0001193125-23-305479.txt : 20231229 0001193125-23-305479.hdr.sgml : 20231229 20231228192556 ACCESSION NUMBER: 0001193125-23-305479 CONFORMED SUBMISSION TYPE: 497K PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20231229 DATE AS OF CHANGE: 20231228 EFFECTIVENESS DATE: 20231229 FILER: COMPANY DATA: COMPANY CONFORMED NAME: iShares, Inc. CENTRAL INDEX KEY: 0000930667 ORGANIZATION NAME: IRS NUMBER: 510396525 STATE OF INCORPORATION: MD FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 497K SEC ACT: 1933 Act SEC FILE NUMBER: 033-97598 FILM NUMBER: 231523980 BUSINESS ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 BUSINESS PHONE: (415) 670-2000 MAIL ADDRESS: STREET 1: 400 HOWARD STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94105 FORMER COMPANY: FORMER CONFORMED NAME: iSHARES INC DATE OF NAME CHANGE: 20070126 FORMER COMPANY: FORMER CONFORMED NAME: ISHARES INC DATE OF NAME CHANGE: 20000516 FORMER COMPANY: FORMER CONFORMED NAME: WEBS INDEX FUND INC DATE OF NAME CHANGE: 19970211 0000930667 S000018069 iShares MSCI BIC ETF C000050065 iShares MSCI BIC ETF BKF 497K 1 d538607d497k.htm FORM 497K Form 497K
 
 
December 29, 2023
 
 
 
 
2023 Summary Prospectus
• iShares MSCI BIC ETF | BKF |  NYSE ARCA
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus (including amendments and supplements) and other information about the Fund, including the Fund’s statement of additional information and shareholder reports, online at https://www.blackrock.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 to iSharesETFs@blackrock.com, or from your financial professional. The Fund’s prospectus and statement of additional information, both dated December 29, 2023, as amended and supplemented from time to time, are incorporated by reference into (legally made a part of) this Summary Prospectus. Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at www.iShares.com.

  
 
 
The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

iSHARES® MSCI BIC ETF
Ticker: BKFStock Exchange: NYSE Arca
Investment Objective
The iShares MSCI BIC ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, and Brazilian and Indian equities.
Fees and Expenses
The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment advisory agreement between iShares, Inc. (the “Company”) and BlackRock Fund Advisors (“BFA”) (the “Investment Advisory Agreement”) provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses.
You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.
 
Annual Fund Operating Expenses
(ongoing expenses that you pay each year as a
percentage of the value of your investments)1
Management
Fees
Distribution
and Service
(12b-1) Fees
Other
Expenses2
Total Annual
Fund
Operating
Expenses
0.70%
None
0.00%
0.70%
1
Operating expenses paid by BFA under the Investment Advisory Agreement exclude acquired fund fees and expenses, if any.
2
The amount rounded to 0.00%.
Example. This Example is intended to help you compare the cost of owning shares of the Fund with the cost of investing in other funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then sell all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
 
1 Year
3 Years
5 Years
10 Years
$72
$224
$390
$871
S-1

Portfolio Turnover. The Fund may pay transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 9% of the average value of its portfolio.
Principal Investment Strategies
The Fund seeks to track the investment results of the MSCI BIC Index (the “Underlying Index”), which is a free float-adjusted market capitalization index that is designed to measure the combined equity market performance in Brazil, India and China (“BIC”). The Underlying Index primarily consists of stocks traded on B3 (the largest Brazilian exchange), National Stock Exchange of India, Shanghai Stock Exchange, Shenzhen Stock Exchange and the Stock Exchange of Hong Kong. The Underlying Index includes large- and mid-capitalization companies and may change over time. As of August 31, 2023, the Underlying Index consists of approximately 917 constituents, and a significant portion of the Underlying Index is represented by securities of companies in the consumer discretionary and financials industries or sectors. The components of the Underlying Index are likely to change over time.
BFA uses an indexing approach to try to achieve the Fund’s investment objective. Unlike many investment
companies, the Fund does not try to “beat” the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued.
Indexing may eliminate the chance that the Fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by aiming to keep portfolio turnover low in comparison to actively managed investment companies.
BFA uses a representative sampling indexing strategy to manage the Fund. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The Fund may or may not hold all of the securities in the Underlying Index.
The Fund generally will invest at least 80% of its assets in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index (i.e., depositary receipts representing securities of the Underlying Index) and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of
S-2

money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index. Cash and cash equivalent investments associated with a derivative position will be treated as part of that position for the purposes of calculating the percentage of investments included in the Underlying Index. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.
The Fund may lend securities representing up to one-third of the value of the Fund's total assets (including the value of any collateral received).
The Underlying Index is sponsored by MSCI Inc. (the “Index Provider” or “MSCI”), which is independent of the Fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index.
Industry Concentration Policy. The Fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry.
Diversification Policy. The Fund intends to be diversified in approximately the same proportion as the Underlying Index is diversified. The
Fund may become “non-diversified,” as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Underlying Index. Shareholder approval will not be sought if the Fund becomes “non-diversified” due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Underlying Index. The Fund discloses its portfolio holdings and weightings at www.iShares.com.
Summary of Principal Risks
As with any investment, you could lose all or part of your investment in the Fund, and the Fund's performance could trail that of other investments. The Fund is subject to certain risks, including the principal risks noted below, any of which may adversely affect the Fund's net asset value per share (“NAV”), trading price, yield, total return and ability to meet its investment objective. Certain key risks are prioritized below (with others following in alphabetical order), but the relative significance of any risk is difficult to predict and may change over time. You should review each risk factor carefully.
Risk of Investing in China. Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed securities, subject the Fund to risks specific to China. China may be subject to considerable degrees of economic, political and social instability. China is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has
S-3

expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability.
Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and structure. Internal social unrest or confrontations with neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.
China has experienced security concerns, such as terrorism and strained international relations. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China’s economy and Chinese issuers of securities in which the Fund invests. Incidents involving China's or the region's security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund's investments. Export growth continues to be a major driver of China's rapid economic growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs or other trade barriers (including
as a result of heightened trade tensions or a trade war between China and the U.S. or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China's key trading partners may have an adverse impact on the Chinese economy. The Underlying Index may include companies that are subject to economic or trade restrictions (but not investment restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of such government. So long as these restrictions do not include restrictions on investments, the Fund is generally expected to invest in such companies, consistent with its objective to track the performance of the Underlying Index.
Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. Chinese companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements, which would significantly decrease the liquidity and value of the securities. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may have limited legal remedies. The Fund is not actively managed and does not select investments based on investor protection considerations.
Risk of Investing in India. Investments in Indian issuers involve risks that are
S-4

specific to India, including legal, regulatory, political, currency and economic risks. Political and legal uncertainty, greater government control over the economy, currency fluctuations or blockage, and the risk of nationalization or expropriation of assets may result in higher potential for losses. The securities markets in India are relatively underdeveloped and may subject the Fund to higher transaction costs or greater uncertainty than investments in more developed securities markets.
Risk of Investing in Brazil. Investment in Brazilian issuers involves risks that are specific to Brazil, including legal, regulatory, political, currency and economic risks. The Brazilian economy has historically been exposed to high rates of inflation and a high level of debt, each of which may reduce and/or prevent economic growth.
Equity Securities Risk. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The Underlying Index is composed of common stocks, which generally subject their holders to more risks than preferred stocks and debt securities because common stockholders’ claims are subordinated to those of holders of preferred stocks and debt securities upon the bankruptcy of the issuer.
Market Risk. The Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Local, regional or global events such as war, acts of terrorism, public health issues, recessions, the prospect or occurrence of a sovereign default or other financial
crisis, or other events could have a significant impact on the Fund and its investments and could result in increased premiums or discounts to the Fund’s NAV.
Index-Related Risk. There is no guarantee that the Fund’s investment results will have a high degree of correlation to those of the Underlying Index or that the Fund will achieve its investment objective. Market disruptions and regulatory restrictions could have an adverse effect on the Fund’s ability to adjust its exposure to the required levels in order to track the Underlying Index. Errors in index data, index computations or the construction of the Underlying Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the Fund and its shareholders. Unusual market conditions or other unforeseen circumstances (such as natural disasters, political unrest or war) may impact the Index Provider or a third-party data provider, and could cause the Index Provider to postpone a scheduled rebalance. This could cause the Underlying Index to vary from its normal or expected composition.
Asset Class Risk. Securities and other assets in the Underlying Index or in the Fund's portfolio may underperform in comparison to the general financial markets, a particular financial market or other asset classes.
Authorized Participant Concentration Risk. Only an Authorized Participant (as defined in the Creations and Redemptions section of this prospectus (the “Prospectus”)) may engage in creation or redemption transactions
S-5

directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem, Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk 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 or instruments that have lower trading volumes.
Commodity Risk. The Fund invests in companies that are susceptible to fluctuations in certain commodity markets and to price changes due to trade relations. Any negative changes in commodity markets that may be due to changes in supply and demand for commodities, market events, war, regulatory developments, other catastrophic events, or other factors that the Fund cannot control could have an adverse impact on those companies.
Concentration Risk. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund's investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of
industries, sector, market segment or asset class.
Consumer Discretionary Sector Risk. The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, supply chains, competition, consumers' disposable income, consumer preferences, social trends and marketing campaigns.
Currency Risk. Because the Fund's NAV is determined in U.S. dollars, the Fund's NAV could decline if the currency of a non-U.S. market in which the Fund invests depreciates against the U.S. dollar or if there are delays or limits on repatriation of such currency. Currency exchange rates can be very volatile and can change quickly and unpredictably. As a result, the Fund's NAV may change quickly and without warning.
Custody Risk. Less developed securities markets are more likely to experience problems with the clearing and settling of trades, as well as the holding of securities by local banks, agents and depositories.
Cybersecurity Risk. Failures or breaches of the electronic systems of the Fund, the Fund's adviser, distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund’s business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of
S-6

the Fund’s Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.
Financials Sector Risk. The performance of companies in the financials sector may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. Cybersecurity incidents and technology malfunctions and failures have become increasingly frequent and have caused significant losses to companies in this sector, which may negatively impact the Fund.
Geographic Risk. A natural disaster could occur in a geographic region in which the Fund invests, which could adversely affect the economy or the business operations of companies in the specific geographic region, causing an adverse impact on the Fund's investments in, or which are exposed to, the affected region.
Indexing Investment Risk. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.
Infectious Illness Risk. A widespread outbreak of an infectious illness, such as the COVID-19 pandemic, may result in travel restrictions, disruption of healthcare services, prolonged quarantines, cancellations, supply chain disruptions, business closures, lower consumer demand, layoffs, ratings
downgrades, defaults and other significant economic, social and political impacts. Markets may experience temporary closures, extreme volatility, severe losses, reduced liquidity and increased trading costs. Such events may adversely affect the Fund and its investments and may impact the Fund’s ability to purchase or sell securities or cause elevated tracking error and increased premiums or discounts to the Fund's NAV. Despite the development of vaccines, the duration of the COVID-19 pandemic and its effects cannot be predicted with certainty.
Issuer Risk. The performance of the Fund depends on the performance of individual securities to which the Fund has exposure. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.
Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. During different market cycles, the performance of large-capitalization companies has trailed the overall performance of the broader securities markets.
Large Shareholder and Large-Scale Redemption Risk. Certain shareholders, 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 their investment for a limited
S-7

period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell portfolio securities when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase the Fund’s brokerage costs and/or have a material effect on the market price of the Fund shares.
Management Risk. As the Fund will not fully replicate the Underlying Index, it is subject to the risk that BFA's investment strategy may not produce the intended results.
Market Trading Risk. The Fund faces numerous market trading risks, including the potential lack of an active market for Fund shares, losses from trading in secondary markets, periods of high volatility and disruptions in the creation/redemption process. ANY OF THESE FACTORS, AMONG OTHERS, MAY LEAD TO THE FUND'S SHARES TRADING AT A PREMIUM OR DISCOUNT TO NAV.
National Closed Market Trading Risk. To the extent that the underlying securities or other instruments held by the Fund trade on foreign exchanges or in foreign markets that may be closed when the securities exchange on which the Fund’s shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on the Fund is likely to be greater where a large portion of the Fund’s underlying securities or other instruments trade on that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations could result in premiums or discounts to the Fund’s NAV that may be greater than those experienced by other ETFs.
Non-Diversification Risk. To the extent the Fund is non-diversified, the Fund may invest a large percentage of its assets in securities issued by or representing a small number of issuers. As a result, the Fund's performance may be adversely affected, the Fund's shares may experience greater price volatility and the Fund may be more susceptible to the risks associated with these particular issuers or to a single economic, political or regulatory occurrence affecting these issuers.
Non-U.S. Securities Risk. Investments in the securities of non-U.S. issuers are subject to the risks associated with investing in those non-U.S. markets, such as heightened risks of inflation or nationalization. The Fund may lose money due to political, economic and geographic events affecting issuers of non-U.S. securities or non-U.S. markets. In addition, non-U.S. securities markets
S-8

may trade a small number of securities and may be unable to respond effectively to changes in trading volume, potentially making prompt liquidation of holdings difficult or impossible at times. The Fund is specifically exposed to Asian Economic Risk.
Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third parties, failed or inadequate processes and technology or systems failures. The Fund and BFA seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.
Privatization Risk. Some countries in which the Fund invests have privatized, or have begun the process of privatizing, certain entities and industries. Privatized entities may lose money or be re-nationalized.
Reliance on Trading Partners Risk. The Fund invests in countries or regions whose economies are heavily dependent upon trading with key partners. Any reduction in this trading may have an adverse impact on the Fund's investments. Through its holdings of securities of certain issuers, the Fund is specifically exposed to Asian Economic Risk, European Economic Risk and U.S. Economic Risk.
Risk of Investing in Emerging Markets. Investments in emerging market issuers may be subject to a greater risk of loss than investments in issuers located or operating in more
developed markets. Emerging markets may be more likely to experience inflation, social instability, political turmoil or rapid changes in economic conditions than more developed markets. Companies in many emerging markets are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about the securities in which the Fund invests may be less reliable or complete. Emerging markets often have less reliable securities valuations and greater risk associated with custody of securities than developed markets. There may be significant obstacles to obtaining information necessary for investigations into or litigation against companies and shareholders may have limited legal remedies. The Fund is not actively managed and does not select investments based on investor protection considerations.
Risk of Investing in Russia. Investing in Russian securities involves significant risks, including legal, regulatory, currency and economic risks that are specific to Russia. In addition, investing in Russian securities involves risks associated with the settlement of portfolio transactions and loss of the Fund’s ownership rights in its portfolio securities as a result of the system of share registration and custody in Russia. Governments in the U.S. and many other countries have imposed economic sanctions on certain Russian individuals and Russian corporate and banking entities. A number of jurisdictions may also institute broader sanctions on Russia. Russia has issued a number of countersanctions, some of which restrict the distribution of profits
S-9

by limited liability companies (e.g., dividends), and prohibit Russian persons from entering into transactions with designated persons from “unfriendly states” as well as the export of raw materials or other products from Russia to certain sanctioned persons. Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, are impossible to predict, but could be significant. Disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, import and export restrictions, tariffs or cyberattacks on the Russian government, Russian companies, or Russian individuals, including politicians, may impact Russia’s economy and Russian companies in which the Fund invests. Actual and threatened responses to Russian military action may also impact the markets for certain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian economy, and are likely to have collateral impacts on such sectors globally. Russian companies may be unable to pay dividends and, if they pay dividends, the Fund may be unable to receive them. As a result of sanctions, the Fund is currently restricted from trading in Russian securities, including those in its portfolio, while the Underlying Index has removed Russian securities. It is unknown when, or if, sanctions may be lifted or the Fund’s
ability to trade in Russian securities will resume.
Securities Lending Risk. The Fund may engage in securities lending. Securities lending involves the risk that the Fund may lose money because the borrower of the loaned securities fails to return the securities in a timely manner or at all. The Fund could also lose money in the event of a decline in the value of collateral provided for loaned securities or a decline in the value of any investments made with cash collateral. These events could also trigger adverse tax consequences for the Fund.
Security Risk. Some countries and regions in which the Fund invests have experienced security concerns, such as war, terrorism and strained international relations. Incidents involving a country's or region's security may cause uncertainty in its markets and may adversely affect its economy and the Fund's investments.
Tax Risk. The Fund is subject to tax in India on the purchase and sale of Indian securities, which will reduce the Fund's returns. For more information regarding the tax implications of investing in Indian securities, please see the section entitled “Indian Tax Disclosure.”
Tracking Error Risk. The Fund may be subject to “tracking error,” which is the divergence of the Fund’s performance from that of the Underlying Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Underlying Index, pricing differences (including, as applicable, differences between a security’s price at the local market close and the Fund's valuation of a security at the time of calculation of the Fund's NAV),
S-10

transaction costs incurred by the Fund, the Fund’s holding of uninvested cash, differences in timing of the accrual or the valuation of dividends or interest received by the Fund or distributions paid to the Fund’s shareholders, the requirements to maintain pass-through tax treatment, portfolio transactions carried out to minimize the distribution of capital gains to shareholders, acceptance of custom baskets, changes to the Underlying Index or the costs to the Fund of complying with various new or existing regulatory requirements, among other reasons. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Underlying Index does not. Tracking error may occur due to differences between the methodologies used in calculating the value of the Underlying Index and determining the Fund’s NAV. BFA EXPECTS THAT THE FUND WILL EXPERIENCE HIGHER TRACKING ERROR THAN IS TYPICAL FOR SIMILAR INDEX ETFs.
Valuation Risk. The price the Fund could receive upon the sale of a security or other asset may differ from the Fund's valuation of the security or other
asset and from the value used by the Underlying Index, particularly for securities or other assets that trade in low volume or volatile markets or that are valued using a fair value methodology as a result of trade suspensions or for other reasons. In addition, the value of the securities or other assets in the Fund's portfolio may change on days or during time periods when shareholders will not be able to purchase or sell the Fund's shares. Authorized Participants who purchase or redeem Fund shares on days when the Fund is holding fair-valued securities may receive fewer or more shares, or lower or higher redemption proceeds, than they would have received had the securities not been fair valued or been valued using a different methodology. The ability to value investments may be impacted by technological issues or errors by pricing services or other third-party service providers. DUE TO INABILITY TO TRADE RUSSIAN SECURITIES, CERTAIN OF THE FUND'S ASSETS ARE VALUED USING A FAIR VALUE METHODOLOGY. THE ACTUAL PRICE RECEIVED BY THE FUND FOR SUCH ASSETS MAY DIFFER SUBSTANTIALLY FROM THE FAIR VALUE ASSIGNED TO THEM.
S-11

Performance Information
The bar chart and table that follow show how the Fund has performed on a calendar year basis and provide some indication of the risks of investing in the Fund by showing how the Fund’s average annual returns for 1, 5, and 10 years compare with the Underlying Index. Both assume that 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 the future. If BFA had not waived certain Fund fees during certain periods, the Fund's returns would have been lower.
Calendar Year by Year Returns1 
 
1
The Fund’s year-to-date return as of September 30, 2023 was -1.36%.
The best calendar quarter return during the periods shown above was 16.64% in the 2nd quarter of 2020; the worst was -21.11% in the 3rd quarter of 2015.
Updated performance information, including the Fund’s current NAV, may be obtained by visiting our website at www.iShares.com or by calling 1-800-iShares (1-800-474-2737) (toll free).
S-12

Average Annual Total Returns
(for the periods ended December 31, 2022) 
 
One Year
Five Years
Ten Years
(Inception Date: 11/12/2007)
 
 
 
Return Before Taxes
-21.77%
-3.22%
0.60%
Return After Taxes on Distributions1
-21.93%
-3.54%
0.19%
Return After Taxes on Distributions and Sale of Fund
Shares1
-12.41%
-2.23%
0.57%
MSCI BIC Index (Index returns do not reflect deductions
for fees, expenses or taxes)2
-21.12%
-2.62%
1.22%
1
After-tax returns in the table above are calculated using the historical highest individual U.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 those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). Fund returns after taxes on distributions and sales of Fund shares are calculated assuming that an investor has sufficient capital gains of the same character from other investments to offset any capital losses from the sale of Fund shares. As a result, Fund returns after taxes on distributions and sales of Fund shares may exceed Fund returns before taxes and/or returns after taxes on distributions.
2
On July 14, 2022, the name of the Fund’s Underlying Index changed from the MSCI BRIC Index to the MSCI BIC Index. Russian securities were removed from the Underlying Index as of March 9, 2022.
S-13

Management
Investment Adviser. BlackRock Fund Advisors.
Portfolio Managers. Jennifer Hsui, Greg Savage and Paul Whitehead (the “Portfolio Managers”) are primarily responsible for the day-to-day management of the Fund. Each Portfolio Manager supervises a portfolio management team. Ms. Hsui, Mr. Savage and Mr. Whitehead have been Portfolio Managers of the Fund since 2012, 2008 and 2022, respectively.
Purchase and Sale of Fund Shares
The Fund is an ETF. Individual shares of the Fund may only be bought and sold in the secondary market through a broker-dealer. Because ETF shares trade at market prices rather than at NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the “bid-ask spread”).
Tax Information
The Fund intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will be taxed when withdrawn.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), BFA or other related companies may pay the intermediary for marketing activities and presentations, educational training programs, conferences, the development of technology platforms and reporting systems or other services related to the sale or promotion of the Fund. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
S-14

For more information visit www.iShares.com or call 1-800-474-2737
Investment Company Act file No.: 811-09102
IS-SP-BKF-1223
 
 
 GRAPHIC 2 g538607bkf.jpg GRAPHIC begin 644 g538607bkf.jpg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end GRAPHIC 3 g538607br2015.jpg GRAPHIC begin 644 g538607br2015.jpg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end GRAPHIC 4 g538607img8ad834a81.jpg GRAPHIC begin 644 g538607img8ad834a81.jpg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end GRAPHIC 5 g538607img908a136a2.jpg GRAPHIC begin 644 g538607img908a136a2.jpg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g538607ishares2019sm.jpg GRAPHIC begin 644 g538607ishares2019sm.jpg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end