The Fund seeks to achieve its objective by tracking the performance
of the MSCI World ex Australia Enhanced Value Index

The Fund aims to provide investors with the performance of an
index, before fees and expenses. 

Benefits of iShares

iShares ETFs are managed funds listed or quoted on exchanges
(including ASX and Cboe) 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 multifactor 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 or Cboe. You can easily track performance and trade
during ASX and Cboe trading hours (subject to relevant ASX
and Cboe 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:
► who is seeking capital growth
► using the product for a major allocation of their portfolio
or less
► with a minimum investment timeframe of 5 years, and
► with a medium to high risk/return profile

Key Features

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 the 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 Index aims to reflect the performance characteristics of a subset of large and mid-cap securities within the MSCI World ex Australia Index (“Parent Index”) which are selected for their relatively higher value characteristics when compared to peers. To construct the Index, the value score of each security in the Parent Index is calculated based on three fundamental variables:
► Price to book ratio: Inexpensive companies based on Net
Assets
► Price to forward earnings ratio: Inexpensive companies based
on expected earnings.
► Enterprise value to cash flow from operations: Inexpensive
companies based on operating cash flow generation.
Securities are then ranked based on their value score with Index weights calculated based on the Value Weight: Value Score * Market Capitalization Weight in the Parent Index.

To ensure diversification and mitigate concentration risk in the Index, as at each rebalance date the sector weights are normalised so that the sector weights are the same as the Parent Index.

Construction of the Index is done using a fixed number of securities with the aim of ensuring a high exposure to the value factor is attained while maintaining sufficient index market capitalization and number of securities coverage. 

The Index rebalances semi‐annually in May and November. Refer to the section of this PDS titled “Additional information about the Index” for further information.