iShares Adaptive Currency Hedged MSCI EAFE ETF DEFA

The investment seeks to track the investment results of the MSCI EAFE Adaptive Hedge to USD Index. The fund generally will invest at least 90% of its assets in the component securities and other instruments of the index and in investments that have economic characteristics that are substantially identical to the component securities of the index. The index is an equity benchmark for international stock performance with the foreign currency exposure of the securities included in the underlying index dynamically hedged against the USD determined systematically by four currency risk indicators: carry, momentum, value, and volatility. The fund is non-diversified.