iShares MSCI Brazil Small-Cap ETF (EWZS)

The Fund seeks to track the investment results of the Underlying Index before fees and expenses of the Fund.

The Fund seeks to track the investment results of the MSCI Brazil Small Cap Index (the “Underlying Index”), which is designed to measure primarily the performance of equity securities of small capitalization companies listed on stock exchanges in Brazil. The Fund generally will invest at least 80% of its assets in the component securities of its Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of its Underlying Index and may invest up to 20% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the Fund track the Underlying Index.