IShares , Inc.

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iShares?, Inc.

Statement of Additional Information

Dated December 30, 2021

This combined Statement of Additional Information ("SAI") is not a prospectus. It should be read in conjunction with the current prospectuses (each, a "Prospectus" and collectively, the "Prospectuses") for the following series of iShares, Inc. (the "Company"):

Funds

iShares Core MSCI Emerging Markets ETF iShares ESG Aware MSCI EM ETF iShares MSCI Brazil ETF iShares MSCI BRIC ETF iShares MSCI Chile ETF iShares MSCI Colombia ETF iShares MSCI Emerging Markets Asia ETF iShares MSCI Emerging Markets ETF iShares MSCI Emerging Markets Min Vol Factor ETF iShares MSCI Emerging Markets Multifactor ETF iShares MSCI Emerging Markets Small-Cap ETF iShares MSCI Frontier and Select EM ETF iShares MSCI Global Agriculture Producers ETF iShares MSCI Global Energy Producers ETF iShares MSCI Global Gold Miners ETF iShares MSCI Global Metals & Mining Producers ETF iShares MSCI Global Min Vol Factor ETF iShares MSCI Global Silver and Metals Miners ETF iShares MSCI Malaysia ETF iShares MSCI South Korea ETF iShares MSCI Taiwan ETF

Ticker

IEMG ESGE EWZ

BKF ECH ICOL EEMA EEM EEMV EMGF EEMS FM VEGI FILL RING PICK ACWV SLVP EWM EWY EWT

Listing Exchange

NYSE Arca Nasdaq

NYSE Arca NYSE Arca Cboe BZX NYSE Arca

Nasdaq NYSE Arca Cboe BZX Cboe BZX NYSE Arca NYSE Arca NYSE Arca NYSE Arca

Nasdaq Cboe BZX Cboe BZX Cboe BZX NYSE Arca NYSE Arca NYSE Arca

The Prospectuses for the above-listed funds (each, a "Fund" and collectively, the "Funds") are dated December 30, 2021, as amended and supplemented from time to time. Capitalized terms used herein that are not defined have the same meaning as in the applicable Prospectus, unless otherwise noted. The Financial Statements and Notes contained in the applicable Annual Report and Semi-Annual Report of the Company for the Funds are incorporated by reference into and are deemed to be part of this SAI. A copy of each Fund's Prospectus, Annual Report and Semi-Annual Report may be obtained without charge by writing to the Company's distributor, BlackRock Investments, LLC (the "Distributor" or "BRIL"), 1 University Square Drive, Princeton, NJ 08540, calling 1-800-iShares (1-800-474-2737) or visiting . Each Fund's Prospectus is incorporated by reference into this SAI.

References to the Investment Company Act of 1940, as amended (the "Investment Company Act" or the "1940 Act"), or other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or modifications by the Securities and Exchange Commission (the "SEC"), SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no action or other relief or permission from the SEC, SEC staff or other authority.

iShares? and BlackRock? are registered trademarks of BlackRock Fund Advisors and its affiliates.

iShares?

iShares, Inc. Supplement dated March 31, 2022 (the "Supplement")

to the Summary Prospectus, Prospectus, and Statement of Additional Information (the "SAI"),

each dated December 30, 2021, for the iShares Core MSCI Emerging Markets ETF (IEMG) (the "Fund")

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

The following changes will take effect for the Fund on March 31, 2022:

Change in the Fund's "Fees and Expenses"

The section of the Summary Prospectus and Prospectus entitled "Fees and Expenses" is deleted in its entirety and replaced with the following:

The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment advisory agreement between iShares, Inc. (the "Company") and BlackRock Fund Advisors ("BFA") (the "Investment Advisory Agreement") provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses. The Fund may incur "Acquired Fund Fees and Expenses." Acquired Fund Fees and Expenses reflect the Fund's pro rata share of the fees and expenses incurred by investing in other investment companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. Acquired Fund Fees and Expenses are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund's prospectus (the "Prospectus"). BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fee such that the Fund's total annual fund operating expenses after fee waiver will not exceed 0.09% through December 31, 2025. The contractual waiver may be terminated prior to December 31, 2025 only upon written agreement of the Company and BFA.

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

Management Fees

0.09%

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

Distribution and Service

(12b-1) Fees

None

Other Expenses2

0.00%

Acquired Fund

Fees and Expenses2

0.00%

Total Annual Fund Operating Expenses

0.09%

Fee Waiver2

(0.00%)

Total Annual Fund Operating Expenses After Waiver

0.09%

1 The expense information in the table has been restated to reflect current fees. 2 The amount rounded to 0.00%.

Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

1 Year

3 Years

5 Years

10 Years

$9

$29

$51

$115

Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of the average value of its portfolio.

Change in the Fund's "Management"

The third paragraph of the section of the Prospectus entitled "Management" is deleted in its entirety and replaced with the following:

Effective March 31, 2022, for its investment advisory services to the Fund, BFA is paid a management fee from the Fund based on a percentage of the Fund's average daily net assets, at the annual rate of 0.09%. Prior to March 31, 2022 and for the fiscal year ended August 31, 2021, BFA was paid a management fee from the Fund based on a percentage of the Fund's average daily net assets, at the annual rate of 0.11%. Effective March 31, 2022, BFA has contractually agreed to waive a portion of its management fee such that the Fund's total annual fund operating expenses after fee waiver will not exceed 0.09% through December 31, 2025. The contractual waiver may be terminated prior to December 31, 2025 only upon written agreement of the Company and BFA. Prior to March 31, 2022 and effective December 17, 2020, BFA had contractually agreed to waive a portion of its management fee such that the Fund's total annual fund operating expenses after fee waiver would not exceed 0.11%. In addition, BFA may from time to time voluntarily waive and/or reimburse fees or expenses in order to limit total annual fund operating expenses (excluding Acquired Fund Fees and Expenses, if any). Any such voluntary waiver or reimbursement may be eliminated by BFA at any time.

Changes in the Fund's "Investment Advisory, Administrative and Distribution Services"

Footnotes one (1) and two (2) to the Management Fee table on page 97 of the SAI are deleted in their entirety and replaced with the following:

1 Effective March 31, 2022, for the iShares Core MSCI Emerging Markets ETF, BFA has contractually agreed to waive a portion of its management fee such that the Fund's total annual fund operating expenses after fee waiver will not exceed 0.09% through December 31, 2025. The contractual waiver may be terminated prior to December 31, 2025 only upon written agreement of the Company and BFA. Through March 31, 2022 and effective December 17, 2020, BFA contractually agreed to waive a portion of its management fee such that the Fund's total annual fund operating expenses after fee waiver would not exceed 0.11% effective December 17, 2020 through March 30, 2022. Through December 17, 2020 and effective March 27, 2020, BFA contractually agreed to waive a portion of its management fee such that the Fund's total annual fund operating expenses after fee waiver would not exceed 0.13% effective March 27, 2020 through December 16, 2020. Prior to March 27, 2020, BFA contractually agreed to waive a portion of its management fee such that the Fund's total annual fund operating expenses after fee waiver would not exceed 0.14%. For the fiscal years ended August 31, 2019, August 31, 2020 and August 31, 2021, BFA waived $2,450,441, $2,717,834 and $234,869, respectively, of its management fees.

2 Effective March 31, 2022, the management fee for the iShares Core MSCI Emerging Markets ETF is 0.09%. From December 17, 2020 to March 30, 2022, the management fee for the iShares Core MSCI Emerging Markets ETF was 0.11%. From March 27, 2020 to December 16, 2020, the management fee for the iShares Core MSCI Emerging Markets ETF was 0.13%. Prior to March 27, 2020, the management fee for the iShares Core MSCI Emerging Markets ETF was 0.14%.

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.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

IS-SUPP-IEMG-0322

iShares?

iShares, Inc. iShares Trust iShares U.S. ETF Trust Supplement dated March 18, 2022 (the "Supplement") to the Statement of Additional Information (the "SAI") for each series of iShares, Inc., iShares Trust and iShares U.S. ETF Trust (each, a "Fund")

The information in this Supplement updates information in, and should be read in conjunction with, the SAI for each Fund.

In the section "Management ? Trustees/Directors and Officers" of each Fund's SAI, the "Officers" table shall be deleted in its entirety and replaced with the following:

Officers

Name (Age)

Armando Senra (50)

Position

President (since 2019).

Trent Walker (47)

Treasurer and Chief Financial Officer (since 2020).

Charles Park (54)

Chief Compliance Officer (iShares, Inc. and iShares Trust, since 2006; iShares U.S. ETF Trust, since 2011).

Deepa Damre Smith Secretary (since

(46)

2019).

Rachel Aguirre (39)

Executive Vice President (since 2022).

Jennifer Hsui (45)

Executive Vice President (since 2022).

Principal Occupation(s) During the Past 5 Years

Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latin America iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006).

Managing Director of BlackRock, Inc. (since September 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO sponsored closed-end funds.

Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the BlackRock Multi-Asset Complex and the BlackRock Fixed-Income Complex (since 2014); Chief Compliance Officer of BFA (since 2006).

Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013).

Managing Director, BlackRock, Inc. (since 2018); Director, BlackRock, Inc. (2009-2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering (since 2021); Co-Head of EII's Americas Portfolio Engineering (20202021); Head of Developed Markets Portfolio Engineering (2016-2019).

Managing Director, BlackRock, Inc. (since 2009); Co-Head of Index Equity (since 2022).

Name (Age)

James Mauro (51)

Position

Executive Vice President (since 2021).

Principal Occupation(s) During the Past 5 Years

Managing Director, BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management (since 2020).

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.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

IS-SUPP-SAIS2-0322

iShares?

iShares, Inc. iShares Trust Supplement dated March 10, 2022 (the "Supplement") to the Summary Prospectus, Prospectus and/or Statement of Additional Information ("SAI") as

applicable, for each series listed in Appendix A, Appendix B, Appendix C, Appendix D, Appendix E and

Appendix F (each, a "Fund" and together, the "Funds")

The information in this Supplement updates information in, and should be read in conjunction with, each Fund's Summary Prospectus, Prospectus, or SAI, as applicable.

The Index Provider for each Fund listed in Appendix A, Appendix B, Appendix C, Appendix D, Appendix E and Appendix F has removed Russian equity securities from each Fund's underlying index as of March 9, 2022.

Effective immediately, each Fund's Summary Prospectus, Prospectus, and SAI, as applicable, is amended as follows:

Change in the Funds' "Summary of Principal Risks"

The last sentence in the section of the Summary Prospectus and Prospectus for each Fund listed in Appendix A, Appendix C and Appendix F entitled "Tracking Error Risk" in the section entitled "Summary of Principal Risks" is hereby deleted in its entirety and replaced with the following:

BFA EXPECTS THAT THE FUND WILL EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFS.

The following sentence is added to the end of the section entitled "Tracking Error Risk" in the section entitled "Summary of Principal Risks" in the Summary Prospectus and Prospectus for each Fund listed in Appendix B and Appendix D (except for HAWX):

BFA EXPECTS THAT THE FUND WILL EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFS.

The paragraph entitled "Risk of Investing in Russia" in the section of the Summary Prospectus and Prospectus entitled "Summary of Principal Risks" for the Fund in Appendix F is hereby deleted in its entirety and replaced with the following:

Risk of Investing in Russia. Investing in Russian securities involves significant risks, including legal, regulatory, currency and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund's ownership rights in its portfolio securities as a result of the system of share registration and custody in Russia. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. A number of jurisdictions may also institute broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. Additionally, Russia is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including politicians, may impact Russia's economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such sectors globally.

The following is hereby added to the section of the Prospectus and Summary Prospectus entitled "Summary of Principal Risks" for the Fund listed in Appendix E:

Risk of Investing in Russia. Investing in Russian securities involves significant risks, including legal, regulatory, currency and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund's ownership rights in its portfolio securities as a result of the system of share registration and custody in Russia. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. A number of jurisdictions may also institute broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. Additionally, Russia is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including politicians, may impact Russia's economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such sectors globally.

Change in the Funds' "A Further Discussion of Principal Risks"

The last paragraph in the section of the Prospectus for each Fund listed in Appendix A, Appendix B, Appendix C and Appendix D entitled "Risk of Investing in Russia--Russia Sanctions" in the section entitled "A Further Discussion of Principal Risks" is hereby deleted in its entirety and replaced with the following:

These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident investors from executing security sales, and other events have led to changes in the Fund's Underlying Index. The Fund's Index Provider has removed, as of March 9, 2022, Russian securities from the Underlying Index. To the extent that the Fund rebalances its portfolio and trades in non-Russian securities to seek to track the investment results of the Underlying Index, this may result in transaction costs and increased tracking error. As a result of sanctions, the Fund is currently restricted from trading in Russian securities, including those in its portfolio, while the Underlying Index has removed Russian securities. This disparity will also lead to increased tracking error. The inability of the Fund to trade in Russian securities may adversely affect the Fund's ability to meet its investment objective. It is unknown when, or if, sanctions may be lifted or the Fund's ability to trade in Russian securities will resume.

The section of the Prospectus entitled "Risk of Investing in Russia" in the section entitled "A Further Discussion of Principal Risks" for the Fund listed in Appendix F is hereby deleted in its entirety and replaced with the following:

Risk of Investing in Russia. Investing in Russian securities involves significant risks, in addition to those described under "Risk of Investing in Emerging Markets" and "Non U.S. Issuers Risk," that are not typically associated with investing in U.S. securities, including:

? The risk of delays in settling portfolio transactions and the risk of loss arising out of the system of share registration and custody used in Russia;

? Risks in connection with the maintenance of the Fund's portfolio securities and cash with foreign sub custodians and securities depositories, including the risk that appropriate sub custody arrangements will not be available to the Fund;

? The risk that the Fund's ownership rights in portfolio securities could be lost through fraud or negligence because ownership in shares of Russian companies is recorded by the companies themselves and by registrars, rather than by a central registration system;

? The risk that the Fund may not be able to pursue claims on behalf of its shareholders because of the system of share registration and custody, and because Russian banking institutions and registrars are not guaranteed by the Russian government; and

? The risk that various responses by other nation-states to alleged Russian cyber activity will impact Russia's economy and Russian issuers of securities in which the Fund invests.

Russia Sanctions. Governments in the U.S. and many other countries (collectively, the "Sanctioning Bodies") have imposed economic sanctions on certain Russian individuals, including politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border payments. These sanctions, or even the threat of further sanctions, may result in the decline of the value and liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy. These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited assets, impairing the ability of the Fund to buy, sell, receive or deliver those securities and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities.

The sanctions against certain Russian issuers include prohibitions on transacting in or dealing in issuances of debt or equity of such issuers. Compliance with each of these sanctions may impair the ability of the Fund to buy, sell, hold, receive or deliver the affected securities or other securities of such issuers. If it becomes impracticable or unlawful for the Fund to hold securities subject to, or otherwise affected by, sanctions (collectively, "affected securities"), or if deemed appropriate by BFA, the Fund may prohibit in kind deposits of the affected securities in connection with creation transactions and instead require a cash deposit, which may also increase the Fund's transaction costs. The Fund may also be legally required to freeze assets in a blocked account.

Also, if an affected security is included in the Fund's Underlying Index, the Fund may, where practicable, seek to eliminate its holdings of the affected security by employing or augmenting its representative sampling strategy to seek to track the investment results of its Underlying Index. The use of (or increased use of) a representative sampling strategy may increase the Fund's tracking error risk. If the affected securities constitute a significant percentage of the Underlying Index, the Fund may not be able to effectively implement a representative sampling strategy, which may result in significant tracking error between the Fund's performance and the performance of its Underlying Index.

Current or future sanctions may result in Russia taking counter measures or retaliatory actions, which may further impair the value and liquidity of Russian securities. These retaliatory measures may include the immediate freeze of Russian assets held by the Fund. In the event of such a freeze of any Fund assets, including depositary receipts, the Fund may need to liquidate non restricted assets in order to satisfy any Fund redemption orders. The liquidation of Fund assets during this time may also result in the Fund receiving substantially lower prices for its securities.

These sanctions, the decision by Russia to suspend trading on the Moscow Exchange (MOEX) and prohibit non-resident investors from executing security sales, and other events have led to changes in the Fund's Underlying Index. The Fund's Index Provider has removed, as of March 9, 2022, Russian securities from the Underlying Index. To the extent that the Fund rebalances its portfolio and trades in non-Russian securities to seek to track the investment results of the Underlying Index, this may result in transaction costs and increased tracking error. As a result of sanctions, the Fund is currently restricted from trading in Russian securities, including those in its portfolio, while the Underlying Index has removed Russian securities. This disparity will also lead to increased tracking error. The inability of the Fund to trade in Russian securities may adversely affect the Fund's ability to meet its investment objective. It is unknown when, or if, sanctions may be lifted or the Fund's ability to trade in Russian securities will resume.

Russian invasion of Ukraine. Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian

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