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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 Singapore ETF (EWS) (the “Fund”)
The Board of Directors has approved the following changes for the Fund that are expected to take effect on or around November 9, 2026:
1. The Fund’s Underlying Index will change as described in the table below. All references to the Underlying Index for the Fund will refer to the new Underlying Index.
Current Underlying Index New Underlying Index
MSCI Singapore 25/50 Index MSCI Singapore 25/50 Daily 25 Capped Index
2. The Principal Investment Strategies section of the Summary Prospectus and Prospectus for the Fund will be deleted and replaced with the following:
The Fund seeks to track the investment results of the MSCI Singapore 25/50 Daily 25 Capped Index (the “Underlying Index”), which is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large- and mid-capitalization segments of the equity market in Singapore. 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 Singapore Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. In addition, if a group entity exceeds 25% of the Underlying Index weight as of the close of any business day between quarterly rebalances, the Underlying Index is rebalanced so that each group entity is reduced to 22.5% of the Underlying Index. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.
As of September 30, 2026, the Underlying Index had approximately 15 constituents, and a significant portion of the Underlying Index was 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.
The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund. BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities or other instruments intended to collectively have an investment profile similar to that of an applicable underlying index. The instruments selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the components of the Underlying Index. The Fund may use derivatives to gain or reduce exposure to the components of the Underlying Index or exposure to one or more market risk factors associated with such components. Subject to the limits described herein, the Fund may purchase and hold cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, and may also purchase and hold instruments not included in the Underlying Index when BFA believes that such instruments will help the Fund track the performance of the Underlying Index over time, including in light of expected liquidity or trading costs, anticipated additions to or deletions from the Underlying Index, or other reasons as determined by BFA.
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In accordance with Rule 35d-1 under the Investment Company Act of 1940, as amended (the “1940 Act”), under normal circumstances, the Fund will not invest less than 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in components of its Underlying Index. Investments in derivatives and other investments will be counted toward the Fund’s 80% investment policy to the extent that they provide exposure to the components of its Underlying Index or exposure to one or more market risk factors associated with such components. The Fund’s 80% investment policy may be changed by the Company’s Board of Directors (the “Board”) upon 60 days’ notice to shareholders.
The Fund may not purchase a security (other than obligations of the U.S. government, its agencies or instrumentalities) if as a result 25% or more of its total assets would be invested in a single issuer.
The Fund may lend securities representing up to one-third of the value of the Fund’s total assets (including the value of any collateral received).
The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. With respect to the two most heavily weighted industries or groups of industries in its benchmark MSCI Index, the Fund will invest in securities (consistent with its investment objective and other investment policies) so that the weighting of each such industry or group of industries in the Fund does not diverge by more than 10% from the respective weighting of such industry or group of industries in its benchmark MSCI Index. An exception to this policy is that if investment in the stock of a single issuer would account for more than 25% of the Fund, the Fund will invest less than 25% of its net assets in such stock and will reallocate the excess to stock(s) in the same industry or group of industries, and/or to stock(s) in another industry or group of industries, in its benchmark MSCI Index. The Fund will evaluate these industry weightings at least weekly, and at the time of evaluation will adjust its portfolio composition to the extent necessary to maintain compliance with the above policy. The Fund may not concentrate its investments except as discussed above.
3. In the SAI, the index description for the MSCI Singapore 25/50 Index will be deleted and replaced with the following:
MSCI Singapore 25/50 Daily 25 Capped Index
Index Description. The MSCI Singapore 25/50 Daily 25 Capped Index is a free float-adjusted market capitalization-weighted index that is designed to measure the performance of the large- and mid-capitalization segments of the equity market in Singapore. 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 Singapore Index. The Underlying Index uses a capping methodology that limits the weight of any single “group entity” (constituents that MSCI determines have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all group entities with a weight above 5% to an aggregate of 50% of the Underlying Index weight. In addition, if a group entity exceeds 25% of the Underlying Index weight as of the close of any business day between quarterly rebalances, the Underlying Index is rebalanced so that each group entity is reduced to 22.5% of the Underlying Index. A group entity is a group of companies that operate as an affiliated corporate group but may separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holding stakes of 20% or more in other listed companies to determine whether these stakes are controlling in nature. In certain cases, even in the absence of consolidated accounts, MSCI may also consider two companies as belonging to the same group entity where there is reasonable evidence of control based on other information. All group entities are reviewed on an annual basis.
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4. In the SAI, the Non-Fundamental Investment Policies of the Funds with respect to the Fund will be deleted and replaced with the following:
Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder approval, the Fund may not purchase shares of any registered open-end investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) of the Investment Company Act, at any time the Fund has knowledge that its shares are purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section 12(d)(1). The foregoing restriction does not restrict the Fund from acquiring the shares of registered open-end investment companies to the extent otherwise permissible under other provisions of the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.
If you have any questions, please call 1-800-iShares (1-800-474-2737).
iShares ® is a registered trademark of BlackRock Fund Advisors and its affiliates. IS-SUPP-EWS-1026
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
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S ummar y Prospectu s
• i Shares MSCI Sin g apore ETF | E W S | NY S E Ar ca
Before you invest, you may want to review the Fund ’s ’s prospectus, which contains more information abou t the Fund and its risks. You can find the Fund’s prospectus ( includin g amendments and supplements ) and other information about the Fund, includin g the Fund ’s ’s statement of additional information an d shareholder reports, online at https://www.blackrock.com/prospectus. You can also g et this in fo formation a t no cost by by callin g 1-800-iShares ( 1-800-474-2737 ) or by by sendin g an e-mail request 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 S IN G AP O RE ETF
Ti c k e r: EW S S tock Exchan g e: NYSE Arca
Investment Obj bj ect i v e
The iShares MSCI Singapore ETF (the “Fund”) seeks to track the investment results of an index composed of Singaporean 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 .01% 0.50 %
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 $ 5 1 $ 16 0 $ 28 0 $ 628
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 21% o f the average value of its portfolio .
Pr i nc i pal Investment Strateg i e s
Th e F u n d see k s t o tr ac k th e inv es tm e nt r esu lt so f th e MSCI Singapore 25/50 Index (the “Underlying Index”), which is a f re e float-adjusted market capitalization-wei g hted index that i s d esigned to measure the per f ormance o f the large- and mid capitalization segments of the equity market in Singapore. Th e U nderly i n g Index i s rebalanced quarterly us i n g an opt i m i zat i o n process that aims to minimize the constituent weight difference s b etween the Underlyin g Index and the MSCI Sin g apore Index (th e “ Parent Index ” ). The Underlying Index uses a cappin g 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 Underlyin g Index wei g ht, and the su m o f all group entities with a weight above 5% to an aggregate o f 50% of the Underlying Index weight. A group entity is a group of companies that operate as an a ff iliated corporate group but ma y separately issue listed securities. To determine “group entities,” MSCI analyzes financial accounts of listed companies holdin g stakes o f 20% or more in other listed companies to determin e whether these stakes are controll i n gi n nature. In certa i n cases, even in the absence o f consolidated accounts, MSCI may als o cons i der two compan i es as belong i ng to the same group ent i t y wh e r e th e r e i s r easo n ab l ee vi de n ce o f co ntr o l based o n o th er in f ormation. All group entities are reviewed on an annual basis . As of August 31, 2025, a significant portion of the Underlyin g Index is represented b y securities of companies in the consume r goods and services, f inancials and industrials industries or sectors. The components of the Underlyin g Index are likely to change over t i me . BFA uses an indexin g approach to try to achieve the Fund’ s investment objective. The Fund does not try to “ beat ” the index i t tracks and does not seek temporary defensive positions when markets decline or a pp ear overvalued .
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Index i n g may el i m i nate the chance that the Fund w i ll substant i all y outper f orm the Underlyin g Index but also may reduce some o f th e risks o f active management, such as poor security selection. Indexin g seeks to achieve lower costs and better a f ter-tax per f ormance by aimin g to keep port f olio turnover low in compar i son to act i vely mana g ed i nvestment compan i es.
BFA uses a representat i ve sampl i ng i ndex i ng strategy to manage the Fund. “Representative samplin g ” is an indexin g strate g y tha t involves investing in a representative sample o f securities or othe r instruments that collectivel y has an investment profile similar to that o f an applicable underlying index. The instruments selecte d are expected to have, i n the aggregate, i nvestment character i st i c s (based on f actors such as market capitalization and industr y weightings), fundamental characteristics (such as retur n variability and yield ) and liquidity measures similar to those of a n applicable underlying index. The Fund may or may not hold all o f the components of the Underlyin g Index.
The Fund generally will invest at least 80% o f its assets in th e component securities of its Underlying Index and in investment s that have econom i c character i st i cs that are substant i ally i dent i cal to the component securities of its Underlying Index ( i. e . , d epositary receipts representin g securities of the Underlyin g Index) and may invest up to 20% of its assets in certain futures, opt i ons and swap contracts, cash and cash equ i valents, i nclud i n g s hares o f money market f unds advised by BFA or its a ff iliates, a s well as i n secur i t i es not i ncluded i n the Underly i ng Index, bu t wh i ch BFA bel i eves w i ll help the Fund track the Underly i ng Index. Cash and cash equivalent investments associated with a d erivative p osition will be treated as p art of that p osition for th e purposes o f calculating the percentage o f investments included i n the Underly i n g Index. The Fund seeks to track the i nvestmen t results o f the Underlying Index be f ore f ees and expenses o f the Fund . The Fund may lend securities representing up to one-third o f the value of the Fund’s total assets (including the value of an y collateral received ) . The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI” ) , which is independent of the Fund and BFA . The Index Prov i der determ i nes the compos i t i on and relat i ve wei g htin g s of the securities in the Underlyin g Index and publishes in f ormation regarding the market value o f the Underlying Index . Industr y Concentration Polic y. Th e F u n d w i ll co n ce ntr a t ei t s i nvestments ( i. i.e . , hold 25% or more of its total assets) in a particular industry or group of industries to approximately th e s ame extent that the Underly i ng Index i s concentrated. For purposes of this limitation, securities of the U.S. government ( i nclud i n gi ts a g enc i es and i nstrumental i t i es) and repurchas e agreements collateralized by U. S . government securities are no t considered to be issued by members of any industry.
S ummary o f Principal Risk s
As with any investment, you could lose all or part of you r investment in the Fund, and the Fund’s per f ormance could trail that of other investments. The Fund is sub j ect to certain risks , includin g the principal risks noted below, any of which ma y adversely affect the Fund’s net asset value per share (“NAV”), trad i n g pr i ce, y i eld, total return and ab i l i ty to meet i ts i nvestment
objective. C ertain key risks are prioritized below ( with other s f ollowin g in alphabetical order), but the relative si g ni f icance o f an y risk is di ff icult to predict and may chan g e over time. You should review each risk factor carefull y.
Risk of Investing in Singapore re . Investments in S in g aporea n issuers involve risks that are specific to Singapore, including legal , regulatory, pol i t i cal, currency and econom i cr i sks. In add i t i on , because Singapore’s economy is export-driven, Singapore relies heavily on its tradin g partners. Political and economi c developments o f Singapore’s neighbors may have an advers e effect on Sin g apore’s economy . Non-U.S. Securi ri ti tie ies Ri Ris is k . S ecurities issued by non-U. S . issuer s (including depositary receipts) are subject to different 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 greater marke t volatility, less market liquidity, hi g her transaction costs , expropriation, confiscatory taxation, adverse changes in foreig n 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 reporting standards than U. S . issuers, and there may be les s publicly available information about non-U.S. issuers. Foreig n market tradin g hours, different clearin g and settlemen t procedures, and holiday schedules may limit the Fund’s ability t o en g a g e in portfolio transactions. To the extent that investment s are made in a limited number o f countries, events in those countries will have a more significant impact on the Fund. Th e Fund is specifically exposed t o A s ian E co n o mi c Ri sk . 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 ma y be more volatile than those of othe r asset classes. The value of a security may decline for a number o f reasons that ma y d i rectl y relate to the i ssuer as well as due to general industry or market conditions. C ommon stock i s subordinated to preferred securities and debt in a company’s capital structure. C ommon stock has the lowest priorit y , 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 money over short per i ods due to short-term market movements and over lon g er 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 prospect or occurrence o fa sovereign default or other financial crisis, or other events coul d have a si g nificant 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 Underlying Index, including in f ormation 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 information will provide an accurate assessment of include d components or w i ll result i n the Fund meet i n gi 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
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conditions or other un f oreseen circumstances (such as natural di sasters, pol i t i cal unrest or war ) may i mpact the Index Prov i de r or a th i rd-part y data prov i der and could cause the Index Prov i de r to p ost p one a scheduled rebalance. Th i s could cause the U nderlyin g Index to vary f rom its normal or expected composition . A sset Class Ri Ris isk. k. The secur i t i es and other assets i n th e U nderlying Index or in the Fund’s portfolio may underperform i n comparison to financial markets g enerally, a particular financia l market, another i ndex, or other asset classes . A uthori riz ized Parti tic ic ip ipant Concentrati tio ion Ri Ris isk. A n “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 the Fund or one o f its service providers that allows the Authorize d Participant to place orders for the purchase and redemption o f creation units ( “C reation Units ” ). O nly 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 of institutions that may act as Authorized Participants f or the Fund, including on an agenc y b asis on behalf of other market participants. No Authorize d Part i c i pant i s obl i gated to engage i n creat i on or redempt i on transact i ons. To the extent that Author i zed Part i c i pants ex i t the b usiness or do not p lace creation or redem p tion orders for 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 f ace trading halts or delisting.
Co n ce ntratio io n Ris is k. k. The Fund ma y 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 g eo g raph i c un i ts, markets, i ndustr i es, project types, o r asset classes . Consumer Goods and Services Companies Risk. k. Co n su m er goods and services companies face risks related to changes i n consumer preferences and disposable income, commodity prices , government regulat i on, supply cha i nd i srupt i ons, damage to bran d or reputat i on, econom i c slowdown and labor shortages, among other thin g s . Currency Ri Ris isk . B ecause the Fund’s NAV is determined in U.S. d ollars, the NAV could decline i f the currency o f the non-U.S . market in which the Fund invests depreciates against the U.S . d ollar or if there are delays or limits on the repatriation of forei gn c urrency. Currency exchange rates can be very volatile and ca n c 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 forei g n currencies . Fi Fin inanc ia ial Com p an ie ies Ri Ris is k . F i nanc i al serv i ces compan i es ar e subject to extens i ve g overnmental re g ulat i on and i ntervent i on , w hich may adversely a ff ect their pro f itability, the scope o f 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, among othe r things. Financial services companies also may be significantl y affected by, amon g other thin g s, interest rates, economic c onditions, volatility in f inancial markets, credit rating d owngrades, adverse publ i c percept i on, exposure concentrat i o n and counterparty r i sk .
Industrial Com p anies Risk. k. Industrial com p anies f ace a numbe r o f risks, includin g supply chain and distribution disruptions , bus i ness i nterrupt i ons, product obsolescence, th i rd-party vendo r r i sks, c y ber attacks, trade d i sputes, product recalls, l i ab i l i t y claims, scarcity o f materials or parts, excess capacity, changes i n consumer pre f erences, and volatilit y in commodit y prices an d currencies. The performance of such companies may also b e a ff ected by technological developments, labor relations, 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 . Issuer Ri Ris is k . The performance of the Fund depends on th e per f ormance o f individual securities or other assets to which th e Fund has exposure. The value of securities or other assets ma y decline, or perform differentl y from the market as a whole, due t o changes in the f inancial condition or credit rating o f the issuer o r coun t erpar ty.
Large-Cap i tali liz izati tio ion Compan ie ies Ri Ris isk. k. Large-cap i tal i zat i o n compan i es may be less able than smaller-cap i tal i zat i o n compan i es to adapt to chang i ng market cond i t i ons an d compet i t i ve challenges. Large-cap i tal i zat i on compan i es may be more mature and subject to more limited g rowth potentia l compared w i th smaller-cap i tal i zat i on compan i es. Th e performance of lar g e-capitalization companies could trail th e overall per f ormance o f the broader securities markets . Management Ris k . T he Fund g enerally does not attempt to tak e de f ensive positions under any market conditions, includin g declinin g markets. As the Fund will not fully replicate th e Underly i ng 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 hi g h de g ree of correlation to those of the Underlyin g 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 isk . T he Fund faces numerous market tradin g risks, including the potential lack o f an active market f or Fun d shares (including through a trading halt), losses from trading i n secondary markets, periods o f high volatility, and disruptions in the process of creating and redeeming Fund shares. Any of thes e factors, amon g others, may lead to the Fund’s shares tradin g in the secondary market at a prem i um or d i scount to NAV or to the intraday value of the Fund’s portfolio holdings. If you buy Fun d shares at a t i me when the market pr i ce i s at a prem 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 si g nificantly more or receive si g nificantl y less than the underlying value o f the Fund shares.
Mid-Ca p italization Com p anies Ris k . C ompared to lar g e cap i tal i zat i on compan i es, m i d-cap i tal i zat i on compan i es may b e less stable and more suscept i ble to adverse developments. Th e securities o f mid-capitalization companies may be more volatil e 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 ng 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 exchange on which the Fund ’ s shares trade is open , there are likely to be deviations between such asset’s curren t
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pr i ce and i ts last quoted pr i ce ( i.e ., the quote f rom the close d f orei g n market to the Fund). The impact o f a closed f orei gn market on the Fund is likely to be greater where a large portion o f the Fund’s holdin g s trade on a closed f orei g n market or when a f orei g n market is closed f or unscheduled reasons. Thes e deviations could result in p remiums or discounts to the Fund ’ s N AV 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 g reate r percentage o f its assets in securities or other instruments representing a small number of issuers or counterparties and thus may be more suscept i ble to the r i sks assoc i ated w i th thes e particular issuers or counterparties. As a result, the Fund’ s performance may depend to a g reater extent on the performanc e of a small number of issuers or counterparties, which may lead to more volatilit y in the Fund’s NAV . Op Operati tio ional and Technology Ri Ris isks ks . T he Fund i sd i rectl y an d i nd i rectly suscept i ble to operat i onal and technology r i sks , i nclud i ng those related to human errors, process i ng errors , communication errors, systems failures, cybersecurity incidents , and the use of artificial intelli g ence and machine learnin g (“AI”) , which may result in losses for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s servic e prov i ders are requ i red to have appropr i ate operat i onal , information security and cybersecurity risk management policie s and procedures, their methods o f risk management may di ff e r from those of the Fund. Operational and technology risks for 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.
Reli lia iance on Tradi din ing Partners Ri Ris isk . T he Fund i nvests i n a country whose economy i s heav i ly dependent upon trad i n g 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. Through its holdings of s ecurities of certain issuers, the Fund is specifically exposed to Asian Economic Ris k and U .S. Economic Risk . Securities Lending ng Risk. T he Fund may en g a g e in securitie s lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails t o return the secur i t i es i nat i mely manner or at all. The Fund could
also lose money in the event o f a decline in the value o f collatera l provided f or loaned securities or a decline in the value o f an y i nv es tm e nt s m ade w i th cas h co ll a t e r a l. Th ese e v e nt s cou l da l so trigger adverse tax consequences f or the Fund . Tracki kin ing Error Ri Ris isk . T he Fund may be subject to “ trackin g error, ” which is the divergence of the Fund’s performance from that o f the Underlyin g Index. Trackin g error may occur due to a number o f factors, includin g differences between the securities and other assets held in the Fund’s p ortfolio and those included in the Underlyin g Index; differences 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 ng Inde x does not incur; the Fund’s holding o f uninvested cash; di ff erence s in the timing of the accrual or the valuation of dividends o r i nterest rece i ved by the Fund or d i str i but i ons pa i d to Fun d shareholders; tax gains or losses; differences between th e amount and/or timing of withholding taxes on dividends reflecte d in the Underlying Index from the Fund’s obligation, if any, fo r forei g n withholdin g 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 o f 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 heightened during times o f increased market volatility or other 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 higher trackin g error than ETFs that do not track such i ndexes.
Va Valuatio io n Ris isk . T he p rice that the Fund could receive u p on th e sale (or other disposition) o f a security or other asset may di ff e r f rom the Fund’s valuation o f the security or other asset , particularl yf or 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 v alued securities or other assets ma y receive fewer or more shares, or lower or h i gher redempt i on proceeds, than they would have received had the securities or other assets not been f air v alued or been valued using a di ff erent methodology. The ability t o v alue i nvestments may be i mpacted by technolog i cal i ssues or errors by pr i c i 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
-17.95%
1.11%
33.81%
-11.01%
13.88%
-8.19%
5.22%
-9.15%
5.27%
22.53%
R eturn ( % ) Per i od Ende d C alendar Year-to-Date Return 3 1.75% S eptember 30, 2025 D ur i ng the per i ods shown i n the chart: B est Q uarter 1 7.63 % December 31, 2020 W orst Q uarter - 28.28 % 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 22.53 % 2.51 % 2.45 % R eturn A f ter Taxes on Distribution s 20.38 % 0.71 % 0.71 % 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 1 3 . 30% 1 . 08% 1 . 06% 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 % MSCI S i n g apore 25/50 Index (Spl i ced) 1,2 ( Returns do not reflect deductions for fees, expenses or taxes except for withholdin g taxes on reinvested dividends ) 2 3.15% 3.05% 2. 9 4%
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 . 2 The MSCI Singapore 25/50 Index (Spliced) re f lects the per f ormance o f the MSCI Singapore Index (Net) through November 30, 2016 and the MSC I S in g apore 25/50 Index (Net) therea f ter, which re f lect the times when each index was the Underlyin g Index o f the Fund. A f ter-tax returns in the table above are calculated using the historical highest individual U.S. f ederal marginal income tax rates and do no t 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 throu g h tax-deferred arran g ements , s uch as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns a f ter taxes on distributions and sales o f 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 ma y exceed Fund return s b efore taxes and/or returns after 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 S -1
225
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": "the Fund. BFA uses a representative sampling indexing strategy to manage the Fund."
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"text": "investment characteristics (based on factors such as market capitalization and industry weightings),"
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"text": "instrumentalities) if as a result 25% or more of its total assets would be invested in a single issuer."
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"text": "have a control relationship) to a maximum of 25% of the Underlying Index weight, and the sum of all"
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"text": "entity is reduced to 22.5% of the Underlying Index. A group entity is a group of companies that"
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