Fund Description: iShares Currency Hedged MSCI Emerging Markets ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of iShares Inc. an open-end investment management company. INVESTMENT OBJECTIVE: The iShares Currency Hedged MSCI Emerging Markets ETF seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Emerging Markets 100% USD Hedged Index. INDEX DESCRIPTION: The MSCI Emerging Markets 100% USD Hedged Index which has been developed by MSCI Inc. as an equity benchmark for global emerging markets stock performance with the currency risk of the securities included in the Index hedged against the U.S. dollar on a monthly basis. The Index, at the date of its prospectus, consisted of securities from 23 emerging market countries. The Index may include large- or mid-capitalization companies, and components primarily include energy, financials and information technology companies. The countries and components of the Index, and the degree to which these components represent certain industries, may change over time. FUND STRATEGY: The Fund intends to seek to achieve its investment objective initially by investing a substantial portion of its assets in one Underlying Fund, the iShares MSCI Emerging Markets ETF. A passive or indexing approach is used to try to achieve the Fund’s investment objective. The advisor uses a representative sampling indexing strategy to manage the Fund and the Underlying Fund. The Fund generally invests at least 80% of its assets in securities of the Index (including indirect investments through the Underlying Fund) and in depositary receipts representing securities of the Index, including foreign currency forward contracts (both deliverable and non-deliverable) designed to hedge against non-U.S. currency fluctuations. The notional exposure to currency forward contracts will be a short position that hedges the currency risk of the equity portfolio. The Fund will seek to provide effective total investment exposure equal to 100% of the return of the equity portfolio (other than currency effects) and approximately 0% of the currency risk of the equity portfolio (except for the currency exposure resulting from being over/under-hedged due to intra-month market movements). The Fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds. The Index applies a methodology that sells forward the total value of the non-U.S. dollar denominated securities included in the Index at a one-month forward rate to effectively create a hedge against fluctuations in the relative value of the component currencies in relation to the U.S. dollar. The hedge is reset on a monthly basis. In order to replicate the hedging component of the Index, the Fund intends to enter into foreign currency forward contracts designed to offset the Fund’s exposure to the component currencies. FUND MANAGEMENT: BlackRock Fund Advisors serves as the investment adviser to the Fund.