iShares MSCI ACWI ex US Index Fund (the Fund) seeks investment results that correspond generally to the price and yield performance of the MSCI All Country World Index ex USA (the Index). The Index has been developed by MSCI Inc. as an equity benchmark for international stock performance. The Index is a free-float adjusted market capitalization index designed to measure equity market performance of developed and emerging market countries, excluding the United States. 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.