The Fund seeks to achieve its objective by tracking the performance 
of the MSCI Japan Net TR Index (AUD) (referred to in this section 23 
of the PDS as the Index).

The Fund aims to provide investors with the performance of an index, before fees and expenses. The index is designed to measure the performance of Japanese large-, mid- & small- capitalisation companies. 

Benefits of iShares

iShares ETFs are managed funds listed or quoted on exchanges (including ASX) providing you with the opportunity to gain exposure to a diversified portfolio of assets in a single transaction.

The significant benefits of investing in the Funds include:

• low cost access to diversified portfolios of international shares;

• access to market capitalisation weighted, minimum volatility and multiple-factor exposures; and

• currency hedged options, to seek to minimise the impact of Australian dollar volatility on investor returns.

Other benefits of investing in iShares ETFs generally include:

• Diversification: In contrast to a direct investment in a single company or bond, an iShares ETF provides, as far as possible and practicable, exposure to all of the securities or instruments within the index that the particular iShares ETF seeks to track.

• Access global markets: iShares ETFs let you achieve international diversification by investing in overseas equity and bond markets. With iShares ETFs you can gain exposure by asset class, market capitalisation, country and sector.

• Liquidity and transparency: Each iShares ETF seeks investment results that correspond generally to the performance (before fees and expenses) of a particular index. As a traded security, an iShares ETF enables you to enter and exit your holding on the ASX. You can easily track performance and trade during ASX trading hours (subject to ASX rules).

• Managing risk: Investing in an iShares ETF can assist you in establishing a portfolio appropriate to your investment needs and risk profile.

• Lower cost: As each iShares ETF is passively managed and designed to track the performance of a particular index, the expenses of managing an iShares ETF are generally lower compared to other forms of retail managed funds. However, brokerage or adviser fees may still apply when buying or selling units of an iShares ETF.

• Receipt of income: You will generally receive income from your investment in the form of distributions. Distributions may include dividends, coupons and other income. There may be years in which no distributions are made.

• Accessibility: iShares ETFs can offer a cost-effective way to gain exposure to a diversified portfolio of securities. They can be less costly than purchasing a large number of individual securities as there are less trading costs and they offer lower thresholds than an investor might otherwise be able to afford.

This product is likely to be appropriate for a consumer seeking 
capital growth with a medium to high risk/return profile. 

About the Fund

The fund seeks to track the investment results of an index composed of Japanese equities. 

The index, the MSCI Japan Index, may include large-, mid- or small- capitalisation companies.

Why IJP?

1. Exposure to large and mid-sized companies in Japan 
2. Targeted access to approximately 85% of the Japanese stock market 
3. Use to express a single country view

How we invest your money

The Fund seeks to achieve its objective by tracking the performance of the MSCI Japan Net TR Index (AUD) (referred to as the Index).

We believe that an optimisation investment strategy is the most appropriate investment strategy to track the performance of the Index as it takes into account liquidity and transaction cost impact and overall risk relative to the Index.

Optimisation is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Index. The securities selected are expected to have, in aggregate, investment characteristics (based on factors such as market capitalisation and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Index. Therefore, the securities to which each Fund is exposed may or may not include all of the securities in its Index and the weighting of such securities may differ to the weighting of securities in the Index.

The Fund will implement its optimisation investment strategy through an investment in a US domiciled version of the Fund, also called iShares MSCI Japan ETF (referred to as the Underlying Fund). Refer to the section of the PDS titled "The Underlying Funds for further information on the Underlying Fund.

What does the Fund invest in?

The Fund will generally be exposed to the Japanese equity securities that form the Index and to depositary receipts representing securities of the Index.

The Fund may have limited exposure to securities that are not constituents of the Index, including derivatives, where such securities provide similar performance (with matching risk profile) to Index securities. However, from time to time the Fund may be exposed to all constituents of the Index.

The Fund will obtain exposure to the aforementioned securities indirectly, by investing in the Underlying Fund, which invests in such securities.

Generally, the Fund and Underlying Fund may also be exposed to a small allocation of cash (or cash equivalents, that may include other BlackRock Group funds) for cash flow management purposes.

About the Index

The Index is designed to measure the performance of the large- and mid- capitalisation segments of the Japanese market.

The Index is a free float-adjusted market capitalisation weighted index, based on the GIMI Methodology, which provides a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalisation size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment opportunity set with a strong emphasis on index liquidity, investability and replicability.

For more information please see Section 20 of the PDS