The Fund seeks to achieve its objective by tracking the performance of the MSCI World ex Australia Enhanced Value 100% Hedged to AUD Index.

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

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.

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 Fund implements its optimisation investment strategy through
an investment in an Australian domiciled Fund, called iShares MSCI
World ex Australia Value ETF (referred to in this section 29 of the
PDS as the Underlying Fund). Refer to the section of this PDS titled
“The Underlying Funds” for further information on the Underlying
Fund.
The Fund applies a passive currency hedge, which seeks to minimise
the effect of currency fluctuations on returns by converting the
currency exposure of the Index back to Australian dollars. Refer to
the section of this PDS titled “Currency hedged funds” for further
information.

The Fund will generally be exposed to the international developed market stocks 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. Generally, the 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. The Fund will also invest in
forward foreign exchange contracts for currency hedging purposes.