DECEMBER 30, 2019

(as revised August 17, 2020)

2019 Summary Prospectus• iShares MSCI BRIC ETF | BKF | NYSE ARCA

Before you invest, you may want to review the Fund’s prospectus, which contains moreinformation about the Fund and its risks. You can find the Fund’s prospectus (includingamendments and supplements) and other information about the Fund, including theFund’s statement of additional information and shareholder report, online at https://www.ishares.com/prospectus. You can also get this information at no cost by calling 1-800-iShares (1-800-474-2737) or by sending an e-mail request toiSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectusand statement of additional information, both dated December 30, 2019, as amendedand supplemented from time to time, are incorporated by reference into (legally made apart of) this Summary Prospectus. Information on the Fund’s net asset value, marketprice, premiums and discounts, and bid-ask spreads can be found at www.iShares.com.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securitiesand Exchange Commission (“SEC”), paper copies of the Fund’s shareholder reportswill no longer be sent by mail, unless you specifically request paper copies of thereports from your financial intermediary, such as a broker-dealer or bank. Instead,the reports will be made available on a website, and you will be notified by mail eachtime a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not beaffected by this change and you need not take any action. If you hold accountsthrough a financial intermediary, you may contact your financial intermediary toenroll in electronic delivery. Please note that not all financial intermediaries may offerthis service.

You may elect to receive all future reports in paper free of charge. If you holdaccounts through a financial intermediary, you can follow the instructions includedwith this disclosure, if applicable, or contact your financial intermediary to requestthat you continue to receive paper copies of your shareholder reports. Please notethat not all financial intermediaries may offer this service. Your election to receivereports in paper will apply to all funds held with your financial intermediary.

The SEC has not approved or disapproved these securities or passed upon theadequacy of this prospectus. Any representation to the contrary is a criminal offense.

iShares®iShares, Inc.

Supplement dated November 12, 2020 (the “Supplement”)to the Summary Prospectus (the “Summary Prospectus”),

Prospectus (the “Prospectus”) and Statement of AdditionalInformation (the “SAI”), each

dated December 30, 2019 (as revised August 17, 2020),for the iShares MSCI BRIC ETF (BKF) (the “Fund”)

The information in this Supplement updates information in, andshould be read in conjunction with, the Summary Prospectus,Prospectus and SAI for the Fund.

The Fund effected a transfer of its Indian assets that had previously beenheld by the Fund’s wholly-owned subsidiary (the “Subsidiary”) located inthe Republic of Mauritius (“Mauritius”) to the Fund through on-exchangetransactions in India (the “Transfer”) on November 10, 2020. While theFund historically carried out its investment strategies by investing all of itsassets invested in India through the Subsidiary, it will be eliminating itsuse of the Subsidiary and will invest in Indian securities directly. The Fundincurred transaction costs from the Transfer.

Pursuant to the Transfer, the following changes are made to the Fund’sProspectus, Summary Prospectus and SAI.

All references to the in the Summary Prospectus and ProspectusSubsidiary are deleted.

Change in the Fund’s “Principal Investment Strategies”

The sixth paragraph of the Prospectus and Summary Prospectusentitled “Principal Investment Strategies” is deleted in its entirety andreplaced with the following:

The Fund seeks to track the investment results of the Underlying Indexbefore fees and expenses of the Fund.

Change in the Fund’s “Summary of Principal Risks”

The section of the Summary Prospectus and Prospectus entitled“Summary of Principal Risks” is amended to delete “Treaty/Tax Risk”and add the following:

Tax Risk. The Fund is subject to tax in India on the purchase and sale ofIndian securities, which will reduce the Fund’s returns. For moreinformation regarding the tax implications of investing in Indiansecurities, please see the section entitled “Indian Tax Disclosure.”

Change in the Fund’s “A Further Discussion of Principal Risks”

The section of the Prospectus entitled “A Further Discussion ofPrincipal Risks” is amended to delete “Treaty/Tax Risk” and add thefollowing:

Tax Risk. The Fund invests in securities of Indian issuers. The Fund issubject to tax in India on the purchase and sale of Indian securities,which will reduce the Fund’s returns. For more information regardingthe tax implications of investing in Indian securities, please see thesection entitled “Indian Tax Disclosure.”

Criteria for Residence of Companies in India.

A foreign company will be considered a resident in India if its place ofeffective management (“POEM”) (defined as a place where keymanagement and commercial decisions that are necessary for theconduct of the business of an entity as a whole are in substance made)is in India in the relevant financial year. This test is to be applied takingthe relevant financial year as a whole into consideration. However, theFund expects that its place of effective management will be outside ofIndia and, as a result, the Fund does not expect to be considered anIndian resident for tax purposes.

Indirect Transfers.

The Indian Income Tax Act, 1961 (“IT Act”) imposes Indian tax andwithholding obligations with respect to the transfer of shares andinterest in an overseas company that derives its value substantially fromassets situated in India (“indirect transfers”). The share or interest ofthe foreign entity shall be deemed to derive its value substantially fromthe assets located in India, if the value of such Indian assets exceedsINR 100 million, and represents at least 50% of the value of all theassets owned by the foreign entity. The value of an asset shall be thefair market value as of the specified date, without reduction of liabilities,determined in accordance with Rule 11UB of the Income Tax Rule, 1962(“IT Rules”). In cases where all the assets of the foreign entity are notlocated in India, only such part of the income as is reasonablyattributable to the Indian assets shall be subject to capital gains tax inIndia.

Such gains are taxable in India to the extent they are reasonablyattributable to the Indian assets and the purchaser of the securities willbe required to withhold applicable Indian taxes.

Because the Fund invests in Indian securities, the Fund may beconsidered to derive “substantial value” from Indian assets, and

accordingly, shareholder redemptions and sales of Fund shares mayhave been subject to Indian tax and withholding obligations. However,the IT Act provides for an exemption to shareholders in Category IForeign Portfolio Investors (“FPI”), registered under SEBI (ForeignPortfolio Investors) Regulations, 2019 (“2019 Regulations”) from theapplicability of indirect transfer taxation. The Fund is a Category I FPIunder the 2019 Regulations. Therefore, any redemptions or transfers bythe Fund or the shareholders in the Fund should not be subject toIndian indirect transfer tax.

Further, the IT Act provides an exemption from the indirect transferprovisions for shareholders of the Fund who, at any time in the twelvemonths preceding the year of transfer, neither hold the right of controlor management in the Fund, nor hold voting power or share capital orinterest exceeding 5% of the total voting power or total share capital ortotal interest in the Fund.

General Anti-Avoidance Rules.

The current legislation provides general anti-avoidance rules (“GAAR”)to curb aggressive tax planning through the use of sophisticatedstructures. GAAR became applicable with effect from April 1, 2017. TheGAAR provides the Indian tax authorities a mechanism to deny any taxbenefits in a transaction or any other arrangement that is believed tonot have any commercial substance or purpose other than to obtain taxbenefit(s) under a treaty. The provisions of GAAR will be applicable toarrangements (including a step in or a part thereof) entered into by ataxpayer, which may be declared as an “impermissible avoidancearrangement”.

Once an arrangement is declared to be an impermissible avoidancearrangement, wide powers have been granted to tax authorities to denytax treaty benefits, disregard or re-characterize transactions,re-characterize equity into debt and vice versa, which may have amaterial adverse effect on the Fund’s business and financial conditionsand results of operations.

In this context, it is pertinent to note that provisions of GAAR shall notbe applicable to:

• An FPI who has not availed itself of any benefit under a tax treaty andhas made investment in accordance with the Securities andExchange Board of India (Foreign Portfolio Investors) Regulations,2019;

• An investment made by a non-resident, directly or indirectly, in anFPI; and

• Any arrangement where the aggregate tax benefit to all the partiesof the arrangement in the relevant financial year does not exceedINR 30 million.

Change in the Fund’s “Shareholder Information”

The sections of the Prospectus entitled “Mauritius Tax Disclosure”and “Indian Tax Disclosure” are deleted in their entirety and replacedwith the following:

Indian Tax Disclosure. The following rates of tax apply under the IndianIT Act:

▪ Dividend: Dividend income earned by the Fund will be subject toIndian income-tax at the specified tax rate of 20% plus the applicablesurcharge and health and education tax, under the IT Act. Theapplicable tax is withheld by the dividend-paying issuer at the time ofpayment.

▪ Interest: Interest paid to the Fund with respect to debt obligations ofIndian issuers will be subject to Indian income tax. A 5% tax rate,plus the applicable surcharge and health and education cess, appliesto certain types of interest paid to a nonresident:

1. Interest payable to an FPI (until June 30, 2023) with respect toinvestments made in rupee-denominated bonds (RDBs) of Indiancompanies and Indian government securities, subject tocompliance with certain conditions; and

2. Interest payable to a non-resident with respect to approvedforeign currency loans and investment in long-term bonds issuedbefore June 30, 2023.

In the event, that the aforementioned beneficial rates are notavailable, then interest on rupee denominated debt is taxed at therate of 40% for a debt obligation that is not a security and 20%otherwise, plus applicable surcharge and health and education cess.Similarly, interest income from a foreign-currency denominated debtobligation is taxed at 20%, plus applicable surcharge and health andeducation cess. These rates would be subject to the beneficial rateunder the DTAA, which provides for a rate of 15% for the taxation ofinterest income.

Additionally, a tax rate of 4%, plus the applicable surcharge andhealth and education tax, shall apply on interest income earned withrespect to investments made in long-term bonds or RDBs on or after

April 1, 2020 but before June 30, 2023 listed on a recognized stockexchange in the Indian International Financial Services Centre.

In certain circumstances, where the Fund does not have a permanentaccount number (PAN) allotted by the Indian tax authorities or doesnot furnish prescribed alternate documentation, tax must bewithheld at the higher of the applicable tax treaty rate or 20%.

▪ Securities Transaction Tax: All transactions entered on a recognizedstock exchange in India are subject to a Securities Transaction Tax(“STT”). STT has been introduced under Section 98 of the Finance(No.2) Act, 2004 on transactions relating to sale, purchases andredemption of shares made by purchasers or sellers of Indiansecurities. The current STT is levied on the transaction value asfollows:

▪ 0.1% payable by the buyer and 0.1% by the seller on the value oftransactions of delivery-based transfer of an equity share in anIndian company entered in a recognized stock exchange;

▪ 0.025% on the value of transactions of non-delivery-based sale ofan equity share in an Indian company, entered in a recognizedstock exchange and payable by the seller;

▪ 0.05% on the value of transactions of sale of options, entered in arecognized stock exchange and payable by the seller;

▪ 0.01% on the value of transactions of sale of futures, entered in arecognized stock exchange and payable by the seller;

▪ 0.125% on the value of transactions of sale of options where theoption is exercised, entered in a recognized stock exchange andpayable by the buyer; and

▪ 0.2% on the value of transactions of the sale of unlisted shares byexisting shareholders in an initial public offer.

▪ Capital Gains: Assuming total income will be more thanINR 100 million, the taxation of capital gains is as follows (thefollowing rates do not include the applicable surcharge and healthand education cess). Long-term capital gains (i.e. gains on the sale ofshares held for more than 12 months) from the sale of Indian shareslisted on a recognized stock exchange are taxable in India at a rate of10%, plus applicable surcharge and health and education cess,provided any applicable STT has been paid, both on acquisition andsale of such shares (subject to certain transactions, to which the

provisions of applicability and payment of STT upon acquisition donot apply). The tax on these capital gains is calculated on gainsexceeding INR 100,000 (without any indexation and foreignexchange fluctuation benefits).

Short-term capital gains (i.e., gains on the sale of shares held for12 months or less) from the sale of Indian shares listed on a recognizedstock exchange are taxed at the rate of 15% , plus applicable surchargeand health and education cess, provided STT has been paid on thesame, or 30%, plus applicable surcharge and health and education cess,if the sale is not executed on a recognized stock exchange in India.Capital gains from the sale of unlisted securities are taxed at the rate of10%, plus applicable surcharge and health and education cess, if theshares were held for more than 24 months and otherwise at the rate of30%, plus applicable surcharge and health and education cess. Capitalgains arising from the transfer of depositary receipts outside Indiabetween non-resident investors are not subject to tax in India.

Change in the Fund’s “Investment Strategies and Risks” and “GeneralConsiderations and Risks”

References to the Fund are deleted from the second paragraph of thesection entitled “Investment Strategies and Risks” and the sectionentitled “Treaty/Tax Risk” of the SAI.

Change in the Fund’s “Taxes”

References to the Fund are deleted from the section entitled “IssuesRelated to India and Mauritius Taxes” of the SAI. The sub-sectionsentitled “Indirect Transfers” and “General Anti-Avoidance Rules” ofthe section “Issues Related to India and Mauritius Taxes” of the SAIare deleted and replaced with the following:

Indirect Transfers.

The share or interest of the foreign entity shall be deemed to derive itsvalue substantially from the assets located in India if the value of suchIndian assets exceeds INR 100 million and represents at least 50% ofthe value of all the assets owned by the foreign entity. The value of anasset shall be the fair market value as of the specified date, withoutreduction of liabilities, determined in accordance with the Rule 11UB ofthe IT Rules. Where all the assets of the foreign entity are not located inIndia, only such part of the income as is reasonably attributable to theIndian assets shall be subject to capital gains tax in India.

Further, the IT Act provides exemption from the indirect transferprovisions for shareholders of the Fund who at any time in the twelve

months preceding the year of transfer neither hold the right of controlor management in the Fund, nor hold voting power or share capital orinterest exceeding 5% of the total voting power or total share capital ortotal interest in the Fund.

If the gains arising from the transfer of share or interest in a foreignentity are taxable in India in accordance with the aforementionedprovisions of indirect transfer, the purchaser of the securities will berequired to withhold applicable Indian taxes.

The IT Act provides that the aforesaid indirect transfer provisions willnot apply to foreign investors making an investment directly orindirectly in a Category I FPI, registered under the 2019 Regulations.

Under the IT Act, gains realized when a non-resident acquires shares ofa foreign company from another non-resident and the foreign companyderives “substantial value” from Indian assets (meaning that the valueof Indian assets (i) exceeds INR 100 million and (ii) represents at least50% of the value the company’s assets) are taxable in India and subjectto withholding, to the extent that they are reasonably attributable to theIndian assets.

Because certain Funds invest in Indian securities through theSubsidiaries, the Subsidiaries or the Funds may be considered to derive“substantial value” from Indian assets. Accordingly, shareholderredemptions of Fund/Subsidiary shares and sales of Fund shares mayhave been subject to Indian tax and withholding obligations. However,the IT Act provides for an exemption to shareholders in Category I FPIfrom the applicability of indirect transfer taxation. The Subsidiary orFund is a Category I FPI, registered under the 2019 Regulations.Therefore, any redemptions or transfers by the Funds or theshareholders in the Funds should not be subject to Indian indirecttransfer tax.

General Anti-Avoidance Rules.

The GAAR introduced in the IT Act provides the Indian tax authorities amechanism to deny any tax benefits in a transaction or any otherarrangement that is believed to not have any commercial substance orpurpose other than to obtain tax benefit(s) under a treaty. Theprovisions of GAAR will be applicable to arrangements (including a stepin or a part thereof) entered into by a taxpayer, which may be declaredas an “impermissible avoidance arrangement”.

Once an arrangement is declared to be an impermissible avoidancearrangement, wide powers have been granted to tax authorities to deny

tax treaty benefits, disregard or re-characterize transactions,re-characterize equity into debt and vice versa, which may have amaterial adverse effect on the Fund’s business and financial conditionsand results of operations. However, it is pertinent to note thatprovisions of GAAR shall inter alia not be applicable to (i) an FPI whohas not availed itself of any benefit under a tax treaty and has madeinvestments in accordance with the 2019 Regulations; (ii) aninvestment made by a non-resident, directly or indirectly, in an FPI; and(iii) any arrangement where the aggregate tax benefit to all the partiesof the arrangement in the relevant financial year does not exceed INR30 million.

Investors are urged to consult their own tax advisers with respect totheir own tax situations and the tax consequences of an investment.

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-BKF2-1120

PLEASE RETAIN THIS SUPPLEMENTFOR FUTURE REFERENCE

IMPORTANT NOTICE REGARDING CHANGE ININVESTMENT POLICY

iShares®iShares, Inc.

iShares TrustSupplement dated October 30, 2020 (the “Supplement”)

to the Summary Prospectus and Prospectus for each of the iSharesMSCI BRIC ETF (BKF) and iShares MSCI Emerging Markets ETF (EEM),each dated December 30, 2019 (as revised August 17, 2020), and the

Summary Prospectus and Prospectus for the iShares MSCI AllCountry Asia ex Japan ETF (AAXJ), dated November 29, 2019 (as

revised August 17, 2020),(each, a “Fund”)

The information in this Supplement updates information in, andshould be read in conjunction with, the Summary Prospectus,Prospectus and Statement of Additional Information for each Fund.

Each Fund is updating its investment policy to indicate that it intends tobe “diversified,” as defined in the Investment Company Act of 1940, inapproximately the same proportion as its Underlying Index is diversified.Shareholder approval will not be sought if a Fund crosses fromdiversified to non-diversified status due solely to a change in the relativemarket capitalization or index weighting of one or more constituents ofits Underlying Index. Each Fund discloses its portfolio holdings andweightings at www.iShares.com.

Change in each Fund’s “Principal Investment Strategies”

The section of each Fund’s Summary Prospectus and Prospectusentitled “Principal Investment Strategies” is amended to add thefollowing to the end of the section:

Diversification Policy. The Fund intends to be diversified inapproximately the same proportion as the Underlying Index isdiversified. The Fund may become “non-diversified,” as defined in theInvestment Company Act of 1940 (the “1940 Act”), solely as a result ofa change in relative market capitalization or index weighting of one ormore constituents of the Underlying Index. Shareholder approval willnot be sought if the Fund becomes “non-diversified” due solely to achange in the relative market capitalization or index weighting of one ormore constituents of the Underlying Index. The Fund discloses itsportfolio holdings and weightings at www.iShares.com.

Change in each Fund’s “Summary of Principal Risks”

The section of each Fund’s Summary Prospectus and Prospectusentitled “Summary of Principal Risks” is amended to add thefollowing:

Non-Diversification Risk. To the extent the Fund is non-diversified, theFund may invest a large percentage of its assets in securities issued byor representing a small number of issuers. As a result, the Fund’sperformance may be adversely affected, the Fund’s shares mayexperience greater price volatility and the Fund may be moresusceptible to the risks associated with these particular issuers or to asingle economic, political or regulatory occurrence affecting theseissuers.

Change in each Fund’s “A Further Discussion of Principal Risks”

The section of each Fund’s Prospectus entitled “A Further Discussion ofPrincipal Risks” is amended to add the following:

Non-Diversification Risk. To the extent the Fund is non-diversified, theFund may invest a large percentage of its assets in securities issued byor representing a small number of issuers. As a result, the Fund’sperformance may be adversely affected, the Fund’s shares mayexperience greater price volatility and the Fund may be moresusceptible to the risks associated with these particular issuers or to asingle economic, political or regulatory occurrence affecting theseissuers.

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-BKF_EEM_AAXJ_1020

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iSHARES® MSCI BRIC ETFTicker: BKF Stock Exchange: NYSE Arca

Investment ObjectiveThe iShares MSCI BRIC ETF (the “Fund”) seeks to track the investment results of anindex composed of Chinese equities that are available to international investors, andBrazilian, Russian, and Indian equities.

Fees and ExpensesThe following table describes the fees and expenses that you will incur if you buy, holdand sell shares of the Fund. The investment advisory agreement between iShares, Inc.(the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment AdvisoryAgreement”) provides that BFA will pay all operating expenses of the Fund, except themanagement fees, interest expenses, taxes, expenses incurred with respect to theacquisition and disposition of portfolio securities and the execution of portfoliotransactions, including brokerage commissions, distribution fees or expenses, litigationexpenses and any extraordinary expenses.

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

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

ManagementFees

Distribution andService (12b-1)

FeesOther

Expenses

Total AnnualFund

OperatingExpenses

0.68% None 0.01% 0.69%

Example. This Example is intended to help you compare the cost of owning shares ofthe Fund with the cost of investing in other funds. The Example assumes that youinvest $10,000 in the Fund for the time periods indicated and then sell all of yourshares at the end of those periods. The Example also assumes that your investmenthas 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, yourcosts would be:

1 Year 3 Years 5 Years 10 Years

$70 $221 $384 $859

S-1

Portfolio Turnover. The Fund may paytransaction costs, such ascommissions, when it buys and sellssecurities (or “turns over” its portfolio).A higher portfolio turnover rate mayindicate higher transaction costs andmay result in higher taxes when Fundshares are held in a taxable account.These costs, which are not reflected inthe Annual Fund Operating Expenses orin the Example, affect the Fund’sperformance. During the most recentfiscal year, the Fund’s portfolio turnoverrate was 53% of the average value of itsportfolio.

Principal InvestmentStrategiesThe Fund seeks to track the investmentresults of the MSCI BRIC Index (the“Underlying Index”), which is a freefloat-adjusted market capitalizationindex that is designed to measure thecombined equity market performance inBrazil, Russia, India and China (“BRIC”).The Underlying Index primarily consistsof stocks traded on B3 (the largestBrazilian exchange), Russian TradingSystem Stock Exchange, MoscowInterbank Currency Exchange, NationalStock Exchange of India, ShanghaiStock Exchange, Shenzhen StockExchange and the Stock Exchange ofHong Kong. The Underlying Index willinclude large- and mid-capitalizationcompanies and may change over time.As of August 31, 2019, a significantportion of the Underlying Index isrepresented by securities of companiesin the communication services,consumer discretionary, and financialsindustries or sectors. The componentsof the Underlying Index are likely tochange over time.

BFA uses a “passive” or indexingapproach to try to achieve the Fund’s

investment objective. Unlike manyinvestment companies, the Fund doesnot try to “beat” the index it tracks anddoes not seek temporary defensivepositions when markets decline orappear overvalued.

Indexing may eliminate the chance thatthe Fund will substantially outperformthe Underlying Index but also mayreduce some of the risks of activemanagement, such as poor securityselection. Indexing seeks to achievelower costs and better after-taxperformance by aiming to keep portfolioturnover low in comparison to activelymanaged investment companies.

BFA uses a representative samplingindexing strategy to manage the Fund.“Representative sampling” is anindexing strategy that involves investingin a representative sample of securitiesthat collectively has an investmentprofile similar to that of an applicableunderlying index. The securitiesselected are expected to have, in theaggregate, investment characteristics(based on factors such as marketcapitalization and industry weightings),fundamental characteristics (such asreturn variability and yield) and liquiditymeasures similar to those of anapplicable underlying index. The Fundmay or may not hold all of the securitiesin the Underlying Index.

The Fund generally will invest at least90% of its assets in the componentsecurities of the Underlying Index and ininvestments that have economiccharacteristics that are substantiallyidentical to the component securities ofthe Underlying Index (i.e., depositaryreceipts representing securities of theUnderlying Index) and may invest up to10% of its assets in certain futures,options and swap contracts, cash and

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cash equivalents, including shares ofmoney market funds advised by BFA orits affiliates, as well as in securities notincluded in the Underlying Index, butwhich BFA believes will help the Fundtrack the Underlying Index.

The Fund invests all of its assets thatare invested in India through a wholly-owned subsidiary located in theRepublic of Mauritius (the “Subsidiary”).BFA serves as investment adviser toboth the Fund and the Subsidiary.Unless otherwise indicated, the term“Fund,” as used in this prospectus (the“Prospectus”), means the Fund and/orthe Subsidiary, as applicable. The Fundseeks to track the investment results ofthe Underlying Index before fees andexpenses of the Fund.

The Fund may lend securitiesrepresenting up to one-third of thevalue of the Fund’s total assets(including the value of any collateralreceived).

The Underlying Index is sponsored byMSCI Inc. (the “Index Provider” or“MSCI”), which is independent of theFund and BFA. The Index Providerdetermines the composition and relativeweightings of the securities in theUnderlying Index and publishesinformation regarding the market valueof the Underlying Index.

Industry Concentration Policy. TheFund will concentrate its investments(i.e., hold 25% or more of its totalassets) in a particular industry or groupof industries to approximately the sameextent that the Underlying Index isconcentrated. For purposes of thislimitation, securities of the U.S.government (including its agencies andinstrumentalities) and repurchaseagreements collateralized by U.S.government securities are not

considered to be issued by members ofany industry.

Summary of Principal RisksAs with any investment, you could loseall or part of your investment in theFund, and the Fund’s performance couldtrail that of other investments. The Fundis subject to certain risks, including theprincipal risks noted below, any ofwhich may adversely affect the Fund’snet asset value per share (“NAV”),trading price, yield, total return andability to meet its investment objective.The order of the below risk factors doesnot indicate the significance of anyparticular risk factor.

Asset Class Risk. Securities and otherassets in the Underlying Index or in theFund’s portfolio may underperform incomparison to the general financialmarkets, a particular financial market orother asset classes.

Authorized Participant ConcentrationRisk. Only an Authorized Participant (asdefined in the Creation andRedemptions section of this prospectus(the “Prospectus”)) may engage increation or redemption transactionsdirectly with the Fund, and none ofthose Authorized Participants isobligated to engage in creation and/orredemption transactions. The Fund hasa limited number of institutions thatmay act as Authorized Participants onan agency basis (i.e., on behalf of othermarket participants). To the extent thatAuthorized Participants exit thebusiness or are unable to proceed withcreation or redemption orders withrespect to the Fund and no otherAuthorized Participant is able to stepforward to create or redeem, Fundshares may be more likely to trade at apremium or discount to NAV andpossibly face trading halts or delisting.

S-3

Authorized Participant concentrationrisk may be heightened for exchange-traded funds (“ETFs”), such as the Fund,that invest in securities issued by non-U.S. issuers or other securities orinstruments that have lower tradingvolumes.

Commodity Risk. The Fund invests incompanies that are susceptible tofluctuations in certain commoditymarkets and to price changes due totrade relations, including the impositionof tariffs by the U.S. and other importingcountries. Any negative changes incommodity markets that may be due tochanges in supply and demand forcommodities, market events, regulatorydevelopments or other factors that theFund cannot control could have anadverse impact on those companies.

Communication Services Sector Risk.Companies in the communicationssector may be affected by industrycompetition, substantial capitalrequirements, government regulation,cyclicality of revenues and earnings,obsolescence of communicationsproducts and services due totechnological advancement, a potentialdecrease in the discretionary income oftargeted individuals and changingconsumer tastes and interests.

Concentration Risk. The Fund may besusceptible to an increased risk of loss,including losses due to adverse eventsthat affect the Fund’s investments morethan the market as a whole, to theextent that the Fund’s investments areconcentrated in the securities and/orother assets of a particular issuer orissuers, country, group of countries,region, market, industry, group ofindustries, sector or asset class.

Consumer Discretionary Sector Risk.The consumer discretionary sector may

be affected by changes in domestic andinternational economies, exchange andinterest rates, competition, consumers’disposable income, consumerpreferences, social trends andmarketing campaigns.

Currency Risk. Because the Fund’sNAV is determined in U.S. dollars, theFund’s NAV could decline if the currencyof a non-U.S. market in which the Fundinvests depreciates against the U.S.dollar or if there are delays or limits onrepatriation of such currency. Currencyexchange rates can be very volatile andcan change quickly and unpredictably.As a result, the Fund’s NAV may changequickly and without warning.

Custody Risk. Less developedsecurities markets are more likely toexperience problems with the clearingand settling of trades, as well as theholding of securities by local banks,agents and depositories.

Cybersecurity Risk. Failures orbreaches of the electronic systems ofthe Fund, the Fund’s adviser,distributor, the Index Provider and otherservice providers, market makers,Authorized Participants or the issuers ofsecurities in which the Fund investshave the ability to cause disruptions,negatively impact the Fund’s businessoperations and/or potentially result infinancial losses to the Fund and itsshareholders. While the Fund hasestablished business continuity plansand risk management systems seekingto address system breaches or failures,there are inherent limitations in suchplans and systems. Furthermore, theFund cannot control the cybersecurityplans and systems of the Fund’s IndexProvider and other service providers,market makers, Authorized Participants

S-4

or issuers of securities in which theFund invests.

Equity Securities Risk. Equitysecurities are subject to changes invalue, and their values may be morevolatile than those of other assetclasses. The Underlying Index iscomprised of common stocks, whichgenerally subject their holders to morerisks than preferred stocks and debtsecurities because commonstockholders’ claims are subordinatedto those of holders of preferred stocksand debt securities upon the bankruptcyof the issuer.

Financials Sector Risk. Performance ofcompanies in the financials sector maybe adversely impacted by many factors,including, among others, changes ingovernment regulations, economicconditions, interest rates, credit ratingdowngrades, and decreased liquidity incredit markets. The extent to which theFund may invest in a company thatengages in securities-related activitiesor banking is limited by applicable law.The impact of changes in capitalrequirements and recent or futureregulation of any individual financialcompany, or of the financials sector asa whole, cannot be predicted. In recentyears, cyberattacks and technologymalfunctions and failures have becomeincreasingly frequent in this sector andhave caused significant losses tocompanies in this sector, which maynegatively impact the Fund.

Geographic Risk. A natural disastercould occur in a geographic region inwhich the Fund invests, which couldadversely affect the economy or thebusiness operations of companies in thespecific geographic region, causing anadverse impact on the Fund’sinvestments in the affected region.

Index-Related Risk. There is noguarantee that the Fund’s investmentresults will have a high degree ofcorrelation to those of the UnderlyingIndex or that the Fund will achieve itsinvestment objective. Marketdisruptions and regulatory restrictionscould have an adverse effect on theFund’s ability to adjust its exposure tothe required levels in order to track theUnderlying Index. Errors in index data,index computations or the constructionof the Underlying Index in accordancewith its methodology may occur fromtime to time and may not be identifiedand corrected by the Index Provider fora period of time or at all, which mayhave an adverse impact on the Fundand its shareholders. Unusual marketconditions may cause the IndexProvider to postpone a scheduledrebalance, which could cause theUnderlying Index to vary from its normalor expected composition.

Infectious Illness Risk. An outbreak ofan infectious respiratory illness, COVID-19, caused by a novel coronavirus hasresulted in travel restrictions, disruptionof healthcare systems, prolongedquarantines, cancellations, supply chaindisruptions, lower consumer demand,layoffs, ratings downgrades, defaultsand other significant economic impacts.Certain markets have experiencedtemporary closures, extreme volatility,severe losses, reduced liquidity andincreased trading costs. These eventswill have an impact on the Fund and itsinvestments and could impact theFund’s ability to purchase or sellsecurities or cause elevated trackingerror and increased premiums ordiscounts to the Fund’s NAV. Otherinfectious illness outbreaks in the futuremay result in similar impacts.

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Issuer Risk. The performance of theFund depends on the performance ofindividual securities to which the Fundhas exposure. Changes in the financialcondition or credit rating of an issuer ofthose securities may cause the value ofthe securities to decline.

Large-Capitalization Companies Risk.Large-capitalization companies may beless able than smaller capitalizationcompanies to adapt to changing marketconditions. Large-capitalizationcompanies may be more mature andsubject to more limited growth potentialcompared with smaller capitalizationcompanies. During different marketcycles, the performance of large-capitalization companies has trailed theoverall performance of the broadersecurities markets.

Management Risk. As the Fund will notfully replicate the Underlying Index, it issubject to the risk that BFA’sinvestment strategy may not producethe intended results.

Market Risk. The Fund could losemoney over short periods due to short-term market movements and overlonger periods during more prolongedmarket downturns. Local, regional orglobal events such as war, acts ofterrorism, the spread of infectiousillness or other public health issue,recessions, or other events could have asignificant impact on the Fund and itsinvestments and could result inincreased premiums or discounts to theFund’s NAV.

Market Trading Risk. The Fund facesnumerous market trading risks,including the potential lack of an activemarket for Fund shares, losses fromtrading in secondary markets, periods ofhigh volatility and disruptions in thecreation/redemption process. ANY OF

THESE FACTORS, AMONG OTHERS,MAY LEAD TO THE FUND’S SHARESTRADING AT A PREMIUM ORDISCOUNT TO NAV.

National Closed Market Trading Risk.To the extent that the underlyingsecurities and/or other assets held bythe Fund trade on foreign exchanges orin foreign markets that may be closedwhen the securities exchange on whichthe Fund’s shares trade is open, thereare likely to be deviations between thecurrent price of such an underlyingsecurity and the last quoted price forthe underlying security (i.e., the Fund’squote from the closed foreign market).These deviations could result inpremiums or discounts to the Fund’sNAV that may be greater than thoseexperienced by other ETFs.

Non-U.S. Securities Risk. Investmentsin the securities of non-U.S. issuers aresubject to the risks associated withinvesting in those non-U.S. markets,such as heightened risks of inflation ornationalization. The Fund may losemoney due to political, economic andgeographic events affecting issuers ofnon-U.S. securities or non-U.S.markets. In addition, non-U.S. securitiesmarkets may trade a small number ofsecurities and may be unable torespond effectively to changes intrading volume, potentially makingprompt liquidation of holdings difficultor impossible at times. The Fund isspecifically exposed to AsianEconomic Risk.

Operational Risk. The Fund is exposedto operational risks arising from anumber of factors, including, but notlimited to, human error, processing andcommunication errors, errors of theFund’s service providers, counterpartiesor other third-parties, failed or

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inadequate processes and technologyor systems failures. The Fund and BFAseek to reduce these operational risksthrough controls and procedures.However, these measures do notaddress every possible risk and may beinadequate to address significantoperational risks.

Passive Investment Risk. The Fund isnot actively managed, and BFA generallydoes not attempt to take defensivepositions under any market conditions,including declining markets.

Privatization Risk. Some countries inwhich the Fund invests have privatized,or have begun the process ofprivatizing, certain entities andindustries. Privatized entities may losemoney or be re-nationalized.

Reliance on Trading Partners Risk.The Fund invests in countries or regionswhose economies are heavilydependent upon trading with keypartners. Any reduction in this tradingmay have an adverse impact on theFund’s investments. Through itsholdings of securities of certain issuers,the Fund is specifically exposed toAsian Economic Risk, Central andSouth American Economic Risk,European Economic Risk and U.S.Economic Risk.

Risk of Investing in Brazil. Investmentin Brazilian issuers involves risks thatare specific to Brazil, including legal,regulatory, political and economic risks.The Brazilian economy has historicallybeen exposed to high rates of inflationand a high level of debt, each of whichmay reduce and/or prevent economicgrowth.

Risk of Investing in China.Investments in Chinese securities,including certain Hong Kong-listedsecurities, subject the Fund to risks

specific to China. Investments in certainHong Kong-listed securities may alsosubject the Fund to exposure toChinese companies. China may besubject to considerable degrees ofeconomic, political and social instability.China is an emerging market anddemonstrates significantly highervolatility from time to time incomparison to developed markets. Overthe last few decades, the Chinesegovernment has undertaken reform ofeconomic and market practices and hasexpanded the sphere of privateownership of property in China.However, Chinese markets generallycontinue to experience inefficiency,volatility and pricing anomalies resultingfrom governmental influence, a lack ofpublicly available information and/orpolitical and social instability. Internalsocial unrest or confrontations withneighboring countries, including militaryconflicts in response to such events,may also disrupt economicdevelopment in China and result in agreater risk of currency fluctuations,currency non-convertibility, interest ratefluctuations and higher rates ofinflation. China has experiencedsecurity concerns, such as terrorismand strained international relations.Additionally, China is alleged to haveparticipated in state-sponsoredcyberattacks against foreign companiesand foreign governments. Actual andthreatened responses to such activity,including purchasing restrictions,sanctions, tariffs or cyberattacks on theChinese government or Chinesecompanies, may impact China’seconomy and Chinese issuers ofsecurities in which the Fund invests.Incidents involving China’s or theregion’s security may cause uncertaintyin Chinese markets and may adverselyaffect the Chinese economy and the

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Fund’s investments. Export growthcontinues to be a major driver ofChina’s rapid economic growth.Reduction in spending on Chineseproducts and services, institution ofadditional tariffs or other trade barriers(including as a result of heightenedtrade tensions between China and theU.S., or in response to actual or allegedChinese cyber activity) or a downturn inany of the economies of China’s keytrading partners may have an adverseimpact on the Chinese economy.Chinese companies, including Chinesecompanies that are listed on U.S.exchanges, are not subject to the samedegree of regulatory requirements,accounting standards or auditoroversight as companies in moredeveloped countries, and as a result,information about the Chinesesecurities in which the Fund invests maybe less reliable or complete. There maybe significant obstacles to obtaininginformation necessary for investigationsinto or litigation against Chinesecompanies and shareholders may havelimited legal remedies. The Fund is notactively managed and does not selectinvestments based on investorprotection considerations.

Risk of Investing in EmergingMarkets. The Fund’s investments inemerging market issuers may besubject to a greater risk of loss thaninvestments in issuers located oroperating in more developed markets.Emerging markets may be more likely toexperience inflation, political turmoiland rapid changes in economicconditions than more developedmarkets. Emerging markets often haveless uniformity in accounting andreporting requirements, less reliablesecurities valuations and greater risk

associated with custody of securitiesthan developed markets.

Risk of Investing in India. Investmentsin Indian issuers involve risks that arespecific to India, including legal,regulatory, political and economic risks.Political and legal uncertainty, greatergovernment control over the economy,currency fluctuations or blockage, andthe risk of nationalization orexpropriation of assets may result inhigher potential for losses. Thesecurities markets in India are relativelyunderdeveloped and may subject theFund to higher transaction costs orgreater uncertainty than investments inmore developed securities markets.

Risk of Investing in Russia. Investingin Russian securities involves significantrisks, including legal, regulatory andeconomic risks that are specific toRussia. In addition, investing in Russiansecurities involves risks associated withthe settlement of portfolio transactionsand loss of the Fund’s ownership rightsin its portfolio securities as a result ofthe system of share registration andcustody in Russia. A number ofjurisdictions, including the U.S., Canadaand the European Union (the “EU”),have imposed economic sanctions oncertain Russian individuals and Russiancorporate entities. Additionally, Russiais alleged to have participated in state-sponsored cyberattacks against foreigncompanies and foreign governments.Actual and threatened responses tosuch activity, including purchasingrestrictions, sanctions, tariffs orcyberattacks on the Russiangovernment or Russian companies, mayimpact Russia’s economy and Russianissuers of securities in which the Fundinvests.

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Securities Lending Risk. The Fund mayengage in securities lending. Securitieslending involves the risk that the Fundmay lose money because the borrowerof the loaned securities fails to returnthe securities in a timely manner or atall. The Fund could also lose money inthe event of a decline in the value ofcollateral provided for loaned securitiesor a decline in the value of anyinvestments made with cash collateral.These events could also trigger adversetax consequences for the Fund.

Security Risk. Some countries andregions in which the Fund invests haveexperienced security concerns, such asterrorism and strained internationalrelations. Incidents involving a country’sor region’s security may causeuncertainty in its markets and mayadversely affect its economy and theFund’s investments.

Structural Risk. The countries in whichthe Fund invests may be subject toconsiderable degrees of economic,political and social instability.

Tracking Error Risk. The Fund may besubject to tracking error, which is thedivergence of the Fund’s performancefrom that of the Underlying Index.Tracking error may occur because ofdifferences between the securities andother instruments held in the Fund’sportfolio and those included in theUnderlying Index, pricingdifferences (including, as applicable,differences between a security’s priceat the local market close and the Fund’svaluation of a security at the time ofcalculation of the Fund’s NAV),transaction costs incurred by the Fund,the Fund’s holding of uninvested cash,differences in timing of the accrual of orthe valuation of dividends or interest,the requirements to maintain pass-

through tax treatment, portfoliotransactions carried out to minimize thedistribution of capital gains toshareholders, acceptance of custombaskets, changes to the UnderlyingIndex or the costs to the Fund ofcomplying with various new or existingregulatory requirements. This risk maybe heightened during times of increasedmarket volatility or other unusualmarket conditions. Tracking error alsomay result because the Fund incurs feesand expenses, while the UnderlyingIndex does not. INDEX ETFs THATTRACK INDICES WITH SIGNIFICANTWEIGHT IN EMERGING MARKETSISSUERS MAY EXPERIENCE HIGHERTRACKING ERROR THAN OTHER INDEXETFs THAT DO NOT TRACK SUCHINDICES.

Treaty/Tax Risk. The Fund and theSubsidiary rely on the Double TaxAvoidance Agreement between Indiaand Mauritius (“DTAA”) for relief fromcertain Indian taxes. The DTAA has beenrenegotiated and as such, treaty relief isreduced or not available on investmentsin securities made on or after April 1,2017, which may result in higher taxesand/or lower returns for the Fund. AfterApril 1, 2017, the Fund may continue toinvest in the Subsidiary until analternative method for investing in thesecurities of Indian issuers is selected.

Valuation Risk. The price the Fundcould receive upon the sale of a securityor other asset may differ from theFund’s valuation of the security or otherasset and from the value used by theUnderlying Index, particularly forsecurities or other assets that trade inlow volume or volatile markets or thatare valued using a fair valuemethodology as a result of tradesuspensions or for other reasons. Inaddition, the value of the securities or

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other assets in the Fund’s portfolio maychange on days or during time periodswhen shareholders will not be able topurchase or sell the Fund’s shares.Authorized Participants who purchaseor redeem Fund shares on days whenthe Fund is holding fair-valued securitiesmay receive fewer or more shares, orlower or higher redemption proceeds,

than they would have received had theFund not fair-valued securities or used adifferent valuation methodology. TheFund’s ability to value investments maybe impacted by technological issues orerrors by pricing services or other third-party service providers.

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Performance InformationThe bar chart and table that follow show how the Fund has performed on a calendaryear basis and provide an indication of the risks of investing in the Fund. Both assumethat all dividends and distributions have been reinvested in the Fund. Past performance(before and after taxes) does not necessarily indicate how the Fund will perform in thefuture. Supplemental information about the Fund’s performance is shown under theheading Total Return Information in the Supplemental Information section of theProspectus. If BFA had not waived certain Fund fees during certain periods, the Fund’sreturns would have been lower.

Year by Year Returns1 (Years Ended December 31)

150%

100%

50%

0%

-50%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

89.85%

9.03%

-24.19%

13.51%

-4.26% -3.49% -13.63%

11.29%

40.84%

-13.58%

1 The Fund’s year-to-date return as of September 30, 2019 was 8.14%.

The best calendar quarter return during the periods shown above was 41.58% in the2nd quarter of 2009; the worst was -27.11% in the 3rd quarter of 2011.

Updated performance information, including the Fund’s current NAV, may be obtainedby visiting our website at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).

Average Annual Total Returns(for the periods ended December 31, 2018)

One Year Five Years Ten Years

(Inception Date: 11/12/2007)Return Before Taxes -13.58% 2.46% 6.77%Return After Taxes on Distributions2 -13.92% 1.97% 6.36%Return After Taxes on Distributions and Sale of FundShares2 -7.58% 1.92% 5.57%

MSCI BRIC Index (Index returns do not reflectdeductions for fees, expenses or taxes) -13.43% 2.95% 7.63%

2 After-tax returns in the table above are calculated using the historical highest individualU.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 thoseshown, and after-tax returns shown are not relevant to tax-exempt investors or investorswho hold shares through tax-deferred arrangements, such as 401(k) plans or individualretirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fundshares are calculated assuming that an investor has sufficient capital gains of the samecharacter from other investments to offset any capital losses from the sale of Fund shares.As a result, Fund returns after taxes on distributions and sales of Fund shares may exceedFund returns before taxes and/or returns after taxes on distributions.

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ManagementInvestment Adviser. BlackRock FundAdvisors.

Portfolio Managers. Rachel Aguirre,Jennifer Hsui, Alan Mason, Greg Savageand Amy Whitelaw (the “PortfolioManagers”) are primarily responsible forthe day-to-day management of theFund. Each Portfolio Managersupervises a portfolio managementteam. Ms. Hsui, Mr. Mason and Mr.Savage have been Portfolio Managers ofthe Fund since 2012, 2016 and 2008,respectively. Ms. Aguirre and Ms.Whitelaw have been Portfolio Managersof the Fund since 2018.

Purchase and Sale of FundSharesThe Fund is an ETF. Individual shares ofthe Fund may only be bought and sold inthe secondary market through a broker-dealer. Because ETF shares trade atmarket prices rather than at NAV,shares may trade at a price greater thanNAV (a premium) or less than NAV (adiscount). An investor may incur costsattributable to the difference betweenthe highest price a buyer is willing topay to purchase shares of the Fund (bid)and the lowest price a seller is willing toaccept for shares of the Fund (ask)when buying or selling shares in thesecondary market (the “bid-askspread”).

Tax InformationThe Fund intends to make distributionsthat may be taxable to you as ordinaryincome or capital gains, unless you areinvesting through a tax-deferredarrangement such as a 401(k) plan oran IRA, in which case, your distributionsgenerally will be taxed when withdrawn.

Payments to Broker-Dealersand Other FinancialIntermediariesIf you purchase shares of the Fundthrough a broker-dealer or otherfinancial intermediary (such as a bank),BFA or other related companies maypay the intermediary for marketingactivities and presentations,educational training programs,conferences, the development oftechnology platforms and reportingsystems or other services related to thesale or promotion of the Fund. Thesepayments may create a conflict ofinterest by influencing the broker-dealeror other intermediary and yoursalesperson to recommend the Fundover another investment. Ask yoursalesperson or visit your financialintermediary’s website for moreinformation.

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For more information visit www.iShares.com or call 1-800-474-2737

Investment Company Act file No.: 811-09102

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