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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 Germany ETF (EWG) (the “Fund”)

The Board of Directors has approved the following changes for the Fund that are expected to take effect on or around December 1, 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 Germany Index MSCI Germany 25/50 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 Germany 25/50 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 Germany. 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 Germany 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. 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 August 31, 2026, the Underlying Index had approximately 52 constituents, and a significant portion of the Underlying Index was represented by securities of companies in the financials, 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.

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%

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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 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. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

3. In the SAI, the index description for the MSCI Germany Index will be deleted and replaced with the following:

MSCI Germany 25/50 Index

Index Description. The MSCI Germany 25/50 Index is designed to measure the performance of the large- and mid-capitalization segments of the equity market in Germany. 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 Germany 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. 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.

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-EWG-1026

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Page 3

iShares ®

iShares, Inc. iShares Trust Supplement dated February 13, 2026 to the currently effective Prospectus and Statement of Additional Information (“SAI”) for each of the funds listed in Appendix A (each, a “Fund”)

On or around March 16, 2026, Citibank, N.A. (“Citibank”) will become the administrator, custodian and transfer agent for each Fund. Effective upon this change, the following changes will be made:

1) In the “Administrator, Custodian and Transfer Agent” table in each Fund’s Prospectus, Citibank is checked for the applicable Fund.

2) In the “Administrator, Custodian and Transfer Agent” section of each Fund’s SAI, the following language is included to apply to the applicable Fund:

Administrator, Custodian and Transfer Agent. Citibank serves as administrator, custodian and transfer agent for the Funds under the Master Services Agreement (the “Master Services Agreement”). Citibank’s principal address is 388 Greenwich Street, New York, NY 10013. Pursuant to the Master Services Agreement with the Trust, Citibank provides necessary administrative, tax and accounting and financial reporting services for the maintenance and operations of the Trust and each Fund. In addition, Citibank makes available the office space, equipment, personnel and facilities required to provide such services. Pursuant to the Master Services Agreement with the Trust, Citibank maintains, in separate accounts, cash, securities and other assets of the Trust and each Fund, keeps all necessary accounts and records and provides other services. Citibank is required, upon the order of the Trust, to deliver securities held by Citibank and to make payments for securities purchased by the Trust for each Fund. Citibank is authorized to appoint certain foreign custodians or foreign custody managers for Fund investments outside the U.S. Pursuant to the Master Services Agreement with the Trust, Citibank acts as a transfer agent for each Fund’s authorized and issued shares of beneficial interest, and as dividend disbursing agent of the Trust. As compensation for these services, Citibank receives certain out-of-pocket costs, transaction fees and asset-based fees which are accrued daily and paid monthly by BFA. BFA pays the compensation because it has agreed to pay these operating expenses under the Investment Advisory Agreement as described therein.

Prior to March 16, 2026, State Street Bank and Trust Company (“State Street”) served as administrator, custodian and transfer agent for each Fund.

3) For each Fund, references to “State Street” are replaced with references to “Citibank” in the sections of the SAI entitled “Placement of Creation Orders,” “Acceptance of Orders for Creation Units” and “Placement of Redemption Orders.”

4) For each Fund, the section of the SAI entitled “Costs Associated with Creation Transactions” is deleted in its entirety and replaced with the following, although each SAI will include a “Standard Creation Transaction Fee” table only for applicable Funds : Costs Associated with Creation Transactions.

A standard creation transaction fee is imposed to offset the transfer and other transaction costs associated with the issuance of Creation Units. Under an ETF Services Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform the ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on each creation order, which consists of (1) a fee for providing the ETF Services (the “ETF Servicing Fee”) and (2) transfer, processing and other transaction costs charged by a Fund custodian in connection with the issuance of Creation Units for such creation order (“Custody Transaction Costs”). BRIL is entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced by such custodian.

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The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being purchased, which amount will vary among different Funds based on a number of factors, including the complexity of the order and the types of securities or instruments included in a Fund’s Creation Basket, among other variables. The ETF Servicing Fee may be equal to zero in certain instances, such as for creation transactions that consist solely of cash. The actual Custody Transaction Costs vary per order based on the number of trades, underlying markets and settlement locations associated with the issuance of a Creation Unit. The following table sets forth, for each Fund, an estimate of the creation transaction fee for a Creation Unit based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in connection with a creation order will vary over time depending on the factors discussed above, and may be higher than the fee set forth below.

In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a creation transaction consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s discretion, and may include part or all of the spread between the expected bid and offer side of the market and anticipated market impact). However, a Fund is not obligated to trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to deviate from the regular charge, subject to the maximum amounts shown below.

Authorized Participants will also bear the costs of transferring the Deposit Securities to the Funds. Certain fees/costs associated with creation transactions may be waived in certain circumstances. Investors who use the services of a broker or other financial intermediary to acquire Fund shares may be charged a fee for such services.

The following table sets forth each Fund’s estimated creation transaction fee based on data as of February 2, 2026 and maximum additional charge (as described above):

Fund Standard Creation Transaction Fee

Maximum Additional Charge*

iShares Core MSCI Pacific ETF $4,700 7.0% iShares ESG Advanced MSCI EAFE ETF $1,950 3.0% iShares ESG Advanced MSCI EM ETF $6,720 7.0% iShares ESG Aware MSCI EAFE ETF $1,970 3.0% iShares ESG Aware MSCI EM ETF $3,600 3.0% iShares ESG MSCI EM Leaders ETF $5,540 7.0% iShares JPX-Nikkei 400 ETF $1,270 3.0% iShares Low Carbon Optimized MSCI ACWI ETF $6,160 7.0% iShares MSCI ACWI ETF $14,710 7.0% iShares MSCI ACWI ex U.S. ETF $14,320 7.0% iShares MSCI Agriculture Producers ETF $1,640 7.0% iShares MSCI Belgium ETF $450 3.0% iShares MSCI BIC ETF $8,630 7.0% iShares MSCI Brazil ETF $860 7.0% iShares MSCI Brazil Small-Cap ETF $1,020 3.0% iShares MSCI Canada ETF $630 3.0% iShares MSCI Chile ETF $960 3.0% iShares MSCI China A ETF $7,080 7.0% iShares MSCI China ETF $9,190 7.0%

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Fund Standard Creation Transaction Fee

Maximum Additional Charge*

iShares MSCI China Multisector Tech ETF $3,080 5.0% iShares MSCI China Small-Cap ETF $3,640 7.0% iShares MSCI Denmark ETF $470 3.0% iShares MSCI EAFE Small-Cap ETF $8,440 7.0% iShares MSCI Emerging Markets Asia ETF $10,090 7.0% iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 7.0% iShares MSCI Emerging Markets Quality Factor ETF $3,970 7.0% iShares MSCI Emerging Markets Small-Cap ETF $14,990 7.0% iShares MSCI Emerging Markets Value Factor ETF $3,500 7.0% iShares MSCI France ETF $500 3.0% iShares MSCI Germany ETF $460 3.0% iShares MSCI Global Gold Miners ETF $820 7.0% iShares MSCI Global Min Vol Factor ETF $3,220 7.0% iShares MSCI Global Quality Factor ETF $2,500 7.0% iShares MSCI Global Silver and Metals Miners ETF $430 7.0% iShares MSCI Global Sustainable Development Goals ETF $1,420 7.0% iShares MSCI Hong Kong ETF $430 7.0% iShares MSCI India ETF $1,230 3.0% iShares MSCI India Small-Cap ETF $2,700 3.0% iShares MSCI Indonesia ETF $1,070 3.0% iShares MSCI Intl Momentum Factor ETF $1,500 7.0% iShares MSCI Intl Quality Factor ETF $1,350 7.0% iShares MSCI Intl Value Factor ETF $1,570 7.0% iShares MSCI Japan Small-Cap ETF $2,590 3.0% iShares MSCI Japan Value ETF $580 3.0% iShares MSCI Kokusai ETF $4,020 7.0% iShares MSCI Kuwait ETF $2,040 7.0% iShares MSCI Malaysia ETF $900 3.0% iShares MSCI New Zealand ETF $500 3.0% iShares MSCI Norway ETF $770 3.0% iShares MSCI Pacific ex Japan ETF $820 7.0% iShares MSCI Peru and Global Exposure ETF $1,020 3.0% iShares MSCI Philippines ETF $800 3.0% iShares MSCI Poland ETF $530 3.0% iShares MSCI Qatar ETF $2,250 3.0% iShares MSCI Singapore ETF $480 3.0% iShares MSCI South Africa ETF $550 3.0% iShares MSCI South Korea ETF $850 3.0% iShares MSCI Spain ETF $360 3.0% iShares MSCI Sweden ETF $480 3.0% iShares MSCI Thailand ETF $1,200 3.0% iShares MSCI United Kingdom ETF $420 3.0%

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Fund Standard Creation Transaction Fee

Maximum Additional Charge*

iShares MSCI World ETF $4,480 7.0% iShares MSCI World Small-Cap ETF $10,090 7.0% iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF $2,140 3.0% iShares U.S. Power Infrastructure ETF $240 3.0%

* As a percentage of the net asset value per Creation Unit.

5) For each Fund, the section of the SAI entitled “Costs Associated with Redemption Transactions” is deleted in its entirety and replaced with the following, although each SAI will include a “Standard Redemption Transaction Fee” table only for applicable Funds : Costs Associated with Redemption Transactions.

A standard redemption transaction fee is imposed to offset transfer and other transaction costs that may be incurred by the relevant Fund. As described above, under an ETF Services Agreement, the Funds have retained BRIL, an affiliate of BFA, to perform certain ETF Services. BRIL will receive from an Authorized Participant a standard transaction fee on each redemption order, which consists of (1) the ETF Servicing Fee and (2) Custody Transaction Costs. BRIL is entitled to retain the ETF Servicing Fee pursuant to the ETF Services Agreement, but BRIL will reimburse any Custody Transaction Costs to the applicable Fund custodian according to the amounts invoiced by such custodian.

The ETF Servicing Fee is a flat fee per order regardless of the number of Creation Units being redeemed, which amount will vary among different Funds based on a number of factors, including the complexity of the order and the types of securities or instruments included in a Fund’s Redemption Basket, among other variables. The ETF Servicing Fee may be equal to zero in certain instances, such as for redemption transactions that consist solely of cash. The actual Custody Transaction Costs vary per order based on the number of trades, underlying markets, and settlement locations associated with the redemption of a Creation Unit. The following table sets forth, for each Fund, an estimate of the redemption transaction fee for a Creation Unit based on data as of February 2, 2026. The actual fee charged to an Authorized Participant in connection with a redemption order will vary over time depending on the factors discussed above, and may be higher than the fee set forth below.

In order to defray transaction expenses for a Fund and protect against possible shareholder dilution, if a redemption transaction consists solely or partially of cash, the Authorized Participant may also be required to cover (up to the maximum amount shown below) certain brokerage, tax, foreign exchange, execution and other costs and expenses related to the execution of trades resulting from such transaction (which may, in certain instances, be based on a good faith estimate of transaction costs based on historical data or other inputs, at BlackRock’s discretion, and may include part or all of the spread between the expected bid and offer side of the market and anticipated market impact). However, a Fund is not obligated to trade identical securities to the securities identified by BlackRock in estimating these transaction and other costs and expenses. In certain cases, BlackRock or an affiliate may determine in its discretion to deviate from the regular charge, subject to the maximum amounts shown below.

Authorized Participants will also bear the costs of transferring the Fund Securities from a Fund to their account on their order. Certain fees/costs associated with redemption transactions may be waived in certain circumstances. Investors who use the services of a broker or other financial intermediary to dispose of Fund shares may be charged a fee for such services.

Page 7

The following table sets forth each Fund’s estimated redemption transaction fee based on data as of February 2, 2026 and maximum additional charge (as described above):

Fund Standard Redemption Transaction Fee Maximum Additional Charge*

iShares Core MSCI Pacific ETF $4,700 2.0% iShares ESG Advanced MSCI EAFE ETF $1,950 2.0% iShares ESG Advanced MSCI EM ETF $6,720 2.0% iShares ESG Aware MSCI EAFE ETF $1,970 2.0% iShares ESG Aware MSCI EM ETF $3,600 2.0% iShares ESG MSCI EM Leaders ETF $5,540 2.0% iShares JPX-Nikkei 400 ETF $1,270 2.0% iShares Low Carbon Optimized MSCI ACWI ETF $6,160 2.0% iShares MSCI ACWI ETF $14,710 2.0% iShares MSCI ACWI ex U.S. ETF $14,320 2.0% iShares MSCI Agriculture Producers ETF $1,640 2.0% iShares MSCI Belgium ETF $450 2.0% iShares MSCI BIC ETF $8,630 2.0% iShares MSCI Brazil ETF $860 2.0% iShares MSCI Brazil Small-Cap ETF $1,020 2.0% iShares MSCI Canada ETF $630 2.0% iShares MSCI Chile ETF $960 2.0% iShares MSCI China A ETF $7,080 2.0% iShares MSCI China ETF $9,190 2.0% iShares MSCI China Multisector Tech ETF $3,080 2.0% iShares MSCI China Small-Cap ETF $3,640 2.0% iShares MSCI Denmark ETF $470 2.0% iShares MSCI EAFE Small-Cap ETF $8,440 2.0% iShares MSCI Emerging Markets Asia ETF $10,090 2.0% iShares MSCI Emerging Markets Min Vol Factor ETF $5,150 2.0% iShares MSCI Emerging Markets Quality Factor ETF $3,970 2.0% iShares MSCI Emerging Markets Small-Cap ETF $14,990 2.0% iShares MSCI Emerging Markets Value Factor ETF $3,500 2.0% iShares MSCI France ETF $500 2.0% iShares MSCI Germany ETF $460 2.0% iShares MSCI Global Gold Miners ETF $820 2.0% iShares MSCI Global Min Vol Factor ETF $3,220 2.0% iShares MSCI Global Quality Factor ETF $2,500 2.0% iShares MSCI Global Silver and Metals Miners ETF $430 2.0% iShares MSCI Global Sustainable Development Goals ETF $1,420 2.0% iShares MSCI Hong Kong ETF $430 2.0% iShares MSCI India ETF $1,230 2.0% iShares MSCI India Small-Cap ETF $2,700 2.0% iShares MSCI Indonesia ETF $1,070 2.0% iShares MSCI Intl Momentum Factor ETF $1,500 2.0% iShares MSCI Intl Quality Factor ETF $1,350 2.0%

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Fund Standard Redemption Transaction Fee

Maximum Additional Charge*

iShares MSCI Intl Value Factor ETF $1,570 2.0% iShares MSCI Japan Small-Cap ETF $2,590 2.0% iShares MSCI Japan Value ETF $580 2.0% iShares MSCI Kokusai ETF $4,020 2.0% iShares MSCI Kuwait ETF $2,040 2.0% iShares MSCI Malaysia ETF $900 2.0% iShares MSCI New Zealand ETF $500 2.0% iShares MSCI Norway ETF $770 2.0% iShares MSCI Pacific ex Japan ETF $820 2.0% iShares MSCI Peru and Global Exposure ETF $1,020 2.0% iShares MSCI Philippines ETF $800 2.0% iShares MSCI Poland ETF $530 2.0% iShares MSCI Qatar ETF $2,250 2.0% iShares MSCI Singapore ETF $480 2.0% iShares MSCI South Africa ETF $550 2.0% iShares MSCI South Korea ETF $850 2.0% iShares MSCI Spain ETF $360 2.0% iShares MSCI Sweden ETF $480 2.0% iShares MSCI Thailand ETF $1,200 2.0% iShares MSCI United Kingdom ETF $420 2.0% iShares MSCI World ETF $4,480 2.0% iShares MSCI World Small-Cap ETF $10,090 7.0% iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF $2,140 2.0% iShares U.S. Power Infrastructure ETF $240 2.0%

* As a percentage of the net asset value per Creation Unit.

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Appendix A

iShares Core MSCI Pacific ETF iShares ESG Advanced MSCI EAFE ETF iShares ESG Advanced MSCI EM ETF iShares ESG Aware MSCI EAFE ETF iShares ESG Aware MSCI EM ETF iShares ESG MSCI EM Leaders ETF iShares JPX-Nikkei 400 ETF iShares Low Carbon Optimized MSCI ACWI ETF iShares MSCI ACWI ETF iShares MSCI ACWI ex U.S. ETF iShares MSCI Agriculture Producers ETF iShares MSCI Belgium ETF iShares MSCI BIC ETF iShares MSCI Brazil ETF iShares MSCI Brazil Small-Cap ETF iShares MSCI Canada ETF iShares MSCI Chile ETF iShares MSCI China A ETF iShares MSCI China ETF iShares MSCI China Multisector Tech ETF iShares MSCI China Small-Cap ETF iShares MSCI Denmark ETF iShares MSCI EAFE Small-Cap ETF iShares MSCI Emerging Markets Asia ETF iShares MSCI Emerging Markets Min Vol Factor ETF iShares MSCI Emerging Markets Quality Factor ETF iShares MSCI Emerging Markets Small-Cap ETF iShares MSCI Emerging Markets Value Factor ETF iShares MSCI France ETF iShares MSCI Germany ETF iShares MSCI Global Gold Miners ETF iShares MSCI Global Min Vol Factor ETF iShares MSCI Global Quality Factor ETF

iShares MSCI Global Silver and Metals Miners ETF iShares MSCI Global Sustainable Development Goals ETF iShares MSCI Hong Kong ETF iShares MSCI India ETF iShares MSCI India Small-Cap ETF iShares MSCI Indonesia ETF iShares MSCI Intl Momentum Factor ETF iShares MSCI Intl Quality Factor ETF iShares MSCI Intl Value Factor ETF iShares MSCI Japan Small-Cap ETF iShares MSCI Japan Value ETF iShares MSCI Kokusai ETF iShares MSCI Kuwait ETF iShares MSCI Malaysia ETF iShares MSCI New Zealand ETF iShares MSCI Norway ETF iShares MSCI Pacific ex Japan ETF iShares MSCI Peru and Global Exposure ETF iShares MSCI Philippines ETF iShares MSCI Poland ETF iShares MSCI Qatar ETF iShares MSCI Singapore ETF iShares MSCI South Africa ETF iShares MSCI South Korea ETF iShares MSCI Spain ETF iShares MSCI Sweden ETF iShares MSCI Thailand ETF iShares MSCI United Kingdom ETF iShares MSCI World ETF iShares MSCI World Small-Cap ETF iShares Paris-Aligned Climate Optimized MSCI World ex USA ETF iShares U.S. Power Infrastructure ETF

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-A-CITI-0226

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

Page 10

DECEMBER 30, 2025

Prospectus

iShares, Inc.

• iShares MSCI Austria ETF | EWO | NYSE Arca • iShares MSCI Belgium ETF | EWK | NYSE Arca • iShares MSCI Canada ETF | EWC | NYSE Arca • iShares MSCI Eurozone ETF | EZU | Cboe BZX • iShares MSCI France ETF | EWQ | NYSE Arca • iShares MSCI Germany ETF | EWG | NYSE Arca • iShares MSCI Israel ETF | EIS | NYSE Arca • iShares MSCI Italy ETF | EWI | NYSE Arca • iShares MSCI Netherlands ETF | EWN | NYSE Arca • iShares MSCI Spain ETF | EWP | NYSE Arca • iShares MSCI Sweden ETF | EWD | NYSE Arca • iShares MSCI Switzerland ETF | EWL | NYSE Arca • iShares MSCI USA Equal Weighted ETF | EUSA | NYSE Arca

The Securities and Exchange Commission (“SEC”) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

Page 11

iShares MSCI Austria ETF .....................................................

S-1

iShares MSCI Belgium ETF ....................................................

S-7

iShares MSCI Canada ETF ....................................................

S-13

iShares MSCI Eurozone ETF ..................................................

S-19

iShares MSCI France ETF .....................................................

S-25

iShares MSCI Germany ETF ...................................................

S-31

iShares MSCI Israel ETF .......................................................

S-37

iShares MSCI Italy ETF .........................................................

S-43

iShares MSCI Netherlands ETF ..............................................

S-49

iShares MSCI Spain ETF .......................................................

S-55

iShares MSCI Sweden ETF ....................................................

S-61

iShares MSCI Switzerland ETF ...............................................

S-67

iShares MSCI USA Equal Weighted ETF ....................................

S-73

More Information About the Funds ..............................................

Additional Information About the Funds’ Risks ................................

Portfolio Holdings Information ....................................................

Management of the Funds .........................................................

Shareholder Information ...........................................................

Distribution ...........................................................................

Financial Highlights .................................................................

Index Provider and Disclaimers ...................................................

Table of Contents

Fund Summaries

Page 12

iSHARES ® MSCI AUSTRIA ETF

Ticker: EWO Stock Exchange: NYSE Arca

Investment Objective

The iShares MSCI Austria ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Austrian equities.

Fees and Expenses

The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of 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 “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees 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 in the tables and examples below.

Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 1 percentage of the value of your investments) 1

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.49% None 0.00% 0.49%

1 Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. 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 those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year 3 Years 5 Years 10 Years $50 $157 $274 $616

Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 24% of the average value of its portfolio.

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI Austria IMI 25/50 Index (the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in Austria. 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 Austria Index (the “Parent Index”).

As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the financials and industrials industries or sectors. The components of the Underlying Index are likely to change over time.

BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it

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tracks and does not seek temporary defensive positions when markets decline or appear overvalued.

Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.

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 that collectively has 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 generally will invest at least 80% of its assets in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index ( i.e ., depositary receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.

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).

Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

Summary of Principal Risks

As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks,

including the principal risks noted below, any of which may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.

Risk of Investing in Austria. Investments in Austrian issuers will subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Austria. The Austrian economy is heavily dependent on trade with other European countries. A downturn in the European economy or depreciation of the euro could adversely affect the Austrian economy.

Non-U.S. Securities Risk . Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement procedures, and holiday schedules may limit the Fund’s ability to engage in portfolio transactions. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. The Fund is specifically exposed to European Economic Risk . Equity Securities Risk . Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.

Market Risk . The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, pandemics or other public health issues, recessions, the prospect or occurrence of a sovereign default or other financial crisis, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.

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or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.

Asset Class Risk. The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in comparison to financial markets generally, a particular financial market, another index, or other asset classes.

Authorized Participant Concentration Risk. An “Authorized Participant” is a member or participant of a clearing agency registered with the SEC, which has a written agreement with the Fund or one of its service providers that allows the Authorized Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities or other assets of one or more issuers, countries or other geographic units, markets, industries, project types, or asset classes.

Currency Risk . Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S. market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on the repatriation of foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions between U.S. dollars and foreign currencies.

Financial Companies Risk . Financial services companies are subject to extensive governmental regulation and intervention, which may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital and liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating downgrades, adverse public perception, exposure concentration and counterparty risk.

claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The performance of such companies may also be affected by technological developments, labor relations, legislative and regulatory changes, government spending policies, and changes in domestic and international economies.

Issuer Risk . The performance of the Fund depends on the performance of individual securities or other assets to which the Fund has exposure. The value of securities or other assets may decline, or perform differently from the market as a whole, due to changes in the financial condition or credit rating of the issuer or counterparty.

Management Risk . The Fund generally does not attempt to take defensive positions under any market conditions, including declining markets. As the Fund will not fully replicate the Underlying Index and may hold securities or other assets not included in the Underlying Index, it is subject to the risk that the investment strategy of BFA may not produce the intended results. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective.

Market Trading Risk . The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares (including through a trading halt), losses from trading in secondary markets, periods of high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of these factors, among others, may lead to the Fund’s shares trading in the secondary market at a premium or discount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fund shares at a time when the market price is at a premium to NAV or sell Fund shares at a time when the market price is at a discount to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.

Mid-Capitalization Companies Risk . Compared to large capitalization companies, mid-capitalization companies may be less stable and more susceptible to adverse developments. The securities of mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in large-capitalization stocks.

National Closed Market Trading Risk. To the extent that securities or other assets held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between such asset’s current price and its last quoted price ( i.e ., the quote from the closed foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other funds.

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may be more susceptible to the risks associated with these particular issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.

Operational and Technology Risks . The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial 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 service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.

Reliance on Trading Partners Risk . The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Through its holdings of securities of certain issuers, the Fund is specifically exposed to Asian Economic Risk, European Economic Risk and U.S. Economic Risk . Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

Small-Capitalization Companies Risk . Compared to mid- and large-capitalization companies, small-capitalization companies may be less stable and more susceptible to adverse developments. The securities of small-capitalization companies may be more volatile and less liquid than those of mid- and large capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.

Tracking Error Risk . The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.

Valuation Risk . The price that the Fund could receive upon the sale (or other disposition) of a security or other asset may differ from the Fund’s valuation of the security or other asset, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology. The price received by the Fund also may differ from the value used by the Underlying Index. In addition, the value of the securities or other assets in the Fund’s portfolio may change on days or during time periods when investors are not able to purchase or sell Fund shares. Authorized Participants that create or redeem Fund shares on days when the Fund is holding fair valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not been fair valued or been valued using a different methodology. The ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

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Performance Information

The performance information below illustrates how the Fund’s performance has varied over different periods and provides some indication of the risks of investing in the Fund. The bar chart shows how the performance of the Fund has varied from one calendar year to another over the periods shown. The table compares the Fund’s performance to that of an appropriate broad-based securities market index and the Underlying Index. Returns assume the reinvestment of any dividends and distributions. The Fund’s returns reflect the impact of any agreements to waive or reimburse expenses, which would reduce performance if not in effect. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information, including 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

4.91% 7.07%

52.53%

-23.19%

17.71%

-3.23%

30.74%

-21.67%

19.88% 4.58%

Return (%) Period Ended Calendar Year-to-Date Return 52.39% September 30, 2025 During the periods shown in the chart: Best Quarter 37.85% December 31, 2020 Worst Quarter -37.13% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 3/12/1996) Return Before Taxes 4.58% 4.44% 6.77% Return After Taxes on Distributions 3.17% 3.76% 6.21% Return After Taxes on Distributions and Sale of Fund Shares 4.27% 3.73% 5.66% MSCI ACWI ex USA Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80% MSCI Austria IMI 25/50 Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 4.25% 4.23% 6.77%

1 Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such 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 returns before taxes and/or returns after taxes on distributions.

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Management

Investment Adviser. BlackRock Fund Advisors.

Portfolio Managers. Jennifer Hsui, Peter Sietsema, Matt Waldron and Steven White (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui has been a Portfolio Manager of the Fund since 2012. Mr. Sietsema, Mr. Waldron and Mr. White have been Portfolio Managers of the Fund since 2025.

Purchase and Sale of Fund Shares

The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).

Tax Information

The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will be taxed when withdrawn.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other related companies may pay the intermediary for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

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iSHARES ® MSCI BELGIUM ETF

Ticker: EWK Stock Exchange: NYSE Arca

Investment Objective

The iShares MSCI Belgium ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Belgian equities.

Fees and Expenses

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 1 percentage of the value of your investments) 1

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.49% None 0.00% 0.49%

1 Year 3 Years 5 Years 10 Years $50 $157 $274 $616

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI Belgium IMI 25/50 Index (the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in Belgium. 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 Belgium Index (the “Parent Index”).

As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services, financials and healthcare industries or sectors. The components of the Underlying Index are likely to change over time.

BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it

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tracks and does not seek temporary defensive positions when markets decline or appear overvalued.

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).

Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

Summary of Principal Risks

As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks,

Risk of Investing in Belgium. Investments in Belgian issuers will subject the Fund to legal, regulatory, political, currency, security, and economic risk specific to Belgium. The Belgian economy is heavily dependent on trade with other European countries. The Belgian economy, along with certain other European Union (“EU”) economies, has from time to time experienced financial market volatility and significant economic adversity. Certain banks required government support in order to avoid potential insolvency. As a result, certain EU economies have experienced significant deterioration in market confidence during periods of economic adversity.

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information will provide an accurate assessment of included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.

Assets Under Management (AUM) Risk . From time to time, an Authorized Participant (as defined below in Authorized Participant Concentration Risk) k), a third-party investor, the Fund’s adviser, an affiliate of the Fund’s adviser, or another fund may invest in the Fund and hold its investment for a specific period of time to allow the Fund to achieve size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the Fund would be maintained at such levels, which could negatively impact the Fund.

Consumer Goods and Services Companies Risk. Consumer goods and services companies face risks related to changes in consumer preferences and disposable income, commodity prices, government regulation, supply chain disruptions, damage to brand or reputation, economic slowdown and labor shortages, among other things.

Currency Risk . Because the Fund’s NAV is determined in U.S. dollars, the NAV could decline if the currency of the non-U.S. market in which the Fund invests depreciates against the U.S.

dollar or if there are delays or limits on the repatriation of foreign currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund’s NAV may change quickly and without warning. In addition, the Fund may incur costs in connection with conversions between U.S. dollars and foreign currencies.

Healthcare Companies Risk . The profitability of healthcare companies may be adversely affected by extensive government regulations, restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure, the protection and expiration of patents, limited product lines, supply chain issues, labor shortages and product liability claims, among other factors.

Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.

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to NAV, you may pay significantly more or receive significantly less than the underlying value of the Fund shares.

Non-Diversification Risk . The Fund is classified as “non diversified.” This means that, compared with funds that are classified as “diversified,” the Fund may invest a greater percentage of its assets in securities or other instruments representing a small number of issuers or counterparties and thus may be more susceptible to the risks associated with these particular issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on the performance of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.

Reliance on Trading Partners Risk . The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Through its holdings of securities of certain issuers, the Fund is specifically exposed to European Economic Risk . Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

may be more volatile and less liquid than those of mid- and large capitalization companies. As a result, the Fund’s share price may be more volatile than that of a fund with a greater investment in large- or mid-capitalization stocks.

Small Fund Risk. When the Fund’s size is small, the Fund may experience low trading volume and wide bid/ask spreads. The Fund’s performance near its inception date may not represent how the Fund will perform in the future or with a larger asset base. In addition, the Fund may face the risk of being delisted if it does not meet certain requirements set by the listing exchange. Any resulting liquidation of the Fund could lead to elevated transaction costs for the Fund and negative tax consequences for its shareholders.

Tracking Error Risk . The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur due to a number of factors, including differences between the securities and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. Until the Fund reaches greater scale, it may experience higher tracking error than is typical for similar index ETFs. A Fund that tracks an index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.

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Performance Information

Calendar Year-by-Year Returns

45% 30% 15% 0% -15% -30%

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

13.40%

-1.23%

23.25%

-20.36%

25.55%

0.22%

12.92%

-14.08%

7.46% 0.51%

Return (%) Period Ended Calendar Year-to-Date Return 28.97% September 30, 2025 During the periods shown in the chart: Best Quarter 23.11% December 31, 2022 Worst Quarter -26.92% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 3/12/1996) Return Before Taxes 0.51% 0.98% 3.78% Return After Taxes on Distributions 0.18% 0.67% 3.49% Return After Taxes on Distributions and Sale of Fund Shares 1.27% 1.02% 3.26% MSCI ACWI ex USA Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80% MSCI Belgium IMI 25/50 Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 0.51% -0.27% 3.15%

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Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® MSCI CANADA ETF

Ticker: EWC Stock Exchange: NYSE Arca

Investment Objective

The iShares MSCI Canada ETF (the “Fund”) seeks to track the investment results of an index composed of Canadian equities.

Fees and Expenses

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 1 percentage of the value of your investments) 1

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.49% None 0.01% 0.50%

1 Year 3 Years 5 Years 10 Years $51 $160 $280 $628

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI Canada Custom Capped Index (the “Underlying Index”), which is designed to measure broad-based equity performance in Canada. The Underlying Index constrains at quarterly rebalance the weight of any single issuer to a maximum of 22.5% of the Underlying Index. Additionally, the sum of the issuers that individually constitute more than 4.75% of the weight of the Underlying Index will not exceed a maximum of 22.5% of the weight of the Underlying Index in the aggregate.

Between quarterly rebalances, the Underlying Index constrains weight of any single issuer to a maximum of 22.5% of the Underlying Index and constrains the sum of the issuers that individually constitute more than 5% of the weight of the Underlying Index to maximum of 24% of the weight of the Underlying Index in the aggregate. The Underlying Index is a variation of the MSCI Canada Index, designed to take into account the investment diversification requirements applicable to RICs pursuant to Subchapter M of the Internal Revenue Code.

The Underlying Index includes large- and mid-capitalization companies and may change over time. As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the energy and financials industries or sectors. The components of the Underlying Index are likely to change over time.

BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.

Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the

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risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.

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).

Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

Summary of Principal Risks

As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative significance of any

risk is difficult to predict and may change over time. You should review each risk factor carefully.

Risk of Investing in Canada . Investing in Canadian issuers subjects the Fund to legal, regulatory, political, economic, currency, geographic and security risks that are specific to Canada. Canada depends heavily on trading with the U.S., China, Mexico, the United Kingdom and Japan. Its economy may be significantly impacted by changes in the economies and trade policies of these key trading partners, particularly the U.S. The Canadian economy is also sensitive to fluctuations in certain commodity markets, including the energy sector.

Equity Securities Risk . Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.

Index-Related Risk. The Index Provider may rely on various sources of information to assess the criteria of components of the Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural

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disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.

Commodity Risk. The Fund invests in Canadian issuers that are susceptible to fluctuations in certain commodity markets and to price changes due to trade relations. Any negative changes in commodity markets that may be due to changes in supply and demand for commodities, market events, war, regulatory developments, other catastrophic events, or other factors that the Fund cannot control could have an adverse impact on the Canadian economy.

Energy Companies Risk. Companies in the energy sector may be adversely affected by volatility in energy and commodity prices, lower demand, overproduction, depletion of resources, social and political unrest, war, trade disputes, government regulations and energy transition efforts, among other factors. The energy sector is cyclical and can be significantly impacted by changes in economic conditions. Some energy companies, such as those in the oil and gas sector, face substantial costs related to exploration and production and significant operational risks.

Energy companies are at risk of environmental damage claims and other litigation.

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deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other funds.

Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

Underlying Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.

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Performance Information

Calendar Year-by-Year Returns

45% 30% 15% 0% -15% -30% -45%

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

-24.30%

24.33% 15.98%

-17.22%

27.39%

5.60%

26.74%

-12.77%

14.62% 12.25%

Return (%) Period Ended Calendar Year-to-Date Return 26.48% September 30, 2025 During the periods shown in the chart: Best Quarter 20.38% June 30, 2020 Worst Quarter -27.63% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 3/12/1996) Return Before Taxes 12.25% 8.48% 5.63% Return After Taxes on Distributions 12.03% 8.24% 5.40% Return After Taxes on Distributions and Sale of Fund Shares 8.04% 6.95% 4.70% MSCI ACWI ex USA Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80% MSCI Canada Custom Capped Index (Spliced) 1,2 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 11.89% 8.63% 5.79%

1 Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. 2 The MSCI Canada Custom Capped Index (Spliced) reflects the performance of the MSCI Canada Index (Net) through August 31, 2017 and the MSCI Canada Custom Capped Index (Net) thereafter, which reflect the times when each index was the Underlying Index of the Fund. After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do not reflect the impact of state or local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such 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 returns before taxes and/or returns after taxes on distributions.

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Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® MSCI EUROZONE ETF

Ticker: EZU Stock Exchange: Cboe BZX

Investment Objective

The iShares MSCI Eurozone ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency.

Fees and Expenses

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below. Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 1 percentage of the value of your investments) 1

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.49% None 0.01% 0.50%

1 Year 3 Years 5 Years 10 Years $51 $160 $280 $628

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI EMU Index (the “Underlying Index”), which consists of securities from the following 10 developed market countries or regions: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal and Spain. The Underlying Index includes large- and mid capitalization companies and may change over time. As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods

and services, financials and industrials industries or sectors. The components of the Underlying Index are likely to change over time.

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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 lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).

Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

Summary of Principal Risks

Risk of Investing in Europe . The Fund is more exposed to the economic and political risks of Europe and of the European countries in which it invests than funds whose investments are more geographically diversified. Adverse economic and political events, including war, in Europe may cause the Fund’s investments to decline in value. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The Fund makes

investments in securities of issuers that are domiciled in, or have significant operations in, member states of the European Union (the “EU”) that are subject to economic and monetary controls that can adversely affect the Fund’s investments. The European financial markets have historically experienced volatility and adverse trends and these events have and may in the future adversely affect the exchange rate of the euro and may significantly affect other European countries. On January 31, 2020, the U.K. officially left the EU (“Brexit”), subject to a transitional period that ended December 31, 2020. The U.K. and EU reached an agreement on the terms of their future trading relationship effective January 1, 2021, which principally relates to the trading of goods rather than services, including financial services. Further discussions are to be held between the U.K. and the EU in relation to matters not covered by the trade agreement, such as financial services. The Fund faces risks associated with the potential uncertainty and consequences that may follow Brexit, including with respect to volatility in exchange rates and interest rates.

Risk of Investing in Developed Countries . The Fund’s investment in developed country issuers will subject the Fund to legal, regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a significant portion of the global economy and have generally experienced slower economic growth than some less developed countries. Certain developed countries have experienced security concerns, such as war, terrorism and strained international relations. Incidents involving a country’s or region’s security may cause uncertainty in its markets and may adversely affect its economy and the Fund’s investments. In addition, developed countries may be adversely impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities.

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components or will result in the Fund meeting its investment objective. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.

liquid assets they must maintain and their size, among other things. Financial services companies also may be significantly affected by, among other things, interest rates, economic conditions, volatility in financial markets, credit rating downgrades, adverse public perception, exposure concentration and counterparty risk.

Industrial Companies Risk. Industrial companies face a number of risks, including supply chain and distribution disruptions, business interruptions, product obsolescence, third-party vendor risks, cyber attacks, trade disputes, product recalls, liability claims, scarcity of materials or parts, excess capacity, changes in consumer preferences, and volatility in commodity prices and currencies. The performance of such companies may also be affected by technological developments, labor relations, legislative and regulatory changes, government spending policies, and changes in domestic and international economies.

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foreign market to the Fund). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s holdings trade on a closed foreign market or when a foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other funds.

Non-U.S. Securities Risk . Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement procedures, and holiday schedules may limit the Fund’s ability to engage in portfolio transactions. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. The Fund is specifically exposed to European Economic Risk . Operational and Technology Risks . The Fund is directly and indirectly susceptible to operational and technology risks, including those related to human errors, processing errors, communication errors, systems failures, cybersecurity incidents, and the use of artificial 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 service providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.

Reliance on Trading Partners Risk . The Fund invests in countries or regions whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Through its holdings of securities of certain issuers, the Fund is specifically exposed to Asian Economic Risk, European Economic Risk and U.S. Economic Risk . Risk of Investing in France. The Fund’s investment in French issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks specific to France. Concerns have emerged with respect to the economic outlook for certain EU countries, including France. External demand for French exports is expected to be negatively impacted by the U.K.’s decision to leave the EU. As a result, the French economy may experience adverse trends due to concerns about a prolonged economic downturn, potential weakness in exports, high rates of unemployment and rising government debt levels. The French economy is dependent on agricultural exports and, as a result, is susceptible to fluctuations in demand for agricultural products. France has

experienced several terrorist attacks over the past several years, creating a climate of insecurity that has been detrimental to tourism.

Risk of Investing in Germany. The Fund’s investments in German issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks specific to Germany. Ongoing concerns in relation to the economic health of the EU continue to constrain the economic resilience of certain EU member states, including Germany. Germany has an industrial and export dependent economy and therefore relies heavily on trade with key trading partners, including the Netherlands, China, the U.S., the U.K., France, Italy and other European countries. Germany is dependent on the economies of these other countries, and a decline in the price or demand for German exports may have an adverse impact on its economy.

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or redeem Fund shares on days when the Fund is holding fair valued securities or other assets may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the securities or other assets not been fair

valued or been valued using a different methodology. The ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers.

Performance Information

Calendar Year-by-Year Returns

45% 30% 15% 0% -15% -30%

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

-1.62%

1.29%

27.92%

-16.97%

23.11% 8.38% 13.59%

-17.28%

22.93%

2.58%

Return (%) Period Ended Calendar Year-to-Date Return 34.00% September 30, 2025 During the periods shown in the chart: Best Quarter 24.37% December 31, 2022 Worst Quarter -26.84% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 7/25/2000) Return Before Taxes 2.58% 5.13% 5.28% Return After Taxes on Distributions 2.06% 4.57% 4.84% Return After Taxes on Distributions and Sale of Fund Shares 2.18% 4.03% 4.32% MSCI ACWI ex USA Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80% MSCI EMU Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 2.64% 4.89% 5.22%

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Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® MSCI FRANCE ETF

Ticker: EWQ Stock Exchange: NYSE Arca

Investment Objective

The iShares MSCI France ETF (the “Fund”) seeks to track the investment results of an index composed of French equities.

Fees and Expenses

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 12 percentage of the value of your investments) 1,2

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.50% None 0.00% 0.50%

1 Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any. 2 Professional fees for foreign withholding tax claims that occurred during the most recent fiscal year have been restated to reflect expected fees in the current year. Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. 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 those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year 3 Years 5 Years 10 Years $51 $160 $280 $628

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI France Index (the “Underlying Index”), which is designed to measure the performance of the large- and mid-capitalization segments of the French equity market. As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services and industrials industries or sectors. The components of the Underlying Index are likely to change over time.

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applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index.

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).

Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

Summary of Principal Risks

Risk of Investing in France. The Fund’s investment in French issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks specific to France. Concerns have emerged with respect to the economic outlook for certain European Union (the “EU”) countries, including France. External demand for French exports is expected to be negatively impacted by the United Kingdom’s (the “U.K.”) decision to leave the EU. As a result, the French economy may experience adverse trends due to concerns about a prolonged economic downturn, potential weakness in exports, high rates of unemployment and rising government debt levels. The French economy is dependent on

agricultural exports and, as a result, is susceptible to fluctuations in demand for agricultural products. France has experienced several terrorist attacks over the past several years, creating a climate of insecurity that has been detrimental to tourism.

Asset Class Risk. The securities and other assets in the Underlying Index or in the Fund’s portfolio may underperform in

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comparison to financial markets generally, a particular financial market, another index, or other asset classes.

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providers are required to have appropriate operational, information security and cybersecurity risk management policies and procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.

Reliance on Trading Partners Risk . The Fund invests in a country whose economy is heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund’s investments. Through its holdings of securities of certain issuers, the Fund is specifically exposed to European Economic Risk and U.S. Economic Risk . Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.

interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.

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Performance Information

Calendar Year-by-Year Returns

45% 30% 15% 0% -15% -30%

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

-0.17%

4.98%

28.84%

-12.69%

25.78%

3.89%

21.12%

-12.23%

21.69%

-5.29%

Return (%) Period Ended Calendar Year-to-Date Return 25.36% September 30, 2025 During the periods shown in the chart: Best Quarter 23.91% December 31, 2022 Worst Quarter -27.59% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 3/12/1996) Return Before Taxes -5.29% 4.95% 6.56% Return After Taxes on Distributions -5.97% 4.30% 6.10% Return After Taxes on Distributions and Sale of Fund Shares -2.59% 3.87% 5.40% MSCI ACWI ex USA Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80% MSCI France Index (Returns do not reflect deductions for fees, expenses or taxes) -4.60% 5.16% 7.16%

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Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® MSCI GERMANY ETF

Ticker: EWG Stock Exchange: NYSE Arca

Investment Objective

The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities.

Fees and Expenses

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 1 percentage of the value of your investments) 1

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.49% None 0.00% 0.49%

1 Year 3 Years 5 Years 10 Years $50 $157 $274 $616

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI Germany Index (the “Underlying Index”), which is designed to measure the performance of the large- and mid-capitalization segments of the German equity market. As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the financials, industrials and technology industries or sectors. The components of the Underlying Index are likely to change over time.

BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it

tracks and does not seek temporary defensive positions when markets decline or appear overvalued.

The Fund generally will invest at least 80% of its assets in the component securities of its Underlying Index and in investments

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that have economic characteristics that are substantially identical to the component securities of its Underlying Index ( i.e ., depositary receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.

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).

Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

Summary of Principal Risks

Risk of Investing in Germany. The Fund’s investments in German issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks specific to Germany. Ongoing concerns in relation to the economic health of the European Union (the “EU”) continue to constrain the economic resilience of certain EU member states, including Germany. Germany has an industrial and export-dependent economy and therefore relies heavily on trade with key trading partners, including the Netherlands, China, the U.S., the United Kingdom (the “U.K.”), France, Italy and other European countries. Germany is dependent on the economies of these other countries, and a decline in the price or demand for German exports may have an adverse impact on its economy.

Non-U.S. Securities Risk . Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal,

regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement procedures, and holiday schedules may limit the Fund’s ability to engage in portfolio transactions. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. The Fund is specifically exposed to European Economic Risk . Equity Securities Risk . Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.

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Participant to place orders for the purchase and redemption of creation units (“Creation Units”). Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. There are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller-capitalization companies to adapt to changing market conditions and

competitive challenges. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller-capitalization companies. The performance of large-capitalization companies could trail the overall performance of the broader securities markets.

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from those of the Fund. Operational and technology risks for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such issuers to lose value.

Technology Companies Risk . Technology companies and companies that rely heavily on technological advances may have limited product lines, markets, financial resources, supply chains and personnel. These companies typically face intense competition, potentially rapid product obsolescence and changes in product cycles and customer preferences. They may face unexpected risks and costs associated with technological developments, such as artificial intelligence and machine learning. Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.

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Performance Information

Calendar Year-by-Year Returns

45% 30% 15% 0% -15% -30%

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

-2.06%

2.58%

27.44%

-22.30%

20.62% 11.34% 4.85%

-22.17%

22.90% 10.32%

Return (%) Period Ended Calendar Year-to-Date Return 32.72% September 30, 2025 During the periods shown in the chart: Best Quarter 26.67% June 30, 2020 Worst Quarter -27.07% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 3/12/1996) Return Before Taxes 10.32% 4.26% 3.99% Return After Taxes on Distributions 10.04% 3.94% 3.70% Return After Taxes on Distributions and Sale of Fund Shares 6.88% 3.56% 3.38% MSCI ACWI ex USA Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80% MSCI Germany Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 10.22% 4.34% 4.12%

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Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® MSCI ISRAEL ETF

Ticker: EIS Stock Exchange: NYSE Arca

Investment Objective

The iShares MSCI Israel ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Israeli equities.

Fees and Expenses

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 1 percentage of the value of your investments) 1

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.59% None 0.00% 0.59%

1 Year 3 Years 5 Years 10 Years $60 $189 $329 $738

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI Israel Capped Investable Market Index (IMI) (the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large-, mid and small-capitalization segments of the equity market in Israel. 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 Israel Index (the “Parent Index”).

As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the financials and technology industries or sectors. The components of the Underlying Index are likely to change over time.

BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it

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tracks and does not seek temporary defensive positions when markets decline or appear overvalued.

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).

Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

Summary of Principal Risks

As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks,

Risk of Investing in Israel . Investments in Israeli issuers will subject the Fund to legal, security, regulatory, political, and economic risk specific to Israel. Among other things, Israel’s economy depends on imports of certain key items, such as crude oil, natural gas, grains, raw materials, and military equipment. Israel’s relations with Palestinians and its neighboring countries Lebanon, Syria and Iran, among others, have at times been strained due to territorial disputes, historical animosities or defense concerns. On October 7, 2023, Hamas launched a significant attack on Israel from the Gaza Strip. The extent and duration of the Israel-Hamas war and any related economic and market impacts are impossible to predict but may be significant, and may negatively impact Israel’s economy and issuers of securities in which the Fund invests.

Non-U.S. Securities Risk . Securities issued by non-U.S. issuers (including depositary receipts) are subject to different legal, regulatory, political, economic, and market risks than securities issued by U.S. issuers. These risks include greater market volatility, less market liquidity, higher transaction costs, expropriation, confiscatory taxation, adverse changes in foreign investment or currency control regulations, restrictions on the repatriation of capital, and political instability. Non-U.S. issuers may be subject to different accounting, audit and financial reporting standards than U.S. issuers, and there may be less publicly available information about non-U.S. issuers. Foreign market trading hours, different clearing and settlement procedures, and holiday schedules may limit the Fund’s ability to engage in portfolio transactions. To the extent that investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. The Fund is specifically exposed to Middle Eastern Economic Risk . Equity Securities Risk . Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer’s bankruptcy.

Index-Related Risk. The Index Provider may rely on various sources of information to assess the criteria of components of the

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Underlying Index, including information that may be based on assumptions and estimates. Neither the Fund nor BFA can offer assurances that the Index Provider’s methodology or sources of information will provide an accurate assessment of included components or will result in the Fund meeting its investment objective. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur, and the Index Provider may not identify or correct them promptly or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.

conditions, volatility in financial markets, credit rating downgrades, adverse public perception, exposure concentration and counterparty risk.

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of a small number of issuers or counterparties, which may lead to more volatility in the Fund’s NAV.

Technology companies also depend heavily on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Technology companies may face increased government scrutiny and may be subject to adverse government or legal action.

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Performance Information

Calendar Year-by-Year Returns

60% 40% 20% 0% -20% -40%

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

7.13%

-4.08%

13.08%

-4.99%

20.91% 11.48%

23.23%

-26.99%

5.32%

33.79%

Return (%) Period Ended Calendar Year-to-Date Return 31.15% September 30, 2025 During the periods shown in the chart: Best Quarter 22.11% December 31, 2020 Worst Quarter -21.00% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 3/26/2008) Return Before Taxes 33.79% 7.16% 6.55% Return After Taxes on Distributions 33.72% 7.21% 6.50% Return After Taxes on Distributions and Sale of Fund Shares 20.69% 5.92% 5.52% MSCI ACWI ex USA Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80% MSCI Israel Capped Investable Market Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 34.04% 7.61% 7.02%

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Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® MSCI ITALY ETF

Ticker: EWI Stock Exchange: NYSE Arca

Investment Objective

The iShares MSCI Italy ETF (the “Fund”) seeks to track the investment results of an index composed of Italian equities.

Fees and Expenses

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 1 percentage of the value of your investments) 1

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.49% None 0.01% 0.50%

1 Year 3 Years 5 Years 10 Years $51 $160 $280 $628

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI Italy 25/50 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 Italy. 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 Italy Index (the “Parent 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. 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 August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services, financials and utilities industries or sectors. The components of the Underlying Index are likely to change over time.

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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).

Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

Summary of Principal Risks

objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.

Risk of Investing in Italy. y. The Fund’s investments in Italian issuers subject the Fund to legal, regulatory, political, currency and economic risks specific to Italy. Among other things, Italy’s economy has been characterized by slow growth over the past few decades due to factors such as a high tax rate, rigid labor market and a generous pension system. The Italian government has experienced significant budget deficits and a high amount of public debt relative to economic output, which has impaired Italy’s sovereign debt rating. Interest rates on Italy’s sovereign debt may rise to levels that may make it difficult for it to service high debt levels without significant financial help from the EU and could potentially lead to default. The Italian economy is also heavily dependent on trade with other European countries.

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foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other funds.

factors, including differences between the securities and other assets held in the Fund’s portfolio and those included in the Underlying Index; differences in the timing and methodologies used to value securities and other assets; transaction costs and other expenses incurred by the Fund that the Underlying Index does not incur; the Fund’s holding of uninvested cash; differences in the timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to Fund shareholders; tax gains or losses; differences between the amount and/or timing of withholding taxes on dividends reflected in the Underlying Index from the Fund’s obligation, if any, for foreign withholding taxes; the requirements for the Fund to maintain pass-through tax treatment; portfolio transactions carried out to minimize the distribution of capital gains to shareholders; the acceptance of custom baskets; changes to the Underlying Index; and impacts to the Fund of complying with certain regulatory requirements or limits. Tracking error risk may be heightened during times of increased market volatility or other unusual market conditions. A Fund that tracks an index with exposure to non-U.S. issuers may experience higher tracking error than ETFs that do not track such indexes.

Utility Companies Risk. The utilities sector is generally subject to significant government regulation and oversight, including restrictions on rates as well as environmental and other regulations. Utility companies also may face risks related to, among other things, natural disasters, cyber or other attacks, capital project funding, energy price volatility and increased competition.

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Performance Information

Calendar Year-by-Year Returns

45% 30% 15% 0% -15% -30%

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

4.00%

-9.40%

28.47%

-17.51%

27.19%

2.56%

13.80%

-14.19%

30.34%

10.39%

Return (%) Period Ended Calendar Year-to-Date Return 47.24% September 30, 2025 During the periods shown in the chart: Best Quarter 27.29% December 31, 2022 Worst Quarter -29.51% March 31, 2020

Average Annual Total Returns (for the periods ended December 31, 2024) One Year Five Years Ten Years (Inception Date: 3/12/1996) Return Before Taxes 10.39% 7.58% 6.23% Return After Taxes on Distributions 9.95% 7.25% 5.89% Return After Taxes on Distributions and Sale of Fund Shares 7.48% 6.34% 5.30% MSCI ACWI ex USA Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 5.53% 4.10% 4.80% MSCI Italy 25/50 Index (Net) 1 (Returns do not reflect deductions for fees, expenses or taxes except for withholding taxes on reinvested dividends) 10.66% 7.72% 6.36%

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Management

Investment Adviser. BlackRock Fund Advisors.

Purchase and Sale of Fund Shares

Tax Information

Payments to Broker-Dealers and Other Financial Intermediaries

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iSHARES ® MSCI NETHERLANDS ETF

Ticker: EWN Stock Exchange: NYSE Arca

Investment Objective

The iShares MSCI Netherlands ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Dutch equities.

Fees and Expenses

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

Annual Fund Operating Expenses (ongoing expenses that you pay each year as a 1 percentage of the value of your investments) 1

Management Fees

Distribution and Service (12b-1) Fees

Other Expenses

Total Annual Fund Operating Expenses 0.49% None 0.01% 0.50%

1 Year 3 Years 5 Years 10 Years $51 $160 $280 $628

Principal Investment Strategies

The Fund seeks to track the investment results of the MSCI Netherlands IMI 25/50 Index (the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large-, mid- and small-capitalization segments of the equity market in the Netherlands. 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 Netherlands Index (the “Parent Index”).

As of August 31, 2025, a significant portion of the Underlying Index is represented by securities of companies in the consumer goods and services, financials and technology industries or sectors. The components of the Underlying Index are likely to change over time.

BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index it

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tracks and does not seek temporary defensive positions when markets decline or appear overvalued.

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).

Industry Concentration Policy. The Fund will concentrate its investments ( i.e. , hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.

Summary of Principal Risks

As with any investment, you could lose all or part of your investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is subject to certain risks,

Risk of Investing in the Netherlands. Investments in Dutch issuers will subject the Fund to legal, regulatory, political, currency, security and economic risk specific to the Netherlands and the countries that use the euro. In addition, because the economy of the Netherlands is export driven, the Netherlands relies heavily on its key trading partners.

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        "text": "companies to determine whether these stakes are controlling in nature. In certain cases, even in the"
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        "text": "absence of consolidated accounts, MSCI may also consider two companies as belonging to the same"
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        "text": "portion of the Underlying Index was represented by securities of companies in the financials,"
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        "text": "industrials and technology industries or sectors. The components of the Underlying Index are likely"
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        "text": "to change over time."
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        "text": "The Fund seeks to track the investment results of the Underlying Index before fees and expenses of"
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        "text": "the Fund. BFA uses a representative sampling indexing strategy to manage the Fund."
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        "text": "\u201cRepresentative sampling\u201d is an indexing strategy that involves investing in a representative sample"
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        "text": "of securities or other instruments intended to collectively have an investment profile similar to that"
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        "text": "of an applicable underlying index. The instruments selected are expected to have, in the aggregate,"
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        "text": "fundamental characteristics (such as return variability and yield) and liquidity measures similar to"
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        "text": "those of an applicable underlying index. The Fund may or may not hold all of the components of the"
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        "text": "equivalents, including shares of money market funds advised by BFA or its affiliates, and may also"
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        "text": "purchase and hold instruments not included in the Underlying Index when BFA believes that such"
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        "text": "instruments will help the Fund track the performance of the Underlying Index over time, including in"
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        "text": "light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying"
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        "text": "Act\u201d), under normal circumstances, the Fund will not invest less than 80% of the value of its net"
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        "text": "assets, plus the amount of any borrowings for investment purposes, in components of its Underlying"
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        "text": "80% investment policy may be changed by the Company\u2019s Board of Directors (the \u201cBoard\u201d) upon 60"
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        "text": "days\u2019 notice to shareholders."
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        "text": "(including the value of any collateral received)."
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        "text": "independent of the Fund and BFA. The Index Provider determines the composition and relative"
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        "text": "weightings of the securities in the Underlying Index and publishes information regarding the market"
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        "text": "value of the Underlying Index."
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        "text": "Industry Concentration Policy."
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        "text": "The Fund will concentrate its investments (i.e., hold 25% or more of"
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        "text": "its total assets) in a particular industry or group of industries to approximately the same extent that"
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        "text": "the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S."
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        "text": "government (including its agencies and instrumentalities) and repurchase agreements collateralized"
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        "text": "3. In the SAI, the index description for the MSCI Germany Index will be deleted and replaced with the"
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        "text": "The MSCI Germany 25/50 Index is designed to measure the performance of the"
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        "text": "rebalanced quarterly using an optimization process that aims to minimize the constituent weight"
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        "text": "differences between the Underlying Index and the MSCI Germany Index."
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        "text": "The Underlying Index uses a capping methodology that limits the weight of any single \u201cgroup entity\u201d"
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        "text": "(constituents that MSCI determines have a control relationship) to a maximum of 25% of the"
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        "text": "Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate"
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        "text": "of 50% of the Underlying Index weight. A group entity is a group of companies that operate as an"
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        "text": "affiliated corporate group but may separately issue listed securities. To determine \u201cgroup entities,\u201d"
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        "text": "MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed"
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        "text": "companies to determine whether these stakes are controlling in nature. In certain cases, even in the"
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        "text": "absence of consolidated accounts, MSCI may also consider two companies as belonging to the same"
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        "text": "4. In the SAI, the Non-Fundamental Investment Policies of the Funds with respect to the Fund will be"
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