
.........................
4
.58
‌
16.03
‌
6
.32
‌
(
12.07
)
25.75
‌
5
.74
‌
Distributions
from
net
investment
income
(c)
.....
(
0
.81
)
(d)
(
1
.31
)
(
1
.28
)
(
1
.22
)
(
0
.93
)
(
1
.08
)
Net
asset
value,
end
of
period
............
$
97.85
‌
$
94.08
‌
$
79.36
‌
$
74.32
‌
$
87.61
‌
$
62.79
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
................
4
.88
%
(f)
20.43
%
8
.69
%
(
13.93
)
%
41.36
%
10.18
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
.......................
0
.09
%
(h)
0
.09
%
0
.09
%
0
.10
%
0
.15
%
0
.15
%
Total
expenses
after
fees
waived
...........
0
.09
%
(h)
0
.09
%
0
.09
%
0
.09
%
0
.15
%
0
.15
%
Net
investment
income
..................
1
.60
%
(h)
1
.69
%
1
.69
%
1
.52
%
1
.34
%
1
.84
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
1,247,577
‌
$
809,092
‌
$
555,533
‌
$
412,468
‌
$
473,092
‌
$
226,062
‌
Portfolio
turnover
rate
(i)
..................
16
%
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)
A
portion
of
the
distributions
from
net
investment
income
may
be
deemed
a
return
of
capital
or
net
realized
gain
at
fiscal
year-end.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions,
if
any.
Notes
to
Financial
Statements
(unaudited)
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
“Foreign
taxes
withheld”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
February
28,
2025,
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.
Cash:
The
Fund
may
maintain
cash
at
its
custodian
which,
at
times
may
exceed
United
States
federally
insured
limits.
The
Fund
may,
at
times,
have
outstanding
cash
disbursements
that
exceed
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.
Segment
Reporting:
The
Fund
adopted
Financial
Accounting
Standards
Board
Update
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures
(“ASU
2023-07”)
during
the
period.
The
Fund’s
adoption
of
the
new
standard
impacted
financial
statement
disclosures
only
and
did
not
affect
the
Fund’s
financial
position
or
results
of
operations.
The
Chief
Financial
Officer
acts
as
the
Fund’s
Chief
Operating
Decision
Maker
(“CODM”)
and
is
responsible
for
assessing
performance
and
allocating
resources
with
respect
to
the
Fund.
The
CODM
has
concluded
that
the
Fund
operates
as
a
single
operating
segment
since
the
Fund
has
a
single
investment
strategy
as
disclosed
in
its
prospectus,
against
which
the
CODM
assesses
performance.
The
financial
information
provided
to
and
reviewed
by
the
CODM
is
presented
within
the
Fund’s
financial
statements. 
iShares
ETF
Diversification
Classification
MSCI
USA
Equal
Weighted
..............................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
16
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Directors of
the
Company (the
“Board”) of
the
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Fund’s
investment
adviser, as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value.
BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
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
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
as
of
the
measurement
date.
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
at
the
measurement
date.
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
that the
Fund
has
the
ability
to
access
for
identical
assets
or
liabilities;
Level
2
– Inputs
other
than
quoted
prices
included
within
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly;
and
Level
3
– Inputs
that
are
unobservable
and
significant
to
the
entire
fair
value
measurement
for
the
asset
or
liability (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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
17
Notes
to
Financial
Statements
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the Fund
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
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
Finance,
Inc.
BlackRock
Finance,
Inc.’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
Counterparty
Securit
ies
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
MSCI
USA
Equal
Weighted
Barclays
Bank
PLC
...........................................
$
161,511
‌
$
(161,511
)
$
—
‌
$
—
‌
BNP
Paribas
SA
.............................................
718,568
‌
(718,568
)
—
‌
—
‌
BofA
Securities,
Inc.
..........................................
1,804,736
‌
(1,804,736
)
—
‌
—
‌
Citigroup
Global
Markets,
Inc.
....................................
1,768,828
‌
(1,741,453
)
—
‌
27,375
‌
Goldman
Sachs
&
Co.
LLC
.....................................
658,458
‌
(658,458
)
—
‌
—
‌
J.P.
Morgan
Securities
LLC
.....................................
1,743,319
‌
(1,743,319
)
—
‌
—
‌
Jefferies
LLC
...............................................
891,116
‌
(891,116
)
—
‌
—
‌
Morgan
Stanley
.............................................
342,927
‌
(342,927
)
—
‌
—
‌
National
Financial
Services
LLC
..................................
846,976
‌
(845,402
)
—
‌
1,574
‌
SG
Americas
Securities
LLC
....................................
1,064,733
‌
(1,064,733
)
—
‌
—
‌
UBS
AG
..................................................
1,822,050
‌
(1,813,395
)
—
‌
8,655
‌
Wells
Fargo
Bank
NA
.........................................
2,034,310
‌
(2,034,310
)
—
‌
—
‌
$
13,857,532
‌
$
(13,819,928
)
$
—
‌
$
37,604
‌
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
the
Fund
is
disclosed
in
the
Fund’s
Statement
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
February
28,
2025.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(continued)
18
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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
(“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
The
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
the
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
BlackRock
Cash
Funds:
Institutional
may
impose
a
discretionary
liquidity
fee
of
up
to
2%
on
all
redemptions.
Discretionary
liquidity
fees
may
be
imposed
or
terminated
at
any
time
at
the
discretion
of
the
board
of
directors
of
the
money
market
fund,
or
its
delegate,
if
it
is
determined
that
such
fee
would
be,
or
would
not
be,
respectively,
in
the
best
interest
of
the
money
market
fund.
Additionally,
BlackRock
Cash
Funds:
Institutional
will
impose
a
mandatory
liquidity
fee
if
the
money
market
fund's
total
net
redemptions
on
a
single
day
exceed
5%
of
the
money
market
fund's
net
assets,
unless
the
amount
of
the
fee
is
less
than
0.01%
of
the
value
of
the
shares
redeemed.
BlackRock
Cash
Funds:
Institutional
will
determine
the
size
of
the
mandatory
liquidity
fee
by
making
a
good
faith
estimate
of
certain
costs
the
money
market
fund
would
incur
if
it
were
to
sell
a
pro
rata
amount
of
each
security
in
the
portfolio
to
satisfy
the
amount
of
net
redemptions
on
that
day.
There
is
no
limit
to
the
size
of
a
mandatory
liquidity
fee.
If
BlackRock
Cash
Funds:
Institutional
cannot
estimate
the
costs
of
selling
a
pro
rata
amount
of
each
portfolio
security
in
good
faith
and
supported
by
data,
it
is
required
to
apply
a
default
liquidity
fee
of
1%
on
the
value
of
shares
redeemed
on
that
day.
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
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
84%
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.
Prior
to
January
1,
2025,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
the
iShares
ETF
Complex
in
a
calendar
year
exceeded
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
retained
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
could
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
the
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statement
of
Operations.
For
the six
months
ended
February
28,
2025,
the
Fund
paid
BTC
$11,652 for
securities
lending
agent
services.
Directors and
Officers:
Certain
directors
and/or
officers
of
the
Company
are
directors
and/or
officers of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
six
months
ended
February
28,
2025,
transactions
executed
by
the
Fund
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
iShares
ETF
Investment
Advisory
Fees
MSCI
USA
Equal
Weighted
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.09%
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
MSCI
USA
Equal
Weighted
.........................................................
$
57,402,262
‌
$
70,554,593
‌
$
3,753,155
‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
19
Notes
to
Financial
Statements
The
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statement
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months
ended
February
28,
2025,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
February
28,
2025,
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
February
28,
2025,
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.
As
of August
31,
2024,
the
Fund
had
non-expiring
capital
loss
carryforwards available
to
offset
future
realized
capital
gains
as
follows:
.
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
February
28,
2025,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and
its
investments. The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
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
mandatory
and
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
iShares
ETF
Purchases
Sales
MSCI
USA
Equal
Weighted
...........................................................................
$
160,149,753
‌
$
157,413,066
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
MSCI
USA
Equal
Weighted
...........................................................................
$
430,903,649
‌
$
28,803,912
‌
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
MSCI
USA
Equal
Weighted
..............................................................................................
$
(64,492,564‌)
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
MSCI
USA
Equal
Weighted
.......................................
$
1,111,615,566
‌
$
183,301,407
‌
$
(33,229,357
)
$
150,072,050
‌
Notes
to
Financial
Statements
(unaudited)
(continued)
20
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
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. The
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
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:
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.
Six
Months
Ended
02/28/25
Year
Ended
08/31/24
iShares
ETF
Shares
Amount
Shares
Amount
MSCI
USA
Equal
Weighted
Shares
sold
...............................................
4,450,000
‌
$
433,306,573
‌
3,050,000
‌
$
256,597,755
‌
Shares
redeemed
...........................................
(300,000
)
(28,968,157
)
(1,450,000
)
(120,600,091
)
4,150,000
‌
$
404,338,416
‌
1,600,000
‌
$
135,997,664
‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
21
Notes
to
Financial
Statements
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.
Additional
Information
22
2025
iShares
Semi-Annual
Financial
Statements
and
Additional
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
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
Funds,
subject
to
certain
exclusions as
provided
for
therein,
BFA
pays
the
compensation
to
each
Independent Director
for
services
to
the
Funds
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
provide
information
regarding its
top
holdings
in
Fund
fact
sheets,
when
available, at
iShares.com
.
Glossary
of
Terms
Used
in
these
Financial
Statements
23
Glossary
of
Terms
Used
in
these
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.
©2025
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 – Not Applicable
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 – Not Applicable to this semi-annual report
              (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: April 22, 2025
 
 
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: April 22, 2025
 
By:     /s/ Trent Walker___________________
          Trent Walker
Treasurer and Chief Financial Officer (principal financial officer) of
iShares, Inc.
 
Date: April 22, 2025