2020 Summary Prospectus - iShares

DECEMBER 30, 2021

2021 Summary Prospectus• iShares MSCI Global Metals & Mining Producers ETF | PICK | CBOE BZX

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 reports, 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 [email protected], or from your financial professional. The Fund’s prospectusand statement of additional information, both dated December 30, 2021, 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.

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

http://www.ishares.com/

iShares®iShares, Inc.

iShares TrustSupplement dated March 10, 2022 (the “Supplement”)

to the Summary Prospectus, Prospectus and/or Statement ofAdditional 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, andshould be read in conjunction with, each Fund’s SummaryProspectus, 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 removedRussian equity securities from each Fund’s underlying index as ofMarch 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 andProspectus for each Fund listed in Appendix A, Appendix C andAppendix F entitled “Tracking Error Risk” in the section entitled“Summary of Principal Risks” is hereby deleted in its entirety andreplaced with the following:

BFA EXPECTS THAT THE FUND WILL EXPERIENCE HIGHER TRACKINGERROR 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 PrincipalRisks” in the Summary Prospectus and Prospectus for each Fundlisted in Appendix B and Appendix D (except for HAWX):


The paragraph entitled “Risk of Investing in Russia” in the section ofthe Summary Prospectus and Prospectus entitled “Summary ofPrincipal Risks” for the Fund in Appendix F is hereby deleted in itsentirety and replaced with the following:

Risk of Investing in Russia. Investing in Russian securities involvessignificant risks, including legal, regulatory, currency and economic

risks that are specific to Russia. In addition, investing in Russiansecurities involves risks associated with the settlement of portfoliotransactions and loss of the Fund’s ownership rights in its portfoliosecurities as a result of the system of share registration and custody inRussia. Governments in the U.S. and many other countries haveimposed economic sanctions on certain Russian individuals and Russiancorporate and banking entities. A number of jurisdictions may alsoinstitute broader sanctions on Russia, including banning Russia fromglobal payments systems that facilitate cross-border payments.Additionally, Russia is alleged to have participated in state-sponsoredcyberattacks 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 andresulting future market disruptions, including declines in its stockmarkets and the value of the ruble against the U.S. dollar, are impossibleto predict, but could be significant. Any such disruptions caused byRussian military action or other actions (including cyberattacks andespionage) or resulting actual and threatened responses to suchactivity, including purchasing and financing restrictions, boycotts orchanges in consumer or purchaser preferences, sanctions, tariffs orcyberattacks on the Russian government, Russian companies, orRussian individuals, including politicians, may impact Russia’s economyand Russian issuers of securities in which the Fund invests. Actual andthreatened responses to such military action may also impact themarkets for certain Russian commodities, such as oil and natural gas, aswell as other sectors of the Russian economy, and may likely havecollateral impacts on such sectors globally.

The following is hereby added to the section of the Prospectus andSummary Prospectus entitled “Summary of Principal Risks” for theFund listed in Appendix E:

Risk of Investing in Russia. Investing in Russian securities involvessignificant risks, including legal, regulatory, currency and economicrisks that are specific to Russia. In addition, investing in Russiansecurities involves risks associated with the settlement of portfoliotransactions and loss of the Fund’s ownership rights in its portfoliosecurities as a result of the system of share registration and custody inRussia. Governments in the U.S. and many other countries haveimposed economic sanctions on certain Russian individuals and Russiancorporate and banking entities. A number of jurisdictions may alsoinstitute broader sanctions on Russia, including banning Russia fromglobal payments systems that facilitate cross-border payments.

Additionally, Russia is alleged to have participated in state-sponsoredcyberattacks 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 andresulting future market disruptions, including declines in its stockmarkets and the value of the ruble against the U.S. dollar, are impossibleto predict, but could be significant. Any such disruptions caused byRussian military action or other actions (including cyberattacks andespionage) or resulting actual and threatened responses to suchactivity, including purchasing and financing restrictions, boycotts orchanges in consumer or purchaser preferences, sanctions, tariffs orcyberattacks on the Russian government, Russian companies, orRussian individuals, including politicians, may impact Russia’s economyand Russian issuers of securities in which the Fund invests. Actual andthreatened responses to such military action may also impact themarkets for certain Russian commodities, such as oil and natural gas, aswell as other sectors of the Russian economy, and may likely havecollateral 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 Fundlisted in Appendix A, Appendix B, Appendix C and Appendix Dentitled “Risk of Investing in Russia—Russia Sanctions” in thesection entitled “A Further Discussion of Principal Risks” is herebydeleted in its entirety and replaced with the following:

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

The section of the Prospectus entitled “Risk of Investing in Russia” inthe section entitled “A Further Discussion of Principal Risks” for theFund listed in Appendix F is hereby deleted in its entirety andreplaced with the following:

Risk of Investing in Russia. Investing in Russian securities involvessignificant risks, in addition to those described under “Risk of Investingin Emerging Markets” and “Non U.S. Issuers Risk,” that are not typicallyassociated with investing in U.S. securities, including:

• The risk of delays in settling portfolio transactions and the risk of lossarising out of the system of share registration and custody used inRussia;

• Risks in connection with the maintenance of the Fund’s portfoliosecurities and cash with foreign sub custodians and securitiesdepositories, including the risk that appropriate sub custodyarrangements will not be available to the Fund;

• The risk that the Fund’s ownership rights in portfolio securities couldbe lost through fraud or negligence because ownership in shares ofRussian companies is recorded by the companies themselves and byregistrars, rather than by a central registration system;

• The risk that the Fund may not be able to pursue claims on behalf ofits shareholders because of the system of share registration andcustody, and because Russian banking institutions and registrars arenot guaranteed by the Russian government; and

• The risk that various responses by other nation-states to allegedRussian cyber activity will impact Russia’s economy and Russianissuers of securities in which the Fund invests.

Russia Sanctions. Governments in the U.S. and many other countries(collectively, the “Sanctioning Bodies”) have imposed economicsanctions on certain Russian individuals, including politicians, andRussian corporate and banking entities. The Sanctioning Bodies, orothers, could also institute broader sanctions on Russia, includingbanning Russia from global payments systems that facilitate cross-border payments. These sanctions, or even the threat of furthersanctions, may result in the decline of the value and liquidity of Russiansecurities, a weakening of the ruble or other adverse consequences tothe Russian economy. These sanctions could also result in theimmediate freeze of Russian securities and/or funds invested inprohibited assets, impairing the ability of the Fund to buy, sell, receive ordeliver those securities and/or assets. Sanctions could also result inRussia taking counter measures or retaliatory actions which may furtherimpair the value and liquidity of Russian securities.

The sanctions against certain Russian issuers include prohibitions ontransacting in or dealing in issuances of debt or equity of such issuers.Compliance with each of these sanctions may impair the ability of theFund to buy, sell, hold, receive or deliver the affected securities or othersecurities of such issuers. If it becomes impracticable or unlawful for theFund to hold securities subject to, or otherwise affected by, sanctions(collectively, “affected securities”), or if deemed appropriate by BFA, theFund may prohibit in kind deposits of the affected securities inconnection with creation transactions and instead require a cashdeposit, which may also increase the Fund’s transaction costs. TheFund 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 theaffected security by employing or augmenting its representativesampling strategy to seek to track the investment results of itsUnderlying Index. The use of (or increased use of) a representativesampling strategy may increase the Fund’s tracking error risk. If theaffected securities constitute a significant percentage of the UnderlyingIndex, the Fund may not be able to effectively implement arepresentative sampling strategy, which may result in significanttracking error between the Fund’s performance and the performance ofits Underlying Index.

Current or future sanctions may result in Russia taking countermeasures or retaliatory actions, which may further impair the value andliquidity of Russian securities. These retaliatory measures may includethe immediate freeze of Russian assets held by the Fund. In the event ofsuch a freeze of any Fund assets, including depositary receipts, the Fundmay need to liquidate non restricted assets in order to satisfy any Fundredemption orders. The liquidation of Fund assets during this time mayalso result in the Fund receiving substantially lower prices for itssecurities.

These sanctions, the decision by Russia to suspend trading on theMoscow Exchange (MOEX) and prohibit non-resident investors fromexecuting security sales, and other events have led to changes in theFund’s Underlying Index. The Fund’s Index Provider has removed, as ofMarch 9, 2022, Russian securities from the Underlying Index. To theextent that the Fund rebalances its portfolio and trades in non-Russiansecurities to seek to track the investment results of the UnderlyingIndex, this may result in transaction costs and increased tracking error.As a result of sanctions, the Fund is currently restricted from trading inRussian securities, including those in its portfolio, while the UnderlyingIndex has removed Russian securities. This disparity will also lead to

increased tracking error. The inability of the Fund to trade in Russiansecurities may adversely affect the Fund’s ability to meet its investmentobjective. It is unknown when, or if, sanctions may be lifted or theFund’s ability to trade in Russian securities will resume.

Russian invasion of Ukraine. Russia launched a large-scale invasion ofUkraine on February 24, 2022. The extent and duration of the militaryaction, resulting sanctions and resulting future market disruptions,including declines in its stock markets and the value of the ruble againstthe U.S. dollar, are impossible to predict, but could be significant. Anysuch disruptions caused by Russian military action or other actions(including cyberattacks and espionage) or resulting actual andthreatened responses to such activity, including purchasing andfinancing restrictions, boycotts or changes in consumer or purchaserpreferences, sanctions, tariffs or cyberattacks on the Russiangovernment, Russian companies or Russian individuals, includingpoliticians, may impact Russia’s economy and Russian issuers ofsecurities in which the Fund invests. Actual and threatened responsesto such activity, including purchasing restrictions, sanctions, tariffs orcyberattacks on the Russian government or Russian companies, mayimpact Russia’s economy and Russian issuers of securities in which theFund invests. Actual and threatened responses to such military actionmay also impact the markets for certain Russian commodities, such asoil 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 Prospectusentitled “A Further Discussion of Principal Risks” for the Fund listedin Appendix E:

Risk of Investing in Russia. Investing in Russian securities involvessignificant risks, in addition to those described under “Risk of Investingin Emerging Markets” and “Non U.S. Issuers Risk,” that are not typicallyassociated with investing in U.S. securities, including:

• The risk of delays in settling portfolio transactions and the risk ofloss arising out of the system of share registration and custodyused in Russia;

• Risks in connection with the maintenance of the Fund’s portfoliosecurities and cash with foreign sub custodians and securitiesdepositories, including the risk that appropriate sub custodyarrangements will not be available to the Fund;

• The risk that the Fund’s ownership rights in portfolio securitiescould be lost through fraud or negligence because ownership in

shares of Russian companies is recorded by the companiesthemselves and by registrars, rather than by a central registrationsystem;

• The risk that the Fund may not be able to pursue claims on behalfof its shareholders because of the system of share registration andcustody, and because Russian banking institutions and registrarsare not guaranteed by the Russian government; and

• The risk that various responses by other nation-states to allegedRussian cyber activity will impact Russia’s economy and Russianissuers of securities in which the Fund invests.

Russia Sanctions. Governments in the U.S. and many other countries(collectively, the “Sanctioning Bodies”) have imposed economicsanctions on certain Russian individuals, including politicians, andRussian corporate and banking entities. The Sanctioning Bodies, orothers, could also institute broader sanctions on Russia, includingbanning Russia from global payments systems that facilitate cross-border payments. These sanctions, or even the threat of furthersanctions, may result in the decline of the value and liquidity of Russiansecurities, a weakening of the ruble or other adverse consequences tothe Russian economy. These sanctions could also result in theimmediate freeze of Russian securities and/or funds invested inprohibited assets, impairing the ability of the Fund to buy, sell, receive ordeliver those securities and/or assets. Sanctions could also result inRussia taking counter measures or retaliatory actions which may furtherimpair the value and liquidity of Russian securities.

The sanctions against certain Russian issuers include prohibitions ontransacting in or dealing in issuances of debt or equity of such issuers.Compliance with each of these sanctions may impair the ability of theFund to buy, sell, hold, receive or deliver the affected securities or othersecurities of such issuers. If it becomes impracticable or unlawful for theFund to hold securities subject to, or otherwise affected by, sanctions(collectively, “affected securities”), or if deemed appropriate by BFA, theFund may prohibit in kind deposits of the affected securities inconnection with creation transactions and instead require a cashdeposit, which may also increase the Fund’s transaction costs. TheFund 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 theaffected security by employing or augmenting its representativesampling strategy to seek to track the investment results of itsUnderlying Index. The use of (or increased use of) a representative

sampling strategy may increase the Fund’s tracking error risk. If theaffected securities constitute a significant percentage of the UnderlyingIndex, the Fund may not be able to effectively implement arepresentative sampling strategy, which may result in significanttracking error between the Fund’s performance and the performance ofits Underlying Index.

Current or future sanctions may result in Russia taking countermeasures or retaliatory actions, which may further impair the value andliquidity of Russian securities. These retaliatory measures may includethe immediate freeze of Russian assets held by the Fund. In the event ofsuch a freeze of any Fund assets, including depositary receipts, the Fundmay need to liquidate non restricted assets in order to satisfy any Fundredemption orders. The liquidation of Fund assets during this time mayalso result in the Fund receiving substantially lower prices for itssecurities.


Russian invasion of Ukraine. Russia launched a large-scale invasion ofUkraine on February 24, 2022. The extent and duration of the militaryaction, resulting sanctions and resulting future market disruptions,including declines in its stock markets and the value of the ruble againstthe U.S. dollar, are impossible to predict, but could be significant. Anysuch disruptions caused by Russian military action or other actions(including cyberattacks and espionage) or resulting actual andthreatened responses to such activity, including purchasing andfinancing restrictions, boycotts or changes in consumer or purchaserpreferences, sanctions, tariffs or cyberattacks on the Russiangovernment, Russian companies or Russian individuals, includingpoliticians, may impact Russia’s economy and Russian issuers of

securities in which the Fund invests. Actual and threatened responsesto such activity, including purchasing restrictions, sanctions, tariffs orcyberattacks on the Russian government or Russian companies, mayimpact Russia’s economy and Russian issuers of securities in which theFund invests. Actual and threatened responses to such military actionmay also impact the markets for certain Russian commodities, such asoil and natural gas, as well as other sectors of the Russian economy,and may likely have collateral impacts on such sectors globally.

The last sentence in the section of the Prospectus for each Fundlisted in Appendix A, Appendix C and Appendix F entitled “TrackingError Risk” in the section entitled “A Further Discussion of PrincipalRisks” is hereby deleted in its entirety and replaced with thefollowing:


The following sentence is added to the end of the section entitled“Tracking Error Risk” in the section entitled “Summary of PrincipalRisks” in the Summary Prospectus and Prospectus for each Fundlisted in Appendix B and Appendix D (except for HAWX):


Change in Certain Funds’ “Principal Investment Strategies”

The section in the Summary Prospectus and Prospectus for eachFund listed in Appendix A, Appendix B and Appendix F entitled“Principal Investment Strategies” is modified as of March 9, 2022, todelete “Russia” from the list of countries that the Underlying Indexconsists of or covers.

Change in the Funds’ “General Considerations and Risks”

The last paragraph in the section of the SAI for each Fund listed inAppendix A, Appendix B, Appendix C and Appendix D entitled “Riskof Investing in Russia—Russia Sanctions” in the section entitled“General Considerations and Risks” is hereby deleted in its entiretyand replaced with the following:

These sanctions, the decision by Russia to suspend trading on theMoscow Exchange (MOEX) and prohibit non-resident investors fromexecuting security sales, and other events have led to changes in theFund’s Underlying Index. The Fund’s Index Provider has removed, as ofMarch 9, 2022, Russian securities from the Underlying Index. To theextent that the Fund rebalances its portfolio and trades in non-Russian

securities to seek to track the investment results of the UnderlyingIndex, this may result in transaction costs and increased tracking error.As a result of sanctions, the Fund is currently restricted from trading inRussian securities, including those in its portfolio, while the UnderlyingIndex has removed Russian securities. This disparity will also lead toincreased tracking error. The inability of the Fund to trade in Russiansecurities may adversely affect the Fund’s ability to meet its investmentobjective. It is unknown when, or if, sanctions may be lifted or theFund’s ability to trade in Russian securities will resume.

The section entitled “Risk of Investing in Russia” in the SAI for theFund in Appendix F is hereby deleted in its entirety and replacedwith the following:

Risk of Investing in Russia. Investing in the Russian securities marketinvolves a high degree of risk and special considerations not typicallyassociated with investing in the U.S. securities market, and should beconsidered highly speculative. Risks include: the absence of developedlegal structures governing private and foreign investments and privateproperty; the possibility of the loss of all or a substantial portion of aFund’s assets invested in Russia as a result of expropriation; certainnational policies which may restrict the Fund’s investmentopportunities, including, without limitation, restrictions on investing inissuers or industries deemed sensitive to relevant national interests; andpotentially greater price volatility in, significantly smaller capitalizationof, and relative illiquidity of, the Russian market. There can also be noassurance that a Fund’s investments in the Russian securities marketwould not be expropriated, nationalized or otherwise confiscated. In theevent of the settlement of any such claims or such expropriation,nationalization or other confiscation, a Fund could lose its entireinvestment. In addition, it may be difficult and more costly to obtain andenforce a judgment in the Russian court system.

Russia may also be subject to a greater degree of economic, politicaland social instability than is the case in other developed countries. Suchinstability may result from, among other things, the following: (i) anauthoritarian government or military involvement in political andeconomic decision-making, including changes in government throughextra-constitutional means; (ii) popular unrest associated with demandsfor improved political, economic and social conditions; (iii) internalinsurgencies; (iv) hostile relations, including armed conflict, withneighboring countries; and (v) ethnic, religious and racial disaffection.

The Russian economy is heavily dependent upon the export of a rangeof commodities including most industrial metals, forestry products and

oil and gas. Accordingly, it is strongly affected by internationalcommodity prices and is particularly vulnerable to any weakening inglobal demand for these products. Any acts of terrorism or armedconflicts in Russia or internationally could have an adverse effect on thefinancial and commodities markets and the global economy. As Russiaproduces and exports large amounts of crude oil and gas, any acts ofterrorism or armed conflict causing disruptions of Russian oil and gasexports could negatively affect the Russian economy and, thus,adversely affect the financial condition, results of operations orprospects of related companies. Current and future economic sanctionsmay also adversely affect the Russian oil, banking, mining, metals, rail,pipeline and gas sectors, among other sectors.

The Russian government may exercise substantial influence over manyaspects of the private sector and may own or control many companies.Future government actions could have a significant effect on theeconomic conditions in Russia, which could have a negative impact onprivate sector companies. There is also the possibility of diplomaticdevelopments that could adversely affect investments in Russia. Inrecent years, the Russian government has begun to take bolder steps tore-assert its regional geopolitical influence (including military steps) andlaunched a large-scale invasion of Ukraine on February 24, 2022.Additionally, Russia is alleged to have participated in state-sponsoredcyberattacks against foreign companies and foreign governments. Suchsteps have increased tensions between Russia and its neighbors andWestern countries and may negatively affect economic growth. Actualand threatened responses by other nation-states to Russia’s allegedcyber activity may have an adverse impact on the Russian economy andthe Russian issuers of securities in which a Fund invests. For example,the U.S. has added certain foreign technology companies to the U.S.Department of Commerce’s Bureau of Industry and Security’s “EntityList,” which is a list of companies believed to pose a national securityrisk to the U.S. Actions like these may have unanticipated and disruptiveeffects on the Russian economy.

Russia Sanctions. Governments in the U.S. and many other countries(collectively, the “Sanctioning Bodies”) have imposed economicsanctions on certain Russian individuals, including politicians, andRussian corporate and banking entities. The Sanctioning Bodies, orothers, could also institute broader sanctions on Russia, includingbanning Russia from global payments systems that facilitate cross-border payments. These sanctions, or even the threat of furthersanctions, may result in the decline of the value and liquidity of Russiansecurities, a weakening of the ruble or other adverse consequences to

the Russian economy. These sanctions could also result in theimmediate freeze of Russian securities and/or funds invested inprohibited assets, impairing the ability of a Fund to buy, sell, receive ordeliver those securities and/or assets. Sanctions could also result inRussia taking counter measures or retaliatory actions which may furtherimpair the value and liquidity of Russian securities.

The sanctions against certain Russian issuers include prohibitions ontransacting in or dealing in issuances of debt or equity of such issuers.Compliance with each of these sanctions may impair the ability of aFund to buy, sell, hold, receive or deliver the affected securities or othersecurities of such issuers. If it becomes impracticable or unlawful for aFund to hold securities subject to, or otherwise affected by, sanctions(collectively, “affected securities”), or if deemed appropriate by BFA, aFund may prohibit in-kind deposits of the affected securities inconnection with creation transactions and instead require a cashdeposit, which may also increase a Fund’s transaction costs. A Fundmay also be legally required to freeze assets in a blocked account.

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

Current or future sanctions may result in Russia taking countermeasures or retaliatory actions, which may further impair the value andliquidity of Russian securities. These retaliatory measures may includethe immediate freeze of Russian assets held by a Fund. In the event ofsuch a freeze of any Fund assets, including depositary receipts, a Fundmay need to liquidate non-restricted assets in order to satisfy any Fundredemption orders. The liquidation of Fund assets during this time mayalso result in a Fund receiving substantially lower prices for itssecurities.

These sanctions, the decision by Russia to suspend trading on theMoscow Exchange (MOEX) and prohibit non-resident investors fromexecuting security sales, and other events have led to changes in theFund’s Underlying Index. The Fund’s Index Provider has removed, as of

March 9, 2022, Russian securities from the Underlying Index. To theextent that the Fund rebalances its portfolio and trades in non-Russiansecurities to seek to track the investment results of the UnderlyingIndex, this may result in transaction costs and increased tracking error.As a result of sanctions, the Fund is currently restricted from trading inRussian securities, including those in its portfolio, while the UnderlyingIndex has removed Russian securities. This disparity will also lead toincreased tracking error. The inability of the Fund to trade in Russiansecurities may adversely affect the Fund’s ability to meet its investmentobjective. It is unknown when, or if, sanctions may be lifted or theFund’s ability to trade in Russian securities will resume.

Russian invasion of Ukraine. Russia launched a large-scale invasion ofUkraine on February 24, 2022. The extent and duration of the militaryaction, resulting sanctions and resulting future market disruptions,including declines in its stock markets and the value of the ruble againstthe U.S. dollar, are impossible to predict, but could be significant. Anysuch disruptions caused by Russian military action or other actions(including cyberattacks and espionage) or resulting actual andthreatened responses to such activity, including purchasing andfinancing restrictions, boycotts or changes in consumer or purchaserpreferences, sanctions, tariffs or cyberattacks on the Russiangovernment, Russian companies or Russian individuals, includingpoliticians, may impact Russia’s economy and Russian issuers ofsecurities in which the Fund invests. Actual and threatened responsesto such activity, including purchasing restrictions, sanctions, tariffs orcyberattacks on the Russian government or Russian companies, mayimpact Russia’s economy and Russian issuers of securities in which theFund invests. Actual and threatened responses to such military actionmay also impact the markets for certain Russian commodities, such asoil and natural gas, as well as other sectors of the Russian economy.

The section entitled “Risk of Investing in Russia” in the SAI for theFund in Appendix E is hereby deleted in its entirety and replacedwith the following:

Risk of Investing in Russia. Investing in the Russian securities marketinvolves a high degree of risk and special considerations not typicallyassociated with investing in the U.S. securities market, and should beconsidered highly speculative. Risks include: the absence of developedlegal structures governing private and foreign investments and privateproperty; the possibility of the loss of all or a substantial portion of aFund’s assets invested in Russia as a result of expropriation; certainnational policies which may restrict the Fund’s investmentopportunities, including, without limitation, restrictions on investing in

issuers or industries deemed sensitive to relevant national interests; andpotentially greater price volatility in, significantly smaller capitalizationof, and relative illiquidity of, the Russian market. There can also be noassurance that a Fund’s investments in the Russian securities marketwould not be expropriated, nationalized or otherwise confiscated. In theevent of the settlement of any such claims or such expropriation,nationalization or other confiscation, a Fund could lose its entireinvestment. In addition, it may be difficult and more costly to obtain andenforce a judgment in the Russian court system.


The Russian economy is heavily dependent upon the export of a rangeof commodities including most industrial metals, forestry products andoil and gas. Accordingly, it is strongly affected by internationalcommodity prices and is particularly vulnerable to any weakening inglobal demand for these products. Any acts of terrorism or armedconflicts in Russia or internationally could have an adverse effect on thefinancial and commodities markets and the global economy. As Russiaproduces and exports large amounts of crude oil and gas, any acts ofterrorism or armed conflict causing disruptions of Russian oil and gasexports could negatively affect the Russian economy and, thus,adversely affect the financial condition, results of operations orprospects of related companies. Current and future economic sanctionsmay also adversely affect the Russian oil, banking, mining, metals, rail,pipeline and gas sectors, among other sectors.

The Russian government may exercise substantial influence over manyaspects of the private sector and may own or control many companies.Future government actions could have a significant effect on theeconomic conditions in Russia, which could have a negative impact onprivate sector companies. There is also the possibility of diplomaticdevelopments that could adversely affect investments in Russia. Inrecent years, the Russian government has begun to take bolder steps tore-assert its regional geopolitical influence (including military steps) andlaunched a large-scale invasion of Ukraine on February 24, 2022.Additionally, Russia is alleged to have participated in state-sponsored

cyberattacks against foreign companies and foreign governments. Suchsteps have increased tensions between Russia and its neighbors andWestern countries and may negatively affect economic growth. Actualand threatened responses by other nation-states to Russia’s allegedcyber activity may have an adverse impact on the Russian economy andthe Russian issuers of securities in which a Fund invests. For example,the U.S. has added certain foreign technology companies to the U.S.Department of Commerce’s Bureau of Industry and Security’s “EntityList,” which is a list of companies believed to pose a national securityrisk to the U.S. Actions like these may have unanticipated and disruptiveeffects on the Russian economy.

Russia Sanctions. Governments in the U.S. and many other countries(collectively, the “Sanctioning Bodies”) have imposed economicsanctions on certain Russian individuals, including politicians, andRussian corporate and banking entities. The Sanctioning Bodies, orothers, could also institute broader sanctions on Russia, includingbanning Russia from global payments systems that facilitate cross-border payments. These sanctions, or even the threat of furthersanctions, may result in the decline of the value and liquidity of Russiansecurities, a weakening of the ruble or other adverse consequences tothe Russian economy. These sanctions could also result in theimmediate freeze of Russian securities and/or funds invested inprohibited assets, impairing the ability of a Fund to buy, sell, receive ordeliver those securities and/or assets. Sanctions could also result inRussia taking counter measures or retaliatory actions which may furtherimpair the value and liquidity of Russian securities.


Also, if an affected security is included in a Fund’s Underlying Index, aFund may, where practicable, seek to eliminate its holdings of theaffected security by employing or augmenting its representativesampling strategy to seek to track the investment results of itsUnderlying Index. The use of (or increased use of) a representative

sampling strategy may increase a Fund’s tracking error risk. If theaffected securities constitute a significant percentage of the UnderlyingIndex, a Fund may not be able to effectively implement a representativesampling strategy, which may result in significant tracking errorbetween a Fund’s performance and the performance of its UnderlyingIndex.




securities in which the Fund invests. Actual and threatened responsesto such activity, including purchasing restrictions, sanctions, tariffs orcyberattacks on the Russian government or Russian companies, mayimpact Russia’s economy and Russian issuers of securities in which theFund invests. Actual and threatened responses to such military actionmay also impact the markets for certain Russian commodities, such asoil and natural gas, as well as other sectors of the Russian economy.

Change in Certain Funds’ “Construction and Maintenance of theUnderlying Index”

The section in the SAI for iShares MSCI Emerging Markets ex ChinaETF (EMXC) entitled “MSCI Emerging Markets ex China Index” in thesection entitled “Construction and Maintenance of the UnderlyingIndex” is modified as of March 9, 2022, to delete “Russia” from thelist of countries that the Underlying Index consists of or covers.

The section in the SAI for iShares ESG MSCI EM Leaders ETF (LDEM)entitled “The MSCI Indexes—MSCI EM Extended ESG Leaders 5%Issuer Capped Index” in the section entitled “Construction andMaintenance of the Underlying Index” is modified as of March 9,2022, to delete “Russia” from the list of countries that theUnderlying Index consists of or covers.

The section in the SAI for iShares MSCI Global Metals & MiningProducers ETF (PICK) entitled “The MSCI Indexes—MSCI ACWISelect Metals & Mining Producers ex Gold and Silver InvestableMarket Index (IMI)” in the section entitled “Construction andMaintenance of the Underlying Index” is modified as of March 9,2022, to delete “Russia” from the list of countries that theUnderlying Index consists of or covers.

The section in the SAI for iShares MSCI Global Multifactor ETF(ACWF) entitled “The MSCI Indexes—MSCI ACWI DiversifiedMultiple-Factor Index” in the section entitled “Construction andMaintenance of the Underlying Index” is modified as of March 9,2022, to delete “Russia” from the list of countries that theUnderlying Index consists of or covers.

The section in the SAI for iShares Currency Hedged MSCI ACWI exU.S. ETF (HAWX) entitled “The MSCI Indexes—MSCI ACWI ex USA100% Hedged to USD Index” in the section entitled “Constructionand Maintenance of the Underlying Index” is modified as of March 9,2022, to delete “Russia” from the list of countries that theUnderlying Index consists of or covers.

The section in the SAI for iShares MSCI Global Energy Producers ETF(FILL) entitled “The MSCI Indexes—MSCI ACWI Select EnergyProducers Investable Market Index (IMI)” in the section entitled“Construction and Maintenance of the Underlying Index” is modifiedas of March 9, 2022, to delete “Russia” from the list of countries thatthe Underlying Index consists of or covers.

The section in the SAI for iShares MSCI Global Min Vol Factor ETF(ACWV) entitled “The MSCI Indexes—MSCI ACWI MinimumVolatility (USD) Index” in the section entitled “Construction andMaintenance of the Underlying Index” is modified as of March 9,2022, to delete “Russia” from the list of countries that theUnderlying Index consists of or covers.

The section in the SAI for iShares MSCI Global Agriculture ProducersETF (VEGI) entitled “The MSCI Indexes—MSCI ACWI SelectAgriculture Producers Investable Market Index (IMI)” in the sectionentitled “Construction and Maintenance of the Underlying Index” ismodified as of March 9, 2022, to delete “Russia” from the list ofcountries that the Underlying Index consists of or covers.

Appendix A

Prospectus, Summary Prospectus and SAI, each dated December 30,2021:

iShares Core MSCI Emerging Markets ETF (IEMG)iShares MSCI Emerging Markets ETF (EEM)


iShares ESG Advanced MSCI EM ETF (EMXF)iShares MSCI Emerging Markets ex China ETF (EMXC)iShares MSCI Emerging Markets Multifactor ETF (EMGF)iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV)

Prospectus, Summary Prospectus and SAI, each dated December 30,2021 (as revised January 5, 2022):

iShares Currency Hedged MSCI Emerging Markets ETF (HEEM)

Appendix B

Prospectus and Summary Prospectus, each dated December 1, 2021and SAI dated December 1, 2021 (as revised December 20, 2021):

iShares Core MSCI Total International Stock ETF (IXUS)iShares MSCI ACWI ETF (ACWI)iShares MSCI ACWI ex U.S. ETF (ACWX)iShares MSCI ACWI Low Carbon Target ETF (CRBN)


iShares MSCI Global Gold Miners ETF (RING)iShares MSCI Global Silver and Metals Miners ETF (SLVP)

Appendix C


iShares ESG MSCI EM Leaders ETF (LDEM)iShares MSCI Emerging Markets Small-Cap ETF (EEMS)iShares MSCI Global Metals & Mining Producers ETF (PICK)iShares MSCI Frontier and Select EM ETF (FM)

Appendix D

Prospectus and Summary Prospectus, each dated December 1, 2021and SAI dated December 1, 2021 (as revised December 20, 2021):

iShares MSCI Global Multifactor ETF (ACWF)

Prospectus and Summary Prospectus, each dated December 1, 2021and SAI dated December 1, 2021 (as revised January 19, 2022):

iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX)


iShares MSCI Global Energy Producers ETF (FILL)iShares MSCI Global Min Vol Factor ETF (ACWV)

Appendix E

Prospectus, Summary Prospectus and SAI each dated as ofDecember 30, 2021

iShares MSCI Global Agriculture Producers ETF (VEGI)

Appendix F


iShares ESG Aware MSCI EM ETF (ESGE)

iShares® is a registered trademark of BlackRock Fund Advisors and its affiliates.

IS-A-SUPP-RUS-INDEX3-0322

PLEASE RETAIN THIS SUPPLEMENTFOR FUTURE REFERENCE


iShares TrustiShares U.S. ETF Trust

Supplement dated March 7, 2022 (the “Supplement”)to the Summary Prospectus and Prospectus, as applicable,

for each series of iShares, Inc., iShares Trust and iShares U.S. ETF Trustlisted in Appendix A and Appendix B (each, a “Fund”)

The information in this Supplement updates information in, andshould be read in conjunction with, each Fund’s SummaryProspectus and/or Prospectus, as applicable.

Effective immediately, each Fund’s Summary Prospectus and/orProspectus, as applicable, are amended as follows:

The following is added to the section of each Fund’s SummaryProspectus entitled “Summary of Principal Risks” listed inAppendix A:

Large Shareholder and Large-Scale Redemption Risk. Certainshareholders, including an Authorized Participant, a third-party investor,the Fund’s adviser or an affiliate of the Fund’s adviser, a market maker,or another entity, may from time to time own or manage a substantialamount of Fund shares, or may invest in the Fund and hold itsinvestment for a limited period of time. There can be no assurance thatany large shareholder or large group of shareholders would not redeemtheir investment. Redemptions of a large number of Fund shares couldrequire the Fund to dispose of assets to meet the redemption requests,which can accelerate the realization of taxable income and/or capitalgains and cause the Fund to make taxable distributions to itsshareholders earlier than the Fund otherwise would have. In addition,under certain circumstances, non-redeeming shareholders may betreated as receiving a disproportionately large taxable distributionduring or with respect to such year. In some circumstances, the Fundmay hold a relatively large proportion of its assets in cash in anticipationof large redemptions, diluting its investment returns. These largeredemptions may also force the Fund to sell portfolio securities when itmight not otherwise do so, which may negatively impact the Fund’sNAV, increase the Fund’s brokerage costs and/or have a material effecton the market price of the Shares.

The following is added to the section of each Fund’s Prospectusentitled “A Further Discussion of Principal Risks” listed inAppendix A:

Large Shareholder and Large-Scale Redemption Risk. Certainshareholders, including an Authorized Participant, a third-party investor,the Fund’s adviser or an affiliate of the Fund’s adviser, a market maker,or another entity, may from time to time own or manage a substantialamount of Fund shares or may invest in the Fund and hold itsinvestment for a limited period of time. These shareholders may alsopledge or loan Fund shares (to secure financing or otherwise), whichmay result in the shares becoming concentrated in another party. Therecan be no assurance that any large shareholder or large group ofshareholders would not redeem their investment or that the size of theFund would be maintained. Redemptions of a large number of Fundshares by these shareholders may adversely affect the Fund’s liquidityand net assets. To the extent the Fund permits redemptions in cash,these redemptions may force the Fund to sell portfolio securities whenit might not otherwise do so, which may negatively impact the Fund’sNAV, have a material effect on the market price of the Shares andincrease the Fund’s brokerage costs and/or accelerate the realization oftaxable income and/or gains and cause the Fund to make taxabledistributions to its shareholders earlier than the Fund otherwise wouldhave. In addition, under certain circumstances, non-redeemingshareholders may be treated as receiving a disproportionately largetaxable distribution during or with respect to such tax year. The Fundalso may be required to sell its more liquid Fund investments to meet alarge redemption, in which case the Fund’s remaining assets may beless liquid, more volatile, and more difficult to price. To the extent theselarge shareholders transact in shares on the secondary market, suchtransactions may account for a large percentage of the trading volumefor the shares of the Fund and may, therefore, have a material upwardor downward effect on the market price of the Shares. In addition, largepurchases of Fund shares may adversely affect the Fund’s performanceto the extent that the Fund is delayed in investing new cash and isrequired to maintain a larger cash position than it ordinarily would,diluting its investment returns.

The following is added to the section of each Fund’s Prospectusentitled “A Further Discussion of Other Risks” listed in Appendix B:

Large Shareholder and Large-Scale Redemption Risk. Certainshareholders, including an Authorized Participant, a third-party investor,the Fund’s adviser or an affiliate of the Fund’s adviser, a market maker,or another entity, may from time to time own or manage a substantial

amount of Fund shares or may invest in the Fund and hold itsinvestment for a limited period of time. These shareholders may alsopledge or loan Fund shares (to secure financing or otherwise), whichmay result in the shares becoming concentrated in another party. Therecan be no assurance that any large shareholder or large group ofshareholders would not redeem their investment or that the size of theFund would be maintained. Redemptions of a large number of Fundshares by these shareholders may adversely affect the Fund’s liquidityand net assets. To the extent the Fund permits redemptions in cash,these redemptions may force the Fund to sell portfolio securities whenit might not otherwise do so, which may negatively impact the Fund’sNAV, have a material effect on the market price of the Shares andincrease the Fund’s brokerage costs and/or accelerate the realization oftaxable income and/or gains and cause the Fund to make taxabledistributions to its shareholders earlier than the Fund otherwise wouldhave. In addition, under certain circumstances, non-redeemingshareholders may be treated as receiving a disproportionately largetaxable distribution during or with respect to such tax year. The Fundalso may be required to sell its more liquid Fund investments to meet alarge redemption, in which case the Fund’s remaining assets may beless liquid, more volatile, and more difficult to price. To the extent theselarge shareholders transact in shares on the secondary market, suchtransactions may account for a large percentage of the trading volumefor the shares of the Fund and may, therefore, have a material upwardor downward effect on the market price of the Shares. In addition, largepurchases of Fund shares may adversely affect the Fund’s performanceto the extent that the Fund is delayed in investing new cash and isrequired to maintain a larger cash position than it ordinarily would,diluting its investment returns.

Appendix A

BlackRock Short Maturity Bond ETFBlackRock Short Maturity Municipal Bond ETFBlackRock Ultra Short-Term Bond ETFiShares Asia 50 ETFiShares Cloud 5G and Tech ETFiShares Commodity Curve Carry Strategy ETFiShares Core 1-5 Year USD Bond ETFiShares Core MSCI EAFE ETFiShares Core MSCI Emerging Markets ETFiShares Core MSCI International Developed Markets ETFiShares Core MSCI Total International Stock ETFiShares Core Total USD Bond Market ETFiShares Core U.S. Aggregate Bond ETFiShares Cybersecurity and Tech ETFiShares Emerging Markets Dividend ETFiShares Emerging Markets Infrastructure ETFiShares ESG Advanced MSCI EM ETFiShares ESG Advanced Total USD Bond Market ETFiShares ESG Aware MSCI EM ETFiShares ESG MSCI EM Leaders ETFiShares Exponential Technologies ETFiShares Genomics Immunology and Healthcare ETFiShares Global 100 ETFiShares Global Clean Energy ETFiShares Global Comm Services ETFiShares Global Consumer Discretionary ETFiShares Global Consumer Staples ETFiShares Global Energy ETFiShares Global Financials ETFiShares Global Healthcare ETFiShares Global Industrials ETFiShares Global Materials ETFiShares Global REIT ETFiShares Global Tech ETFiShares Global Timber & Forestry ETFiShares Global Utilities ETFiShares GNMA Bond ETFiShares Gold Strategy ETFiShares GSCI Commodity Dynamic Roll Strategy ETFiShares iBonds Dec 2022 Term Muni Bond ETFiShares iBonds Dec 2023 Term Muni Bond ETFiShares iBonds Dec 2024 Term Muni Bond ETF

iShares iBonds Dec 2025 Term Muni Bond ETFiShares iBonds Dec 2026 Term Muni Bond ETFiShares iBonds Dec 2027 Term Muni Bond ETFiShares iBonds Dec 2028 Term Muni Bond ETFiShares India 50 ETFiShares Interest Rate Hedged Corporate Bond ETFiShares Interest Rate Hedged Emerging Markets Bond ETFiShares Interest Rate Hedged High Yield Bond ETFiShares Interest Rate Hedged Long-Term Corporate Bond ETFiShares International Developed Property ETFiShares International Dividend Growth ETFiShares International Select Dividend ETFiShares Latin America 40 ETFiShares MBS ETFiShares MSCI ACWI ETFiShares MSCI ACWI ex U.S. ETFiShares MSCI ACWI Low Carbon Target ETFiShares MSCI All Country Asia ex Japan ETFiShares MSCI Argentina and Global Exposure ETFiShares MSCI Brazil ETFiShares MSCI Brazil Small-Cap ETFiShares MSCI BRIC ETFiShares MSCI Chile ETFiShares MSCI China A ETFiShares MSCI China ETFiShares MSCI China Multisector Tech ETFiShares MSCI China Small-Cap ETFiShares MSCI Colombia ETFiShares MSCI Emerging Markets Asia ETFiShares MSCI Emerging Markets ETFiShares MSCI Emerging Markets ex China ETFiShares MSCI Emerging Markets Min Vol Factor ETFiShares MSCI Emerging Markets Multifactor ETFiShares MSCI Emerging Markets Small-Cap ETFiShares MSCI Frontier and Select EM ETFiShares MSCI Global Agriculture Producers ETFiShares MSCI Global Energy Producers ETFiShares MSCI Global Gold Miners ETFiShares MSCI Global Metals & Mining Producers ETFiShares MSCI Global Min Vol Factor ETFiShares MSCI Global Multifactor ETFiShares MSCI Global Silver and Metals Miners ETFiShares MSCI Global Sustainable Development Goals ETF

iShares MSCI India ETFiShares MSCI India Small-Cap ETFiShares MSCI Kuwait ETFiShares MSCI Malaysia ETFiShares MSCI Peru ETFiShares MSCI Qatar ETFiShares MSCI Saudi Arabia ETFiShares MSCI South Korea ETFiShares MSCI Taiwan ETFiShares MSCI UAE ETFiShares Robotics and Artificial Intelligence Multisector ETFiShares Self-Driving EV and Tech ETFiShares U.S. Fixed Income Balanced Risk Factor ETFiShares Virtual Work and Life Multisector ETF

Appendix B

iShares 0-3 Month Treasury Bond ETFiShares 0-5 Year High Yield Corporate Bond ETFiShares 0-5 Year Investment Grade Corporate Bond ETFiShares 0-5 Year TIPS Bond ETFiShares 10+ Year Investment Grade Corporate Bond ETFiShares 10-20 Year Treasury Bond ETFiShares 1-3 Year International Treasury Bond ETFiShares 1-3 Year Treasury Bond ETFiShares 1-5 Year Investment Grade Corporate Bond ETFiShares 20+ Year Treasury Bond ETFiShares 25+ Year Treasury STRIPS Bond ETFiShares 3-7 Year Treasury Bond ETFiShares 5-10 Year Investment Grade Corporate Bond ETFiShares 7-10 Year Treasury Bond ETFiShares Aaa - A Rated Corporate Bond ETFiShares Agency Bond ETFiShares Asia/Pacific Dividend ETFiShares BB Rated Corporate Bond ETFiShares BBB Rated Corporate Bond ETFiShares Biotechnology ETFiShares Bloomberg Roll Select Commodity Strategy ETFiShares Broad USD High Yield Corporate Bond ETFiShares Broad USD Investment Grade Corporate Bond ETFiShares California Muni Bond ETFiShares China Large-Cap ETFiShares CMBS ETFiShares Cohen & Steers REIT ETF

iShares Convertible Bond ETFiShares Core 10+ Year USD Bond ETFiShares Core 5-10 Year USD Bond ETFiShares Core Aggressive Allocation ETFiShares Core Conservative Allocation ETFiShares Core Dividend Growth ETFiShares Core Growth Allocation ETFiShares Core High Dividend ETFiShares Core International Aggregate Bond ETFiShares Core Moderate Allocation ETFiShares Core MSCI Europe ETFiShares Core MSCI Pacific ETFiShares Core S&P 500 ETFiShares Core S&P Mid-Cap ETFiShares Core S&P Small-Cap ETFiShares Core S&P Total U.S. Stock Market ETFiShares Core S&P U.S. Growth ETFiShares Core S&P U.S. Value ETFiShares Core U.S. REIT ETFiShares Currency Hedged JPX-Nikkei 400 ETFiShares Currency Hedged MSCI ACWI ex U.S. ETFiShares Currency Hedged MSCI Canada ETFiShares Currency Hedged MSCI EAFE ETFiShares Currency Hedged MSCI EAFE Small-Cap ETFiShares Currency Hedged MSCI Emerging Markets ETFiShares Currency Hedged MSCI Eurozone ETFiShares Currency Hedged MSCI Germany ETFiShares Currency Hedged MSCI Japan ETFiShares Currency Hedged MSCI United Kingdom ETFiShares Dow Jones U.S. ETFiShares ESG Advanced High Yield Corporate Bond ETFiShares ESG Advanced Investment Grade Corporate Bond ETFiShares ESG Advanced MSCI EAFE ETFiShares ESG Advanced MSCI USA ETFiShares ESG Aware 1-5 Year USD Corporate Bond ETFiShares ESG Aware Aggressive Allocation ETFiShares ESG Aware Conservative Allocation ETFiShares ESG Aware Growth Allocation ETFiShares ESG Aware Moderate Allocation ETFiShares ESG Aware MSCI EAFE ETFiShares ESG Aware MSCI USA ETFiShares ESG Aware MSCI USA Small-Cap ETFiShares ESG Aware U.S. Aggregate Bond ETF

iShares ESG Aware USD Corporate Bond ETFiShares ESG MSCI USA Leaders ETFiShares ESG MSCI USA Min Vol Factor ETFiShares ESG Screened S&P 500 ETFiShares ESG Screened S&P Mid-Cap ETFiShares ESG Screened S&P Small-Cap ETFiShares Europe ETFiShares Evolved U.S. Consumer Staples ETFiShares Evolved U.S. Discretionary Spending ETFiShares Evolved U.S. Financials ETFiShares Evolved U.S. Healthcare Staples ETFiShares Evolved U.S. Innovative Healthcare ETFiShares Evolved U.S. Media and Entertainment ETFiShares Evolved U.S. Technology ETFiShares Expanded Tech Sector ETFiShares Expanded Tech-Software Sector ETFiShares Factors US Growth Style ETFiShares Factors US Value Style ETFiShares Fallen Angels USD Bond ETFiShares Floating Rate Bond ETFiShares Focused Value Factor ETFiShares Global Infrastructure ETFiShares Government/Credit Bond ETFiShares High Yield Bond Factor ETFiShares iBonds 2022 Term High Yield and Income ETFiShares iBonds 2023 Term High Yield and Income ETFiShares iBonds 2024 Term High Yield and Income ETFiShares iBonds 2025 Term High Yield and Income ETFiShares iBonds 2026 Term High Yield and Income ETFiShares iBonds 2027 Term High Yield and Income ETFiShares iBonds 2028 Term High Yield and Income ETFiShares iBonds 2029 Term High Yield and Income ETFiShares iBonds Dec 2022 Term Corporate ETFiShares iBonds Dec 2022 Term Treasury ETFiShares iBonds Dec 2023 Term Corporate ETFiShares iBonds Dec 2023 Term Treasury ETFiShares iBonds Dec 2024 Term Corporate ETFiShares iBonds Dec 2024 Term Treasury ETFiShares iBonds Dec 2025 Term Corporate ETFiShares iBonds Dec 2025 Term Treasury ETFiShares iBonds Dec 2026 Term Corporate ETFiShares iBonds Dec 2026 Term Treasury ETFiShares iBonds Dec 2027 Term Corporate ETF

iShares iBonds Dec 2027 Term Treasury ETFiShares iBonds Dec 2028 Term Corporate ETFiShares iBonds Dec 2028 Term Treasury ETFiShares iBonds Dec 2029 Term Corporate ETFiShares iBonds Dec 2029 Term Treasury ETFiShares iBonds Dec 2030 Term Corporate ETFiShares iBonds Dec 2030 Term Treasury ETFiShares iBonds Dec 2031 Term Corporate ETFiShares iBonds Dec 2031 Term Treasury ETFiShares iBonds Mar 2023 Term Corporate ETFiShares iBonds Mar 2023 Term Corporate ex-Financials ETFiShares iBoxx $ High Yield Corporate Bond ETFiShares iBoxx $ Investment Grade Corporate Bond ETFiShares Inflation Hedged Corporate Bond ETFiShares Intermediate Government/Credit Bond ETFiShares International Developed Real Estate ETFiShares International Developed Small Cap Value Factor ETFiShares International High Yield Bond ETFiShares International Treasury Bond ETFiShares Investment Grade Bond Factor ETFiShares J.P. Morgan EM High Yield Bond ETFiShares J.P. Morgan EM Corporate Bond ETFiShares J.P. Morgan EM Local Currency Bond ETFiShares J.P. Morgan USD Emerging Markets Bond ETFiShares JPX-Nikkei 400 ETFiShares Micro-Cap ETFiShares Morningstar Growth ETFiShares Morningstar Mid-Cap ETFiShares Morningstar Mid-Cap Growth ETFiShares Morningstar Mid-Cap Value ETFiShares Morningstar Multi-Asset Income ETFiShares Morningstar Small-Cap ETFiShares Morningstar Small-Cap Growth ETFiShares Morningstar Small-Cap Value ETFiShares Morningstar U.S. Equity ETFiShares Morningstar Value ETFiShares Mortgage Real Estate ETFiShares MSCI Australia ETFiShares MSCI Austria ETFiShares MSCI Belgium ETFiShares MSCI Canada ETFiShares MSCI Denmark ETFiShares MSCI EAFE ETF

iShares MSCI EAFE Growth ETFiShares MSCI EAFE Min Vol Factor ETFiShares MSCI EAFE Small-Cap ETFiShares MSCI EAFE Value ETFiShares MSCI Europe Financials ETFiShares MSCI Europe Small-Cap ETFiShares MSCI Eurozone ETFiShares MSCI Finland ETFiShares MSCI France ETFiShares MSCI Germany ETFiShares MSCI Germany Small-Cap ETFiShares MSCI Hong Kong ETFiShares MSCI Indonesia ETFiShares MSCI Intl Momentum Factor ETFiShares MSCI Intl Multifactor ETFiShares MSCI Intl Quality Factor ETFiShares MSCI Intl Size Factor ETFiShares MSCI Intl Small-Cap Multifactor ETFiShares MSCI Intl Value Factor ETFiShares MSCI Ireland ETFiShares MSCI Israel ETFiShares MSCI Italy ETFiShares MSCI Japan Equal Weighted ETFiShares MSCI Japan ETFiShares MSCI Japan Small-Cap ETFiShares MSCI Japan Value ETFiShares MSCI KLD 400 Social ETFiShares MSCI Mexico ETFiShares MSCI Netherlands ETFiShares MSCI New Zealand ETFiShares MSCI Norway ETFiShares MSCI Pacific ex Japan ETFiShares MSCI Philippines ETFiShares MSCI Poland ETFiShares MSCI Russia ETFiShares MSCI Singapore ETFiShares MSCI South Africa ETFiShares MSCI Spain ETFiShares MSCI Sweden ETFiShares MSCI Switzerland ETFiShares MSCI Thailand ETFiShares MSCI Turkey ETFiShares MSCI United Kingdom ETF

iShares MSCI United Kingdom Small-Cap ETFiShares MSCI USA Equal Weighted ETFiShares MSCI USA ESG Select ETFiShares MSCI USA Mid-Cap Multifactor ETFiShares MSCI USA Min Vol Factor ETFiShares MSCI USA Momentum Factor ETFiShares MSCI USA Multifactor ETFiShares MSCI USA Quality Factor ETFiShares MSCI USA Size Factor ETFiShares MSCI USA Small-Cap Min Vol Factor ETFiShares MSCI USA Small-Cap Multifactor ETFiShares MSCI USA Value Factor ETFiShares MSCI World ETFiShares National Muni Bond ETFiShares New York Muni Bond ETFiShares North American Natural Resources ETFiShares North American Tech-Multimedia Networking ETFiShares Paris-Aligned Climate MSCI USA ETFiShares Preferred and Income Securities ETFiShares Residential and Multisector Real Estate ETFiShares Russell 1000 ETFiShares Russell 1000 Growth ETFiShares Russell 1000 Value ETFiShares Russell 2000 ETFiShares Russell 2000 Growth ETFiShares Russell 2000 Value ETFiShares Russell 2500 ETFiShares Russell 3000 ETFiShares Russell Mid-Cap ETFiShares Russell Mid-Cap Growth ETFiShares Russell Mid-Cap Value ETFiShares Russell Top 200 ETFiShares Russell Top 200 Growth ETFiShares Russell Top 200 Value ETFiShares S&P 100 ETFiShares S&P 500 Growth ETFiShares S&P 500 Value ETFiShares S&P Mid-Cap 400 Growth ETFiShares S&P Mid-Cap 400 Value ETFiShares S&P Small-Cap 600 Growth ETFiShares S&P Small-Cap 600 Value ETFiShares Select Dividend ETFiShares Semiconductor ETF

iShares Short Treasury Bond ETFiShares Short-Term National Muni Bond ETFiShares TIPS Bond ETFiShares Treasury Floating Rate Bond ETFiShares U.S. Aerospace & Defense ETFiShares U.S. Basic Materials ETFiShares U.S. Broker-Dealers & Securities Exchanges ETFiShares U.S. Consumer Discretionary ETFiShares U.S. Consumer Staples ETFiShares U.S. Dividend and Buyback ETFiShares U.S. Energy ETFiShares U.S. Financial Services ETFiShares U.S. Financials ETFiShares U.S. Healthcare ETFiShares U.S. Healthcare Providers ETFiShares U.S. Home Construction ETFiShares U.S. Industrials ETFiShares U.S. Infrastructure ETFiShares U.S. Insurance ETFiShares U.S. Medical Devices ETFiShares U.S. Oil & Gas Exploration & Production ETFiShares U.S. Oil Equipment & Services ETFiShares U.S. Pharmaceuticals ETFiShares U.S. Real Estate ETFiShares U.S. Regional Banks ETFiShares U.S. Technology ETFiShares U.S. Telecommunications ETFiShares U.S. Transportation ETFiShares U.S. Treasury Bond ETFiShares U.S. Utilities ETFiShares US & Intl High Yield Corp Bond ETFiShares US Small Cap Value Factor ETFiShares USD Bond Factor ETFiShares USD Green Bond ETFiShares Yield Optimized Bond ETF

If you have any questions, please call 1-800-iShares (1-800-474-2737).


IS-A-SUPP-ALL1-0322




Supplement dated March 1, 2022 (the “Supplement”)to the Summary Prospectus, Prospectus and/or Statement of

Additional Information (“SAI”) as applicable,for each series listed in Appendix A and Appendix B

(each, a “Fund”)

The information in this Supplement updates information in, andshould be read in conjunction with, each Fund’s SummaryProspectus and/or Prospectus, as applicable.

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

The paragraph entitled “Risk of Investing in Russia” in the section ofthe Prospectus and Summary Prospectus entitled “Summary ofPrincipal Risks” for each Fund listed in Appendix A is hereby deletedin its entirety and replaced with the following:

Risk of Investing in Russia. Investing in Russian securities involvessignificant risks, including legal, regulatory, currency and economicrisks that are specific to Russia. In addition, investing in Russiansecurities involves risks associated with the settlement of portfoliotransactions and loss of the Fund’s ownership rights in its portfoliosecurities as a result of the system of share registration and custody inRussia. Governments in the U.S. and many other countries haveimposed economic sanctions on certain Russian individuals and Russiancorporate and banking entities. A number of jurisdictions may alsoinstitute broader sanctions on Russia, including banning Russia fromglobal payments systems that facilitate cross-border payments.Additionally, Russia is alleged to have participated in state-sponsoredcyberattacks 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 andresulting future market disruptions, including declines in its stockmarkets and the value of the ruble against the U.S. dollar, are impossibleto predict, but could be significant. Any such disruptions caused byRussian military action or other actions (including cyberattacks andespionage) or resulting actual and threatened responses to suchactivity, including purchasing and financing restrictions, boycotts orchanges in consumer or purchaser preferences, sanctions, tariffs or

cyberattacks on the Russian government, Russian companies, orRussian individuals, including politicians, may impact Russia’s economyand Russian issuers of securities in which the Fund invests. Actual andthreatened responses to such military action may also impact themarkets for certain Russian commodities, such as oil and natural gas, aswell as other sectors of the Russian economy, and may likely havecollateral impacts on such sectors globally.

The section of the Prospectus entitled “Risk of Investing in Russia” inthe section entitled “A Further Discussion of Principal Risks” foreach Fund listed in Appendix A is hereby deleted in its entirety andreplaced with the following:

Risk of Investing in Russia. Investing in Russian securities involvessignificant risks, in addition to those described under “Risk of Investingin Emerging Markets” and “Non-U.S. Issuers Risk,” that are not typicallyassociated with investing in U.S. securities, including:

▪ The risk of delays in settling portfolio transactions and the risk of lossarising out of the system of share registration and custody used inRussia;

▪ Risks in connection with the maintenance of the Fund’s portfoliosecurities and cash with foreign sub-custodians and securitiesdepositories, including the risk that appropriate sub-custodyarrangements will not be available to the Fund;

▪ The risk that the Fund’s ownership rights in portfolio securities couldbe lost through fraud or negligence because ownership in shares ofRussian companies is recorded by the companies themselves and byregistrars, rather than by a central registration system;

▪ The risk that the Fund may not be able to pursue claims on behalf ofits shareholders because of the system of share registration andcustody, and because Russian banking institutions and registrars arenot guaranteed by the Russian government; and

▪ The risk that various responses by other nation-states to allegedRussian cyber activity will impact Russia’s economy and Russianissuers of securities in which the Fund invests.

Russia Sanctions. Governments in the U.S. and many other countries(collectively, the “Sanctioning Bodies”) have imposed economicsanctions on certain Russian individuals, including politicians, andRussian corporate and banking entities. The Sanctioning Bodies, orothers, could also institute broader sanctions on Russia, includingbanning 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 Russiansecurities, a weakening of the ruble or other adverse consequences tothe Russian economy. These sanctions could also result in theimmediate freeze of Russian securities and/or funds invested inprohibited assets, impairing the ability of the Fund to buy, sell, receive ordeliver those securities and/or assets. Sanctions could also result inRussia taking counter measures or retaliatory actions which may furtherimpair the value and liquidity of Russian securities.

The sanctions against certain Russian issuers include prohibitions ontransacting in or dealing in issuances of debt or equity of such issuers.Compliance with each of these sanctions may impair the ability of theFund to buy, sell, hold, receive or deliver the affected securities or othersecurities of such issuers. If it becomes impracticable or unlawful for theFund to hold securities subject to, or otherwise affected by, sanctions(collectively, “affected securities”), or if deemed appropriate by BFA, theFund may prohibit in-kind deposits of the affected securities inconnection with creation transactions and instead require a cashdeposit, which may also increase the Fund’s transaction costs. TheFund 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 theaffected security by employing or augmenting its representativesampling strategy to seek to track the investment results of itsUnderlying Index. The use of (or increased use of) a representativesampling strategy may increase the Fund’s tracking error risk. If theaffected securities constitute a significant percentage of the UnderlyingIndex, the Fund may not be able to effectively implement arepresentative sampling strategy, which may result in significanttracking error between the Fund’s performance and the performance ofits Underlying Index.

Current or future sanctions may result in Russia taking countermeasures or retaliatory actions, which may further impair the value andliquidity of Russian securities. These retaliatory measures may includethe immediate freeze of Russian assets held by the Fund. In the event ofsuch a freeze of any Fund assets, including depositary receipts, the Fundmay need to liquidate non-restricted assets in order to satisfy any Fundredemption orders. The liquidation of Fund assets during this time mayalso result in the Fund receiving substantially lower prices for itssecurities.

These sanctions may also lead to changes in the Fund’s UnderlyingIndex. The Fund’s Index Provider may remove securities from the

Underlying Index or implement caps on the securities of certain issuersthat have been subject to recent economic sanctions. In such an event,it is expected that the Fund will rebalance its portfolio to bring it in linewith the Underlying Index as a result of any such changes, which mayresult in transaction costs and increased tracking error. Thesesanctions, the volatility that may result in the trading markets forRussian securities and the possibility that Russia may imposeinvestment or currency controls on investors may cause the Fund toinvest in, or increase the Fund’s investments in, depositary receipts thatrepresent the securities of the Underlying Index. These investments mayresult in increased transaction costs and increased tracking error.

Russian invasion of Ukraine. Russia launched a large-scale invasion ofUkraine on February 24, 2022. The extent and duration of the militaryaction, resulting sanctions and resulting future market disruptions,including declines in its stock markets and the value of the ruble againstthe U.S. dollar, are impossible to predict, but could be significant. Anysuch disruptions caused by Russian military action or other actions(including cyberattacks and espionage) or resulting actual andthreatened responses to such activity, including purchasing andfinancing restrictions, boycotts or changes in consumer or purchaserpreferences, sanctions, tariffs or cyberattacks on the Russiangovernment, Russian companies or Russian individuals, includingpoliticians, may impact Russia’s economy and Russian issuers ofsecurities in which the Fund invests. Actual and threatened responsesto such activity, including purchasing restrictions, sanctions, tariffs orcyberattacks on the Russian government or Russian companies, mayimpact Russia’s economy and Russian issuers of securities in which theFund invests. Actual and threatened responses to such military actionmay also impact the markets for certain Russian commodities, such asoil and natural gas, as well as other sectors of the Russian economy,and may likely have collateral impacts on such sectors globally.

The section entitled “Risk of Investing in Russia” in the SAI for eachFund listed in Appendix A is hereby deleted in its entirety andreplaced with the following:

Risk of Investing in Russia. Investing in the Russian securities marketinvolves a high degree of risk and special considerations not typicallyassociated with investing in the U.S. securities market, and should beconsidered highly speculative. Risks include: the absence of developedlegal structures governing private and foreign investments and privateproperty; the possibility of the loss of all or a substantial portion of aFund’s assets invested in Russia as a result of expropriation; certain

national policies which may restrict the Fund’s investmentopportunities, including, without limitation, restrictions on investing inissuers or industries deemed sensitive to relevant national interests; andpotentially greater price volatility in, significantly smaller capitalizationof, and relative illiquidity of, the Russian market. There can also be noassurance that a Fund’s investments in the Russian securities marketwould not be expropriated, nationalized or otherwise confiscated. In theevent of the settlement of any such claims or such expropriation,nationalization or other confiscation, a Fund could lose its entireinvestment. In addition, it may be difficult and more costly to obtain andenforce a judgment in the Russian court system.


The Russian economy is heavily dependent upon the export of a rangeof commodities including most industrial metals, forestry products andoil and gas. Accordingly, it is strongly affected by internationalcommodity prices and is particularly vulnerable to any weakening inglobal demand for these products. Any acts of terrorism or armedconflicts in Russia or internationally could have an adverse effect on thefinancial and commodities markets and the global economy. As Russiaproduces and exports large amounts of crude oil and gas, any acts ofterrorism or armed conflict causing disruptions of Russian oil and gasexports could negatively affect the Russian economy and, thus,adversely affect the financial condition, results of operations orprospects of related companies. Current and future economic sanctionsmay also adversely affect the Russian oil, banking, mining, metals, rail,pipeline and gas sectors, among other sectors.

The Russian government may exercise substantial influence over manyaspects of the private sector and may own or control many companies.Future government actions could have a significant effect on theeconomic conditions in Russia, which could have a negative impact onprivate sector companies. There is also the possibility of diplomaticdevelopments that could adversely affect investments in Russia. Inrecent years, the Russian government has begun to take bolder steps tore-assert its regional geopolitical influence (including military steps) and

launched a large-scale invasion of Ukraine on February 24, 2022.Additionally, Russia is alleged to have participated in state-sponsoredcyberattacks against foreign companies and foreign governments. Suchsteps have increased tensions between Russia and its neighbors andWestern countries and may negatively affect economic growth. Actualand threatened responses by other nation-states to Russia’s allegedcyber activity may have an adverse impact on the Russian economy andthe Russian issuers of securities in which a Fund invests. For example,the U.S. has added certain foreign technology companies to the U.S.Department of Commerce’s Bureau of Industry and Security’s “EntityList,” which is a list of companies believed to pose a national securityrisk to the U.S. Actions like these may have unanticipated and disruptiveeffects on the Russian economy.

Russia Sanctions. Governments in the U.S. and many other countries(collectively, the “Sanctioning Bodies”) have imposed economicsanctions on certain Russian individuals, including politicians, andRussian corporate and banking entities. The Sanctioning Bodies, orothers, could also institute broader sanctions on Russia, includingbanning Russia from global payments systems that facilitate cross-border payments. These sanctions, or even the threat of furthersanctions, may result in the decline of the value and liquidity of Russiansecurities, a weakening of the ruble or other adverse consequences tothe Russian economy. These sanctions could also result in theimmediate freeze of Russian securities and/or funds invested inprohibited assets, impairing the ability of a Fund to buy, sell, receive ordeliver those securities and/or assets. Sanctions could also result inRussia taking counter measures or retaliatory actions which may furtherimpair the value and liquidity of Russian securities.


Also, if an affected security is included in a Fund’s Underlying Index, aFund may, where practicable, seek to eliminate its holdings of theaffected security by employing or augmenting its representative

sampling strategy to seek to track the investment results of itsUnderlying Index. The use of (or increased use of) a representativesampling strategy may increase a Fund’s tracking error risk. If theaffected securities constitute a significant percentage of the UnderlyingIndex, a Fund may not be able to effectively implement a representativesampling strategy, which may result in significant tracking errorbetween a Fund’s performance and the performance of its UnderlyingIndex.


These sanctions may also lead to changes in a Fund’s Underlying Index.A Fund’s index provider may remove securities from its UnderlyingIndex or implement caps on the securities of certain issuers that havebeen subject to recent economic sanctions. In such an event, it isexpected that a Fund will rebalance its portfolio to bring it in line with itsUnderlying Index as a result of any such changes, which may result intransaction costs and increased tracking error. These sanctions, thevolatility that may result in the trading markets for Russian securitiesand the possibility that Russia may impose investment or currencycontrols on investors may cause a Fund to invest in, or increase aFund’s investments in, depositary receipts that represent the securitiesof its Underlying Index. These investments may result in increasedtransaction costs and increased tracking error.


securities in which the Fund invests. Actual and threatened responsesto such activity, including purchasing restrictions, sanctions, tariffs orcyberattacks on the Russian government or Russian companies, mayimpact Russia’s economy and Russian issuers of securities in which theFund invests. Actual and threatened responses to such military actionmay also impact the markets for certain Russian commodities, such asoil and natural gas, as well as other sectors of the Russian economy.

The section entitled “Eastern European Economic Risk” in theProspectus for each Fund listed in Appendix B is hereby deleted in itsentirety and replaced with the following:

Eastern European Economic Risk. An investment in issuers located oroperating in Eastern Europe may subject the Fund to legal, regulatory,political, currency, security and economic risks specific to EasternEurope. Economies of certain Eastern European countries rely heavily onthe export of commodities, including oil, gas, and certain metals. As aresult, such economies may be impacted by international commodityprices and are particularly vulnerable to global demand for theseproducts. Geopolitical events including armed conflict or war, acts ofterrorism, and other instability in certain Eastern European countriesmay cause uncertainty in their financial markets and adversely affectthe performance of the issuers to which the Fund has exposure. Thesecurities markets in some Eastern European countries are substantiallysmaller and less developed, with less government supervision andregulation of stock exchanges, and may be less liquid and more volatilethan securities markets in the U.S. or Western European countries. Inaddition, investing in securities of issuers located or operating in EasternEurope may involve:

▪ The risk of delays in settling portfolio transactions and the risk of lossarising out of the system of share registration and custody used incertain Eastern European countries;

▪ Risks in connection with the maintenance of the Fund’s portfoliosecurities and cash with foreign sub-custodians and securitiesdepositories, including the risk that appropriate sub-custodyarrangements will not be available to the Fund;

▪ The risk that the Fund’s ownership rights in portfolio securities couldbe lost through fraud or negligence as a result of the fact thatownership in shares of certain Eastern European companies isrecorded by the companies themselves and by registrars, rather thana central registration system;

▪ The risk that the Fund may not be able to pursue claims on behalf ofits shareholders because of the system of share registration andcustody, and because certain Eastern European banking institutionsand registrars are not guaranteed by their respective governments;and

▪ Risks in connection with Eastern European countries’ dependence onthe economic health of Western European countries and the EU as awhole.

Other risks related to investing in securities of issuers located oroperating in Eastern Europe include: the potential absence of legalstructures governing private and foreign investments and privateproperty; the possibility of the loss of all or a substantial portion of theFund’s assets invested in issuers located or operating in Eastern Europeas a result of expropriation; and certain national policies which mayrestrict the Fund’s investment opportunities, including, withoutlimitation, restrictions on investing in issuers or industries deemedsensitive to relevant national interests. In addition, Eastern Europeansecurities markets are particularly sensitive to social, political,economic, and currency events that involve Russia and may sufferheavy losses as a result of their trading and investment links to theRussian economy and currency or its neighbors.

Russian Invasion of Ukraine. Russia launched a large-scale invasion ofUkraine on February 24, 2022. The extent and duration of the militaryaction, resulting sanctions and resulting future market disruptions in theregion are impossible to predict, but could be significant. Any suchdisruptions caused by Russian military action or other actions (e.g.,cyberattacks and espionage) or resulting actual and threatenedresponses to such activity, including purchasing and financingrestrictions, sanctions, tariffs or cyberattacks on Russian entities orindividuals could have a severe adverse effect on the region, includingsignificant negative impacts on the economy and the markets forcertain securities and commodities, such as oil and natural gas, as wellas other sectors. How long such military action and related events willlast cannot be predicted. These and any related events could havesignificant impact on Fund performance and the value of an investmentin the Fund.

The section entitled “Risk of Investing in Eastern Europe” in the SAIfor each Fund listed in Appendix B is hereby deleted in its entiretyand replaced with the following:

Risk of Investing in Eastern Europe. Investing in the securities ofissuers located or operating in Eastern Europe is highly speculative and

involves risks not usually associated with investing in the moredeveloped markets of Western Europe. Certain Eastern Europeancountries have high public debt levels, significant undergroundeconomies, high unemployment and emigration of skilled workers.Such countries generally have a history of political instability, limitedinfrastructure and an inefficient public sector prone to endemiccorruption. Political and economic reforms are too recent to establish adefinite trend away from centrally planned economies and state-ownedindustries. In the past, some Eastern European governments haveexpropriated substantial amounts of private property, and many claimsof the property owners have never been fully settled.

Many Eastern European countries continue to move toward marketeconomies at different paces with different characteristics. ManyEastern European securities markets are generally underdeveloped withlow, irregular trading volumes, dubious investor protections, and often adearth of reliable corporate information. Eastern European securitiesmarkets are generally subject to less government supervision andregulation and may be less liquid and more volatile than securitiesmarkets in the U.S. or Western European countries. Legal institutionsgoverning private and foreign investments and private property may berelatively nascent, inefficient, and unevenly enforced or inequitablyenforced. Certain Eastern European governments may exercisesubstantial influence over many aspects of the private sector and mayown or control many companies. Future government actions couldhave a significant effect on the economic conditions in such countries,which could have a negative impact on a Fund’s investments.Information and transaction costs, differential taxes, and sometimespolitical or transfer risk give a comparative advantage to the domesticinvestor rather than the foreign investor.

Eastern European economies may also be particularly susceptible tochanges in the international credit markets due to their reliance on bankrelated inflows of capital. Changes to the economies of countries withsubstantial foreign direct investment in certain Eastern Europeancountries may negatively affect the region’s economy. The economy ofcertain Eastern European countries may be adversely affected by globalprices for manufactured goods or commodity price declines to theextent that a country relies on the export of such products.

Geopolitical events, including war, and other instability in certainEastern European countries may cause uncertainty in the region’sfinancial markets and adversely affect the performance of the issuers towhich a Fund has exposure. These markets may be particularly sensitiveto social, political, economic, and currency events in Russia and may

suffer heavy losses as a result of their trading and investment links tothe Russian economy and currency. Russia has historically asserted itsinfluence in the region using diplomatic, informational, military, andeconomic (DIME) instruments of national power, as it did with Georgiain the summer of 2008 and Ukraine beginning in 2014, and mostrecently on February 24, 2022.

Russian Invasion of Ukraine. Russia launched a large-scale invasion ofUkraine on February 24, 2022. The extent and duration of the militaryaction, resulting sanctions and resulting future market disruptions in theregion are impossible to predict, but could be significant. Any suchdisruptions caused by Russian military action or other actions (e.g.,cyberattacks and espionage) or resulting actual and threatenedresponses to such activity, including purchasing and financingrestrictions, sanctions, tariffs or cyberattacks on Russian entities orindividuals could have a severe adverse effect on the region, includingsignificant negative impacts on the economy and the markets forcertain securities and commodities, such as oil and natural gas, as wellas other sectors. How long such military action and related events willlast cannot be predicted. These and any related events could havesignificant impact on Fund performance and the value of an investmentin the Fund.

The section entitled “European Economic Risk” in the Prospectus foreach Fund, as applicable, is hereby deleted in its entirety andreplaced with the following:

European Economic Risk. The Economic and Monetary Union (the“eurozone”) of the European Union (the “EU”) requires compliance bymember states that are members of the eurozone with restrictions oninflation rates, deficits, interest rates and debt levels, as well as fiscaland monetary controls, each of which may significantly affect everycountry in Europe, including those countries that are not members ofthe eurozone. Additionally, European countries outside of the eurozonemay present economic risks that are independent of the indirect effectsthat eurozone policies have on them. In particular, the United Kingdom’s(the “U.K.”) economy may be affected by global economic, industrialand financial shifts. Changes in imports or exports, changes ingovernmental or EU regulations on trade, changes in the exchange rateof the euro (the common currency of eurozone countries), the defaultor threat of default by an EU member state on its sovereign debt and/oran economic recession in an EU member state may have a significantadverse effect on the economies of other EU member states and theirtrading partners. The European financial markets have historicallyexperienced volatility and adverse trends due to concerns about

economic downturns or rising government debt levels in severalEuropean countries, including, but not limited to, Austria, Belgium,Cyprus, France, Greece, Ireland, Italy, Portugal, Spain and Ukraine. Theseevents have adversely affected the exchange rate of the euro and maycontinue to significantly affect European countries.

Responses to financial problems by European governments, centralbanks and others, including austerity measures and reforms, may notproduce the desired results, may result in social unrest, may limit futuregrowth and economic recovery or may have other unintendedconsequences. Further defaults or restructurings by governments andother entities of their debt could have additional adverse effects oneconomies, financial markets and asset valuations around the world. Inaddition, one or more countries may abandon the euro and/orwithdraw from the EU. The U.K. left the EU (“Brexit”) on January 31,2020. The U.K. and EU have reached an agreement on the terms of theirfuture trading relationship effective January 1, 2021, which principallyrelates to the trading of goods rather than services, including financialservices. Further discussions are to be held between the U.K. and the EUin relation to matters not covered by the trade agreement, such asfinancial services. The Fund faces risks associated with the potentialuncertainty and consequences that may follow Brexit, including withrespect to volatility in exchange rates and interest rates. Brexit couldadversely affect European or worldwide political, regulatory, economicor market conditions and could contribute to instability in globalpolitical institutions, regulatory agencies and financial markets. Brexithas also led to legal uncertainty and could lead to politically divergentnational laws and regulations as a new relationship between the U.K.and EU is defined and the U.K. determines which EU laws to replace orreplicate. Any of these effects of Brexit could adversely affect any of thecompanies to which the Fund has exposure and any other assets inwhich the Fund invests. The political, economic and legal consequencesof Brexit are not yet fully known. In the short term, financial marketsmay experience heightened volatility, particularly those in the U.K. andEurope, but possibly worldwide. The U.K. and Europe may be less stablethan they have been in recent years, and investments in the U.K. and theEU may be difficult to value or subject to greater or more frequentvolatility. In the longer term, there is likely to be a period of significantpolitical, regulatory and commercial uncertainty as the U.K. continues tonegotiate the terms of its future trading relationships.

Secessionist movements, such as the Catalan movement in Spain andthe independence movement in Scotland, as well as governmental orother responses to such movements, may also create instability and

uncertainty in the region. In addition, the national politics of countries inthe EU have been unpredictable and subject to influence by disruptivepolitical groups and ideologies. The governments of EU countries maybe subject to change and such countries may experience social andpolitical unrest. Unanticipated or sudden political or socialdevelopments may result in sudden and significant investment losses.The occurrence of terrorist incidents throughout Europe or war in theregion could also impact financial markets. The impact of these eventsis not clear but could be significant and far-reaching and couldadversely affect the value and liquidity of the Fund’s investments.

Russian Invasion of Ukraine. Russia launched a large-scale invasion ofUkraine on February 24, 2022. The extent and duration of the militaryaction, resulting sanctions and resulting future market disruptionsincluding declines in its stock markets and the value of the ruble againstthe U.S. dollar, in the region are impossible to predict, but could besignificant. Any such disruptions caused by Russian military action orother actions (including cyberattacks and espionage) or resulting actualand threatened responses to such activity, including purchasing andfinancing restrictions, boycotts or changes in consumer or purchaserpreferences, sanctions, tariffs or cyberattacks on Russian entities orindividuals, including politicians, could have a severe adverse effect onthe region, including significant negative impacts on the economy andthe markets for certain securities and commodities, such as oil andnatural gas, as well as other sectors. How long such military action andrelated events will last cannot be predicted. These and any relatedevents could have significant impact on Fund performance and thevalue of an investment in the Fund.

The section entitled “Risk of Investing in Europe” in the SAI for eachFund, as applicable, is hereby deleted in its entirety and replacedwith the following:

Risk of Investing in Europe. Investing in European countries mayexpose a Fund to the economic and political risks associated withEurope in general and the specific European countries in which itinvests. The economies and markets of European countries are oftenclosely connected and interdependent, and events in one Europeancountry can have an adverse impact on other European countries. AFund makes investments in securities of issuers that are domiciled in,have significant operations in, or that are listed on at least one securitiesexchange within member states of the European Union (the “EU”). Anumber of countries within the EU are also members of the Economicand Monetary Union (the “eurozone”) and have adopted the euro astheir currency. Eurozone membership requires member states to

comply with restrictions on inflation rates, deficits, interest rates, debtlevels and fiscal and monetary controls, each of which may significantlyaffect every country in Europe. Changes in import or export tariffs,changes in governmental or EU regulations on trade, changes in theexchange rate of the euro and other currencies of certain EU countrieswhich are not in the eurozone, the default or threat of default by an EUmember state on its sovereign debt, and/or an economic recession inan EU member state may have a significant adverse effect on theeconomies of other EU member states and their trading partners.Although certain European countries are not in the eurozone, many ofthese countries are obliged to meet the criteria for joining the eurozone.

Consequently, these countries must comply with many of therestrictions noted above. The European financial markets haveexperienced volatility and adverse trends due to concerns abouteconomic downturns, rising government debt levels and the possibledefault of government debt in several European countries, including,but not limited to, Austria, Belgium, Cyprus, France, Greece, Ireland,Italy, Portugal, Spain and Ukraine. In order to prevent further economicdeterioration, certain countries, without prior warning, can institute“capital controls.” Countries may use these controls to restrict volatilemovements of capital entering and exiting their country. Such controlsmay negatively affect a Fund’s investments. A default or debtrestructuring by any European country would adversely impact holdersof that country’s debt and sellers of credit default swaps linked to thatcountry’s creditworthiness, which may be located in countries otherthan those listed above. In addition, the credit ratings of certainEuropean countries were downgraded in the past. These events haveadversely affected the value and exchange rate of the euro and maycontinue to significantly affect the economies of every country inEurope, including countries that do not use the euro and non-EUmember states. Responses to the financial problems by Europeangovernments, central banks and others, including austerity measuresand reforms, may not produce the desired results, may result in socialunrest and may limit future growth and economic recovery or haveother unintended consequences. Further defaults or restructurings bygovernments and other entities of their debt could have additionaladverse effects on economies, financial markets and asset valuationsaround the world. In addition, one or more countries may abandon theeuro and/or withdraw from the EU. The impact of these actions,especially if they occur in a disorderly fashion, is not clear but could besignificant and far-reaching and could adversely impact the value of aFund’s investments in the region.

The United Kingdom (the “U.K.”) left the EU (“Brexit”) on January 31,2020. The U.K. and EU reached an agreement on the terms of theirfuture trading relationship effective January 1, 2021, which principallyrelates to the trading of goods rather than services, including financialservices. Further discussions are to be held between the U.K. and the EUin relation to matters not covered by the trade agreement, such asfinancial services. A Fund faces risks associated with the potentialuncertainty and consequences that may follow Brexit, including withrespect to volatility in exchange rates and interest rates. Brexit couldadversely affect European or worldwide political, regulatory, economicor market conditions and could contribute to instability in globalpolitical institutions, regulatory agencies and financial markets. Brexithas also led to legal uncertainty and could lead to politically divergentnational laws and regulations as a new relationship between the U.K.and EU is defined and the U.K. determines which EU laws to replace orreplicate. Any of these effects of Brexit could adversely affect any of thecompanies to which a Fund has exposure and any other assets in whicha Fund invests. The political, economic and legal consequences of Brexitare not yet fully known. In the short term, financial markets mayexperience heightened volatility, particularly those in the U.K. andEurope, but possibly worldwide. The U.K. and Europe may be less stablethan they have been in recent years, and investments in the U.K. and theEU may be difficult to value, or subject to greater or more frequentvolatility. In the longer term, there is likely to be a period of significantpolitical, regulatory and commercial uncertainty as the U.K. continues tonegotiate the terms of its future trading relationships.

Certain European countries have also developed increasingly strainedrelationships with the U.S., and if these relations were to worsen, theycould adversely affect European issuers that rely on the U.S. for trade.Secessionist movements, such as the Catalan movement in Spain andthe independence movement in Scotland, as well as governmental orother responses to such movements, may also create instability anduncertainty in the region. In addition, the national politics of countries inthe EU have been unpredictable and subject to influence by disruptivepolitical groups and ideologies. The governments of EU countries maybe subject to change and such countries may experience social andpolitical unrest. Unanticipated or sudden political or socialdevelopments may result in sudden and significant investment losses.The occurrence of terrorist incidents throughout Europe or war in theregion also could impact financial markets. The impact of these eventsis not clear but could be significant and far-reaching and couldadversely affect the value and liquidity of a Fund’s investments.

Russian Invasion of Ukraine. Russia launched a large-scale invasion ofUkraine on February 24, 2022. The extent and duration of the militaryaction, resulting sanctions and resulting future market disruptions,including declines in its stock markets and the value of the ruble againstthe U.S. dollar, in the region are impossible to predict, but could besignificant. Any such disruptions caused by Russian military action orother actions (including cyberattacks and espionage) or resulting actualand threatened responses to such activity, including purchasing andfinancing restrictions, boycotts or changes in consumer or purchaserpreferences, sanctions, tariffs or cyberattacks on Russian entities orindividuals, including politicians could have a severe adverse effect onthe region, including significant negative impacts on the economy andthe markets for certain securities and commodities, such as oil andnatural gas, as well as other sectors. How long such military action andrelated events will last cannot be predicted. These and any relatedevents could have significant impact on Fund performance and thevalue of an investment in the Fund.

Appendix A

Prospectus and Summary Prospectus, each dated June 29, 2021 andSAI dated June 29, 2021 (as revised January 5, 2022):iShares 10+ Year Investment Grade Corporate Bond ETF (IGLB)iShares 1-5 Year Investment Grade Corporate Bond ETF (IGSB)iShares 5-10 Year Investment Grade Corporate Bond ETF (IGIB)iShares Broad USD Investment Grade Corporate Bond ETF (USIG)iShares Core 5-10 Year USD Bond ETF (IMTB)iShares Core 10+ Year USD Bond ETF (ILTB)

Prospectus and Summary Prospectus, each dated July 30, 2021 andSAI dated July 30, 2021 (as revised January 26, 2022):iShares Asia 50 ETF (AIA)iShares Emerging Markets Infrastructure ETF (EMIF)iShares International Dividend Growth ETF (IGRO)

Prospectus, Summary Prospectus and SAI, each dated September 1,2021:iShares Emerging Markets Dividend ETF (DVYE)

Prospectus dated December 1, 2021 and SAI dated December 1,2021 (as revised January 19, 2022):iShares Core Aggressive Allocation ETF (AOA)iShares Core Conservative Allocation ETF (AOK)iShares Core Growth Allocation ETF (AOR)iShares Core Moderate Allocation ETF (AOM)iShares ESG Aware Conservative Allocation ETF (EAOK)iShares ESG Aware Aggressive Allocation ETF (EAOA)iShares ESG Aware Growth Allocation ETF (EAOR)iShares ESG Aware Moderate Allocation ETF (EAOM)iShares Morningstar Multi-Asset Income ETF (IYLD)

Prospectus and Summary Prospectus, each dated December 1, 2021and SAI dated December 1, 2021 (as revised January 19, 2022):iShares Currency Hedged MSCI ACWI ex U.S. ETF (HAWX)

Prospectus and Summary Prospectus, each dated December 1, 2021and SAI dated December 1, 2021 (as revised December 20, 2021):iShares Core MSCI Total International Stock ETF (IXUS)iShares MSCI ACWI ETF (ACWI)iShares MSCI ACWI ex U.S. ETF (ACWX)iShares MSCI ACWI Low Carbon Target ETF (CRBN)iShares MSCI Global Multifactor ETF (ACWF)

Prospectus, Summary Prospectus and SAI each dated March 1, 2021(as revised December 1, 2021):Shares Interest Rate Hedged Emerging Markets Bond ETF (EMBH)

Prospectus and Summary Prospectus, each dated March 1, 2021 andSAI dated March 1, 2021 (as revised October 29, 2021):iShares J.P. Morgan EM Corporate Bond ETF (CEMB)

Prospectus and Summary Prospectus, each dated March 1, 2021 (asrevised July 1, 2021) and SAI dated March 1, 2021 (as revisedJanuary 5, 2021):iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB)

Prospectus and Summary Prospectus, each dated March 1, 2021 (asrevised July 1, 2021) and SAI dated March 1, 2021 (as revisedOctober 29, 2021):iShares J.P. Morgan EM Local Currency Bond ETF (LEMB)

Prospectus, Summary Prospectus and SAI, each dated December 30,2021 (as revised January 5, 2022):iShares Currency Hedged MSCI Emerging Markets ETF (HEEM)

Prospectus and Summary Prospectus, each dated December 30,2021 and SAI dated December 30, 2021 (as revised February 7,2022)iShares MSCI United Kingdom Small-Cap ETF (EWUS)

Prospectus, Summary Prospectus and SAI, each dated December 30,2021:iShares Core MSCI Emerging Markets ETF (IEMG)iShares ESG Advanced MSCI EM ETF (EMXF)iShares ESG MSCI EM Leaders ETF (LDEM)iShares MSCI BRIC ETF (BKF)iShares MSCI Emerging Markets ETF (EEM)iShares MSCI Emerging Markets ex China ETF (EMXC)iShares MSCI Emerging Markets Multifactor ETF (EMGF)iShares MSCI Emerging Markets Min Vol Factor ETF (EEMV)iShares MSCI Emerging Markets Small-Cap ETF (EEMS)iShares MSCI Global Energy Producers ETF (FILL)iShares MSCI Global Gold Miners ETF (RING)iShares MSCI Global Metals & Mining Producers ETF (PICK)iShares MSCI Global Min Vol Factor ETF (ACWV)iShares MSCI Global Silver and Metals Miners ETF (SLVP)iShares MSCI Russia ETF (ERUS)

Appendix B

Prospectus and Summary Prospectus, each dated December 30,2021 and SAI dated December 30, 2021 (as revised January 26,2022):iShares Emerging Markets Infrastructure ETF (EMIF)

Prospectus, Summary Prospectus and SAI, each dated September 1,2021:iShares Emerging Markets Dividend ETF (DVYE)

Prospectus dated December 1, 2021 and SAI dated December 1,2021 (as revised January 19, 2022):iShares Morningstar Multi-Asset Income ETF (IYLD)

Prospectus, Summary Prospectus and SAI, each dated December 30,2021:iShares ESG MSCI EM Leaders ETF (LDEM)iShares MSCI Emerging Markets ex China ETF (EMXC)iShares MSCI Frontier and Select EM ETF (FM)iShares MSCI Global Energy Producers ETF (FILL)iShares MSCI Russia ETF (ERUS)

Prospectus, Summary Prospectus and SAI, each dated March 1, 2021(as revised December 1, 2021):Shares Interest Rate Hedged Emerging Markets Bond ETF (EMBH)

Prospectus and Summary Prospectus, each dated March 1, 2021 andSAI dated March 1, 2021 (as revised October 29, 2021):iShares J.P. Morgan EM Corporate Bond ETF (CEMB)

Prospectus and Summary Prospectus, each dated March 1, 2021 (asrevised July 1, 2021) and SAI dated March 1, 2021 (as revisedJanuary 5, 2021):iShares J.P. Morgan USD Emerging Markets Bond ETF (EMB)

Prospectus and Summary Prospectus, each dated March 1, 2021 (asrevised July 1, 2021) and SAI dated March 1, 2021 (as revisedOctober 29, 2021):iShares J.P. Morgan EM Local Currency Bond ETF (LEMB)

Prospectus and Summary Prospectus, each dated December 30,2021 and SAI dated December 30, 2021 (as revised February 7,2022)iShares MSCI Poland ETF (EPOL)

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-SUPP-E-EUR-0322


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Supplement dated January 3, 2022 (the “Supplement”)to each Summary Prospectus, Prospectus and

Statement of Additional Information (the “SAI”),for each of the Funds listed in Appendix A (each, a “Fund”)

The information in this Supplement updates information in, andshould be read in conjunction with the respective SummaryProspectus, Prospectus and the SAI, as applicable, for each Fund.

The following changes for the Fund went effective on January 1,2022.

As of January 1, 2022, Paul Whitehead has replaced Alan Mason asPortfolio Manager for each Fund listed on Appendix A. References toMr. Mason as a Portfolio Manager of each Fund are hereby removedfrom the Summary Prospectus, Prospectus and SAI.

The other Portfolio Managers for each Fund will continue to beprimarily responsible for the day-to-day management of such Fund inaddition to Mr. Whitehead. Information regarding the other PortfolioManagers for each Fund can be found in such Fund’s SummaryProspectus, Prospectus and SAI.

In addition, the following changes are made to each Fund’s SummaryProspectus, Prospectus, and SAI:

In the sections “Management – Portfolio Managers” of each Fund’sSummary Prospectus and Prospectus, Paul Whitehead is added tothe list of Portfolio Managers primarily responsible for theday-to-day management of the Fund. Mr. Whitehead has been aPortfolio Manager of each Fund since 2022.

In the section “Management – Portfolio Managers” of each Fund’sProspectus, the following is added:

Paul Whitehead has been with BlackRock since 1996, including hisyears with Barclays Global Investors, which merged with BlackRock in2009. Mr. Whitehead has been employed by BlackRock as a ManagingDirector since 2010 and a Director from 2009 to 2010. Mr. Whiteheadwas employed by Barclays Global Investors as Principal from 2002 to2009. Mr. Whitehead has been a Portfolio Manager of the Fund since2022.

In the section “Portfolio Managers” of each Fund’s SAI, the followingis added to the table listing each Portfolio Manager’s other types ofportfolios and/or accounts:

Paul Whitehead*

Types of Accounts Number Total Assets

Registered Investment Companies N/A N/A

Other Pooled Investment Vehicles N/A N/A

Other Accounts N/A N/A

*Information for Mr. Whitehead is provided as of November 30, 2021.

In the section “Portfolio Managers” of each Fund’s SAI, the followingis added to the table listing each Portfolio Manager’s portfolios oraccounts with respect to which the investment management fees arebased on the performance of those portfolios or accounts:

Paul Whitehead*

Types of Accounts

Number of OtherAccounts with

Performance FeesManaged by Portfolio

ManagerAggregate of Total

Assets

Registered InvestmentCompanies N/A N/A

Other Pooled InvestmentVehicles N/A N/A

Other Accounts N/A N/A


For the Funds listed in the below table, in the section “Portfolio Managers”of the applicable Fund’s SAI, the following is added to the table listing eachPortfolio Manager’s beneficial ownership of shares of the Funds for whichthey are primarily responsible for the day-to-day management:

Paul Whitehead*

Fund

Dollar Range

$1 to$10,000

$10,001to

$50,000

$50,001to

$100,000

$100,001to

$500,000

$500,001to

$1 milOver

$1 mil

iShares Core DividendGrowth ETF X

iShares MSCI EAFEMin Vol Factor ETF X

iShares Global CleanEnergy ETF X

iShares Cybersecurityand Tech ETF X

iShares Core S&PSmall-Cap ETF X

iShares GlobalFinancials ETF X

iShares Global Tech ETF X

iShares US Energy ETF X

iShares MSCI USAMultifactor ETF X

iShares MSCI USAMomentum FactorETF X

iShares MSCI USAQuality Factor ETF X

iShares MSCI USAValue Factor ETF X


As of November 30, 2021, Mr. Whitehead did not beneficially own anyshares of a Fund for which he is primarily responsible for the day-to-daymanagement which is not listed in the above table.

Appendix A

Supplement to the Summary Prospectus and Prospectus both datedas of March 1, 2021, and to the Statement of Additional Informationdated as of March 1, 2021 (as revised October 29, 2021):

iShares Commodity Curve Carry Strategy ETFiShares GSCI Commodity Dynamic Roll Strategy ETF

Supplement to the Summary Prospectus and Prospectus both datedas of March 1, 2021, and to the Statement of Additional Informationdated as of March 1, 2021 (as revised January 3, 2022):

iShares Bloomberg Roll Select Commodity Strategy ETFiShares Gold Strategy ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 30, 2021, and to the Statement of Additional Informationdated as of July 30, 2021 (as revised January 3, 2022):

iShares Asia 50 ETFiShares Emerging Markets Infrastructure ETFiShares Global 100 ETFiShares Global Comm Services ETFiShares Global Consumer Discretionary ETFiShares Global Healthcare ETFiShares Global Materials ETFiShares Global Tech ETFiShares Global Timber & Forestry ETFiShares International Dividend Growth ETFiShares Latin America 40 ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 30, 2021 (as revised October 18, 2021), and to theStatement of Additional Information dated as of July 30, 2021 (asrevised January 3, 2022):

iShares Global Clean Energy ETF


iShares India 50 ETF


iShares Biotechnology ETFiShares Core S&P 500 ETFiShares Core S&P Mid-Cap ETFiShares Core S&P Small-Cap ETFiShares Core S&P Total U.S. Stock Market ETFiShares Core S&P U.S. Growth ETFiShares Core S&P U.S. Value ETFiShares ESG Screened S&P 500 ETFiShares ESG Screened S&P Mid-Cap ETFiShares ESG Screened S&P Small-Cap ETFiShares Europe ETFiShares Expanded Tech Sector ETFiShares Expanded Tech-Software Sector ETFiShares Factors US Growth Style ETFiShares Factors US Value Style ETFiShares Focused Value Factor ETFiShares Global Consumer Staples ETFiShares Global Energy ETFiShares Global Financials ETFiShares Global Industrials ETFiShares Global Infrastructure ETFiShares Global Utilities ETFiShares International Developed Property ETFiShares International Developed Small Cap Value Factor ETFiShares JPX-Nikkei 400 ETFiShares Micro-Cap ETFiShares Mortgage Real Estate ETFiShares North American Natural Resources ETFiShares North American Tech-Multimedia Networking ETFiShares Residential and Multisector Real Estate ETFiShares Russell 1000 ETFiShares Russell 1000 Growth ETFiShares Russell 1000 Value ETFiShares Russell 2000 ETFiShares Russell 2000 Growth ETFiShares Russell 2000 Value ETFiShares Russell 3000 ETFiShares Russell Mid-Cap ETFiShares Russell Mid-Cap Growth ETFiShares Russell Mid-Cap Value ETF

iShares Russell Top 200 ETFiShares Russell Top 200 Growth ETFiShares Russell Top 200 Value ETFiShares S&P 100 ETFiShares S&P 500 Growth ETFiShares S&P 500 Value ETFiShares S&P Mid-Cap 400 Growth ETFiShares S&P Mid-Cap 400 Value ETFiShares S&P Small-Cap 600 Growth ETFiShares S&P Small-Cap 600 Value ETFiShares Semiconductor ETFiShares U.S. Aerospace & Defense ETFiShares U.S. Broker-Dealers & Securities Exchanges ETFiShares U.S. Healthcare Providers ETFiShares U.S. Home Construction ETFiShares U.S. Insurance ETFiShares U.S. Medical Devices ETFiShares U.S. Oil & Gas Exploration & Production ETFiShares U.S. Oil Equipment & Services ETFiShares U.S. Pharmaceuticals ETFiShares U.S. Real Estate ETFiShares U.S. Regional Banks ETFiShares U.S. Telecommunications ETFiShares US Small Cap Value Factor ETF


iShares U.S. Infrastructure ETF


iShares Preferred and Income Securities ETF

Supplement to the Summary Prospectus and Prospectus both datedas of July 30, 2021, and to the Statement of Additional Informationdated as of July 30, 2021 (as revised September 10, 2021):

iShares Currency Hedged JPX-Nikkei 400 ETF


iShares Russell 2500 ETF

Supplement to the Summary Prospectus and Prospectus both datedas of September 1, 2021, and to the Statement of AdditionalInformation dated as of September 1, 2021 (as revisedSeptember 10, 2021):

iShares Asia/Pacific Dividend ETFiShares Emerging Markets Dividend ETF

Supplement to the Summary Prospectus and Prospectus both datedas of September 1, 2021, and to the Statement of AdditionalInformation dated as of September 1, 2021 (as revisedSeptember 10, 2021):

iShares Global REIT ETFiShares International Select Dividend ETF

Supplement to the Summary Prospectus and Prospectus both datedas of September 1, 2021, and to the Statement of AdditionalInformation dated as of September 1, 2021 (as revised January 3,2022):

iShares Cohen & Steers REIT ETFiShares Core Dividend Growth ETFiShares Core High Dividend ETFiShares Core U.S. REIT ETFiShares Dow Jones U.S. ETFiShares International Developed Real Estate ETFiShares Morningstar Growth ETFiShares Morningstar Mid-Cap ETFiShares Morningstar Mid-Cap Growth ETFiShares Morningstar Mid-Cap Value ETFiShares Morningstar Small-Cap ETFiShares Morningstar Small-Cap Growth ETFiShares Morningstar Small-Cap Value ETFiShares Morningstar U.S. Equity ETFiShares Morningstar Value ETFiShares MSCI KLD 400 Social ETFiShares MSCI USA ESG Select ETFiShares Select Dividend ETF

iShares U.S. Basic Materials ETFiShares U.S. Consumer Discretionary ETFiShares U.S. Consumer Staples ETFiShares U.S. Dividend and Buyback ETFiShares U.S. Energy ETFiShares U.S. Financial Services ETFiShares U.S. Financials ETFiShares U.S. Healthcare ETFiShares U.S. Industrials ETFiShares U.S. Technology ETFiShares U.S. Transportation ETFiShares U.S. Utilities ETF

Supplement to the Summary Prospectus dated as of November 3,2021, and to the Prospectus dated as of October 25, 2021, and to theStatement of Additional Information dated as of October 25, 2021(as revised January 3, 2022):

iShares ESG MSCI USA Min Vol Factor ETF

Supplement to the Summary Prospectus, Prospectus and Statementof Additional Information each dated as of December 1, 2021:

iShares Core MSCI Europe ETFiShares Core MSCI Pacific ETFiShares Currency Hedged MSCI ACWI ex U.S. ETFiShares Currency Hedged MSCI EAFE ETFiShares Currency Hedged MSCI EAFE Small-Cap ETFiShares MSCI Kokusai ETF

Supplement to the Prospectus and Statement of AdditionalInformation both dated as of December 1, 2021:

iShares Core Aggressive Allocation ETFiShares Core Conservative Allocation ETFiShares Core Growth Allocation ETFiShares Core Moderate Allocation ETFiShares ESG Aware Aggressive Allocation ETFiShares ESG Aware Conservative Allocation ETFiShares ESG Aware Growth Allocation ETFiShares ESG Aware Moderate Allocation ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 1, 2021, and to the Statement of AdditionalInformation dated as of December 1, 2021 (as revised (as revisedDecember 20, 2021):

iShares Cloud 5G and Tech ETFiShares Core MSCI EAFE ETFiShares Core MSCI International Developed Markets ETFiShares Core MSCI Total International Stock ETFiShares Cybersecurity and Tech ETFiShares Genomics Immunology and Healthcare ETFiShares MSCI ACWI ETFiShares MSCI ACWI ex U.S. ETFiShares MSCI ACWI Low Carbon Target ETFiShares MSCI All Country Asia ex Japan ETFiShares MSCI China A ETFiShares MSCI Global Multifactor ETFiShares Robotics and Artificial Intelligence Multisector ETFiShares Self-Driving EV and Tech ETFiShares Virtual Work and Life Multisector ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 1, 2021 (as revised December 20, 2021), and to theStatement of Additional Information dated as of December 1, 2021(as revised December 20, 2021):

iShares Exponential Technologies ETF

Supplement to the Summary Prospectus and Prospectus both datedas of December 1, 2021, and to the Statement of AdditionalInformation dated as of December 1, 2021 (as revised January 3,2022):

iShares China Large-Cap ETFiShares MSCI EAFE ETFiShares MSCI EAFE Growth ETFiShares MSCI EAFE Min Vol Factor ETFiShares MSCI EAFE Small-Cap ETFiShares MSCI EAFE Value ETFiShares MSCI Europe Financials ETFiShares MSCI Europe Small-Cap ETFiShares MSCI Intl Momentum Factor ETFiShares MSCI Intl Multifactor ETFiShares MSCI Intl Quality Factor ETFiShares MSCI Intl Size Factor ETF

iShares MSCI Intl Small-Cap Multifactor ETFiShares MSCI Intl Value Factor ETFiShares MSCI USA Mid-Cap Multifactor ETFiShares MSCI USA Min Vol Factor ETFiShares MSCI USA Momentum Factor ETFiShares MSCI USA Multifactor ETFiShares MSCI USA Quality Factor ETFiShares MSCI USA Size Factor ETFiShares MSCI USA Small-Cap Min Vol Factor ETFiShares MSCI USA Small-Cap Multifactor ETFiShares MSCI USA Value Factor ETFiShares U.S. Tech Breakthrough Multisector ETF

Supplement to the Summary Prospectus, Prospectus and Statementof Additional Information each dated as of December 30, 2021:

iShares Core MSCI Emerging Markets ETFiShares Currency Hedged MSCI Canada ETFiShares Currency Hedged MSCI Emerging Markets ETFiShares Currency Hedged MSCI Eurozone ETFiShares Currency Hedged MSCI Germany ETFiShares Currency Hedged MSCI Japan ETFiShares Currency Hedged MSCI United Kingdom ETFiShares ESG Advanced MSCI EAFE ETFiShares ESG Advanced MSCI EM ETFiShares ESG Advanced MSCI USA ETFiShares ESG Aware MSCI EAFE ETFiShares ESG Aware MSCI EM ETFiShares ESG Aware MSCI USA ETFiShares ESG Aware MSCI USA Small-Cap ETFiShares ESG MSCI EM Leaders ETFiShares ESG MSCI USA Leaders ETFiShares MSCI Argentina and Global Exposure ETFiShares MSCI Australia ETFiShares MSCI Austria ETFiShares MSCI Belgium ETFiShares MSCI Brazil ETFiShares MSCI Brazil Small-Cap ETFiShares MSCI BRIC ETFiShares MSCI Canada ETFiShares MSCI Chile ETFiShares MSCI China ETFiShares MSCI China Small-Cap ETFiShares MSCI Colombia ETF

iShares MSCI Denmark ETFiShares MSCI Emerging Markets Asia ETFiShares MSCI Emerging Markets ETFiShares MSCI Emerging Markets ex China ETFiShares MSCI Emerging Markets Min Vol Factor ETFiShares MSCI Emerging Markets Multifactor ETFiShares MSCI Emerging Markets Small-Cap ETFiShares MSCI Eurozone ETFiShares MSCI Finland ETFiShares MSCI France ETFiShares MSCI Frontier and Select EM ETFiShares MSCI Germany ETFiShares MSCI Germany Small-Cap ETFiShares MSCI Global Agriculture Producers ETFiShares MSCI Global Energy Producers ETFiShares MSCI Global Gold Miners ETFiShares MSCI Global Metals & Mining Producers ETFiShares MSCI Global Min Vol Factor ETFiShares MSCI Global Silver and Metals Miners ETFiShares MSCI Global Sustainable Development Goals ETFiShares MSCI Hong Kong ETFiShares MSCI India ETFiShares MSCI India Small-Cap ETFiShares MSCI Indonesia ETFiShares MSCI Ireland ETFiShares MSCI Israel ETFiShares MSCI Italy ETFiShares MSCI Japan Equal Weighted ETFiShares MSCI Japan ETFiShares MSCI Japan Small-Cap ETFiShares MSCI Japan Value ETFiShares MSCI Kuwait ETFiShares MSCI Malaysia ETFiShares MSCI Mexico ETFiShares MSCI Netherlands ETFiShares MSCI New Zealand ETFiShares MSCI Norway ETFiShares MSCI Pacific ex Japan ETFiShares MSCI Peru ETFiShares MSCI Philippines ETFiShares MSCI Poland ETFiShares MSCI Qatar ETFiShares MSCI Russia ETF

iShares MSCI Saudi Arabia ETFiShares MSCI Singapore ETFiShares MSCI South Africa ETFiShares MSCI South Korea ETFiShares MSCI Spain ETFiShares MSCI Sweden ETFiShares MSCI Switzerland ETFiShares MSCI Taiwan ETFiShares MSCI Thailand ETFiShares MSCI Turkey ETFiShares MSCI UAE ETFiShares MSCI United Kingdom ETFiShares MSCI United Kingdom Small-Cap ETFiShares MSCI USA Equal Weighted ETFiShares MSCI World ETF

Supplement to the Prospectus and the Statement of AdditionalInformation both dated as of December 20, 2021:

iShares MSCI China Multisector Tech ETF

Supplement to the Prospectus and the Statement of AdditionalInformation both dated as of December 22, 2021:

iShares Paris-Aligned Climate MSCI USA ETF

If you have any questions, please call 1-800-iShares (1-800-474-2737).


IS-A-PM-0122


iSHARES® MSCI GLOBAL METALS & MININGPRODUCERS ETF

Ticker: PICK Stock Exchange: Cboe BZX

Investment ObjectiveThe iShares MSCI Global Metals & Mining Producers ETF (the “Fund”) seeks to trackthe investment results of an index composed of global equities of companies primarilyengaged in mining, extraction or production of diversified metals, excluding gold andsilver.

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: (i)the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred withrespect to the acquisition and disposition of portfolio securities and the execution ofportfolio transactions, including brokerage commissions, distribution fees or expenses,(v) litigation expenses and any extraordinary expenses. The Fund may incur “AcquiredFund Fees and Expenses.” Acquired Fund Fees and Expenses reflect the Fund’s pro ratashare 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 theFund. Acquired Fund Fees and Expenses are not included in the calculation of the ratioof expenses to average net assets shown in the Financial Highlights section of theFund’s prospectus (the “Prospectus”). BFA, the investment adviser to the Fund, hascontractually agreed to waive a portion of its management fees in an amount equal tothe Acquired Fund Fees and Expenses, if any, attributable to investments by the Fundin other series of iShares Trust and the Company through December 31, 2023. Thecontractual waiver may be terminated prior to December 31, 2023 only upon writtenagreement of the Company and BFA.

You may pay other fees, such as brokerage commissions and other fees tofinancial intermediaries, which are not reflected in the tables and examplesbelow.

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

ManagementFees

Distributionand

Service (12b-1)Fees

OtherExpenses 1

Acquired FundFees

and Expenses1

Total AnnualFund

OperatingExpenses Fee Waiver1

Total AnnualFund

OperatingExpenses

AfterFee Waiver

0.39% None 0.00% 0.00% 0.39% (0.00)% 0.39%

1 The amount rounded to 0.00%.

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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

$40 $125 $219 $493

Portfolio Turnover. The Fund may paytransaction costs, such as commissions,when it buys and sells securities (or“turns over” its portfolio). A higherportfolio turnover rate may indicatehigher transaction costs and may resultin higher taxes when Fund shares areheld in a taxable account. These costs,which are not reflected in the AnnualFund Operating Expenses or in theExample, affect the Fund’sperformance. During the most recentfiscal year, the Fund’s portfolio turnoverrate was 17% of the average value of itsportfolio.

Principal InvestmentStrategiesThe Fund seeks to track the investmentresults of the MSCI ACWI Select Metals& Mining Producers ex Gold and SilverInvestable Market Index (IMI) (the“Underlying Index”), which has beendeveloped by MSCI Inc. (the “IndexProvider” or “MSCI”) to measure thecombined performance of equitysecurities of companies in bothdeveloped and emerging markets thatare primarily involved in the extractionor production of diversified metals, theproduction of aluminum or steel, and inthe mining of precious metals andminerals (excluding gold and silver).MSCI begins with the MSCI ACWI

Investable Market Index (IMI), and thenselects securities of companies that areprimarily focused on extraction andproduction of aluminum, steel anddiversified metals and mining. TheUnderlying Index excludes companiesthat are included in the MSCI ACWISelect Gold Miners Investable MarketIndex (IMI) and/or MSCI ACWI SelectSilver Miners Investable Market Index(IMI). The Underlying Index includeslarge-, mid- and small-capitalizationcompanies and may change over time.As of August 31, 2021, a significantportion of the Underlying Index isrepresented by securities of companiesin the materials industry or sector. Thecomponents of the Underlying Index arelikely to change over time. As of August31, 2021, the Underlying Indexconsisted of securities of companies in31 countries or regions. The Fund,under normal market conditions, willinvest at least 40% of its assets inissuers organized or located outside theU.S. or doing business outside the U.S.

BFA uses a “passive” or indexingapproach to try to achieve the Fund’sinvestment objective. Unlike manyinvestment companies, the Fund doesnot try to “beat” the index it tracks anddoes not seek temporary defensivepositions when markets decline orappear overvalued.

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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 least80% of its assets in the componentsecurities of its Underlying Index and ininvestments that have economiccharacteristics that are substantiallyidentical to the component securities ofits Underlying Index (i.e., depositaryreceipts representing securities of theUnderlying Index) and may invest up to20% of its assets in certain futures,options and swap contracts, cash andcash 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. Cash andcash equivalent investments associated

with a derivative position will be treatedas part of that position for the purposesof calculating investments not includedin the Underlying Index. The Fund seeksto track the investment results of theUnderlying Index before fees andexpenses of the Fund.

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

The Underlying Index is sponsored byMSCI, which is independent of the Fundand BFA. The Index Provider determinesthe composition and relative weightingsof the securities in the Underlying Indexand publishes information regarding themarket value of 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 notconsidered 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 does

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not 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 Creations andRedemptions section of the Prospectus)may engage in creation or redemptiontransactions directly with the Fund, andnone of those 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.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. Any negative changes incommodity markets that may be due tochanges in supply and demand forcommodities, market events, regulatory

developments, other catastrophicevents, or other factors that the Fundcannot control could have an adverseimpact on those companies.

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, market segment orasset class.

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 other serviceproviders, market makers, AuthorizedParticipants or the issuers of securitiesin which the Fund invests have theability to cause disruptions, negativelyimpact the Fund’s business operationsand/or potentially result in financiallosses to the Fund and its shareholders.While the Fund has established business

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continuity plans and risk managementsystems seeking to address systembreaches or failures, there are inherentlimitations in such plans and systems.Furthermore, the Fund cannot controlthe cybersecurity plans and systems ofthe Fund’s Index Provider and otherservice providers, market makers,Authorized Participants or issuers ofsecurities in which the Fund invests.

Dividend-Paying Stock Risk. Investingin dividend-paying stocks involves therisk that such stocks may fall out offavor with investors and underperformthe broader market. Companies thatissue dividend-paying stocks are notrequired to pay or continue payingdividends on such stocks. It is possiblethat issuers of the stocks held by theFund will not declare dividends in thefuture or will reduce or eliminate thepayment of dividends (includingreducing or eliminating anticipatedaccelerations or increases in thepayment of dividends) in the future.

Equity Securities Risk. Equitysecurities are subject to changes invalue, and their values may be morevolatile than those of other assetclasses. The Underlying Index iscomposed 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.

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’s

investments in, or which are exposed to,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 Fund andits 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. Other

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infectious illness outbreaks in the futuremay result in similar impacts.

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 issues,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 of

high volatility and disruptions in thecreation/redemption process. ANY OFTHESE FACTORS, AMONG OTHERS,MAY LEAD TO THE FUND’S SHARESTRADING AT A PREMIUM OR DISCOUNTTO NAV.

Materials Sector Risk. The Fund mayinvest significantly in companies in thematerials sector. Companies in thematerials sector may be adverselyimpacted by the volatility of commodityprices, changes in exchange rates,social and political unrest, depletion ofresources, decreases in demand, over-production, litigation and changes ingovernment regulations, among otherfactors.

Metals and Mining Industry Risk.Companies in the metals and miningindustry are susceptible to fluctuationsin worldwide metal prices andextraction and production costs. Inaddition, metals and mining companiesmay have significant operations in areasat risk for social and political unrest,security concerns and environmentaldamage. These companies may also beat risk for increased governmentregulation and intervention. Such risksmay adversely affect the issuers towhich the Fund has exposure.

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 foreignmarket). The impact of a closed foreignmarket on the Fund is likely to be

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greater where a large portion of theFund’s underlying securities and/orother assets trade on that closedforeign market or when the foreignmarket is closed for unscheduledreasons. These deviations could resultin premiums or discounts to the Fund’sNAV that may be greater than thoseexperienced by other ETFs.

Non-Diversification Risk. The Fundmay invest a large percentage of itsassets in securities issued by orrepresenting a small number of issuers.As a result, the Fund’s performance maydepend on the performance of a smallnumber of issuers.

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. securities marketsmay trade a small number of securitiesand may be unable to respondeffectively to changes in trading volume,potentially making prompt liquidation ofholdings difficult or impossible at times.The Fund is specifically exposed toEuropean Economic 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 orinadequate processes and technologyor systems failures. The Fund and BFAseek to reduce these operational risksthrough controls and procedures.However, these measures do not

address 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, EuropeanEconomic Risk and U.S. EconomicRisk.

Risk of Investing in DevelopedCountries. The Fund’s investment indeveloped country issuers may subjectthe Fund to regulatory, political,currency, security, economic and otherrisks associated with developedcountries. Developed countries tend torepresent a significant portion of theglobal economy and have generallyexperienced slower economic growththan some less developed countries.Certain developed countries 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. In addition,

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developed countries may be adverselyimpacted by changes to the economicconditions of certain key tradingpartners, regulatory burdens, debtburdens and the price or availability ofcertain commodities.

Risk of Investing in EmergingMarkets. Investments in emergingmarket issuers may be subject to agreater risk of loss than investments inissuers located or operating in moredeveloped markets. Emerging marketsmay be more likely to experienceinflation, political turmoil and rapidchanges in economic conditions thanmore developed markets. Companies inmany emerging markets are not subjectto the same degree of regulatoryrequirements, accounting standards orauditor oversight as companies in moredeveloped countries, and as a result,information about the securities inwhich the Fund invests may be lessreliable or complete. Emerging marketsoften have less reliable securitiesvaluations and greater risk associatedwith custody of securities thandeveloped markets. There may besignificant obstacles to obtaininginformation necessary for investigationsinto or litigation against companies andshareholders may have limited legalremedies. The Fund is not activelymanaged and does not selectinvestments based on investorprotection considerations.

Risk of Investing in Industrial Metals.The industrial metals sector may beadversely affected by changes ininternational economic and politicalconditions, increased competition andchanges in industrial and commercialdemand for industrial metals. As aresult, the price of industrial metals hasbeen subject to substantial pricefluctuations over short periods of time.

Risk of Investing in Russia. Investingin Russian securities involves significantrisks, including legal, regulatory,currency and economic risks that arespecific to Russia. In addition, investingin Russian securities involves risksassociated with the settlement ofportfolio transactions and loss of theFund’s ownership rights in its portfoliosecurities as a result of the system ofshare registration and custody inRussia. A number of jurisdictions,including the U.S., Canada and theEuropean Union (the “EU”), haveimposed economic sanctions on certainRussian 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.

Risk of Investing in Saudi Arabia. Theability of foreign investors (such as theFund) to invest in the securities of SaudiArabian issuers is relatively new. Suchability could be restricted by the SaudiArabian government at any time, andunforeseen risks could materialize withrespect to foreign ownership in suchsecurities. The economy of Saudi Arabiais dominated by petroleum exports. Asustained decrease in petroleum pricescould have a negative impact on allaspects of the economy. Investments inthe securities of Saudi Arabian issuersinvolve risks not typically associatedwith investments in securities of issuersin more developed countries that maynegatively affect the value of the Fund’s

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investments. Such heightened risks mayinclude, among others, expropriationand/or nationalization of assets,restrictions on and governmentintervention in international trade,confiscatory taxation, politicalinstability, including authoritarian and/or military involvement in governmentaldecision making, armed conflict, crimeand instability as a result of religious,ethnic and/or socioeconomic unrest.There remains the possibility thatinstability in the larger Middle Eastregion could adversely impact theeconomy of Saudi Arabia, and there isno assurance of political stability inSaudi Arabia.

Saudi Arabia Broker Risk. There are anumber of different ways of conductingtransactions in equity securities in theSaudi Arabian market. The Fundgenerally expects to conduct itstransactions in a manner in which theFund would not be limited by SaudiArabian regulations to a single broker.However, there may be a limitednumber of brokers who can provideservices to the Fund, which may have anadverse impact on the prices, quantityor timing of Fund transactions.

Risk of Investing in the U.K.Investments in United Kingdom (the“U.K.”) issuers may subject the Fund toregulatory, political, currency, security,and economic risks specific to the U.K.The U.K. has one of the largesteconomies in Europe, and the U.S. andother European countries aresubstantial trading partners of the U.K.As a result, the U.K.’s economy may beimpacted by changes to the economiccondition of the U.S. and otherEuropean countries. On January 31,2020, the U.K. officially left the EU(“Brexit”), subject to a transitionalperiod that ended December 31, 2020.

The U.K. and EU have reached anagreement on the terms of their futuretrading relationship effective January 1,2021, which principally relates to thetrading of goods rather than services,including financial services. Furtherdiscussions are to be held between theU.K. and the EU in relation to mattersnot covered by the trade agreement,such as financial services. The Fundfaces risks associated with the potentialuncertainty and consequences that mayfollow Brexit, including with respect tovolatility in exchange rates and interestrates.

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.

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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 interestreceived by the Fund or distributionspaid to the Fund’s shareholders, therequirements to maintain pass-throughtax treatment, portfolio transactionscarried out to minimize the distributionof capital gains to shareholders,acceptance of custom baskets, changesto the Underlying Index or the costs tothe Fund of complying with various newor existing regulatory requirements,among other reasons. This risk may beheightened during times of increasedmarket volatility or other unusualmarket conditions. Tracking error alsomay result because the Fund incurs feesand expenses, while the UnderlyingIndex does not. Tracking error mayoccur due to differences between themethodologies used in calculating thevalue of the Underlying Index anddetermining the Fund’s NAV. INDEXETFs THAT TRACK INDICES WITH

SIGNIFICANT WEIGHT IN EMERGINGMARKETS ISSUERS MAY EXPERIENCEHIGHER TRACKING ERROR THANOTHER INDEX ETFs THAT DO NOTTRACK SUCH INDICES.

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 orother 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 purchase orredeem Fund shares on days when theFund 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. 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)

75%

50%

25%

0%

-25%

-50%

-75%

2013 2014 2015 2016 2017 2018 2019 2020

-7.53%-19.46%

-40.25%

57.16%

37.14%

-18.51%

16.48%26.97%

1 The Fund’s year-to-date return as of September 30, 2021 was 12.76%.

The best calendar quarter return during the periods shown above was 39.38% in the4th quarter of 2020; the worst was -35.52% in the 1st quarter of 2020.

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).

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Average Annual Total Returns(for the periods ended December 31, 2020)

One Year Five YearsSince FundInception

(Inception Date: 1/31/2012)Return Before Taxes 26.97% 21.04% 0.58%Return After Taxes on Distributions1 26.21% 20.16% -0.28%Return After Taxes on Distributions and Sale of FundShares1 16.42% 17.11% 0.28%

MSCI ACWI Select Metals & Mining Producers exGold & Silver IMI (Index returns do not reflectdeductions for fees, expenses or taxes) 27.24% 21.34% 0.73%

1 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. Jennifer Hsui, AlanMason, Greg Savage and Amy Whitelaw(the “Portfolio Managers”) are primarilyresponsible for the day-to-daymanagement of the Fund. Each PortfolioManager supervises a portfoliomanagement team. Ms. Hsui and Mr.Savage have been Portfolio Managers ofthe Fund since 2012. Mr. Mason andMs. Whitelaw have been PortfolioManagers of the Fund since 2016 and2018, respectively.

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, educationaltraining programs, conferences, thedevelopment of technology platformsand reporting systems or other servicesrelated to the sale or promotion of theFund. These payments may create aconflict of interest by influencing thebroker-dealer or other intermediary andyour salesperson to recommend theFund over 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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Documents

2020 Summary Prospectus - iShares