# EDGAR Filing Document

**Accession Number:** 0000930667
**File Stem:** 0001193125-25-192804
**Filing Date:** 2025-8
**Character Count:** 16423
**Document Hash:** 02c3e3a34fd579474c1dd1373a4b608a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-192804.hdr.sgml**: 20250829

**ACCESSION NUMBER**: 0001193125-25-192804

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 11

**FILED AS OF DATE**: 20250829

**DATE AS OF CHANGE**: 20250829

**EFFECTIVENESS DATE**: 20250829

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** iShares, Inc.
- **CENTRAL INDEX KEY:** 0000930667

**ORGANIZATION NAME:**
- **EIN:** 510396525
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-97598
- **FILM NUMBER:** 251281215

**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

## Series and Classes Contracts Data

### iShares International High Yield Bond ETF (Series ID: S000036907)

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|  |  |  |
|:---|:---|:---|
| Class Name                                | Ticker Symbol | Class ID   |
| iShares International High Yield Bond ETF | HYXU          | C000112950 |

---

## Series and Classes Contracts Data

### iShares International High Yield Bond ETF (Series ID: S000036907)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000112950 | iShares International High Yield Bond ETF | HYXU            |

?xml version='1.0' encoding='ASCII'? Form 497

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## Important Notice Regarding Change in Investment Policy and Name

## iShares<sup>®</sup>

#### iShares Inc.

#### Supplement dated August 29, 2025 (the "Supplement")

#### to the currently effective Summary Prospectus, Prospectus and

#### Statement of Additional Information (the "SAI")

#### for the iShares International High Yield Bond ETF (HYXU) (the "Fund")
The Board of Directors has approved the following changes for the Fund that are expected to take effect on or around October 31, 2025:

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| | | |
|:---|:---|:---|
|  | **Current** | **New** |
| &nbsp;&nbsp;&nbsp; **Fund Name** | iShares International High Yield Bond ETF | iShares Euro High Yield Corporate Bond USD Hedged ETF |
| &nbsp;&nbsp;&nbsp; **Ticker** | HYXU | EUHY |
| &nbsp;&nbsp;&nbsp; **Underlying Index** | Markit iBoxx Global Developed Markets ex-US High Yield Index | Bloomberg Pan-European High Yield (Euro) TR Index Hedged USD Index |
| &nbsp;&nbsp;&nbsp; **Index Provider** | Markit Indices Limited | Bloomberg Index Services Limited |
| &nbsp;&nbsp;&nbsp; **Investment**<br> **Objective** | The iShares International High Yield Bond ETF seeks to track the investment results of an index composed of euro, British pound sterling and Canadian dollar-denominated, high yield corporate bonds. | The iShares Euro High Yield Bond USD Hedged ETF seeks to track the investment results of an index composed of Euro-denominated high yield bonds that mitigates exposure to fluctuations between the value of the Euro and the U.S. dollar. |
| &nbsp;&nbsp;&nbsp; **Portfolio**<br> **Managers** | Jonathan Graves, James Mauro and Marcus Tom | James Mauro and Divya Manek |

---

• **The first four paragraphs of the Prospectus and Summary Prospectus entitled "Principal Investment Strategies" shall be deleted in its entirety replaced with the following:** 

The Fund seeks to track the investment results of the Bloomberg Pan-European High Yield (Euro) TR Index Hedged USD Index (the "Underlying Index"), which measures the performance of fixed-rate high yield Euro-denominated securities issued by corporations (as determined by Bloomberg Index Services Limited (the "Index Provider" or "Bloomberg")).

The Underlying Index includes high yield, fixed-rate Euro-denominated corporate bonds from both developed and emerging market issuers. Inclusion is based on the currency of the issue, and not the domicile of the issuer. The Underlying Index includes bonds that have a minimum remaining time to maturity of at least one year and a minimum amount outstanding par amount of EUR 100 million. The Underlying Index is market capitalization-weighted. Certain types of securities, such as contingent capital securities, inflation-linked bonds, floating-rate issues, fixed-rate perpetuals, retail bonds, structured notes, pass-through certificates, private placements (other than those offered pursuant to Regulation S promulgated under the Securities Act of 1933, as amended (the "1933 Act")) and securities where reliable pricing is unavailable are excluded from the Underlying Index.

The securities in the Underlying Index are updated on the last business day of each month, and the currency risk of the securities in the Underlying Index is hedged to the U.S. dollar on a monthly basis. As of August 21, 2025, a significant portion of the Underlying Index is represented by securities of issuers in the consumer goods and services industry or sector. The components of the Underlying Index are likely to change over time.

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Components of the Underlying Index include fixed-income securities and foreign currency forward contracts (both deliverable and non-deliverable) designed to hedge the Euro's fluctuations against the U.S. dollar. The notional exposure to foreign currency forward contracts (both deliverable and non-deliverable) generally will be a short position that hedges the currency risk of the fixed-income portfolio. The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.

The Underlying Index sells forward the total value of the Euro at a one-month forward rate to hedge against fluctuations in the relative value of the Euro in relation to the U.S. dollar. The hedge is reset on a monthly basis. The Underlying Index is designed to have higher returns than an equivalent unhedged investment when the Euro is weakening relative to the U.S. dollar. Conversely, the Underlying Index is designed to have lower returns than an equivalent unhedged investment when the Euro is rising relative to the U.S. dollar.

In order to track the "hedging" component of the Underlying Index, the Fund enters into foreign currency forward contracts designed to offset the Fund's exposure to the Euro. A foreign currency forward contract is a contract between two parties to buy or sell a specified amount of a specific currency in the future at an agreed-upon exchange rate. The Fund's exposure to foreign currency forward contracts is based on the aggregate exposure of the Fund to the Euro. While this approach is designed to minimize the impact of currency fluctuations on Fund returns, it does not necessarily eliminate the Fund's exposure to the Euro. The return of the foreign currency forward contracts may not perfectly offset the actual fluctuations in value between the Euro and the U.S. dollar.

The Fund may also use non-deliverable forward ("NDF") contracts to execute its hedging transactions. An NDF contract is a contract where there is no physical settlement of two currencies at maturity. Rather, based on the movement of the currencies and the contractually agreed upon exchange rate, a net cash settlement will be made by one party to the other in U.S. dollars.

• **The last paragraph of the Prospectus and Summary Prospectus entitled "Principal Investment Strategies" shall be deleted in its entirety replaced with the following:** 

The Underlying Index is sponsored by Bloomberg, 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.

• **The following shall be added to the section of the prospectus and Summary Prospectus entitled "Summary of Principal Risks":** 

**Currency Hedging Risk.** In seeking to track the "hedging" component of the Underlying Index, the Fund invests in currency forward contracts (which may include both physically settled forward contracts and NDFs) designed to hedge the currency exposure of non-U.S. dollar denominated securities held in its portfolio. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and its reference asset, and there can be no assurance that the Fund's hedging transactions will be effective.

Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions in a geographic region in which the Fund invests. In addition, in order to minimize transaction costs, or for other reasons, the Fund's exposure to the non-U.S. dollar component currencies may not be fully hedged at all times. At certain times, the Fund may use an optimized hedging strategy and will hedge a smaller number of non-U.S. dollar component currencies to reduce hedging costs. Because currency forwards are over-the-counter instruments, the Fund is subject to counterparty risk as well as market or liquidity risk with respect to the hedging transactions the Fund enters into.

The effectiveness of the Fund's currency hedging strategy will in general be affected by the volatility of both the Underlying Index and the volatility of the U.S. dollar relative to the currencies to be hedged, measured on an aggregate basis. Increased volatility in either or both of the Underlying Index and the U.S. dollar relative to the currencies to be hedged will generally reduce the effectiveness of the Fund's currency hedging strategy. In addition, volatility in one or more of the currencies may offset stability in another currency and reduce the overall effectiveness of the hedges. The effectiveness of the Fund's

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currency hedging strategy may also in general be affected by interest rates. Significant differences between U.S. dollar interest rates and some or all of the applicable foreign currency interest rates may impact the effectiveness of the Fund's currency hedging strategy.

• **The following shall be added to the section of the Prospectus entitled "Index Providers and Disclaimers":** 

#### Bloomberg
The following applies with respect to each Underlying Index provided by Bloomberg:

The Underlying Index is maintained by Bloomberg. "Bloomberg<sup>®</sup>" and the Underlying Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg"), and have been licensed for use for certain purposes by BFA.

The Fund is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg does not make any representation or warranty, express or implied, to the owners of or counterparties to the Fund or any member of the public regarding the advisability of investing in securities generally or in the Fund particularly. The only relationship of Bloomberg to BFA is the licensing of certain trademarks, trade names and service marks and of the Underlying Index, which is determined, composed and calculated by BISL without regard to BFA or the Fund. Bloomberg has no obligation to take the needs of BFA or the owners of the Fund into consideration in determining, composing or calculating the Underlying Index. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Fund to be issued. Bloomberg shall not have any obligation or liability, including, without limitation, to the Fund's customers, in connection with the administration, marketing or trading of the Fund.

BLOOMBERG DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE UNDERLYING INDEX OR ANY DATA RELATED THERETO AND SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS OR INTERRUPTIONS THEREIN. BLOOMBERG DOES NOT MAKE ANY WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY BFA, OWNERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE UNDERLYING INDEX OR ANY DATA RELATED THERETO. BLOOMBERG DOES NOT MAKE ANY EXPRESS OR IMPLIED WARRANTIES AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE UNDERLYING INDEX OR ANY DATA RELATED THERETO. WITHOUT LIMITING ANY OF THE FOREGOING, TO THE MAXIMUM EXTENT ALLOWED BY LAW, BLOOMBERG, ITS LICENSORS, AND ITS AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, AGENTS, SUPPLIERS, AND VENDORS SHALL HAVE NO LIABILITY OR RESPONSIBILITY WHATSOEVER FOR ANY INJURY OR DAMAGES—WHETHER DIRECT, INDIRECT, CONSEQUENTIAL, INCIDENTAL, PUNITIVE OR OTHERWISE—ARISING IN CONNECTION WITH THE FUND OR UNDERLYING INDEX OR ANY DATA OR VALUES RELATING THERETO—WHETHER ARISING FROM THEIR NEGLIGENCE OR OTHERWISE, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

• **The section of the SAI entitled "Markit iBoxx Global Developed Markets ex-US High Yield Index" shall be deleted in its entirety replaced with the following:** 

#### Bloomberg Pan-European High Yield (Euro) TR Index Hedged USD Index

#### Number of Components: approximately 700
**Index Description.** The Bloomberg Pan-European High Yield (Euro) TR Index Hedged USD Index (the "Underlying Index") measures the performance of the global Euro-denominated high yield fixed-rate corporate bonds from developed and emerging market issuers.

**Index Methodology.** The Underlying Index is a subset of a broader global universe of investment-grade bonds. Bonds in the Underlying Index are selected from the universe of eligible bonds using defined rules. Securities must have an average rating that is high yield based on ratings by Fitch, Moody's or S&P Global Ratings; have a fixed-rate coupon; have at least one year remaining until maturity. Debt that is publicly

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issued in the global and regional markets is included in the Underlying Index. The securities in the Underlying Index must have a minimum at least EUR 100 million par amount outstanding. The Underlying Index is market capitalization-weighted, and the currency risk of the securities in the Underlying Index is hedged to the U.S. dollar on a monthly basis.

Certain types of securities, such as contingent capital securities, inflation-linked bonds, floating-rate issues, fixed-rate perpetuals, retail bonds, structured notes, pass-through certificates, private placements (other than those offered pursuant to Regulation S promulgated under the 1933 Act) and securities where reliable pricing is unavailable, are excluded from the Underlying Index.

Bloomberg indices use a "country of risk" approach to determine country classifications. For issuers that are operating, domiciled or concentrated within a single market, country classification is generally a straightforward exercise. For issuers with geographically diverse operations, complex ownership structures, a presence in multiple locations or other risk exposures that span multiple markets, country classifications are more challenging.

The primary criteria for classifying country of risk are:

• Where a bond's guarantee comes from if the issuer is backed by a government or parent corporate entity.

• Where the largest source of revenue, operations or cash flows is generated by the issuer.

• Where an issuer is headquartered or its centralized decision-making occurs.

• Additional criteria may be used in the evaluation of a bond's country of risk, including, but not limited to:

• Where the issuer is incorporated, legally domiciled and regulated.

• Where an issuer's stock is listed and traded.

Where existing issuers within the index that are similarly structured or organized are classified.

**Component Selection Criteria**. Eligible bonds are chosen by applying the eligibility rules listed above. The Underlying Index is updated monthly after the close of business on the last business day of each month.

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

iShares<sup>®</sup> is a registered trademark of BlackRock Fund Advisors and its affiliates.

IS-A-HYXU-0825

#### PLEASE RETAIN THIS SUPPLEMENT

#### FOR FUTURE REFERENCE