Prospectus by Investment Company - Form 497

iShares^®

iShares, Inc.

Supplement dated August 19, 2024 (the "Supplement")

to the currently effective Summary Prospectus, Prospectus, and

Statement of Additional Information (the "SAI")

for the iShares Frontier and Select EM ETF (FM) (the "Fund")

As announced on June 7, 2024, the Fund has entered into an extended liquidation period and currently holds a substantial majority of its assets in cash and cash equivalents. The Fund will cease trading and the creation and redemption of Creation Units as soon as practicable (referred to as the "Last Trading Date"). Currently, the Fund expects the Last Trading Date to be on or around March 31, 2025. The Last Trading Date may be earlier or later than March 31, 2025. The Fund's website will be updated upon the determination of the Last Trading Date.

In light of the extended liquidation period, BlackRock Fund Advisors ("BFA") contractually agreed, effective on August 19, 2024, to waive a portion of its management fee so that the Fund's total annual fund operating expenses after the fee waiver will not exceed 0.20% through August 18, 2025.

Accordingly, the following changes will take effect immediately:

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

The following table describes the fees and expenses that you will incur if you buy, hold and sell shares of the Fund. The investment advisory agreement between iShares, Inc. (the "Company") and BlackRock Fund Advisors ("BFA") (the "Investment Advisory Agreement") provides that BFA will pay all operating expenses of the Fund, except: (i) the management fees, (ii) interest expenses, (iii) taxes, (iv) expenses incurred with respect to the acquisition and disposition of portfolio securities and the execution of portfolio transactions, including brokerage commissions, (v) distribution fees or expenses, and (vi) litigation expenses and any extraordinary expenses. BFA, the investment adviser to the Fund, has contractually agreed to waive a portion of its management fee so that the Fund's total annual fund operating expenses after the fee waiver will not exceed 0.20% through August 18, 2025. The contractual waiver may be terminated prior to August 18, 2025 only upon written agreement of the Company and BFA.

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

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:

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

For the fiscal year ended August 31, 2023, BFA was paid a management fee from the Fund, as a percentage of the Fund's average daily net assets, net of any applicable waivers, at the annual rate of 0.79%. Effective August 19, 2024, BFA has contractually agreed to waive a portion of its management fee so that the Fund's total annual fund operating expenses after the fee waiver will not exceed 0.20% through August 18, 2025. The contractual waiver may be terminated prior to August 18, 2025 only upon written agreement of the Company and BFA.

3. In the Management Fee table on pages 92-93 of the SAI, footnote nine (9) is hereby added with the following:

For the iShares Frontier and Select EM ETF, BFA has contractually agreed to waive a portion of its management fee so that the Fund's total annual fund operating expenses after the fee waiver will not exceed 0.20% through August 18, 2025. The contractual waiver may be terminated prior to August 18, 2025 only upon written agreement of the Company and BFA.

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

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

IS-SUPP-FM-0824

PLEASE RETAIN THIS SUPPLEMENT

FOR FUTURE REFERENCE