iShares MSCI Target UK Real Estate 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 return of the MSCI UK IMI Liquid Real Estate Index, the Fund’s benchmark index (Index). The Share Class, via the Fund is passively managed and aims to invest so far as possible and practicable in the equity securities (e.g. shares) and fixed income (FI) securities (e.g. bonds) that make up the Index. The Index aims to measure the performance of the UK real estate market through exposure to UK Real Estate Investment Trusts (REITs), property companies and liquid FI transferable securities. As REITs are typically investment vehicles which have significant debt obligations, and REITs and property companies have a risk and reward profile close to that of an equity security, liquid FI securities are used within the Index to reduce the impact of debt obligations, volatility and the performance of equity markets on its returns. The FI securities are UK inflation linked bonds, which are investment grade (i.e. meet a specified level of credit worthiness) government bonds the value of which is linked to a rate of inflation. At each Index rebalance, the proportion of bonds comprising the Index is adjusted to match the weighted average level of debt obligations in the UK REITS and property companies comprising the Index. Liquid means that the FI securities that make up the Index can be easily bought and sold in the market in normal market conditions. The Fund intends to replicate the Index by holding the equity securities, which make up the Index, in similar proportions to it. The Fund may also engage in short-term secured lending of its investments to certain eligible third parties to generate additional income to off-set the costs of the Fund.

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The price of fixed income securities may be affected by changing interest rates which in turn may affect the value of your investment. Fixed income securities prices move inversely to interest rates. Therefore, the market value of fixed income securities may decrease as interest rates increase. The credit rating of an issuing entity will generally affect the yield that can be earned on fixed income securities; the better the credit rating the smaller the yield. The price of equity securities fluctuates daily and may be influenced by factors affecting the performance of the individual companies issuing the equities, as well as by daily stock market movements, and broader economic and political developments which in turn may affect the value of your investment. The relationship between the return on your investment, how it is impacted and the period for which you hold your investment is considered below (see “How long should I hold it and can I take my money out early?”).

The depositary of the Fund is State Street Custodial Services (Ireland) Limited. Further information about the Fund can be obtained from the latest annual report and half-yearly reports of the iShares III plc. These documents are available free of charge in English and certain other languages. These can be found, along with other (practical) information, including prices of units, on the iShares website at: www.ishares.com or by calling +49 89427295800 or from your broker or financial adviser.

Your shares will be distributing shares (i.e. income will be paid on the shares quarterly). Your shares will be denominated in Sterling, the Fund's base currency. The shares are listed and traded on various stock exchanges. In normal circumstances, only authorised participants may buy and sell shares directly with the Fund. Investors who are not authorised participants (e.g. select financial institutions) can generally only buy or sell the shares on the secondary market (e.g. via a broker on a stock exchange) at the then prevailing market price. The value of the shares are related to the value of the underlying assets of the Fund, less costs (see “What are the costs?” below). The prevailing market price at which the shares trade on the secondary market may deviate from the value of the Shares. Indicative net asset value is published on relevant stock exchanges websites.

Intended retail investor:The Fund is intended for retail investors with the ability to bear losses up to the amount invested in the Fund (see “How long should I hold it and can I take my money out early?”).

Insurance benefits:The Fund does not offer any insurance benefits.

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