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iShares, Inc.
Supplement dated October 23, 2026 to the currently effective Summary Prospectus, Prospectus, and Statement of Additional Information (the “SAI”) for the iShares MSCI South Korea ETF (EWY) (the “Fund”)
The Board of Directors has approved the following changes for the Fund that are expected to take effect on or around November 9, 2026:
1. The Fund’s Underlying Index will change as described in the table below. All references to the Underlying Index for the Fund will refer to the new Underlying Index.
Current Underlying Index New Underlying Index
MSCI Korea 25/50 Index MSCI Korea 25/50 Daily 25 Capped Index
2. The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund will be deleted and replaced with the following:
The Fund seeks to track the investment results of the MSCI Korea 25/50 Daily 25 Capped Index (the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large- and mid-capitalization segments of the equity market in Korea. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Korea Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. In addition, if a group entity exceeds 25% of the Underlying Index weight as of the close of any business day between quarterly rebalances, the Underlying Index is rebalanced so that each group entity is reduced to 22.5% of the Underlying Index. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.
As of September 30, 2026, the Underlying Index had approximately 74 constituents, and a significant portion of the Underlying Index was represented by securities of companies in the industrials and technology industries or sectors. The components of the Underlying Index are likely to change over time.
The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA.
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In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60 days’ notice to shareholders.
The Fund may not purchase a security (other than obligations of the U.S. government, its agencies or instrumentalities) if as a result 25% or more of its total assets would be invested in a single issuer.
The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).
The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. With respect to the two most heavily weighted industries or groups of industries in its benchmark MSCI Index, the Fund will invest in securities (consistent with its investment objective and other investment policies) so that the weighting of each such industry or group of industries in the Fund does not diverge by more than 10% from the respective weighting of such industry or group of industries in its benchmark MSCI Index. An exception to this policy is that if investment in the stock of a single issuer would account for more than 25% of the Fund, the Fund will invest less than 25% of its net assets in such stock and will reallocate the excess to stock(s) in the same industry or group of industries, and/or to stock(s) in another industry or group of industries, in its benchmark MSCI Index. The Fund will evaluate these industry weightings at least weekly, and at the time of evaluation will adjust its portfolio composition to the extent necessary to maintain compliance with the above policy. The Fund may not concentrate its investments except as discussed above.
3. In the SAI, the index description for the MSCI Korea 25/50 Index will be deleted and replaced with the following:
MSCI Korea 25/50 Daily 25 Capped Index
Index Description. The MSCI Korea 25/50 Daily 25 Capped Index is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large- and mid-capitalization segments of the Korean equity market. The Underlying Index is rebalanced quarterly using an optimization process that aims to minimize the constituent weight differences between the Underlying Index and the MSCI Korea Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. In addition, if a group entity exceeds 25% of the Underlying Index weight as of the close of any business day between quarterly rebalances, the Underlying Index is rebalanced so that each group entity is reduced to 22.5% of the Underlying Index. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.
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4. In the SAI, the Non-Fundamental Investment Policies of the Funds with respect to the Fund will be deleted and replaced with the following:
Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, the Fund may not purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of registered open-end investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.
If you have any questions, please call 1-800-iShares (1-800-474-2737).
iShares ® is a registered trademark of BlackRock Fund Advisors and its affiliates. IS-SUPP-EWY-1026
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
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S ummar y Prospectu s
• iS h a r es M SC I Sout hK o r ea ET F | E WY | NY S E Ar ca
Before you invest, you may want to review the Fund ’s ’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus ( includin g amendments and supplements ) and other information about the Fund, includin g the Fund ’s ’s statement of additional information and shareholder reports, online at https://www.blackrock.com/prospectus. You can also g et this in fo formation a t no cost by by callin g 1-800-iShares ( 1-800-474-2737 ) or by by sendin g an e-mail request t o i SharesETFs@blackrock.com, or from your financial professional. The Fund ’s ’s prospectus and statement of additional in fo formation, both dated December 30, 2025, as amended and supplemented fr from time to time , are incorporated by by reference into ( le g ally ly made a part of) f) this Summary ry Prospectus. Information on th e Fund ’s ’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found a t https://www.i S hares.com .
The Securities and Exchan g e Commission has not approved or disapproved these securities or passed upon the adequac y o f this prospectus. An y representation to the contrar y is a criminal o ff ense .
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i S HARE S ® M SC I SOU TH K O REA ET F
T ic k e r: EW Y S tock Exchan g e: NYSE Arca
Investment Obj bj ect i v e
The iShares MSCI South Korea ETF (the “Fund”) seeks to track the investment results of an index composed of South Korean equities.
F ees and Expense s
The f ollowing table describes the f ees and expenses that you will incur i f you buy, hold and sell shares o f the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc . (the “C ompany ” ) and BlackRock Fund Advisors ( “ BFA” A” ) (the “ Investment Advisory Agreement ” ) provides that BFA will pay all operatin g expenses o f the Fund, except: (i) the management f ees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to th e acquisition and disposition of portfolio securities and the execution of portfolio transactions, includin g brokera g e commissions, (v ) d istribution f ees or expenses, and (vi) litigation expenses and any extraordinary expenses . You may pay other fees , such as brokerage commissions and other fees to financial intermediaries , which are not reflected i n the tables and examples below . A nnual Fund Operat i n g Expense s (ongoing expenses that you pay each year as a
1 p ercenta g eo f the value o fy our investments ) 1
M anagemen t Fees
Di str i but i o n and Serv i c e ( 12b-1 ) Fee s
O the r Ex p ense s
To To tal Annua l Fu n d Operat i ng E x p enses 0 .5 9% N o n e 0 .00 % 0.5 9 %
1 O peratin g expenses paid by BFA under the Investment Advisory A g reement exclude acquired fund fees and expenses, if any. Example . This Example is intended to help you compare the cost o f owning shares o f the Fund with the cost o f investing in other f unds . The Example assumes that you invest $ 10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of thos e periods. The Example also assumes that your investment has a 5% return each year and that the Fund ’ s operating expenses remain the s ame. Although your actual costs may be h i gher or lower, based on these assumpt i ons, your costs would be:
1 Year 3 Years 5 Years 1 0 Years $ 6 0 $ 18 9 $ 32 9 $ 738
Port f olio Turnover . The Fund ma y pa y transact i on costs, such a s commissions, when it buys and sells securities (or “turns over” it s port f olio). A higher port f olio turnover rate may indicate higher transact i on costs and may result i nh i gher taxes when Fund s hares are held in a taxable account. These costs , which are no t reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. Durin g the most recent f iscal year, the Fund’s port f olio turnover rate was 49% o f the average value of its portfolio .
Pr i nc i pal Investment Strateg i e s
Th e F u n d see k s t o tr ac k th e inv es tm e nt r esu lt so f th e MSCI K o r ea 25/50 Index (the “Underlying Index”), which is a f ree f loat adjusted market cap i tal i zat i on-we ig hted i ndex that i s des ig ned to measure the per f ormance o f the large- and mid-capitalizatio n s egments of the equity market in Korea. The Underlying Index i s rebalanced quarterly us i n g an opt i m i zat i on process that a i ms t o minimize the constituent weight differences between the U nderlyin g Index and the MSCI Korea Index (the “Parent Index”) . The Underly i ng Index uses a capp i ng methodology that l i m i ts the weight of any single “group entity” (constituents that MSC I
determines have a control relationship) to a maximum of 25% of the Underlyin g Index wei g ht, and the sum of all g roup entities wit h a weight above 5% to an aggregate o f 50% o f the Underlying Inde x weight. A group entity is a group of companies that operate as an a ff iliated corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holdin g stakes of 20% or more i n other l i sted compan i es to determ i ne whether these stakes ar e controllin g in nature. In certain cases, even in the absence o f consolidated accounts, M SC I may also consider two companie s as belong i ng to the same group ent i ty where there i s reasonabl e evidence of control based on other information. All g roup entitie s are rev i ewed on an annual bas i s. As of August 31, 2025, a significant portion of the Underlyin g Index is represented b y securities of companies in the industrials and technology industries or sectors. The components o f th e Underly i n g Index are l i kely to chan g e over t i me . BFA uses an indexing approach to try to achieve the Fund’ s investment objective. The Fund does not try to “beat” the index i t tracks and does not seek temporary de f ensive positions when markets decl i ne or appear overvalued .
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Index i n g may el i m i nate the chance that the Fund w i ll substant i all y outper f orm the Underlyin g Index but also may reduce some o f th e risks o f active management, such as poor security selection. Indexin g seeks to achieve lower costs and better a f ter-tax per f ormance by aimin g to keep port f olio turnover low in compar i son to act i vely mana g ed i nvestment compan i es.
BFA uses a representat i ve sampl i ng i ndex i ng strategy to manage the Fund. “Representative samplin g ” is an indexin g strate g y tha t involves investing in a representative sample o f securities or othe r instruments that collectivel y has an investment profile similar to that o f an applicable underlying index. The instruments selecte d are expected to have, i n the aggregate, i nvestment character i st i c s (based on f actors such as market capitalization and industr y weightings), fundamental characteristics (such as retur n variability and yield ) and liquidity measures similar to those of a n applicable underlying index. The Fund may or may not hold all o f the components of the Underlyin g Index.
The Fund generally will invest at least 80% o f its assets in th e component securities of its Underlying Index and in investment s that have econom i c character i st i cs that are substant i ally i dent i cal to the component securities of its Underlying Index ( i. e . , d epositary receipts representin g securities of the Underlyin g Index) and may invest up to 20% of its assets in certain futures, opt i ons and swap contracts, cash and cash equ i valents, i nclud i n g s hares o f money market f unds advised by BFA or its a ff iliates, a s well as i n secur i t i es not i ncluded i n the Underly i ng Index, bu t wh i ch BFA bel i eves w i ll help the Fund track the Underly i ng Index. Cash and cash equivalent investments associated with a d erivative p osition will be treated as p art of that p osition for th e purposes o f calculating the percentage o f investments included i n the Underly i n g Index. The Fund seeks to track the i nvestmen t results o f the Underlying Index be f ore f ees and expenses o f the Fund . The Fund may lend securities representing up to one-third o f the value of the Fund’s total assets (including the value of an y collateral received ) . The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI” ) , which is independent of the Fund and BFA . The Index Prov i der determ i nes the compos i t i on and relat i ve wei g htin g s of the securities in the Underlyin g Index and publishes in f ormation regarding the market value o f the Underlying Index . Industr y Concentration Polic y. Th e F u n d w i ll co n ce ntr a t ei t s i nvestments ( i. i.e . , hold 25% or more of its total assets) in a particular industry or group of industries to approximately th e s ame extent that the Underly i ng Index i s concentrated. For purposes of this limitation, securities of the U.S. government ( i nclud i n gi ts a g enc i es and i nstrumental i t i es) and repurchas e agreements collateralized by U. S . government securities are no t considered to be issued by members of any industry.
S ummary o f Principal Risk s
As with any investment, you could lose all or part of you r investment in the Fund, and the Fund’s per f ormance could trail that of other investments. The Fund is sub j ect to certain risks , includin g the principal risks noted below, any of which ma y adversely affect the Fund’s net asset value per share (“NAV”), trad i n g pr i ce, y i eld, total return and ab i l i ty to meet i ts i nvestment
objective. C ertain key risks are prioritized below ( with other s f ollowin g in alphabetical order), but the relative si g ni f icance o f an y risk is di ff icult to predict and may chan g e over time. You should review each risk factor carefull y.
Risk of Investing in South Kore a . Inv es tm e nt s in Sou th K o r ean i ssuers w i ll subject the Fund to legal, regulatory, pol i t i cal , currency, security, and economic risks that are speci f ic to Sout h Korea. In addition, economic and political developments of Sout h Korea’s nei g hbors, includin g escalated tensions involvin g Nort h Korea and any outbreak o f hostilities involving North Korea, o r even the threat of an outbreak of hostilities, may have a severe adverse e ff ect on the South Korean econom y. Non-U.S. Securities Ris k . S ecurities issued b y non-U.S. issuers (including depositary receipts) are subject to di ff erent legal , regulatory, pol i t i cal, econom i c, and market r i sks than secur i t i es issued by U.S. issuers. These risks include g reater marke t volat i l i ty, less market l i qu i d i ty, h i gher transact i on costs , expropriation, confiscatory taxation, adverse chan g es in forei g n i nvestment or currency control regulat i ons, restr i ct i ons on th e repatriation of capital, and political instability. Non-U.S. issuer s may be subject to di ff erent accounting, audit and f inancia l reporting standards than U.S. issuers, and there may be less publicly available information about non-U.S. issuers. Forei gn market trading hours, di ff erent clearing and settlemen t procedures, and holida y schedules ma y limit the Fund’s abilit y t o engage in port f olio transactions. To the extent that investment s are made in a limited number of countries, events in thos e countries will have a more si g nificant impact on the Fund. Th e Fund is speci f icall y exposed t o A s i an Econom i cR i s k . Equity ty Securities Ris k . Equity securities are subject to chan g es in value, and their values may be more volatile than those of othe r asset classes. The value of a securit y ma y decline for a number of reasons that may d i rectly relate to the i ssuer as well as due to general industry or market conditions. Common stock i s subordinated to pre f erred securities and debt in a compan y ’s capital structure. Common stock has the lowest priorit y , and th e g reatest r i sk, w i th respect to d i v i dends and any l i qu i dat i on payments in the event o f an issuer’s bankruptcy.
Marke ke t Ris isk . T he Fund could lose mone y over short per i ods due to short-term market movements and over longer per i ods dur i n g more prolon g ed market downturns. Local, re gi onal or g loba l events such as war, acts o f terrorism, pandemics or other publi c health issues, recessions, the prospect or occurrence of a soverei g n default or other financial crisis, or other events coul d have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’ s NAV.
Index-Related Ri Ris isk. k. The Index Prov i der may rely on var i ou s sources o f in f ormation to assess the criteria o f components o f the Underlying Index, including information that may be based o n assum p tions and estimates. Neither the Fund nor BFA can offe r assurances that the Index Provider’s methodology or sources o f information will p rovide an accurate assessment of include d components or w i ll result i n the Fund meet i ng i ts i nvestmen t object i ve. Errors i n i ndex data, i ndex computat i ons or th e construction of the Underlyin g Index in accordance with it s methodology may occur, and the Index Provider may not identi fy or correct them promptly or at all, wh i ch may have an advers e
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i mpact on the Fund and i ts shareholders. Unusual market conditions or other un f oreseen circumstances ( such as natural di sasters, pol i t i cal unrest or war ) may i mpact the Index Prov i de r or a th i rd-party data prov i der and could cause the Index Prov i de r to p ost p one a scheduled rebalance. Th i s could cause the U nderlyin g Index to vary f rom its normal or expected composition . A sset Class Ri Ris isk. k. The secur i t i es and other assets i n th e U nderlyin g Index or in the Fund’s portfolio may underperform i n comparison to f inancial markets generally, a particular f inancia l market, another i ndex, or other asset classes . A uthori riz ized Parti tic ic ip ipant Concentrati tio ion Ri Ris isk. A n “Authorized Participant” is a member or participant of a clearin g a g ency registered with the S E C , which has a written agreement with the Fund or one of its service providers that allows the Authorize d Participant to place orders f or the purchase and redemption o f creation units (“Creation Units”). Only an Authorized Participant may en g a g e in creation or redemption transactions directly wit h the Fund. There are a limited number o f institutions that ma y act as Authorized Participants for the Fund, including on an agenc y b asis on behal f o f other market participants. No Authorize d Part i c i pant i s obl i gated to engage i n creat i on or redempt i on transactions. To the extent that Authorized Partici p ants exit the b usiness or do not place creation or redemption orders for th e Fund and no other Author i zed Part i c ip ant p laces orders, Fun d s hares are more l i kely to trade at a prem i um or d i scount to NAV AV and possibly face trading halts or delisting.
Cash Transacti tio ions Ri Ris is k . T he Fund expects to effect all of its creations and redemptions for cash, rather than in-kind securities. As a result, the Fund ma y have to sell port f olio securities a t i nopportune t i mes i n order to obta i n the cash needed to mee t redempt i on orders. Th i s may cause the Fund to sell a secur i ty and recogn i ze a cap i tal ga i n or loss that m i ght not have been i ncurre d if it had made a redemption in-kind. The use of cash creations and redemptions may also cause the Fund ’ s shares to trade in the market at w i der b i d-ask spreads or greater prem i ums or d i scount s t o th e F u n d ’ s NAV . Concentrati tio ion Ri Ris isk. k. The Fund may be suscept i ble to a n increased risk of loss, includin g losses due to adverse events tha t affect the Fund’s investments more than the market as a whole , t o th ee xt e nt th a t th e F u n d ’ s inv es tm e nt sa r e co n ce ntr a t ed in th e s ecurities or other assets o f one or more issuers, countries o r other geograph i c un i ts, markets, i ndustr i es, project types, o r asset c l asses . Currency Ri Ris isk . B ecause the Fund’s NAV is determined in U.S. d ollars, the NAV could decline i f the currency o f the non-U.S . market in which the Fund invests depreciates against the U.S . d ollar or if there are delays or limits on the repatriation of forei gn c urrency. Currency exchange rates can be very volatile and ca n c han g e quickly and unpredictably. As a result, the Fund’s NAV AV may change qu i ckly and w i thout warn i ng. In add i t i on, the Fun d may incur costs in connection with conversions between U.S . d ollars and forei g n currencies . C ustody Ri Ris is k . L ess developed secur i t i es markets are more l i kel y to experience problems with the clearin g and settlement o f trades, as well as the custod y o f securities and other assets b y local banks, agents and depos i tor i es. These i ssues may have a n
adverse i mpact on the Fund, i nclud i n g losses or delays in payments, delivery or recovery o f money or other assets . Industrial Com p anies Risk. k. Industrial com p anies f ace a numbe r o f risks, includin g supply chain and distribution disruptions , bus i ness i nterrupt i ons, product obsolescence, th i rd-part y vendo r risks, cyber attacks, trade disputes, product recalls, liabilit y claims, scarcity o f materials or parts, excess capacity, changes i n consumer preferences, and volatilit y in commodit y prices an d currencies. The performance of such companies may also b e a ff ected by technological developments, labor relations, le gi slat i ve and re g ulatory chan g es, g overnment spend i n g pol i c i es , and changes i n domest i c and i nternat i onal econom i es . Issuer Ri Ris is k . The performance of the Fund depends on th e per f ormance o f individual securities or other assets to which th e Fund has exposure. The value of securities or other assets ma y decline, or perform differently from the market as a whole, due t o changes in the financial condition or credit rating of the issuer o r coun t erpar t y . Large-Cap i tali liz izati tio ion Compan ie ies Ri Ris isk. k. Large-cap i tal i zat i o n compan i es may be less able than smaller-cap i tal i zat i o n compan i es to adapt to chang i ng market cond i t i ons an d compet i t i ve challen g es. Lar g e-cap i tal i zat i on compan i es may be more mature and subject to more l i m i ted growth potent i a l compared w i th smaller-cap i tal i zat i on compan i es. Th e performance of lar g e-capitalization companies could trail th e overall per f ormance o f the broader securities markets . Larg rge ge Shareholder and Larg rge ge-Scale Redemption Risk. k. C e rt a i n shareholders of the Fund, including an Authorized Participant, a third-part y investor, the Fund’s adviser, an affiliate of the Fund’s adviser, a market maker, or another entit y , ma yf rom time to tim e own or manage a substantial amount of Fund shares, or may hol d their investment in the Fund f or a limited period o f time. There ca n be no assurance that any large shareholder or large group o f shareholders would not redeem their investment. Redem p tions o f a large number o f Fund shares could require the Fund to dispos e of assets to meet the redemption requests, which can accelerat e the realization o f taxable income and/or capital gains and caus e the Fund to make taxable d i str i but i ons to i ts shareholders earl i e r than the Fund otherw i se would have. In add i t i on, under certa in c i rcumstances, non-redeem i ng shareholders may be treated as rece i v i ng a d i sproport i onately large taxable d i str i but i on dur i ng or w i th respect to such year. In some c i rcumstances, the Fund ma y hold a relatively large proportion of its assets in cash i n anticipation of lar g e redemptions, dilutin g its investment returns . These large redemptions may also force the Fund to sell portfoli o secur i t i es or other assets when i tm i ght not otherw i se do so , which may negatively impact the Fund ’ s NAV, increase the Fund ’s brokerage costs and/or have a material effect on the marke t p rice of Fund shares . Management Ri Ris is k . T he Fund generally does not attempt to tak e defensive positions under any market conditions, includin g declining markets. As the Fund will not fully replicate th e Underly i n g Index and may hold secur i t i es or other assets no t i ncluded i n the Underly i ng Index, i t i s subject to the r i sk that th e investment strategy of BFA may not produce the intended results . There is no g uarantee that the Fund’s investment results will hav e a high degree of correlation to those of the Underlying Index o r that the Fund w i ll ach i eve i ts i nvestment ob j ect i ve .
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Market Tradi din ing Ri Ris isk . T he Fund f aces numerous market tradin g risks, includin g the potential lack o f an active market f or Fun d s hares (including through a trading halt), losses f rom trading i n s econdary markets, periods o f hi g h volatility, and disruptions in the process o f creatin g and redeemin g Fund shares. Any o f thes e f actors, amon g others, may lead to the Fund’s shares tradin g in the secondary market at a prem i um or d i scount to NAV or to th e intraday value of the Fund’s portfolio holdin g s. If you buy Fund s hares at a t i me when the market pr i ce i s at a prem i um to NAV or s ell Fund shares at a t i me when the market pr i ce i s at a d i scoun t to NAV, you may pay signi f icantly more or receive signi f icantly less than the underlying value of the Fund shares . Mi Mid id-Cap i tali liz izati tio ion Compan ie ies Ri Ris isk . C ompared to large cap i tal i zat i on compan i es, m i d-cap i tal i zat i on compan i es may b e less stable and more susce p t i ble to adverse develo p ments. The s ecurities of mid-capitalization companies may be more volatile and less liquid than those of lar g e-capitalization companies. As a result, the Fund’s share price ma y be more volatile than that o f a fund with a greater investment in large-capitalization stocks . Nati tio ional Closed Market Tradi din ing Ri Ris isk. k. To the extent tha t s ecurities or other assets held by the Fund trade on foreig n exchan g es or in forei g n markets that may be closed when th e s ecurities exchange on which the Fund’s shares trade is open, there are likely to be deviations between such asset’s curren t pr i ce and i ts last quoted pr i ce ( i. i. e ., the quote f rom the close d foreign market to the Fund). The impact of a closed foreig n market on the Fund is likely to be greater where a large portion o f the Fund’s holdings trade on a closed foreign market or when a forei g n market is closed for unscheduled reasons. Thes e deviations could result in premiums or discounts to the Fund ’ s N AV that may be g reater than those experienced by other funds.
Non-Diversif ifi fication Ris k . T he Fund is classified as “non diversified.” This means that, compared with funds that are classi f ied as “diversi f ied,” the Fund may invest a greate r percentage of its assets in securities or other instruments representin g a small number of issuers or counterparties and thus may be more suscept i ble to the r i sks assoc i ated w i th thes e particular issuers or counterparties. As a result, the Fund’ s per f ormance may depend to a greater extent on the per f ormanc e of a small number of issuers or counterparties, which may lead to more volatility in the Fund ’ s NAV . Op Operati tio ional and Technology Ri Ris isks ks . T he Fund i sd i rectly an d i nd i rectly suscept i ble to operat i onal and technology r i sks , i nclud i ng those related to human errors, process i ng errors , communication errors, s y stems failures, c y bersecurit y incidents , and the use o f arti f icial intelligence and machine learning (“AI”) , which may result in losses for the Fund and its shareholders or may impair the Fund ’ s operations. While the Fund ’ s servic e prov i ders are requ i red to have appropr i ate operat i onal , information security and cybersecurity risk mana g ement policie s and procedures, their methods o f risk management may di ff e r from those of the Fund. Operational and technolo g y risks for the i ssuers i n wh i ch the Fund i nvests could also result i n mater i a l adverse consequences for such issuers and may cause the Fund’s i nv es tm e nt si n suc h issue r s t o l ose v a l ue.
Reli lia iance on Tradi din ing Partners Ri Ris isk . T he Fund i nvests i n a country whose economy is heavily dependent upon tradin g with ke y partners. Any reduct i on i n th i s trad i ng may have an adverse
impact on the Fund’s investments. Throu g h its holdin g so f securities o f certain issuers, the Fund is speci f ically exposed t o As i an E c onom ic R i s k a n d U .S. E c onom ic R i sk . Risk of Investing in Emerging Markets ts . Investments i n emerg i ng markets may be subject to a g reater risk o f loss than investment s in more developed markets. The risks o f emerging markets ma y include, amon g others, g reater market volatility; political, le g al , econom i c, and soc i al i nstab i l i ty; less developed secur i t i e s markets, i nclud i n g settlement, custody and valuat i on processes ; government expropriation or nationalization o f assets; greate r v olat i l i ty i n currency exchange rates; more cap i tal controls; less g overnmental supervision and re g ulation; and less strin g en t account i ng, aud i t i ng and d i sclosure requ i rements. There may b e si g nificant obstacles to obtainin g information necessary for i nvest i gat i ons i nto or l i t i gat i on aga i nst compan i es, an d shareholders may have l i m i ted legal remed i es. The Fund does no t select i nvestments based on i nvestor protect i on cons i derat i ons. Emerging market securities may face liquidity challenges, and the Fund ma y be unable to l i qu i date i ts pos i t i ons i n such secur i t i es a t a f avorable time or price . Securities Lending ng Risk. k. T he Fund may en g a g e i n secur i t i e s lending. Securities lending involves the risk that the Fund ma y lose money because the borrower of the loaned securities fails t o return the secur i t i es i nat i mely manner or at all. The Fund coul d also lose money in the event of a decline in the value of collatera l provided for loaned securities or a decline in the value of an y i nvestments made w i th cash collateral. These events could also tri gg er adverse tax consequences for the Fund . Technology Compan ie ies Ri Ris isk . Te Technology compan i es an d compan i es that rely heav i ly on technolo gi cal advances may hav e limited product lines, markets, f inancial resources, supply chain s and personnel. These companies typically face intens e compet i t i on, potent i ally rap i d product obsolescence and changes in product cycles and customer preferences. They may fac e unexpected r i sks and costs assoc i ated w i th technolo gi cal developments, such as arti f icial intelligence and machine learning. Technology compan i es also depend heav i ly on i ntellectual property rights and may be adversely a ff ected by the loss or impairment of those rights. Technology companies may fac e increased g overnment scrutiny and may be subject to advers e government or legal act i on . Tracking ng Error Risk . T he Fund may be subject to “trackin g error,” which is the divergence of the Fund’s performance from that o f the Underlyin g Index. Trackin g error may occur due to a number o f f actors, including di ff erences between the securities and other assets held in the Fund’s portfolio and those included in the Underlying Index; di ff erences in the timing and methodologie s used to value secur i t i es and other assets; transact i on costs and other expenses i ncurred by the Fund that the Underly i n g Inde x does not incur; the Fund’s holding o f uninvested cash; di ff erence s in the timing of the accrual or the valuation of dividends o r i nterest rece i ved by the Fund or d i str i but i ons pa i d to Fun d shareholders; tax gains or losses; differences between th e amount and/or timin g of withholdin g taxes on dividends reflecte d in the Underlying Index f rom the Fund’s obligation, i f any, f o r foreign withholding taxes; the requirements for the Fund t o maintain pass-through tax treatment; port f olio transaction s carried out to minimize the distribution of capital gains t o
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s hareholders; the acceptance o f custom baskets; chan g es to the U nderlyin g Index; and impacts to the Fund o f complyin g with certa i n regulatory requ i rements or l i m i ts. Track i ng error r i sk may b e hei g htened durin g times o f increased market volatility or othe r u n usua lm a rk e t co n di t io n s .AF u n d th a t tr ac k sa n i n de xw i t h exposure to non-U. S . issuers may experience hi g her trackin g error than ETFs that do not track such i ndexes.
Valuatio io n Ris isk . The p rice that the Fund could receive u p on the s ale (or other disposition) o f a security or other asset may di ff e r from the Fund’s valuation of the securit y or other asset , particularl yf or securities or other assets that trade in low volume or volatile markets or that are valued using a fair valu e methodology. The price received by the Fund also may di ff er f rom
the value used by the Underlyin g Index. In addition, the value o f the securities or other assets in the Fund’s port f olio may chang e on days or dur i n g t i me per i ods when i nvestors are not able t o p urchase or sell Fund shares. Author i zed Part i c ip ants that create or redeem Fund shares on days when the Fund is holdin gf air v alued securities or other assets may receive fewer or more shares, or lower or h i gher redempt i on proceeds, than they would have received had the securities or other assets not been fair v alued or been valued using a di ff erent methodology. The ability t o v alue i nvestments may be i mpacted by technolog i cal i ssues or errors by pr i c i n g serv i ces or other th i rd-party serv i ce prov i ders .
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Per f ormance In f ormatio n
The p er f ormance in f ormation below illustrates how the Fund’s p er f ormance has varied over di ff erent p eriods and p rovides some indicatio n o f the risks o f investin g in the Fund. The bar chart shows how the per f ormance o f the Fund has varied f rom one calendar year to another over the p eriods shown. The table com p ares the Fund’s p erformance to that of an a pp ro p riate broad-based securities market index an d the Underlyin g Index. Returns assume the reinvestment o f any dividends and distributions. The Fund’s returns re f lect the impact o f any agreements to waive or reimburse expenses, which would reduce per f ormance i f not in e ff ect. Past per f ormance (be f ore and a f ter taxes) d oes not necessarily indicate how the Fund will perform in the future. Updated performance information, includin g the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
Calendar Year-by-Year Returns
75% 50% 25% 0% -25% -50%
2 0 1 5 2 0 1 6 2 0 17 2 0 1 8 2 0 1 9 2 0 2 0 2 0 21 2 0 22 2 0 2 3 2 0 2 4
-6.73%
7.12%
44.40%
-20.30%
8.28%
39.71%
-7.56% -26.70%
19.05%
-20.79%
R eturn ( % ) Per i od Ende d C alendar Year-to-Date Return 5 7.15% S eptember 30, 2025 D ur i ng the per i ods shown i n the chart: B est Q uarter 3 5.32 % December 31, 2020 W orst Q uarter - 24.00 % March 31, 2020
A vera g e Annual Total Return s (for the periods ended December 31 , 2024 ) O ne Year Five Years Ten Year s ( Incept i on Date: 5/9/2000 ) R eturn Be f ore Taxes -20.79 % -2.24 % 1.06 % R eturn A f ter Taxes on Distribution s - 21.15 % -2.48 % 0.77 % Re t u rn Aft e rTa Ta x es o n Di s tri bu ti o n sa n d S a l eo fF u n d Sh a r es - 11 . 87% -1 . 43% 1 . 04 % MSCI Emer gi n g Markets Index (Net) 1 ( Returns do not reflect deductions for fees, expenses o r taxes except for withholdin g taxes on reinvested dividends ) 7. 50% 1 . 70% 3 . 64% M SC I Korea 25/50 Index ( Net ) 1 ( Returns do not reflect deductions for fees, expenses or taxes except for withholdin g taxes on reinvested dividends) - 1 9 .88% -1.58% 1.61 %
1 Returns f or net indices g enerally assume the reinvestment o f dividends a f ter the deduction o f the maximum withholdin g tax in each country applicable to non-residents o f the country as determined by the index provider. Such indices use withholding tax rates that are o f ten at a higher rate than the rates to which the Fund is subject in each country, includin g for countries where the Fund is not subject to withholdin g taxes. When this i s the case, index per f ormance will be lower than i f the index used the Fund’s applicable withholdin g tax rates, i f any . After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do no t re f lect the impact o f state or local taxes. Actual a f ter-tax returns depend on an investor’s tax situation and may di ff er f rom those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements , s uch as 401 ( k ) plans or individual retirement accounts ( “IRAs” ) . Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund return s b e f ore taxes and/or returns a f ter taxes on distributions .
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M ana g emen t
Inv es tm e nt Adv ise r . Bl ac kR oc kF u n d A d v iso r s . Port f olio Managers. Jenni f er Hsui , Peter Sietsema , Matt W aldron and Steven White (the “Port f olio Mana g ers”) are primaril y responsible f or the day-to-day management o f the Fund. Each Portfolio Manager supervises a portfolio management team. Ms . Hsui has been a Port f olio Manager o f the Fund since 2012. Mr . S ietsema, Mr. Waldron and Mr. White have been Portfoli o M ana g ers of the Fund since 2025 .
Purchase and Sale of Fund Share s
The Fund is an ETF. Individual shares of the Fund may only b e b ou g ht and sold i n the secondary market throu g h a broker-dealer . Because ETF shares trade at market pr i ces rather than at NAV , s hares may trade at a pr i ce g reater than NAV (a prem i um) or les s than NAV (a d i scount). An i nvestor may i ncur costs attr i butable to the difference between the highest price a buyer is willing to pay to purchase shares o f the Fund (bid) and the lowest price a selle r is willing to accept for shares of the Fund (ask) when buying o r s ellin g shares in the secondary market (the “bid-ask spread”) .
Tax In fo rmati o n
The Fund i ntends to make d i str i but i ons that ma y be taxable to y o u as ord i nary i ncome or cap i tal g a i ns, unless you are i nvest i n g throu g h a tax-deferred arran g ement such as a 401(k) plan or a n IRA, i n wh i ch case, your d i str i but i ons g enerally w i ll be taxed whe n w i thdrawn .
Payments to Broker-Dealers and Other Financia l Int e rm e diari es
I f you purchase shares o f the Fund through a broker-dealer o r other financial intermediary (such as a bank), BFA or other relate d companies may pay the intermediary for marketin g activities an d presentations, educational training programs, con f erences, th e development of technology platforms and reporting systems o r other services related to the sale or promotion o f the Fund. Thes e payments may create a conflict of interest by influencing th e broker-dealer or other i ntermed i ar y and y our salesperson t o recommend the Fund over another i nvestment. Ask you r salesperson or visit y our financial intermediar y ’s website for more in f ormation.
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For more in f ormation visit www.iShares.com or call 1-800-474-273 7
Investment Compan y Act file No.: 811-0910 2
IS - S
P-EWY-1 22 5
G o paperless. . . I t’s Easy, Economical and G reen ! G o to www. i cs d e li very.com
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"text": "quarterly using an optimization process that aims to minimize the constituent weight differences"
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