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iShares, Inc.

·  iShares MSCI Global Agriculture Producers ETF | VEGI | NYSE Arca

·  iShares MSCI Global Energy Producers ETF | FILL | NYSE Arca

·  iShares MSCI Global Gold Miners ETF | RING | NASDAQ

·  iShares MSCI Global Metals & Mining Producers ETF | PICK | Cboe BZX

·  iShares MSCI Global Silver and Metals Miners ETF | SLVP | Cboe BZX

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Market Overview

iShares, Inc.

Global Market Overview

Global equity markets declined in U.S. dollar terms during the 12 months ended August 31, 2022 (“reporting period”). The MSCI ACWI, a broad global equity index that includes both developed and emerging markets, returned -15.88% in U.S. dollar terms for the reporting period.

For the first third of the reporting period, economic recovery supported stocks in most regions of the world. The global economy continued to rebound from the impact of restrictions imposed at the beginning of the coronavirus pandemic, as mitigation and adaptation allowed most economic activity to continue. However, substantial challenges emerged at the beginning of 2022 which negatively affected stock prices. Inflation rose significantly in many countries, reducing consumers’ purchasing power and leading many central banks to tighten monetary policy. Russia’s invasion of Ukraine presented a further challenge to the global economy, disrupting important commodities markets.

The U.S. economy grew briskly over the final half of 2021, powered primarily by consumer spending. Record-high personal savings rates allowed consumers to spend at an elevated level, releasing pent-up demand for goods and services. Growth subsequently stalled in the first half of 2022, and the economy contracted amid lower inventories and faltering business investment. Despite the economic downturn, unemployment declined substantially, falling to 3.7% in August 2022 while the number of long-term unemployed dropped below the pre-pandemic level. Although high inflation negatively impacted consumer sentiment, which declined significantly, consumer spending continued to grow.

Rising inflation led to a shift in policy from the U.S. Federal Reserve (“the Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near-zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy during the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities, finally reversing course as it began to reduce its balance sheet in June 2022. In March 2022, the Fed began to raise short-term interest rates, followed by three more increases for a total increase of 225 basis points, the most rapid rise in decades. Interest rates rose significantly in response, leading to higher borrowing costs for businesses. In that environment, the U.S. dollar significantly appreciated relative to most foreign currencies.

Stocks declined in Europe in U.S. dollar terms as economic growth stalled and the euro declined sharply relative to the U.S. dollar. Significantly higher inflation and Russia’s invasion of Ukraine negatively impacted equities. Russia is an important trading partner with many European countries, and new sanctions imposed limits on certain types of trade with Russia. Investors became concerned that the sharp rise in energy prices during the reporting period would constrain economic growth, as Europe relies on imported energy for much of its industrial and heating needs. The European Central Bank (“ECB”) responded to elevated inflation by raising interest rates in July 2022, the first such increase in over a decade.

Despite relatively low inflation by global standards, Asia-Pacific stocks declined significantly in U.S. dollar terms. Chinese stocks faced significant headwinds amid regulatory interventions by the Chinese government and strict lockdowns following COVID-19 outbreaks. Japanese stocks also declined amid an economic contraction in the first quarter of 2022 and a sharp decline in the Japanese yen relative to the U.S. dollar. Emerging market stocks declined substantially, as higher interest rates and a strengthening U.S. dollar raised the cost of borrowing in many emerging economies.

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Investment Objective

The iShares MSCI Global Agriculture Producers ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of agriculture, as represented by the MSCI ACWI Select Agriculture Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

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Portfolio Management Commentary

Stocks of global agricultural producers advanced for the reporting period. The war in Ukraine sent the prices of many crops up as the conflict disrupted the planting season in Ukraine, one of the world’s major suppliers of wheat, corn, and sunflower oil. Prices for fertilizers and pesticides rose after countries imposed sanctions against Russia and Belarus, two of the world’s largest suppliers of commodities used in producing the crop chemicals. While the prices of some agricultural commodities moderated by the end of the reporting period, the volatile markets benefited many food producers.

Stocks in the U.S. materials sector contributed the most to the Index’s performance, specifically in the chemicals industry. Stronger demand for pesticides and herbicides increased profits for chemical companies as farmers sought to maximize crop yields to benefit from higher crop prices. Stronger sales offset rising costs of raw materials used to produce crop protection chemicals, in addition to losses from withdrawing from the Russian market.

In the U.S. consumer staples sector, the food products industry benefited from rising global demand for grains in the wake of the conflict in Ukraine, in addition to a weak canola crop in Canada and poor weather conditions in South America. Demand for biofuels increased as pandemic-related restrictions eased, economies reopened, and people traveled more.

Canadian companies in the materials sector also contributed to the Index’s return. Prices for fertilizers climbed sharply in the wake of sanctions against Russia and Belarus, the world’s second and third largest suppliers of crop nutrients. Prices for fertilizers such as potash and nitrogen rose to approach their highest levels since reaching all-time highs in 2008.

On the downside, Japanese companies in the industrials sector detracted from the Index’s performance. Despite rising demand for farm machinery, profits for manufacturers were pressured by rising raw materials costs.

Consumer staples companies in Norway declined as the stock of a salmon fish farming company retreated after rival companies agreed to a merger. Swedish industrials stocks also weakened as coronavirus-related restrictions exacerbated global supply constraints.

Portfolio Information

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Investment Objective

The iShares MSCI Global Energy Producers ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of energy exploration and production, as represented by the MSCI ACWI Select Energy Producers Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

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Portfolio Management Commentary

Stocks of global energy producers rose sharply for the reporting period amid substantial volatility in energy markets. Oil prices were relatively subdued early in the reporting period as several nations, including the U.S., the U.K., China, India, and Japan, coordinated to release millions of barrels of fuel to fight high prices. However, tight supplies and rising geopolitical tensions among major oil producing nations, including the United Arab Emirates and Russia, began to drive prices higher in early 2022. Prices surged further after Russia invaded Ukraine and nations imposed sanctions against Russia, one of the world’s largest suppliers of petroleum products. However, oil and gas prices moderated somewhat in the final months of the reporting period as rising interest rates and inflationary pressures weakened global economies and lowered demand forecasts. Nonetheless, natural gas prices remained high as Russia retaliated against sanctions by curbing exports to Europe.

The U.S. energy sector contributed the most to the Index’s performance. Companies in the oil, gas, and consumable fuels industry posted record profits due to higher energy prices, sending oil stocks up sharply. The industry rewarded shareholders by raising dividends and buying back stock. Furthermore, companies in the industry increased investment in new production to profit from higher oil prices. The profits from higher oil prices more than offset losses incurred from the cessation of business operations in Russia.

Canadian energy companies also contributed to the Index’s return. Higher oil and natural gas prices strengthened the revenues and profits of Canadian energy companies. Strong cash flows allowed the companies to reduce their debt levels while also buying back stock and increasing dividend payments. Similar to their North American counterparts, U.K. oil and gas companies advanced, raising their dividends and increasing stock buybacks after posting stronger profits.

On the downside, energy companies in Russia detracted from the Index’s performance as the stocks of oil and gas companies dropped sharply following the imposition of global sanctions against Russia. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

Portfolio Information

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Investment Objective

The iShares MSCI Global Gold Miners ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of gold mining, as represented by the MSCI ACWI Select Gold Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

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Portfolio Management Commentary

Global gold mining stocks declined sharply for the reporting period as the price of gold fell overall. However, at the beginning of the reporting period, gold prices initially climbed as U.S. inflation rates climbed to the highest levels in 30 years, weakening the outlook for the stock market. Gold is traditionally perceived as an attractive investment and store of value during periods of rising inflation. Gold prices surged after Russia invaded Ukraine, sending commodities prices sharply higher and stock markets lower, increasing geopolitical and economic uncertainty and further provoking inflation concerns. Gold prices peaked in early March 2022 near record highs of over $2,000 U.S. an ounce after many nations took steps to sanction Russia, including limiting gold sales. However, gold prices declined as bond yields rose, particularly after the Fed began a series of interest rates hikes starting in March 2022. Because gold does not pay interest, its appeal decreases as its carrying cost relative to bonds increases, such as when yields rise. The stronger U.S. dollar, which climbed against most major currencies, made the precious metal more expensive to buy in most other countries and sent the price of gold lower.

From a country perspective, the Canadian gold mining industry detracted the most from the Index’s return. Even as profits rose, the stocks of Canadian gold miners declined as the price of gold fell. In addition, rising inflation rates, particularly costs for energy, explosives, and cyanide, drove production expenses higher. Some gold mining companies increased production of industrial metals, such as copper, which is a common byproduct of gold mining as it is often discovered in the same ore. They also sought new mining projects to diversify revenues.

The Russian gold mining industry also detracted from the Index’s performance. Stocks of Russian gold miners dropped after Russia invaded Ukraine and nations imposed sanctions, leading Western banks and shipping companies to curtail operating with the companies. As sales to Western countries disappeared, the companies sought new markets for gold sales, such as in Asia. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

Portfolio Information

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Investment Objective

The iShares MSCI Global Metals & Mining Producers ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in mining, extraction or production of diversified metals, excluding gold and silver, as represented by the MSCI ACWI Select Metals & Mining Producers ex Gold & Silver Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

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Portfolio Management Commentary

Stocks of global metals and mining producers declined for the reporting period. Prices for industrial metals dropped as the global economy slowed and manufacturing activity weakened.

The Russian metals and mining industry detracted the most from the Index’s performance. Stocks in the industry dropped sharply after sanctions were imposed against Russia following its invasion of Ukraine. BlackRock suspended the purchase of Russian securities in its active and index funds on Monday, February 28, 2022, in response to the Russian attack on Ukraine. All major index providers began the removal of Russian securities from their indexes beginning the week of March 7.

Brazilian mining stocks also weakened the Index’s performance. Stocks of iron ore miners dropped as global demand for the metal weakened, particularly in China, where coronavirus-related restrictions curtailed production and falling property prices slowed new construction. Increased logistics and fuel costs also weakened profits.

Chinese mining companies also detracted from the Index’s return. The stock of a major lithium miner retreated as mining companies raised output of lithium to profit from the high prices for the metal.

Precious metals mining companies in South Africa also detracted from the Index’s performance. The stock price of one major precious metals mining company dropped sharply after labor disruptions led production to drop, reducing profits.

The stocks of Japanese mining companies also declined. Steel companies faced rising costs for fuel, logistics, and raw materials such as iron ore and coking coal, while demand for steel fell as economic growth slowed, particularly in China and Japan.

On the upside, the Saudi Arabian metals and mining sector contributed to the Index’s performance. One prominent Saudi diversified mining company posted sharply stronger profits as demand rose for the raw materials it provides for fertilizer manufacturers.

Portfolio Information

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Investment Objective

The iShares MSCI Global Silver and Metals Miners ETF(the “Fund”) seeks to track the investment results of an index composed of global equities of companies primarily engaged in the business of silver exploration or metals mining, as represented by the MSCI ACWI Select Silver Miners Investable Market Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

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Portfolio Management Commentary

Global silver mining stocks declined sharply for the reporting period as the price of silver fell overall. However, silver prices initially surged after Russia invaded Ukraine, sending commodities prices sharply higher and stock markets lower and increasing geopolitical and economic uncertainty. But silver prices began to decline as bond yields rose, particularly after the Fed began a series of interest rates hikes starting in March 2022 to reverse rising inflation. Because silver does not pay interest, its appeal decreases as its carrying cost relative to bonds increases, such as when yields rise. The stronger U.S. dollar, which climbed against most major currencies, made the precious metal more expensive to buy in most other countries and sent the price of silver lower.

Russia’s invasion of Ukraine led to rising production costs for silver miners. The price of sodium cyanide, a chemical used for removing silver from ore, rose sharply as the war sent energy prices higher, leading one major supplier of the chemical to suspend production in Europe. The war also drove up the cost of explosives made with ammonium nitrate and other raw materials used in mining. Russia, the world’s largest supplier of ammonium nitrate, suspended exports of the chemical following Western sanctions.

Canadian silver mining companies detracted the most from the Index’s performance. The Omicron variant of the coronavirus led to high levels of workforce absenteeism and reduced production. Production expenses rose during the reporting period, particularly the cost of energy, cyanide, explosives, and steel. Rising production costs and low silver prices reduced profit margins, leading mining companies to suspend operations at some sites and reduce the value of the mining assets on their balance sheets.

U.S. silver mining stocks also weakened the Index’s return as costs escalated and silver prices fell. Earnings declined as coronavirus-related restrictions and a shortage of skilled workers diminished production.

Silver mining companies in Mexico further detracted from the Index’s performance. Drug cartel violence and fewer government concessions to explore and exploit mining activities hindered mining development projects in Mexico.

Portfolio Information

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

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Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended August 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows: