iShares MSCI ACWI Index Fund (the Fund) is an exchange-traded fund that seeks investment results that correspond generally to the price and yield performance of the MSCI All Country World Index (the Index). The Index is a free float-adjusted market capitalization index designed to measure the combined equity market performance of developed and emerging markets countries. The Index has been developed by MSCI Inc. as an equity benchmark for global stock performance. The Index aims to capture 85% of the (publicly available) total market capitalization. The Fund generally invests at least 90% of its assets in securities of the Index and in depositary receipts representing securities of the Index. The Fund will concentrate its investments (holds 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that its Index is concentrated. The Index is reviewed quarterly by MSCI. Its investment advisor is Barclays Global Fund Advisors.