TSX:XAW (iShares Core MSCI All Country World ex Canada Index ETF)

The investment objective of the Fund is to provide long-term capital growth by replicating, to the extent possible, the performance of the MSCI ACWI ex Canada IMI (the Index), net of expenses. To achieve its investment objective the Fund uses an indexing strategy. Under this strategy, the Fund seeks to replicate the performance of the Index, net of expenses, by employing, directly or indirectly, through investment in one or more iShares ETFs and/or through the use of derivatives, a replicating strategy or sampling strategy. A replicating strategy is an investment strategy intended to replicate the performance of the Index by investing, directly or indirectly, primarily in a portfolio of index securities in substantially the same proportions as they are represented in the Index.