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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
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S ummar y Prospectu s
• i Shares MSCI German y ET F | EW G | N Y S E Ar ca
Before you invest, you may want to review the Fund ’s ’s prospectus, which contains more information abou t t he Fund and its risks. You can find the Fund’s prospectus ( includin g amendments and supplements ) and other information about the Fund, includin g the Fund ’s ’s statement of additional information an d shareholder reports, online at https://www.blackrock.com/prospectus. You can also g et this in fo formation at no cost by by callin g 1-800-iShares ( 1-800-474-2737 ) or by by sendin g an e-mail request to iSharesETFs@blackrock.com, or from your financial professional. The Fund ’s ’s prospectus and statement o f additional in fo formation, both dated December 30, 2025, as amended and supplemented fr from time to time, are incorporated by by reference into ( le g ally ly made a part of) f) this Summary ry Prospectus. Information on the Fund ’s ’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found a t https://www.i S hares.com .
The Securities and Exchan g e Commission has not approved or disapproved these securities or passed upon the adequac y o f this prospectus. An y representation to the contrar y is a criminal o ff ense.
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i S HARE S ® MSC I G ERMANY ET F
Ti c k e r: EW G S tock Exchan g e: NYSE Arca
Investment Obj bj ect i v e
The iShares MSCI Germany ETF (the “Fund”) seeks to track the investment results of an index composed of German equities .
F ees and Expense s
The f ollowing table describes the f ees and expenses that you will incur i f you buy, hold and sell shares o f the Fund. Amounts in the table are rounded to the nearest basis point, which in some cases may be “0.00.” The investment advisory agreement between iShares, Inc . (the “C ompany ” ) and BlackRock Fund Advisors ( “ BFA” A” ) (the “ Investment Advisory Agreement ” ) provides that BFA will pay all operatin g expenses o f the Fund, except: (i) the management f ees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to th e acquisition and disposition of portfolio securities and the execution of portfolio transactions, includin g brokera g e commissions, (v ) d istribution f ees or expenses, and (vi) litigation expenses and any extraordinary expenses . You may pay other fees , such as brokerage commissions and other fees to financial intermediaries , which are not reflected i n the tables and examples below . A nnual Fund Operat i n g Expense s (ongoing expenses that you pay each year as a
1 p ercenta g eo f the value o fy our investments ) 1
M anagemen t Fees
Di str i but i o n and Serv i c e ( 12b-1 ) Fee s
O the r Ex p ense s
To To tal Annua l Fu n d Operat i ng E x p enses 0 .4 9% N o n e 0 .00 % 0.4 9 %
1 O peratin g expenses paid by BFA under the Investment Advisory A g reement exclude acquired fund fees and expenses, if any. Example . This Example is intended to help you compare the cost o f owning shares o f the Fund with the cost o f investing in other f unds . The Example assumes that you invest $ 10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of thos e periods. The Example also assumes that your investment has a 5% return each year and that the Fund ’ s operating expenses remain the s ame. Although your actual costs may be h i gher or lower, based on these assumpt i ons, your costs would be:
1 Year 3 Years 5 Years 1 0 Years $ 50 $ 157 $ 27 4 $ 61 6
Port f olio Turnover . The Fund ma y pa y transact i on costs, such a s commissions, when it buys and sells securities (or “turns over” it s port f olio). A higher port f olio turnover rate may indicate higher transact i on costs and may result i nh i gher taxes when Fund s hares are held in a taxable account. These costs , which are no t reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. Durin g the most recent f iscal year, the Fund’s port f olio turnover rate was 2% o f th e average value of its portfolio .
Pr i nc i pal Investment Strateg i e s
Th e F u n d see k s t o tr ac k th e inv es tm e nt r esu lt so f th e MSCI Germany Index (the “Underlying Index”), which is designed t o measure the performance of the lar g e- and mid-capitalizatio n s egments o f the German equity market. As o f August 31, 2025, a s ignificant portion of the Underlying Index is represented by s ecurities of com p anies in the financials, industrials and technology industries or sectors. The components of the U nderly i n g Index are l i kely to chan g e over t i me.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. The Fund does not try to “beat” the index i t
tracks and does not seek temporar y defensive positions when markets decl i ne or appear overvalued . Index i ng may el i m i nate the chance that the Fund w i ll substant i ally outperform the Underlyin g Index but also may reduce some of the risks o f active management, such as poor security selection . Indexing seeks to achieve lower costs and better after-ta x per f ormance by aiming to keep port f olio turnover low in compar i son to act i vely managed i nvestment compan i es . BFA uses a representat i ve sampl i ng i ndex i ng strategy to manag e the Fund. “Representative sampling” is an indexing strategy tha t involves investin g in a representative sample of securities or othe r instruments that collectively has an investment pro f ile similar t o that of an applicable underlying index. The instruments selecte d are expected to have, i n the aggregate, i nvestment character i st i cs (based on factors such as market capitalization and industr y wei g htin g s), fundamental characteristics (such as retur n v ariability and yield) and liquidity measures similar to those o f an applicable underlyin g index. The Fund may or may not hold all of the components o f the Underlying Index . The Fund generally will invest at least 80% of its assets in th e component securities o f its Underlying Index and in investments
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that have econom i c character i st i cs that are substant i all yi dent i cal to the component securities o f its Underlyin g Index ( i.e ., d epositary receipts representing securities o f the Underlying Index ) and may invest up to 20% o f its assets in certain f utures, opt i ons and swap contracts, cash and cash equ i valents, i nclud i n g s hares o f money market f unds advised by BFA or its a ff iliates, a s well as i n secur i t i es not i ncluded i n the Underly i ng Index, bu t wh i ch BFA bel i eves w i ll help the Fund track the Underly i n g Index. C ash and cash equivalent investments associated with a d erivative position will be treated as part of that position for th e purposes o f calculating the percentage o f investments included i n the Underly i ng Index. The Fund seeks to track the i nvestmen t results of the Underlyin g Index before fees and expenses of the Fund . The Fund may lend securities representin g up to one-third of the value of the Fund’s total assets (including the value of an y collateral rece i ved).
The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is independent of the Fund and BFA . The Index Prov i der determ i nes the compos i t i on and relat i ve weightings of the securities in the Underlying Index and publishes information re g ardin g the market value of the Underlyin g Index . Industry Concentration Policy . The Fund w i ll concentrate i t s investments ( i. e . , hold 25% or more of its total assets ) in a particular industry or group of industries to approximately th e s ame extent that the Underly i n g Index i s concentrated. For purposes of this limitation, securities of the U.S. government ( i nclud i ng i ts agenc i es and i nstrumental i t i es) and repurchas e agreements collateralized by U. S . government securities are no t considered to be issued b y members of an y industr y .
S ummary o f Principal Risk s
As with any investment, you could lose all or part o f you r investment in the Fund, and the Fund’s performance could trail that of other investments. The Fund is sub j ect to certain risks , including the principal risks noted below, any of which ma y adversely affect the Fund’s net asset value per share (“NAV”), trad i ng pr i ce, y i eld, total return and ab i l i ty to meet i ts i nvestment objective. Certain key risks are prioritized below (with other s f ollowing in alphabetical order), but the relative signi f icance o f any risk is difficult to predict and may change over time. You shoul d review each risk factor carefully.
Risk o f Investing in Germany. The Fund’s investments in German i ssuers subjects the Fund to le g al, re g ulatory, pol i t i cal, currency , s ecurity, and economic risks speci f ic to Germany. Ongoin g concerns in relation to the economic health of the Europea n U nion (the “EU”) continue to constrain the economic resilience o f certain EU member states, including Germany. Germany has an industrial and export-dependent economy and therefore relie s heav i ly on trade w i th key trad i ng partners, i nclud i ng th e Netherlands, China, the U.S., the United Kingdom (the “U.K.”) , France, Italy and other European countries. G ermany is dependen t on the economies of these other countries, and a decline in the price or demand for German exports may have an adverse impac t on i ts economy.
N o n- U. U. S. S. Sec uritie ies Ris isk . S ecurities issued b y non-U.S. issuer s (including depositary receipts) are subject to di ff erent legal ,
regulatory, pol i t i cal, econom i c, and market r i sks than secur i t i e s issued by U.S. issuers. These risks include g reater marke t volat i l i ty, less market l i qu i d i ty, h i gher transact i on costs , expropriation, con f iscatory taxation, adverse chan g es in f orei gn i nvestment or currency control re g ulat i ons, restr i ct i ons on th e repatriation o f capital, and political instabilit y . Non-U.S. issuer s may be subject to different accounting, audit and financia l reportin g standards than U.S. issuers, and there may be les s publicly available in f ormation about non-U.S. issuers. Foreig n market trading hours, different clearing and settlemen t procedures, and holiday schedules may limit the Fund ’ s ability t o engage in portfolio transactions. To the extent that investment s are made in a limited number of countries, events in those countries will have a more signi f icant impact on the Fund. Th e Fund is specificall y exposed t o European Economic Ris k . Equ i ty Securi ri ti tie ies Ri Ris is k . Equ i ty secur i t i es are subject to changes in value, and their values may be more volatile than those of othe r asset classes. The value o f a security may decline f or a number o f reasons that may d i rectly relate to the i ssuer as well as due to g eneral industry or market conditions. Common stock i s subordinated to preferred securities and debt in a company’s capital structure. Common stock has the lowest priority, and the greatest r i sk, w i th respect to d i v i dends and any l i qu i dat i o n payments in the event of an issuer’s bankruptcy.
Market Ri Ris is k . T he Fund could lose mone y over short per i ods due to short-term market movements and over longer per i ods dur i n g more prolonged market downturns. Local, reg i onal or globa l events such as war, acts of terrorism, pandemics or other publi c health issues, recessions, the p ros p ect or occurrence of a sovereign de f ault or other f inancial crisis, or other events coul d have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund ’s NAV.
Index-Related Ri Ris isk. k. T he Index Prov i der ma y rel y on var i ou s sources of information to assess the criteria of components of the Underlyin g Index, includin g information that may be based on assumptions and estimates. Neither the Fund nor BFA can offe r assurances that the Index Provider’s methodolo g y or sources o f in f ormation will provide an accurate assessment o f include d components or w i ll result i n the Fund meet i ng i ts i nvestmen t object i ve. Errors i n i ndex data, i ndex computat i ons or the construction of the Underlying Index in accordance with it s methodolo g y may occur, and the Index Provider may not identify or correct them promptly or at all, wh i ch may have an advers e i mpact on the Fund and i ts shareholders. Unusual marke t conditions or other un f oreseen circumstances (such as natura l d i sasters, pol i t i cal unrest or war) may i mpact the Index Prov i de r or a th i rd-party data prov i der and could cause the Index Prov i de r to postpone a scheduled rebalance. Th i s could cause th e Underlying Index to vary from its normal or expected composition . Asset Class Ri Ris isk. k. T he secur i t i es and other assets i n th e Underlyin g Index or in the Fund’s portfolio may underperform i n comparison to f inancial markets generally, a particular f inancia l market, another i ndex, or other asset classes.
Authori riz ized Parti tic ic ip ipant Concentrati tio ion Ri Ris isk. k. A n “A “Authorized Participant” is a member or participant of a clearing agency re g istered with the SEC, which has a written a g reement with th e Fund or one of its service providers that allows the Authorized
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Participant to place orders f or the purchase and redemption o f creation units ( “Creation Units” ) . Only an Authorized Participant may engage i n creat i on or redempt i on transact i ons d i rectly w i t h the Fund. There are a limited number o f institutions that may act as Authorized Participants f or the Fund, includin g on an a g enc y b asis on behal f o f other market p artici p ants. No Authorize d Part i c i pant i s obl i gated to engage i n creat i on or redempt i on transact i ons. To the extent that Author i zed Part i c ip ants ex i t the b usiness or do not place creation or redemption orders f or th e Fund and no other Author i zed Part i c i pant places orders, Fun d s hares are more l i kely to trade at a prem i um or d i scount to NAV AV and possibly face trading halts or delisting.
Concentrati tio ion Ri Ris isk. k. The Fund may be suscept i ble to a n increased risk of loss, including losses due to adverse events tha t affect the Fund’s investments more than the market as a whole , to the extent that the Fund’s investments are concentrated in th e s ecurities or other assets of one or more issuers, countries o r other geograph i c un i ts, markets, i ndustr i es, project types, o r asset classes . Currency Ri Ris isk . B ecause the Fund ’ s NAV is determined in U. S . d ollars, the NAV could decline if the currency of the non-U.S . market in which the Fund invests depreciates a g ainst the U.S . d ollar or if there are delays or limits on the repatriation of foreig n c urrency. Currency exchan g e rates can be very volatile and ca n c hange quickly and unpredictably. As a result, the Fund ’ s NAV AV may change qu i ckly and w i thout warn i ng. In add i t i on, the Fun d may incur costs in connection with conversions between U. S. d ollars and foreign currencies . Fi Fin inanc ia ial Compan ie ies Ri Ris is k . F i nanc i al serv i ces compan i es ar e subject to extens i ve governmental regulat i on and i ntervent i on , w hich may adversely affect their profitability, the scope of their activities, the prices they can charge, the amount of capital an d l i qu i d assets they must ma i nta i n and the i rs i ze, amon g othe r things. Financial services companies also may be signi f icantl y affected by, among other things, interest rates, economic c onditions, volatility in financial markets, credit ratin g d owngrades, adverse publ i c percept i on, exposure concentrat i o n and counterparty r i sk . In Industri ria ial Compan ie ies Ri Ris isk. Industrial companies face a numbe r o f risks, includin g supply chain and distribution disruptions , bus i ness i nterrupt i ons, product obsolescence, th i rd-party vendo r r i sks, cyber attacks, trade d i sputes, product recalls, l i ab i l i ty c laims, scarcity o f materials or parts, excess capacity, changes in c onsumer preferences, and volatility in commodity prices and c urrencies. The performance of such companies ma y also b e a ff ected by technological developments, labor relations, leg i slat i ve and regulatory changes, government spend i ng pol i c i es, and changes i n domest i c and i nternat i onal econom i es . Is Issuer Ri Ris is k . The performance of the Fund depends on the per f ormance o f individual securities or other assets to which the Fund has exposure. The value of securities or other assets may d ecline, or perform differently from the market as a whole, due t o c hanges in the f inancial condition or credit rating o f the issuer or c oun t erpar t y . Large-Cap i tali liz izati tio ion Compan ie ies Ri Ris isk. k. Large-cap i tal i zat i on c ompan i es may be less able than smaller-cap i tal i zat i on c ompan i es to adapt to chang i ng market cond i t i ons an d
compet i t i ve challen g es. Lar g e-cap i tal i zat i on compan i es may b e more mature and subject to more l i m i ted g rowth potent i a l compared w i th smaller-cap i tal i zat i on compan i es. Th e per f ormance o f lar g e-capitalization companies could trail th e overall p er f ormance o f the broader securities markets . Management Ris k . T he Fund generally does not attempt to tak e de f ensive positions under any market conditions, includin g declining markets. As the Fund will not fully replicate th e Underly i n g Index and may hold secur i t i es or other assets no t i ncluded i n the Underly i ng Index, i t i s subject to the r i sk that th e investment strate g y of BFA may not produce the intended results . There is no guarantee that the Fund ’ s investment results will hav e a high degree of correlation to those of the Underlying Index o r that the Fund w i ll ach i eve i ts i nvestment ob j ect i ve . Market Tradi din ing Ri Ris is k . T he Fund faces numerous market trading risks, includin g the potential lack of an active market for Fun d shares (including through a trading halt), losses from trading i n secondary markets, periods of hi g h volatility, and disruptions in the process o f creating and redeeming Fund shares. Any o f these factors, among others, may lead to the Fund’s shares trading in the secondary market at a prem i um or d i scount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fun d shares at a t i me when the market p r i ce i s at a p rem i um to NAV o r sell Fund shares at a t i me when the market pr i ce i s at a d i scount to NAV, you may pay significantly more or receive significantl y less than the underlying value o f the Fund shares . National Closed Market Trading Risk. k. To To th ee xt e nt th at securities or other assets held by the Fund trade on f oreign exchanges or in foreign markets that may be closed when the securities exchan g e on which the Fund’s shares trade is open , there are likely to be deviations between such asset’s curren t pr i ce and i ts last quoted pr i ce ( i. e ., the quote from the close d f oreign market to the Fund). The impact o f a closed f oreig n market on the Fund is likely to be greater where a large portion o f the Fund’s holdings trade on a closed f oreign 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.
N o n-Dive ve rs rs ific ic atio io n Ris isk . T h e F u n d i sc l ass ifi ed as “n o n diversi f ied.” This means that, compared with f unds that are classified as “diversified,” the Fund may invest a greater percentage o f its assets in securities or other instrument s representing a small number of issuers or counterparties and thu s ma y be more susceptible to the risks associated with thes e particular issuers or counterparties. As a result, the Fund’s performance may depend to a greater extent on the performanc e o f a small number o f issuers or counterparties, which may lead to more volatility in the Fund’s NAV . Operati tio ional and Technology Ri Ris isks ks . T he Fund i sd i rectly an d i nd i rectly suscept i ble to operat i onal and technology r i sks , includin g those related to human errors, processin g errors , communication errors, systems failures, cybersecurity incidents , and the use of artificial intelli g ence and machine learnin g (“AI”), which may result in losses f or the Fund and its shareholders o r may impair the Fund’s operations. While the Fund’s servic e p roviders are re q uired to have a pp ro p riate o p erational , information security and cybersecurity risk management policie s and procedures, their methods of risk mana g ement may diffe r
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f rom those o f the Fund. Operational and technolo g y risks f or the issue r si n wh ic h th e F u n di nv es t s cou l da l so r esu lt i nm a t e r ial adverse consequences f or such issuers and ma y cause the Fund’s i nv es tm e nt si n suc h issue r s t o l ose v a l ue.
Reliance on Trading ng Partners Risk . T he Fund i nvests i n a country whose economy i s heav i ly dependent upon trad i ng w i th ke y partners. Any reduct i on i n th i s trad i ng may have an adverse impact on the Fund’s investments. Throu g h its holdin g s of s ecurities o f certain issuers, the Fund is speci f ically exposed to Asian Economic Risk , European Economic Ris k a n d U . S . Econom i cR i sk . Securities Lending ng Risk. T he Fund may en g a g e i n secur i t i e s lending. S ecurities lending involves the risk that the Fund may lose mone y because the borrower of the loaned securities fails t o return the secur i t i es i nat i mel y manner or at all. The Fund could also lose mone y in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any i nvestments made w i th cash collateral. These events could also trigger adverse tax consequences for the Fund . Technology Compan ie ies Ri Ris isk . Te Technology compan i es an d compan i es that rely heav i ly on technolog i cal advances may hav e limited product lines, markets, f inancial resources, supply chain s and personnel. These companies typically face intens e competition, potentially rapid product obsolescence and chan g e s in product c y cles and customer preferences. The y ma y fac e unexpected r i sks and costs assoc i ated w i th technolo gi cal d evelopments, such as artificial intelligence and machine learning . Technology compan i es also depend heav i ly on i ntellectual property rights and may be adversely a ff ected by the loss o r impairment of those rights. Technology companies may fac e i ncreased g overnment scrut i ny and may be subject to adverse government or legal act i on . Tracking ng Error Ris k . T he Fund may be subject to “trackin g error,” which is the divergence of the Fund’s performance from that o f the Underlyin g Index. Trackin g error may occur due to a number of f actors, including di ff erences between the securities and other assets held in the Fund’s portfolio and those included in the
Underlyin g Index; di ff erences in the timin g and methodolo g ie s used to value secur i t i es and other assets ; transact i on costs and other expenses i ncurred by the Fund that the Underly i n g Inde x does not incur; the Fund’s holdin g of uninvested cash; difference s in the timin g o f the accrual or the valuation o f dividends o r i nterest rece i ved by the Fund or d i str i but i ons pa i d to Fun d shareholders; tax gains or losses; di ff erences between th e amount and/or timing of withholding taxes on dividends reflecte d in the Underlyin g Index from the Fund’s obli g ation, if any, fo r foreign withholding taxes; the requirements for the Fund t o maintain pass-throu g h tax treatment; portfolio transaction s carried out to minimize the distribution o f capital gains t o shareholders; the acceptance of custom baskets; changes to th e Underlying Index; and impacts to the Fund o f complying wit h certa i n regulatory requ i rements or l i m i ts. Track i ng error r i sk may be hei g htened durin g times of increased market volatility or othe r unusual market cond i t i ons. A Fund that tracks an i ndex w i t h exposure to non-U.S. issuers may experience hi g her trackin g error than ETFs that do not track such i ndexes.
Valuation Ris k . T he pr i ce that the Fund could rece i ve upon th e sale (or other disposition) o f a security or other asset may di ff e r from the Fund’s valuation of the securit y or other asset , particularl y for securities or other assets that trade in low volume or volatile markets or that are valued using a f air valu e methodology. The price received by the Fund also may differ fro m the value used by the Underlying Index. In addition, the value o f the securities or other assets in the Fund’s portfolio may chang e on days or dur i ng t i me per i ods when i nvestors are not able t o purchase or sell Fund shares. Author i zed Part i c i pants that create or redeem Fund shares on days when the Fund is holdin g fair valued securities or other assets ma y receive f ewer or more shares, or lower or h ig her redempt i on proceeds, than they woul d have received had the securities or other assets not been f ai r valued or been valued using a different methodology. The ability t o value i nvestments may be i mpacted by technolo gi cal i ssues or errors by pr i c i ng serv i ces or other th i rd-party serv i ce prov i ders .
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Per f ormance In f ormatio n
The p er f ormance in f ormation below illustrates how the Fund’s p er f ormance has varied over di ff erent p eriods and p rovides some indicatio n o f the risks o f investin g in the Fund. The bar chart shows how the per f ormance o f the Fund has varied f rom one calendar year to another over the p eriods shown. The table com p ares the Fund’s p erformance to that of an a pp ro p riate broad-based securities market index an d the Underlyin g Index. Returns assume the reinvestment o f any dividends and distributions. The Fund’s returns re f lect the impact o f any agreements to waive or reimburse expenses, which would reduce per f ormance i f not in e ff ect. Past per f ormance (be f ore and a f ter taxes) d oes not necessarily indicate how the Fund will perform in the future. Updated performance information, includin g the Fund’s current NAV, may be obtained by visiting www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
Calendar Year-by-Year Returns
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%
R eturn ( % ) Per i od Ende d C alendar Year-to-Date Return 3 2.72% S eptember 30, 2025 D ur i ng the per i ods shown i n the chart: B est Q uarter 2 6.67 % June 30, 2020 W orst Q uarter - 27.07 % March 31, 2020
A vera g e Annual Total Return s (for the periods ended December 31 , 2024 ) O ne Year Five Years Ten Year s ( Incept i on Date: 3/12/1996 ) R eturn Be f ore Taxes 10.32 % 4.26 % 3.99 % R eturn A f ter Taxes on Distribution s 1 0.04 % 3.94 % 3.70 % Re t u rn Aft e rTa Ta x es o n Di s tri bu ti o n sa n d S a l eo fF u n d Sh a r es 6. 88% 3 . 56% 3 . 38 % M SC IA C WI ex U S A Index ( Net ) 1 ( Returns do not reflect deductions for fees, expenses or taxe s except for withholdin g taxes on reinvested dividends) 5. 53% 4 . 10% 4 . 80 % M SC I G erman y Index (Net) 1 ( Returns do not reflect deductions for fees, expenses or taxe s except for withholdin g taxes on reinvested dividends) 1 0 . 22% 4 . 34% 4 . 12%
1 Returns f or net indices g enerally assume the reinvestment o f dividends a f ter the deduction o f the maximum withholdin g tax in each country applicable to non-residents o f the country as determined by the index provider. Such indices use withholding tax rates that are o f ten at a higher rate than the rates to which the Fund is subject in each country, includin g for countries where the Fund is not subject to withholdin g taxes. When this i s the case, index per f ormance will be lower than i f the index used the Fund’s applicable withholdin g tax rates, i f any . After-tax returns in the table above are calculated using the historical highest individual U.S. federal marginal income tax rates and do no t re f lect the impact o f state or local taxes. Actual a f ter-tax returns depend on an investor’s tax situation and may di ff er f rom those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements , s uch as 401 ( k ) plans or individual retirement accounts ( “IRAs” ) . Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sales of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund return s b e f ore taxes and/or returns a f ter taxes on distributions .
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M ana g emen t
Inv es tm e nt Adv ise r . Bl ac kR oc kF u n d A d v iso r s . Port f olio Managers. Jenni f er Hsui , Peter Sietsema , Matt W aldron and Steven White (the “Port f olio Mana g ers”) are primaril y responsible f or the day-to-day management o f the Fund. Each Portfolio Manager supervises a portfolio management team. Ms . Hsui has been a Port f olio Manager o f the Fund since 2012. Mr . S ietsema, Mr. Waldron and Mr. White have been Portfoli o M ana g ers of the Fund since 2025 .
Purchase and Sale of Fund Share s
The Fund is an ETF. Individual shares of the Fund may only b e b ou g ht and sold i n the secondary market throu g h a broker-dealer . Because ETF shares trade at market pr i ces rather than at NAV , s hares may trade at a pr i ce g reater than NAV (a prem i um) or les s than NAV (a d i scount). An i nvestor may i ncur costs attr i butable to the difference between the highest price a buyer is willing to pay to purchase shares o f the Fund (bid) and the lowest price a selle r is willing to accept for shares of the Fund (ask) when buying o r s ellin g shares in the secondary market (the “bid-ask spread”) .
Tax In fo rmati o n
The Fund i ntends to make d i str i but i ons that ma y be taxable to y o u as ord i nary i ncome or cap i tal g a i ns, unless you are i nvest i n g throu g h a tax-deferred arran g ement such as a 401(k) plan or a n IRA, i n wh i ch case, your d i str i but i ons g enerally w i ll be taxed whe n w i thdrawn .
Payments to Broker-Dealers and Other Financia l Int e rm e diari es
I f you purchase shares o f the Fund through a broker-dealer o r other financial intermediary (such as a bank), BFA or other relate d companies may pay the intermediary for marketin g activities an d presentations, educational training programs, con f erences, th e development of technology platforms and reporting systems o r other services related to the sale or promotion o f the Fund. Thes e payments may create a conflict of interest by influencing th e broker-dealer or other i ntermed i ar y and y our salesperson t o recommend the Fund over another i nvestment. Ask you r salesperson or visit y our financial intermediar y ’s website for more in f ormation.
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For more in f ormation visit www.iShares.com or call 1-800-474-273 7
Investment Compan y Act file No.: 811-0910 2
IS - S
P-EW G -1 22 5
G o paperless. . . I t’s Easy, Economical and G reen ! G o to www. i cs d e li very.com
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"text": "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": "investment characteristics (based on factors such as market capitalization and industry weightings),"
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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": "Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of"
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"text": "the Underlying Index or exposure to one or more market risk factors associated with such"
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"text": "components. Subject to the limits described herein, the Fund may purchase and hold cash and cash"
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