iShares MSCI North America Swap UCITS ETFIndex, costs, backtest, listings and taxation

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The Share Class is a share class of a Fund which aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the net total return of the MSCI North America Index, the Fund’s benchmark index (Index). The Fund is passively managed and invests in financial derivative instruments (FDIs). In particular, it will enter into unfunded total return swaps in order to achieve its investment objective. A swap agreement is typically used to achieve a specified return determined by an underlying such as a return on an index. The Fund will also invest in a portfolio of global developed market equity securities (shares), the return on which will be paid to the counterparties to meet the Fund’s payment obligations under the terms of the unfunded total return swaps. Where investment in total return swaps is not possible or practicable, the Fund may also gain exposure to the Index through investment in other FDIs such as options and non-deliverable futures, through investment in other funds and / or through investment in shares that, as far as possible and practicable, consists of the component securities of the Index. The Index is designed to measure the performance of large and mid-capitalisation stocks of the US and Canadian equity markets which comply with MSCI's size, liquidity, and free-float criteria. The Index is free float-adjusted market capitalisation weighted and rebalances on a quarterly basis. Free float means that only shares available in the market rather than all of a company’s issued shares are used in calculating the Index. Free float-adjusted market capitalisation is the share price of a company multiplied by the number of shares readily available in the market. The Fund intends to track the performance of the Index by gaining an indirect exposure to it via FDIs, particularly unfunded total return swaps. Using unfunded total return swaps may result in a ‘swap spread’, which is the overall economic impact of the swaps and is reflected in the Fund’s NAV. The weighted average swap spread in respect of the Fund is available on the BlackRock website at www.blackrock.com Recommendation: This Fund is suitable for medium to long term investment, though the Fund may also be suitable for shorter term exposure to the Index.

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Your shares will be accumulating shares (i.e. income will be included in their value). Your shares will be denominated in US Dollar, the Fund's base currency. The shares are listed on one or more stock exchanges and may be traded in currencies other than their base currency. The performance of your shares may be affected by this currency difference. In normal circumstances, only authorised participants (e.g. select financial institutions) may deal in shares (or interests in shares) directly with the Fund. Other investors can deal in shares (or interests in shares) daily through an intermediary on stock exchange (s) on which the shares are traded. Indicative net asset value is published on relevant stock exchanges websites.