Amendment No. 1 dated July 16, 2014 to the prospectus dated March 24, 2014 (the Prospectus ).

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1 Amendment No. 1 dated July 16, 2014 to the prospectus dated March 24, 2014 (the Prospectus ). This Amendment No. 1 amends the Prospectus in respect of the exchange-traded funds listed below (together, the ishares Funds ): ishares Core S&P/TSX Composite High Dividend Index ETF ( XEI ) (formerly ishares S&P/TSX Equity Income Index ETF) ishares Core S&P/TSX Capped Composite Index ETF ( XIC ) (formerly ishares S&P/TSX Capped Composite Index ETF) ishares Core Canadian Long Term Bond Index ETF ( XLB ) (formerly ishares Canadian Long Term Bond Index ETF) ishares Core Canadian Short Term Corporate + Maple Bond Index ETF ( XSH ) (formerly ishares Canadian Short Term Corporate + Maple Bond Index ETF) ishares Core MSCI Emerging Markets IMI Index ETF ( XEC ) (formerly ishares MSCI Emerging Markets IMI Index ETF) ishares Core MSCI EAFE IMI Index ETF ( XEF ) (formerly ishares MSCI EAFE IMI Index ETF) ishares Core S&P 500 Index ETF ( XUS ) (formerly ishares S&P 500 Index ETF) ishares Core S&P 500 Index ETF (CAD-Hedged) ( XSP ) (formerly ishares S&P 500 Index ETF (CAD-Hedged)) This Amendment No. 1 to the Prospectus provides certain additional information relating to the ishares Funds. The Prospectus should be read subject to this additional information. In all other respects, the disclosure in the Prospectus is not revised. All capitalized terms not defined herein have the respective meanings set out in the Prospectus. SUMMARY OF AMENDMENTS Name Changes to the ishares Funds Effective July 16, 2014, the name of each ishares Fund has been changed as set forth below and the Master Declaration of Trust has been amended to reflect such name changes. Former Name ishares S&P/TSX Equity Income Index ETF ishares S&P/TSX Capped Composite Index ETF ishares Canadian Long Term Bond Index ETF ishares Canadian Short Term Corporate + Maple Bond Index ETF ishares MSCI Emerging Markets IMI Index ETF ishares MSCI EAFE IMI Index ETF ishares S&P 500 Index ETF ishares S&P 500 Index ETF (CAD-Hedged) New Name ishares Core S&P/TSX Composite High Dividend Index ETF ishares Core S&P/TSX Capped Composite Index ETF ishares Core Canadian Long Term Bond Index ETF ishares Core Canadian Short Term Corporate + Maple Bond Index ETF ishares Core MSCI Emerging Markets IMI Index ETF ishares Core MSCI EAFE IMI Index ETF ishares Core S&P 500 Index ETF ishares Core S&P 500 Index ETF (CAD-Hedged)

2 All changes described above are subject to receipt of any required regulatory or other approvals. Name Change to the Index for XEI Effective on or about July 18, 2014, the name of the Index which XEI seeks to replicate will be changed as set forth below and the Master Declaration of Trust has been amended to reflect such Index name change. Current Name of Index S&P/TSX Equity Income Index New Name of Index S&P/TSX Composite High Dividend Index SUMMARY OF CERTAIN CHANGES TO PROSPECTUS DISCLOSURE Upon the implementation of the changes described herein, the following amendments are made to the Prospectus: Each reference in the Prospectus to S&P/TSX Equity Income Index is deleted and replaced with S&P/TSX Composite High Dividend Index. Overview of the Legal Structure of the ishares Funds In the section of the Prospectus entitled OVERVIEW OF THE LEGAL STRUCTURE OF THE ishares FUNDS, the disclosure under the heading Former Legal Names of Certain ishares Funds on pages 25, 26 and 27 relating to the ishares Funds is removed and replaced with the following: Former Legal Name Current Legal Name ishares S&P/TSX Equity Income Index ETF ishares Core S&P/TSX Composite High Dividend Index ETF 1 ishares S&P/TSX Capped Composite Index ETF ishares Core S&P/TSX Capped Composite Index ETF 1 ishares Canadian Long Term Bond Index ETF ishares Core Canadian Long Term Bond Index ETF 1 ishares Canadian Short Term Corporate + Maple Bond Index ETF ishares Core Canadian Short Term Corporate + Maple Bond Index ETF 1 ishares MSCI Emerging Markets IMI Index ETF ishares Core MSCI Emerging Markets IMI Index ETF 1 ishares MSCI EAFE IMI Index ETF ishares Core MSCI EAFE IMI Index ETF 1 ishares S&P 500 Index ETF ishares Core S&P 500 Index ETF 1 ishares S&P 500 Index ETF (CAD-Hedged) ishares Core S&P 500 Index ETF (CAD-Hedged) 1 1 Effective July 16, SUMMARY OF CERTAIN ADDITIONAL CHANGES TO PROSPECTUS DISCLOSURE The following amendments are made to the Prospectus as of the date hereof: Organization and Management Details of the ishares Funds In the section of the Prospectus entitled ORGANIZATION AND MANAGEMENT DETAILS OF THE ishares FUNDS, the disclosure on page 91 under the heading Executive Officers and Directors of BlackRock Canada is amended to remove the disclosure relating to Mary Anne Wiley and replace it with the following disclosure relating to Warren Collier: Name and Municipality of Residence Warren Collier Toronto, Ontario Office Principal Occupation Managing Director and Director Managing Director (Head of ishares), BlackRock Canada - 2 -

3 The disclosure on page 91 relating to prior positions held by certain executive officers and directors of BlackRock Canada during the past five years is amended to include the following disclosure relating to Warren Collier immediately after the disclosure relating to Noel Archard: Warren Collier, Managing Director and Director, is Managing Director (Head of ishares) of BlackRock Canada. Mr. Collier s service with BlackRock dates back to 1999, including his years with Barclays Global Investors ( BGI ), which merged with BlackRock in At BGI, he was the Chief Operating Officer for BGI in Canada and Latin America. He was also a member of BGI s Global Legal Leadership team with responsibility for the legal teams outside the U.S. and United Kingdom. Most recently, Mr. Collier was the Chief Operating Officer for BlackRock s U.S. ishares business and, before that, for the firm s Latin America and Iberia business. Before his time with BlackRock, Mr. Collier was in private legal practice focusing on the investment management industry at a leading Canadian business law firm. Mr. Collier earned a BA degree in political science from York University in 1991 and his law degree from Osgoode Hall Law School in Purchasers Statutory Rights of Withdrawal and Rescission Securities legislation in certain of the provinces and territories of Canada provides a purchaser with the right to withdraw from an agreement to purchase mutual fund securities offered in a distribution within two business days after receipt of a prospectus and any amendment. In addition, securities legislation in certain of the provinces of Canada provides a purchaser of mutual fund securities with a limited right to rescind the purchase within 48 hours after receipt of a confirmation of such purchase. If the purchase of mutual fund securities is made under a contractual plan, the time period during which the right to rescind is exercisable may be longer. In most of the provinces and territories of Canada, securities legislation further provides a purchaser with remedies for rescission or damages, or, in Québec, revision of the price, if the prospectus and any amendment is not delivered to the purchaser, provided that the remedies for rescission, damages or revision of the price are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser s province or territory. Notwithstanding the foregoing, a purchaser of Units will not have the right to withdraw from an agreement to purchase the Units after the receipt of a prospectus and any amendment, and will not have remedies for rescission, damages or revision of the price for non-delivery of the prospectus or any amendment, if the dealer receiving the purchase order is relying on the Prospectus Delivery Decision. See Exemptions and Approvals in the Prospectus. However, a purchaser of Units will, in the applicable provinces of Canada, retain the purchaser s right under securities legislation to rescind the purchase within 48 hours (or, if purchasing under a contractual plan, such longer time period as applicable) after the receipt of a confirmation of purchase. In several of the provinces and territories of Canada, securities legislation further provides a purchaser with remedies for rescission or damages if the prospectus, together with any amendment to the prospectus, contains a misrepresentation, provided that such remedies are exercised by the purchaser within the time limits prescribed by the securities legislation of the purchaser s province or territory. Any remedies under securities legislation that a purchaser of Units may have for rescission or damages, if the prospectus and any amendment to the prospectus contains a misrepresentation, remain unaffected by the non-delivery of the prospectus pursuant to reliance by a dealer upon the decision referred to above. However, BlackRock Canada has obtained exemptive relief from the requirement in securities legislation to include an underwriter s certificate in this prospectus under a decision pursuant to National Policy Process for Exemptive Relief Applications in Multiple Jurisdictions. See Exemptions and Approvals in the Prospectus. As such, purchasers of Units will not be able to rely on the inclusion of an underwriter s certificate in this prospectus or any amendment for the statutory rights and remedies that would otherwise have been available against an underwriter that signed an underwriter s certificate. Purchasers should refer to the applicable provisions of the securities legislation and the decisions referred to above for the particulars of their rights or consult with a legal advisor

4 CERTIFICATE OF THE ishares FUNDS, THE TRUSTEE AND THE MANAGER ON BEHALF OF ishares Core S&P/TSX Composite High Dividend Index ETF ishares Core S&P/TSX Capped Composite Index ETF ishares Core Canadian Long Term Bond Index ETF ishares Core Canadian Short Term Corporate + Maple Bond Index ETF ishares Core MSCI Emerging Markets IMI Index ETF ishares Core MSCI EAFE IMI Index ETF ishares Core S&P 500 Index ETF ishares Core S&P 500 Index ETF (CAD-Hedged) The prospectus dated March 24, 2014, as amended by this Amendment No. 1, together with the documents incorporated therein by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by the prospectus dated March 24, 2014, as amended by this Amendment No. 1, as required by the securities legislation of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Québec, Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador, Yukon Territory, Northwest Territories and Nunavut. Dated the 16 th day of July, BLACKROCK ASSET MANAGEMENT CANADA LIMITED, as Trustee and Manager of the ishares Funds (SIGNED) NOEL ARCHARD Chief Executive Officer (SIGNED) MARC COMERCHERO Chief Financial Officer On behalf of the Board of Directors of BlackRock Asset Management Canada Limited (SIGNED) WARREN COLLIER Director (SIGNED) ERIC LÉVEILLÉ Director C - 1

5 No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. PROSPECTUS Continuous Distribution March 24, 2014 This prospectus qualifies the distribution of units ( Units ) of the exchange-traded funds listed below (the ishares Funds ), each of which was created under the laws of the Province of Ontario by BlackRock Asset Management Canada Limited ( BlackRock Canada ). BlackRock Canada is the trustee, manager and portfolio adviser of the ishares Funds and is responsible for the day-to-day administration of the ishares Funds. See Organization and Management Details of the ishares Funds Trustee, Manager and Portfolio Adviser. The ishares Funds are organized as trusts and unitholders of the ishares Funds are not shareholders of a corporation. ishares Canadian Equity Funds ishares Canadian Growth Index ETF ( XCG ) 1 ishares S&P/TSX SmallCap Index ETF ( XCS ) 1 ishares Canadian Value Index ETF ( XCV ) 1 ishares Canadian Select Dividend Index ETF ( XDV ) 1 ishares S&P/TSX Capped Energy Index ETF ( XEG ) 1 ishares S&P/TSX Equity Income Index ETF ( XEI ) 1 ishares Jantzi Social Index ETF ( XEN ) 1 ishares S&P/TSX Capped Financials Index ETF ( XFN ) 1 ishares S&P/TSX Capped Composite Index ETF ( XIC ) 1 ishares S&P/TSX Capped Information Technology Index ETF ( XIT ) 1 ishares S&P/TSX 60 Index ETF ( XIU ) 1 ishares S&P/TSX Capped Materials Index ETF ( XMA ) 1 ishares S&P/TSX Completion Index ETF ( XMD ) 1 ishares S&P/TSX Capped REIT Index ETF ( XRE ) 1 ishares S&P/TSX Capped Consumer Staples Index ETF ( XST ) 1 ishares S&P/TSX Capped Utilities Index ETF ( XUT ) 1 ishares S&P/TSX Venture Index ETF ( XVX ) 1 ishares Canadian Fixed Income Funds ishares Canadian Universe Bond Index ETF ( XBB ) 1 ishares Canadian Corporate Bond Index ETF ( XCB ) 1 ishares Floating Rate Index ETF ( XFR ) 1 ishares Canadian Government Bond Index ETF ( XGB ) 1 ishares Canadian HYBrid Corporate Bond Index ETF ( XHB ) 1 ishares Canadian Long Term Bond Index ETF ( XLB ) 1 ishares Canadian Real Return Bond Index ETF ( XRB ) 1 ishares Canadian Short Term Bond Index ETF ( XSB ) 1 ishares Canadian Short Term Corporate + Maple Bond Index ETF ( XSH ) 1 ishares International Equity Funds ishares MSCI Brazil Index ETF ( XBZ ) 1 ishares China Index ETF ( XCH ) 1 ishares MSCI Emerging Markets IMI Index ETF ( XEC ) ishares MSCI EAFE IMI Index ETF ( XEF ) ishares MSCI Emerging Markets Index ETF ( XEM ) 1 ishares India Index ETF ( XID ) 1 1 This ishares Fund has recently changed its legal name. The former name of the ishares Fund is identified in this prospectus. See Overview of the Legal Structure of the ishares Funds Former Legal Names of Certain ishares Funds.

6 ishares Latin America Index ETF ( XLA ) 1 ishares S&P 500 Index ETF ( XUS ) ishares MSCI World Index ETF ( XWD ) 1 ishares International Mining Sector Funds ishares S&P/TSX Global Base Metals Index ETF ( XBM ) 1 ishares S&P/TSX Global Gold Index ETF ( XGD ) 1 ishares Currency Hedged International Equity Funds ishares S&P Global Consumer Discretionary Index ETF (CAD-Hedged) ( XCD ) 1 ishares S&P Global Industrials Index ETF (CAD-Hedged) ( XGI ) 1 ishares Global Healthcare Index ETF (CAD-Hedged) ( XHC ) 1 ishares U.S. High Dividend Equity Index ETF (CAD-Hedged) ( XHD ) 1 ishares MSCI EAFE Index ETF (CAD-Hedged) ( XIN ) 1 ishares NASDAQ 100 Index ETF (CAD-Hedged) ( XQQ ) 1 ishares S&P 500 Index ETF (CAD-Hedged) ( XSP ) 1 ishares U.S. Small Cap Index ETF (CAD-Hedged) ( XSU ) 1 ishares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) ( XPF ) 1 ishares Currency Hedged International Fixed Income Funds ishares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) ( XEB ) 1 ishares U.S. High Yield Bond Index ETF (CAD-Hedged) ( XHY ) 1 ishares U.S. IG Corporate Bond Index ETF (CAD-Hedged) ( XIG ) 1 ishares Minimum Volatility Funds ishares MSCI EAFE Minimum Volatility Index ETF ( XMI ) 1 ishares MSCI Emerging Markets Minimum Volatility Index ETF ( XMM ) 1 ishares MSCI USA Minimum Volatility Index ETF ( XMU ) 1 ishares MSCI Canada Minimum Volatility Index ETF ( XMV ) 1 ishares MSCI All Country World Minimum Volatility Index ETF ( XMW ) 1 Investment Objectives ishares Canadian Equity Funds The ishares Canadian Equity Funds seek to provide long-term capital growth by replicating, to the extent possible, the performance of the applicable Canadian Equity Fund Index, net of expenses. The applicable Canadian Equity Fund Index for each ishares Canadian Equity Fund is identified in this prospectus under Investment Objectives ishares Canadian Equity Funds. ishares Canadian Fixed Income Funds The ishares Canadian Fixed Income Funds, other than XFR, seek to provide income by replicating, to the extent possible, the performance of the applicable Canadian Fixed Income Fund Index, net of expenses. XFR seeks to provide income while limiting interest rate risk by replicating, to the extent possible, the performance of the FTSE TMX Index, net of expenses. The applicable Canadian Fixed Income Fund Index for each ishares Canadian Fixed Income Fund is identified in this prospectus under Investment Objectives ishares Canadian Fixed Income Funds. ishares International Equity Funds The ishares International Equity Funds seek to provide long-term capital growth by replicating, to the extent possible, the performance of the applicable International Equity Fund Index, net of expenses. The applicable International Equity Fund Index for each ishares International Equity Fund is identified in this prospectus under Investment Objectives ishares International Equity Funds. ii

7 ishares International Mining Sector Funds The ishares International Mining Sector Funds seek to provide long-term capital growth by replicating, to the extent possible, the performance of the applicable International Mining Sector Index, net of expenses. The applicable International Mining Sector Fund Index for each ishares International Mining Sector Fund is identified in this prospectus under Investment Objectives ishares International Mining Sector Funds. ishares Currency Hedged International Equity Funds The ishares Currency Hedged International Equity Funds, other than XPF, seek to provide long-term capital growth by replicating, to the extent possible, the performance of the applicable Hedged International Equity Fund Index, net of expenses. XPF seeks to provide income by replicating, to the extent possible, the performance of the S&P/TSX North American Preferred Stock Canadian Dollar Hedged Index (the Preferred Index ), net of expenses. The applicable Hedged International Equity Fund Index for each ishares Currency Hedged International Equity Fund is identified in this prospectus under Investment Objectives ishares Currency Hedged International Equity Funds. ishares Currency Hedged International Fixed Income Funds The ishares Currency Hedged International Fixed Income Funds seek to provide income by replicating, to the extent possible, the performance of the applicable Hedged International Fixed Income Fund Index, net of expenses, and, to the extent possible, hedge any resulting U.S. dollar currency exposure back to Canadian dollars. The applicable Hedged International Fixed Income Fund Index for each ishares Currency Hedged International Fixed Income Fund is identified in this prospectus under Investment Objectives ishares Currency Hedged International Fixed Income Funds. ishares Minimum Volatility Funds The ishares Minimum Volatility Funds seek to provide long-term capital growth by replicating, to the extent possible, the performance of the applicable Minimum Volatility Fund Index, net of expenses. The applicable Minimum Volatility Fund Index for each ishares Minimum Volatility Fund is identified in this prospectus under Investment Objectives ishares Minimum Volatility Funds. Investment Strategies ishares Canadian Equity Funds The investment strategy of each ishares Canadian Equity Fund, other than XVX, is to invest primarily in and hold the Index Securities of the applicable Canadian Equity Fund Index in substantially the same proportion as they are reflected in the applicable Canadian Equity Fund Index. See Investment Strategies ishares Canadian Equity Funds. The investment strategy of XVX is to invest primarily in a portfolio of Index Securities which make up the S&P/TSX Venture Select Index (the Venture Index ), selected by BlackRock Canada from time to time, that closely matches the characteristics of the Venture Index. An ishares Canadian Equity Fund may invest in and hold units of other exchange-traded funds of which BlackRock Canada or an affiliate is the trustee or manager, and/or other equity securities, provided that such holding by the ishares Canadian Equity Fund is consistent with its stated investment objective. The ishares Canadian Equity Funds may invest in futures contracts in order to provide market exposure for cash and may also hold money market instruments, securities of money market funds or cash to meet its current obligations. The ishares Canadian Equity Funds may also invest in or use derivative instruments as described in Investment Strategies Use of Derivative Instruments. See Investment Strategies ishares Canadian Equity Funds. iii

8 ishares Canadian Fixed Income Funds The investment strategy of each ishares Canadian Fixed Income Fund is to invest in a regularly rebalanced portfolio of bonds, selected by BlackRock Canada from time to time, that closely matches the characteristics of the applicable Canadian Fixed Income Fund Index. An ishares Canadian Fixed Income Fund may invest in and hold units of other exchange-traded funds of which BlackRock Canada or an affiliate is the trustee or manager provided that such holding by the ishares Canadian Fixed Income Fund is consistent with its stated investment objective. The ishares Canadian Fixed Income Funds may invest in bond futures contracts in order to provide market exposure for cash held by such ishares Canadian Fixed Income Funds and may also hold money market instruments, securities of money market funds or cash to meet their current obligations. XFR may also invest in fixed-rate bonds and then enter into interest rate swap agreements in order to convert a fixed-rate income stream into a floating-rate income stream, provided that doing so is consistent with its stated investment objective. The ishares Canadian Fixed Income Funds may also invest in or use derivative instruments as described in Investment Strategies Use of Derivative Instruments. See Investment Strategies ishares Canadian Fixed Income Funds. ishares International Equity Funds The investment strategy of each ishares International Equity Fund is to invest in securities of one or more ishares ETFs, and/or in Index Securities of the applicable International Equity Fund Index, such that the resulting portfolio will have characteristics that closely match the characteristics of the applicable International Equity Fund Index. The ishares ETFs are exchange-traded funds managed by BlackRock Canada or an affiliate. An ishares International Equity Fund may also invest in other equity securities, provided that such investment is consistent with its stated investment objective. The ishares International Equity Funds may invest in futures contracts in order to provide market exposure for cash held by such ishares International Equity Funds and may also hold money market instruments, securities of money market funds or cash to meet their current obligations. The ishares International Equity Funds may also invest in or use derivative instruments as described in Investment Strategies Use of Derivative Instruments. See Investment Strategies ishares International Equity Funds. ishares International Mining Sector Funds The investment strategy of each ishares International Mining Sector Fund is to invest primarily in and hold the Index Securities of the applicable International Mining Sector Fund Index in substantially the same proportion as they are reflected in the applicable International Mining Sector Fund Index. An ishares International Mining Sector Fund may invest in and hold units of other exchange-traded funds of which BlackRock Canada or an affiliate is the trustee or manager, and/or other equity securities, provided that such holding by the ishares International Mining Sector Fund is consistent with its stated investment objective. The ishares International Mining Sector Funds may invest in futures contracts in order to provide market exposure for cash held by such ishares International Mining Sector Fund and may also hold money market instruments, securities of money market funds or cash to meet their current obligations. The ishares International Mining Sector Funds may also invest in or use derivative instruments as described in Investment Strategies Use of Derivative Instruments. See Investment Strategies ishares International Mining Sector Funds. ishares Currency Hedged International Equity Funds The investment strategy of each ishares Currency Hedged International Equity Fund, other than XQQ and XHD, is to invest in securities of one or more ishares ETFs, and/or in Index Securities of the applicable Hedged International Equity Fund Index, such that the resulting portfolio will have characteristics that closely match the characteristics of the applicable Hedged International Equity Fund Index and to hedge any resulting foreign currency exposure back to Canadian dollars. The ishares ETFs are exchange-traded funds managed by BlackRock Canada or an affiliate. The investment strategy of XQQ is to invest primarily in and hold the Index Securities of the NASDAQ- 100 Currency Hedged CAD Index (the NASDAQ Index ) in substantially the same proportion as they are reflected in the NASDAQ Index, and to hedge any resulting U.S. dollar currency exposure back to Canadian dollars. The investment strategy of XHD is to invest primarily in and hold the Index Securities of the Morningstar Dividend Yield Focus Index CAD-Hedged (the Morningstar Index ) in substantially the same proportion as iv

9 they are reflected in the Morningstar Index, and to hedge any resulting U.S. dollar currency exposure back to Canadian dollars. The ishares Currency Hedged International Equity Funds intend to employ a currency hedging strategy that is designed to hedge their exposure to U.S. dollars or other foreign currency, as applicable, by entering into currency forward contracts and other derivative instruments with financial institutions that have a designated rating as defined in NI An ishares Currency Hedged International Equity Fund may also invest in other ishares ETFs and/or other equity securities, provided that such investment is consistent with its stated investment objective. The ishares Currency Hedged International Equity Funds may invest in futures contracts in order to provide market exposure for cash held by such ishares Currency Hedged International Equity Funds and may also hold money market instruments, securities of money market funds or cash to meet their current obligations. The ishares Currency Hedged International Equity Funds may also invest in or use derivative instruments as described in Investment Strategies Use of Derivative Instruments. See Investment Strategies ishares Currency Hedged International Equity Funds. ishares Currency Hedged International Fixed Income Funds The investment strategy of each ishares Currency Hedged International Fixed Income Fund, other than XHY, is to invest in securities of one or more ishares ETFs, and/or in Index Securities of the applicable Hedged International Fixed Income Fund Index, such that the resulting portfolio will have characteristics that closely match the characteristics of the applicable Hedged International Fixed Income Fund Index, and to hedge any resulting U.S. dollar currency exposure back to Canadian dollars. The ishares ETFs are exchange-traded funds managed by BlackRock Canada or an affiliate. The investment strategy of XHY is to invest primarily in a regularly rebalanced portfolio of U.S. dollar denominated high yield corporate bonds, selected by BlackRock Canada from time to time, that in aggregate closely match the characteristics of the Markit iboxx USD Liquid High Yield Total Return Index hedged in CAD (the High Yield Index ), and to hedge any resulting U.S. dollar currency exposure back to Canadian dollars. The ishares Currency Hedged International Fixed Income Funds intend to employ a currency hedging strategy that is designed to hedge their exposure to U.S. dollars by entering into currency forward contracts and other derivative instruments with financial institutions that have a designated rating as defined in NI An ishares Currency Hedged International Fixed Income Fund may also invest in other ishares ETFs and/or in other fixed income securities, provided that such investment is consistent with its stated investment objective. The ishares Currency Hedged International Fixed Income Funds may invest in futures contracts in order to provide market exposure for cash held by such ishares Currency Hedged International Fixed Income Funds and may also hold money market instruments, securities of money market funds or cash to meet their current obligations. The ishares Currency Hedged International Fixed Income Funds may also invest in or use derivative instruments as described in Investment Strategies Use of Derivative Instruments. See Investment Strategies ishares Currency Hedged International Fixed Income Funds. ishares Minimum Volatility Funds The investment strategy of XMV and XMU is to invest primarily in and hold the Index Securities of the applicable Index in substantially the same proportion as they are reflected in the applicable Index. XMV and XMU may invest in and hold units of other ishares ETFs and/or other equity securities, provided that such holding by any such ishares Fund is consistent with its stated investment objective. The investment strategy of XMI, XMM and XMW is to invest in securities of one or more ishares ETFs, and/or in Index Securities of the applicable Index, such that the resulting portfolio will have characteristics that closely match the characteristics of the applicable Index. The ishares ETFs are exchange-traded funds managed by BlackRock Canada or an affiliate. XMI, XMM and XMW may also invest in other equity securities, provided that such investment is consistent with its stated investment objective. The ishares Minimum Volatility Funds may invest in futures contracts in order to provide market exposure for cash held by such ishares Fund and may also hold money market instruments, securities of money market funds or cash to meet its current obligations. An ishares Fund may also invest in or use derivative instruments as described v

10 in Investment Strategies Use of Derivative Instruments. See Investment Strategies ishares Minimum Volatility Funds. Listing of Units The Units of each ishares Fund are listed on the Toronto Stock Exchange ( TSX ) and are offered on a continuous basis. Investors may buy or sell Units on the TSX through registered brokers and dealers in the province or territory where the investor resides. Investors may incur customary brokerage commissions when buying or selling Units on the TSX. No fees are paid by a unitholder to BlackRock Canada or the ishares Funds in connection with the buying or selling of Units on the TSX. Purchase, Redemption and Exchange Underwriters may purchase and redeem Units directly from the ishares Funds. Unitholders of the ishares Funds may dispose of their Units in two ways: (i) by selling their Units on the TSX at the full market price less customary brokerage commissions and expenses, or (ii) by redeeming Units for cash at a redemption price of 95% of the closing price for the applicable Units on the TSX on the effective day of redemption. Unitholders are advised to consult their brokers or investment advisers before redeeming Units for cash. Each ishares Fund also offers additional redemption or exchange options which are available where a unitholder redeems or exchanges a Prescribed Number of Units. See Purchase of Units and Exchange and Redemption of Units. Additional Considerations No underwriter has been involved in the preparation of the prospectus or has performed any review of the contents of the prospectus. For a discussion of the risks associated with an investment in Units of the ishares Funds, see Risk Factors. The registration and transfer of Units are effected through the book-entry only system administered by CDS Clearing and Depository Services Inc. ( CDS ). Investors in the ishares Funds do not have the right to receive physical certificates evidencing their ownership of Units. Documents Incorporated by Reference During the period in which each ishares Fund is in continuous distribution, additional information will be available in its most recently filed comparative annual financial statements, any interim financial statements filed after its most recent comparative annual financial statements, its most recently filed annual management report of fund performance ( MRFP ) and any interim MRFP filed after its annual MRFP and its most recent Summary Document. These documents are or will be incorporated by reference into, and form an integral part of, this prospectus. These documents are publicly available on the ishares Funds web site at and may be obtained upon request, at no cost, by calling or by contacting a registered dealer. These documents and other information about the ishares Funds are publicly available at See Documents Incorporated by Reference. vi

11 IMPORTANT TERMS Basket as applicable, a Basket of Securities (applicable to the ishares Canadian Equity Funds (other than XVX) and the ishares International Mining Sector Funds only) or a group of ishares ETFs, bonds, shares or other securities as BlackRock Canada may determine in its discretion from time to time for the purpose of subscription orders, exchanges, redemptions or for other purposes. Basket of Securities in relation to a particular ishares Canadian Equity Fund (other than XVX) or the ishares International Mining Sector Funds only, a group of Index Securities with each Constituent Issuer of that Index being represented by the number of Index Securities which, when multiplied by the Constituent Issuer s last sale price per Index Security, is approximately equivalent to the Constituent Issuer s Relative Weight in the Index. BlackRock BlackRock, Inc., the ultimate parent company of BlackRock Canada. BlackRock Canada BlackRock Asset Management Canada Limited. BRAL BlackRock Advisors (UK) Limited, an affiliate of BlackRock Canada. BTC BlackRock Institutional Trust Company, N.A., an affiliate of BlackRock Canada. Canadian Equity Fund Indices collectively, the S&P/TSX 60 Index, the S&P/TSX Capped Composite Index, the S&P/TSX Completion Index, the S&P/TSX SmallCap Index, the S&P/TSX Capped Energy Index, the S&P/TSX Capped Financials Index, the S&P/TSX Capped Information Technology Index, the S&P/TSX Capped REIT Index, the S&P/TSX Capped Materials Index, the S&P/TSX Equity Income Index, the S&P/TSX Capped Consumer Staples Index, the S&P/TSX Capped Utilities Index, the S&P/TSX Venture Select Index, the Dow Jones Canada Select Dividend Index, the Dow Jones Canada Select Growth Index, the Dow Jones Canada Select Value Index and the Jantzi Social Index, as the case may be, each as constituted by the applicable Index Provider from time to time, and Canadian Equity Fund Index means any one of them. Canadian ishares Fund an ishares Fund that is listed on a recognized Canadian stock exchange and managed by BlackRock Canada or an affiliate. Canadian Fixed Income Fund Indices collectively, the FTSE TMX Canada Short Term Bond Index, the FTSE TMX Canada Universe Bond Index, the FTSE TMX Canada Real Return Bond Index, the FTSE TMX Canada All Corporate Bond Index, the FTSE TMX Canada All Government Bond Index, the FTSE TMX Canada Long Term Bond Index, the FTSE TMX Canada HYBrid Bond Index, the FTSE TMX Canada Universe + Maple Short Term Corporate Bond Index and the FTSE TMX Canada FRN Index and Canadian Fixed Income Fund Index means any one of them. Canadian Trading Day each day on which trading takes place on the TSX. Capped Indices in relation to the ishares Canadian Equity Funds, the ishares International Equity Funds or the ishares International Mining Sector Funds, the Indices which are constrained market capitalization-weighted indices, and Capped Index means any one of them. Cash Creation Fee the fee payable in connection with cash payments (in whole or in part) for subscriptions of a Prescribed Number of Units of the applicable ishares Fund, representing, as applicable, brokerage expenses, commissions, transaction costs, costs or expenses related to market impact, and other costs or expenses that the ishares Fund incurs or expects to incur in purchasing securities on the market with such cash proceeds. Cash Exchange Fee the fee payable in connection with cash payments (in whole or in part) for exchanges of a Prescribed Number of Units of the applicable ishares Fund, representing, as applicable, brokerage expenses, commissions, transaction costs, costs or expenses related to market impact and other costs or expenses that an ishares Fund incurs or expects to incur in selling securities on the market to obtain the necessary cash for the exchange. CDS CDS Clearing and Depository Services Inc. vii

12 CDS Participant a participant in CDS, including a securities broker or dealer, bank, trust company or other institution that directly or indirectly maintains a custodial relationship with CDS, which holds Units on behalf of beneficial owners of Units. Constituent Issuers in relation to a particular Index, the issuers that from time to time are included in that Index as selected by the Index Provider. distribution record date a date designated by BlackRock Canada as a record date for the determination of unitholders of an ishares Fund entitled to receive a distribution. DTAA the Double Tax Avoidance Agreement between India and Mauritius. Dow Jones Canadian Equity Fund Indices collectively, the Dow Jones Canada Select Dividend Index, the Dow Jones Canada Select Growth Index and the Dow Jones Canada Select Value Index, and Dow Jones Canadian Equity Fund Index means any one of them. EAFE Index the Europe, Australasia, Far East Index provided by MSCI. FRC Frank Russell Company, the Index Provider of the Russell 2000 Index Canadian Dollar Hedged. FTSE FTSE International Limited, the Index Provider of the FTSE China 25 Index. FTSE TMX Global Debt Capital Markets FTSE TMX Global Debt Capital Markets Inc. and the Index Provider of the Canadian Fixed Income Fund Indices. GST federal goods and services tax. HST federal harmonized sales tax. Hedged International Equity Fund Indices collectively, the S&P 500 Hedged to Canadian Dollars Index, the MSCI EAFE Hedged 100% to CAD Index and the Russell 2000 Index Canadian Dollar Hedged, the S&P Global 1200 Health Care Canadian Dollar Hedged Index, the NASDAQ-100 Currency Hedged CAD Index, the Morningstar Dividend Yield Focus Index - CAD-Hedged, the S&P Global 1200 Consumer Discretionary Canadian Dollar Hedged Index, and the S&P Global 1200 Industrials Canadian Dollar Hedged Index, and Hedged International Equity Fund Index means any one of them. Hedged International Fixed Income Fund Indices collectively, the Markit iboxx USD Liquid Investment Grade Total Return Index hedged in CAD, the Markit iboxx USD Liquid High Yield Total Return Index hedged in CAD and the J.P. Morgan EMBI Global Core Hedged in CAD Index, or any replacement index, as applicable, and Hedged International Fixed Income Fund Index means any one of them. High Yield Index the Markit iboxx USD Liquid High Yield Total Return Index hedged in CAD. IISL India Index Services & Products Ltd., the Index Provider of the CNX Nifty Index. Index Level in relation to a particular Index, the level of that Index as calculated by the Index Provider from time to time. Index Provider third party providers of Indices, including S&P, FTSE, Markit, IISL, FTSE TMX Global Debt Capital Markets, FRC, MSCI, NASDAQ OMX, Jantzi and JP Morgan Chase & Co., with which BlackRock Canada has entered into licensing arrangements (either directly or pursuant to a sublicense with BTC) to use the relevant Indices and certain trademarks in connection with the operation of the applicable ishares Funds. Index Securities in relation to a particular Index, the securities of the Constituent Issuers included in that Index. Indices benchmarks, provided by Index Providers, which are used by the ishares Funds in relation to the ishares Funds investment objectives, and Index means any one of them. International Equity Fund Indices collectively, the MSCI Emerging Markets Index, the MSCI World Index, the FTSE China 25 Index or any replacement index, the MSCI Brazil 25/50 Index, the S&P Latin America 40 Index, the viii

13 CNX Nifty Index, the S&P 500 Index, the MSCI EAFE Investable Market Index and the MSCI Emerging Markets Investable Market Index, and International Equity Fund Index means any one of them. International Mining Sector Indices collectively, the S&P/TSX Global Base Metals Index and the S&P/TSX Global Gold Index. Investment Sub-Advisory Agreement as described under Organization and Management Details of the ishares Funds Details of the Investment Sub-Advisory Agreement. IRC the independent review committee of the ishares Funds as described under Organization and Management Details of the ishares Funds Independent Review Committee. ishares Canadian Equity Funds collectively, the ishares S&P/TSX Canadian Equity Funds, the ishares Dow Jones Canadian Equity Funds and XEN, and ishares Canadian Equity Fund means any one of them. ishares Canadian Fixed Income Funds collectively, XBB, XCB, XFR, XGB, XHB, XLB, XRB, XSB and XSH and ishares Canadian Fixed Income Fund means any one of them. ishares Currency Hedged International Equity Funds collectively, XCD, XGI, XHC, XIN, XQQ, XSP, XSU, XPF and XHD, and ishares Currency Hedged International Equity Fund means any one of them. ishares Currency Hedged International Fixed Income Funds collectively, XEB, XHY and XIG, and ishares Currency Hedged International Fixed Income Fund means any one of them. ishares Dow Jones Canadian Equity Funds collectively, XCG, XCV and XDV, and ishares Dow Jones Canadian Equity Fund means any one of them. ishares ETFs exchange-traded funds managed by BlackRock Canada or an affiliate, including Canadian ishares Funds and U.S. ishares Funds. ishares Funds collectively, the ishares Canadian Equity Funds, ishares Canadian Fixed Income Funds, ishares International Equity Funds, ishares International Mining Sector Funds, ishares Currency Hedged International Equity Funds, ishares Currency Hedged International Fixed Income Funds and ishares Minimum Volatility Funds, and ishares Fund means any one of them. ishares International Equity Funds collectively, XBZ, XCH, XEC, XEF, XEM, XID, XLA, XUS and XWD, and ishares International Equity Fund means any one of them. ishares International Mining Sector Funds means XBM and XGD. ishares Minimum Volatility Funds means XMV, XMU, XMI, XMM and XMW, and ishares Minimum Volatility Fund means any one of them. ishares S&P/TSX Canadian Equity Funds collectively, XCS, XEG, XEI, XFN, XIC, XIT, XIU, XMA, XMD, XRE, XST, XUT and XVX and ishares S&P/TSX Canadian Equity Fund means any one of them. Jantzi Jantzi Research Inc., the Index Provider of the Jantzi Social Index. J.P. Morgan J.P. Morgan Securities LLC, the Index Provider of the J.P. Morgan EMBI Global Core Hedged in CAD Index. Management Fee Distribution as described under Fees and Expenses of the ishares Funds Management Fee Distributions, an amount equal to the difference between the applicable management fee or total annual fee otherwise chargeable and a reduced fee determined by BlackRock Canada from time to time and distributed quarterly in cash by an ishares Fund to unitholders who hold large investments in the ishares Fund. Markit Markit Indices Limited, the Index Provider of the Markit iboxx USD Liquid Investment Grade Total Return Index hedged in CAD and Markit iboxx USD Liquid High Yield Total Return Index hedged in CAD. ix

14 Master Declaration of Trust the master declaration of trust amended and restated as of March 24, 2014 governing the ishares Funds, as may be amended and/or restated from time to time. Minimum Volatility Fund Indices --- collectively, the MSCI Canada Minimum Volatility Index (CAD), the MSCI USA Minimum Volatility Index (USD), the MSCI EAFE Minimum Volatility Index (USD), the MSCI Emerging Markets Minimum Volatility Index (USD) and the MSCI ACWI Minimum Volatility Index (USD), and Minimum Volatility Fund Index means any one of them. Morningstar Morningstar, Inc., the Index Provider of The Morningstar Dividend Yield Focus Index CAD- Hedged. Morningstar Index the Morningstar Dividend Yield Focus Index CAD-Hedged. MRFP(s) management report(s) of fund performance. MSCI MSCI, Inc., the Index Provider of the EAFE Index, the MSCI EAFE Hedged 100% to CAD Index, the MSCI Emerging Markets Index, the MSCI World Index, the MSCI Brazil 25/50 Index, the MSCI Canada Minimum Volatility Index (CAD), the MSCI USA Minimum Volatility Index (USD), the MSCI EAFE Minimum Volatility Index (USD), the MSCI Emerging Markets Minimum Volatility Index (USD) and the MSCI ACWI Minimum Volatility Index (USD), the MSCI EAFE Investable Market Index and the MSCI Emerging Markets Investable Market Index. NASDAQ The NASDAQ OMX Group, Inc., the Index Provider of the NASDAQ Index. NASDAQ Index the NASDAQ-100 Currency Hedged CAD Index. Net Asset Value in relation to a particular ishares Fund, the market value of the total assets held by that ishares Fund, less an amount equal to the total liabilities of that ishares Fund. Net Asset Value per Unit in relation to a particular ishares Fund, the Net Asset Value of that ishares Fund divided by the total number of Units of that ishares Fund outstanding. NI National Instrument Mutual Funds. NI National Instrument Independent Review Committee for Investment Funds. Plan Agent SSTCC, plan agent for the Reinvestment Plan. Plan Unit as defined under Distribution Policy Distribution Reinvestment Plan. Preferred Index S&P/TSX North American Preferred Stock Canadian Dollar Hedged Index. Prescribed Number of Units in relation to an ishares Fund, the number of Units determined by BlackRock Canada from time to time for the purpose of subscription orders, exchanges, redemptions or for such other purposes as BlackRock Canada may determine. Registered Plans trusts governed by registered retirement savings plans, registered retirement income funds, registered disability savings plans, deferred profit sharing plans, registered education savings plans and tax-free savings accounts. Reinvestment Plan the distribution reinvestment plan of each ishares Fund as described under Distribution Policy Distribution Reinvestment Plan. REITs real estate investment trusts. Relative Weight in relation to a particular Index, the quoted market value of an individual Constituent Issuer or a potential Constituent Issuer as applicable, divided by the aggregate quoted market value of that Index. RRIF registered retirement income fund. x

15 RRSP registered retirement savings plan. S&P S&P Dow Jones Indices LLC, a subsidiary of McGraw Hill Financial, Inc., the Index Provider of all of the Indices used by the ishares S&P/TSX Canadian Equity Funds, the S&P/TSX Global Gold Index, the S&P 500 Index, the S&P/TSX Global Base Metals Index, the S&P Global 1200 Health Care Canadian Dollar Hedged Index, the S&P 500 Hedged to Canadian Dollars Index, the S&P Latin America 40 Index, the Preferred Index, the Dow Jones Canadian Equity Fund Indices, the S&P Global 1200 Consumer Discretionary Canadian Dollar Hedged Index, and the S&P Global 1200 Industrials Canadian Dollar Hedged Index. SSBT State Street Bank and Trust Company, an affiliate of SSTCC. SSTCC State Street Trust Company Canada, the custodian, registrar and transfer agent and distribution reinvestment plan agent of the ishares Funds. Subsidiary the wholly-owned subsidiary of the ishares India 50 ETF formed under the laws of the Republic of Mauritius in which substantially all of the assets of XID are indirectly invested through its investment in the ishares India 50 ETF. Summary Document a document in respect of each class of Units of an ishares Fund, summarizing certain features of the Units and of that ishares Fund. Tax Act the Income Tax Act (Canada) and the regulations issued thereunder. TFSA tax-free savings account. Trading Day for each ishares Fund, a day on which (i) a regular session of the TSX is held; (ii) the primary market or exchange for the securities held by the ishares Fund is open for trading; and (iii) the Index Provider of such ishares Fund calculates and publishes data relating to the applicable Index. TSX the Toronto Stock Exchange. Underwriters registered brokers and dealers that enter into underwriting agreements with one or more ishares Funds and that subscribe for and purchase Units from such ishares Funds, and Underwriter means any one of them. Unit in relation to a particular ishares Fund, a unit of beneficial interest in that ishares Fund. U.S. ishares Fund any exchange-traded fund that is listed on a recognized U.S. stock exchange and managed by an affiliate of BlackRock Canada. Venture Index S&P/TSX Venture Select Index. xi

16 TABLE OF CONTENTS PROSPECTUS SUMMARY... 1 SUMMARY OF FEES AND EXPENSES...11 Fees and Expenses Payable by the ishares Funds...12 Fees and Expenses Payable by BlackRock Canada...14 Administrative Fee to Offset Certain Transaction Costs...14 Annual Returns and Management Expense Ratio...15 OVERVIEW OF THE LEGAL STRUCTURE OF THE ishares FUNDS...23 INVESTMENT OBJECTIVES...25 ishares Canadian Equity Funds...27 ishares Canadian Fixed Income Funds...27 ishares International Equity Funds...28 ishares International Mining Sector Funds...28 ishares Currency Hedged International Equity Funds...29 ishares Currency Hedged International Fixed Income Funds...29 OVERVIEW OF WHAT THE ishares FUNDS INVEST IN...30 Canadian Equity Fund Indices...31 Canadian Fixed Income Fund Indices...33 International Equity Fund Indices...33 International Mining Sector Indices...35 Hedged International Equity Fund Indices...35 Hedged International Fixed Income Fund Indices...37 Use of the Indices...39 INVESTMENT STRATEGIES...40 ishares Canadian Equity Funds...40 ishares Canadian Fixed Income Funds...41 ishares International Equity Funds...41 ishares International Mining Sector Funds...41 ishares Currency Hedged International Equity Funds...42 ishares Currency Hedged International Fixed Income Funds ishares ETFs No Duplication of Fees Securities Lending Use of Derivative Instruments INVESTMENT RESTRICTIONS FEES AND EXPENSES Fees and Expenses Payable by the ishares Funds Fees and Expenses Payable by BlackRock Canada Harmonized Sales Tax Management Fee Distributions Administrative Fee to Offset Certain Transaction Costs RISK FACTORS General Risks Relating to an Investment in the ishares Funds Interest Rate Risk Additional Risks Relating to an Investment in Certain ishares Funds DISTRIBUTION POLICY Distribution Reinvestment Plan PURCHASE OF UNITS Issuance of Units Buying and Selling Units Registration and Transfer through CDS EXCHANGE AND REDEMPTION OF UNITS Exchange of Units at Net Asset Value per Unit for Baskets and Cash Redemption of Units for Cash Suspension of Exchange and Redemption Administrative Fee to Offset Certain Transaction Costs Short-Term Trading PRICE RANGE AND TRADING VOLUME OF UNITS INCOME TAX CONSIDERATIONS i-

17 TABLE OF CONTENTS (continued) Status of the ishares Funds...86 Taxation of the ishares Funds...87 Taxation of Unitholders...88 Taxation of Registered Plans...90 ADDITIONAL TAX DISCLOSURE RELATED TO INVESTMENTS IN XID...90 ORGANIZATION AND MANAGEMENT DETAILS OF THE ishares FUNDS...90 Executive Officers and Directors of BlackRock Canada...90 Trustee, Manager and Portfolio Adviser...91 Duties and Services to be Provided by BlackRock Canada...92 Sub-Adviser...93 Portfolio Managers of the Sub- Adviser...93 Details of the Investment Sub- Advisory Agreement...94 Conflicts of Interest...95 Independent Review Committee...95 Custodian...96 Subcustodians...96 Auditor 96 Registrar and Transfer Agent...96 License Agreements...96 CALCULATION OF NET ASSET VALUE...99 PRINCIPAL SECURITY HOLDERS OF THE ishares FUNDS PROXY VOTING DISCLOSURE FOR PORTFOLIO SECURITIES HELD Proxy Voting Policies XEN MATERIAL CONTRACTS EXPERTS EXEMPTIONS AND APPROVALS OTHER MATERIAL FACTS Licensing and Trademark Matters PURCHASERS STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION DOCUMENTS INCORPORATED BY REFERENCE CERTIFICATE OF THE ishares FUNDS, TRUSTEE AND THE MANAGER... C-1 Valuation Policies and Procedures Net Asset Value per Unit Reporting of Net Asset Value ATTRIBUTES OF THE SECURITIES Description of the Securities Distributed Subscriptions Certain Provisions of the Units UNITHOLDER MATTERS Meetings of Unitholders Matters Requiring Unitholder Approval Change of Auditor Amendments to the Master Declaration of Trust Permitted Mergers Reporting to Unitholders TERMINATION OF THE ishares FUNDS ii-

18 PROSPECTUS SUMMARY The following is a summary of the principal features of this distribution and should be read together with the more detailed information and financial data and statements contained elsewhere in this prospectus. Issuers: ishares Canadian Equity Funds ishares Canadian Growth Index ETF ( XCG ) ishares S&P/TSX SmallCap Index ETF ( XCS ) ishares Canadian Value Index ETF ( XCV ) ishares Canadian Select Dividend Index ETF ( XDV ) ishares S&P/TSX Capped Energy Index ETF ( XEG ) ishares S&P/TSX Equity Income Index ETF ( XEI ) ishares Jantzi Social Index ETF ( XEN ) ishares S&P/TSX Capped Financials Index ETF ( XFN ) ishares S&P/TSX Capped Composite Index ETF ( XIC ) ishares S&P/TSX Capped Information Technology Index ETF ( XIT ) ishares S&P/TSX 60 Index ETF ( XIU ) ishares S&P/TSX Capped Materials Index ETF ( XMA ) ishares S&P/TSX Completion Index ETF ( XMD ) ishares S&P/TSX Capped REIT Index ETF ( XRE ) ishares S&P/TSX Capped Consumer Staples Index ETF ( XST ) ishares S&P/TSX Capped Utilities Index ETF ( XUT ) ishares S&P/TSX Venture Index ETF ( XVX ) ishares Canadian Fixed Income Funds ishares Canadian Universe Bond Index ETF ( XBB ) ishares Canadian Corporate Bond Index ETF ( XCB ) ishares Floating Rate Index ETF ( XFR ) ishares Canadian Government Bond Index ETF ( XGB ) ishares Canadian HYBrid Corporate Bond Index ETF ( XHB ) ishares Canadian Long Term Bond Index ETF ( XLB ) ishares Canadian Real Return Bond Index ETF ( XRB ) ishares Canadian Short Term Bond Index ETF ( XSB ) ishares Canadian Short Term Corporate + Maple Bond Index ETF ( XSH ) ishares International Equity Funds ishares MSCI Brazil Index ETF ( XBZ ) ishares China Index ETF ( XCH ) ishares MSCI Emerging Markets IMI Index ETF ( XEC ) ishares MSCI EAFE IMI Index ETF ( XEF ) ishares MSCI Emerging Markets Index ETF ( XEM ) ishares India Index ETF ( XID ) ishares Latin America Index ETF ( XLA ) ishares S&P 500 Index Fund ( XUS ) ishares MSCI World Index ETF ( XWD ) ishares International Mining Sector Funds ishares S&P/TSX Global Base Metals Index ETF ( XBM ) ishares S&P/TSX Global Gold Index ETF ( XGD ) ishares Currency Hedged International Equity Funds ishares S&P Global Consumer Discretionary Index ETF (CAD-Hedged) ( XCD ) ishares S&P Global Industrials Index ETF (CAD-Hedged) ( XGI ) ishares Global Healthcare Index ETF (CAD-Hedged) ( XHC ) ishares U.S. High Dividend Equity Index ETF (CAD-Hedged) ( XHD ) ishares MSCI EAFE Index ETF (CAD-Hedged) ( XIN ) ishares NASDAQ 100 Index ETF (CAD-Hedged) ( XQQ ) ishares S&P 500 Index ETF (CAD-Hedged) ( XSP ) 1

19 ishares U.S. Small Cap Index ETF (CAD-Hedged) ( XSU ) ishares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) ( XPF ) ishares Currency Hedged International Fixed Income Funds ishares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged) ( XEB ) ishares U.S. High Yield Bond Index ETF (CAD-Hedged) ( XHY ) ishares U.S. IG Corporate Bond Index ETF (CAD-Hedged) ( XIG ) ishares Minimum Volatility Funds ishares MSCI EAFE Minimum Volatility Index ETF ( XMI ) ishares MSCI Emerging Markets Minimum Volatility Index ETF ( XMM ) ishares MSCI USA Minimum Volatility Index ETF ( XMU ) ishares MSCI Canada Minimum Volatility Index ETF ( XMV ) ishares MSCI All Country World Minimum Volatility Index ETF ( XMW ) (each, an ishares Fund and collectively, the ishares Funds ). Each ishares Fund is an exchange-traded fund established as a trust under the laws of the Province of Ontario. BlackRock Canada is the trustee, manager and portfolio adviser of the ishares Funds. Continuous Distribution: Investment Objectives of the ishares Funds: Units of the ishares Funds are listed on the TSX and offered on a continuous basis. Each Unit of an ishares Fund represents an equal beneficial interest in that ishares Fund. The ishares Funds are organized as trusts and unitholders of the ishares Funds are not shareholders of a corporation. Investors may purchase or sell Units on the TSX through a registered broker or dealer in the province or territory where the investor resides. Accordingly, investors may trade Units in the same way as other securities listed on the TSX, including by using market orders and limit orders. Investors may incur customary brokerage commissions when buying or selling Units on the TSX. Underwriters may purchase a Prescribed Number of Units from the ishares Funds at the Net Asset Value per Unit. See Purchase of Units Issuance of Units. ishares Canadian Equity Funds The ishares Canadian Equity Funds seek to provide long-term capital growth by replicating, to the extent possible, the performance of the applicable Canadian Equity Fund Index, net of expenses. The applicable Canadian Equity Fund Index for each ishares Canadian Equity Fund is identified in this prospectus under Investment Objectives ishares Canadian Equity Funds. ishares Canadian Fixed Income Funds The ishares Canadian Fixed Income Funds, other than XFR, seek to provide income by replicating, to the extent possible, the performance of the applicable Canadian Fixed Income Fund Index, net of expenses. XFR seeks to provide income while limiting interest rate risk by replicating, to the extent possible, the performance of the FTSE TMX Canada FRN Index, net of expenses. The applicable Canadian Fixed Income Fund Index for each ishares Canadian Fixed Income Fund is identified in this prospectus under Investment Objectives ishares Canadian Fixed Income Funds. ishares International Equity Funds The ishares International Equity Funds seek to provide long-term capital growth by replicating, to the extent possible, the performance of the applicable International Equity Fund Index, net of expenses. The applicable International Equity Fund Index for each ishares International Equity Fund is identified in this prospectus under Investment Objectives ishares International Equity Funds. ishares International Mining Sector Funds The ishares International Mining Sector Funds seek to provide long-term capital growth by replicating, to the extent possible, the performance of the applicable International Mining 2

20 Sector Index, net of expenses. The applicable International Mining Sector Fund Index for each ishares International Mining Sector Fund is identified in this prospectus under Investment Objectives ishares International Mining Sector Funds. ishares Currency Hedged International Equity Funds The ishares Currency Hedged International Equity Funds, other than XPF, seek to provide long-term capital growth by replicating, to the extent possible, the performance of the applicable Hedged International Equity Fund Index, net of expenses. XPF seeks to provide income by replicating, to the extent possible, the performance of the S&P/TSX North American Preferred Stock Canadian Dollar Hedged Index (the Preferred Index ), net of expenses. The applicable Hedged International Equity Fund Index for each ishares Currency Hedged International Equity Fund is identified in this prospectus under Investment Objectives ishares Currency Hedged International Equity Funds. ishares Currency Hedged International Fixed Income Funds The ishares Currency Hedged International Fixed Income Funds seek to provide income by replicating, to the extent possible, the performance of the applicable Hedged International Fixed Income Fund Index, net of expenses, and, to the extent possible, hedge any resulting U.S. dollar currency exposure back to Canadian dollars. The applicable Hedged International Fixed Income Fund Index for each ishares Currency Hedged International Fixed Income Fund is identified in this prospectus under Investment Objectives ishares Currency Hedged International Fixed Income Funds. ishares Minimum Volatility Funds Investment Strategies of the ishares Funds: The ishares Minimum Volatility Funds seek to provide long-term capital growth by replicating, to the extent possible, the performance of the applicable Minimum Volatility Fund Index, net of expenses. The applicable Minimum Volatility Fund Index for each ishares Minimum Volatility Fund is identified in this prospectus under Investment Objectives ishares Minimum Volatility Funds. ishares Canadian Equity Funds The investment strategy of each ishares Canadian Equity Fund, other than XVX, is to invest primarily in and hold the Index Securities of the applicable Canadian Equity Fund Index in substantially the same proportion as they are reflected in the applicable Canadian Equity Fund Index. See Investment Strategies ishares Canadian Equity Funds. The investment strategy of XVX is to invest primarily in a portfolio of Index Securities which make up the S&P/TSX Venture Select Index (the Venture Index ), selected by BlackRock Canada from time to time, that closely matches the characteristics of the Venture Index. An ishares Canadian Equity Fund may invest in and hold units of other exchange-traded funds of which BlackRock Canada or an affiliate is the trustee or manager, and/or other equity securities, provided that such holding by the ishares Canadian Equity Fund is consistent with its stated investment objective. The ishares Canadian Equity Funds may invest in futures contracts in order to provide market exposure for cash and may also hold money market instruments, securities of money market funds or cash to meet its current obligations. The ishares Canadian Equity Funds may also invest in or use derivative instruments as described in Investment Strategies Use of Derivative Instruments. See Investment Strategies ishares Canadian Equity Funds. ishares Canadian Fixed Income Funds The investment strategy of each ishares Canadian Fixed Income Fund is to invest in a regularly rebalanced portfolio of bonds, selected by BlackRock Canada from time to time, that closely matches the characteristics of the applicable Canadian Fixed Income Fund Index. An ishares Canadian Fixed Income Fund may invest in and hold units of other 3