XMS ETF · iShares Edge MSCI Min Vol USA Index ETF

The fund seeks to provide long-term capital growth by replicating, to the extent possible, the performance of the MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index (the "Index"), net of expenses, and, to the extent possible, hedge any resulting non-Canadian currency exposure back to Canadian dollars. Under normal market conditions, the fund will primarily invest in securities of one or more exchange-traded funds managed by BlackRock or an affiliate ("iShares ETFs") and/or U.S. equity securities. The Index measures the performance of equity securities in the top 85% by market capitalization of equity securities listed on stock exchanges in the United States. The Index aims to reflect the performance characteristics of a minimum volatility strategy applied to the large and mid cap securities in the MSCI USA Index. The eligible universe of securities is taken from the MSCI USA Index, which is a free-float adjusted market capitalization-weighted index, and then MSCI, Inc. follows a rules-based methodology to determine optimal weights for securities in the Index in order to seek to minimize total risk of the MSCI USA Index. Representative companies include health care, information technology and financial companies. The Index is optimized in U.S. dollars and reported in Canadian dollars.