December 11, 2019

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

ONTARIO

(the Jurisdiction)

AND

IN THE MATTER OF

THE PROCESS FOR EXEMPTIVE RELIEF

APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF

BLACKROCK ASSET MANAGEMENT CANADA LIMITED

(the Filer)

AND

THE EXCHANGE-TRADED MUTUAL FUNDS SET OUT IN SCHEDULE “A”

(the ETFs)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the ETFs for a decision under the securities legislation of the Jurisdiction (the Legislation) that the time limits for the renewal of the prospectuses of the ETFs dated March 4, March 29, April 8, and May 30, 2019 be extended to the time limits that would be applicable as if the lapse date of each of the prospectuses of the ETFs was June 30, 2020 (the Requested Relief).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application; and

(b) the Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each of the other provinces and territories of Canada (together with Ontario, the Jurisdictions).

Interpretation

Terms defined in National Instrument 14-101 – Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.

Representations

This decision is based on the following facts represented by the Filer:

1. The Filer is a corporation amalgamated under the laws of Ontario, with its head office located in Toronto, Ontario.

2. The Filer is registered as: (i) an investment fund manager in each of the Jurisdictions; (ii) a commodity trading manager in Ontario; (iii) an adviser in Manitoba; (iv) a portfolio manager in each of the Jurisdictions; and (v) an exempt market dealer in each of the Jurisdictions.

3. The Filer is the investment fund manager and trustee of each ETF.

4. Neither the Filer nor any ETF is in default of securities legislation in any of the Jurisdictions.

5. Each ETF is an exchange-traded mutual fund established as a trust under the laws of Ontario and a reporting issuer in each of the Jurisdictions.

6. Each ETF is in continuous distribution and the securities of each ETF are listed on the Toronto Stock Exchange or another marketplace in Canada.

7. Securities of each ETF are currently qualified for distribution in each of the Jurisdictions under the long form prospectuses respectively dated: (i) March 4, 2019 as amended by Amendment no. 1 dated May 16, 2019 (the March 4 Prospectus); (ii) March 29, 2019 as amended by Amendment no. 1 dated July 11, 2019, and Amendment no. 2 dated September 16, 2019, and Amendment no. 3 dated November 14, 2019 (the March 29 iShares Funds Prospectus); (iii) March 29, 2019 (the March 29 Non-Index Funds Prospectus); (iv) April 8, 2019 (the April 8 Prospectus); and (v) May 30, 2019 (the May 30 Prospectus and collectively with the March 4 Prospectus, the March 29 iShares Funds Prospectus, the March 29 Non-Index Funds Prospectus and the April 8 Prospectus, the Current Prospectuses).

8. The lapse dates for the Current Prospectuses are March 4, March 29, April 8, and May 30, 2020, respectively (collectively, the Current Lapse Dates).

9. Accordingly, under the Legislation, the distribution of securities of each ETF would have to cease on its applicable Current Lapse Date unless: (i) the ETF files a pro forma prospectus at least 30 days prior to its Current Lapse Date; (ii) the final prospectus is filed no later than 10 days after its Current Lapse Date; and (iii) a receipt for the final prospectus is obtained within 20 days after its Current Lapse Date.

10. The Filer wishes to combine the Current Prospectuses of the ETFs in order to reduce renewal, printing and related costs. Offering the ETFs under the same renewal prospectus (the Consolidated Prospectus) would facilitate the distribution of the ETFs in the Jurisdictions under the same prospectus and will ensure that the Filer can make the operational and administrative features of the ETFs consistent with each other, if necessary.

11. The Filer desires to extend the lapse date of each of the Current Prospectuses in order to move the renewal timeframe to a more administratively beneficial date. Establishing a uniform disclosure timeframe for the ETFs will permit the Filer to streamline operations and disclosure across the Filer’s ETF platform.

12. If the Requested Relief is not granted, it will be necessary to renew five sets of prospectus documents for the ETFs twice within a short period of time in order to consolidate the prospectus documents and establish a uniform filing timeline for the ETFs, and it would be unreasonable for the Filer to incur the costs and expenses associated therewith, given investors would not be prejudiced by the Requested Relief.

13. There have been no material changes in the affairs of the ETFs since the date of the Current Prospectuses, other than as amended. Accordingly, the Current Prospectuses continue to provide accurate information regarding the ETFs.

14. Given the disclosure obligations of the Filer and the ETFs, should any material change in the business, operations or affairs of the ETFs occur, the Current Prospectuses and current ETF Facts document(s) of the applicable ETF(s) will be amended as required under the Legislation.

15. New investors of the ETFs will receive delivery of the most recently filed ETF Facts document(s) of the applicable ETF(s). The Current Prospectuses of the ETFs will remain available to investors upon request.

16. The Requested Relief will not affect the accuracy of the information contained in the Current Prospectuses or the respective ETF Facts document(s) of each ETF, and will therefore not be prejudicial to the public interest.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Requested Relief is granted.

“Neeti Varma”

Neeti Varma

Manager, Investment Funds and Structured Products

Ontario Securities Commission

Application No. 2019/0588

SCHEDULE “A”

The ETFs

Prospectus dated March 4, 2019

iShares ESG MSCI Canada Index ETF

iShares ESG MSCI USA Index ETF

iShares ESG MSCI EAFE Index ETF

iShares ESG MSCI Emerging Markets Index ETF

iShares ESG Canadian Aggregate Bond Index ETF

iShares ESG Canadian Short Term Bond Index ETF

Prospectus dated March 29, 2019 (iShares Funds)

iShares Canadian Growth Index ETF

iShares S&P/TSX SmallCap Index ETF

iShares Canadian Value Index ETF

iShares Canadian Select Dividend Index ETF

iShares S&P/TSX Capped Energy Index ETF

iShares S&P/TSX Composite High Dividend Index ETF

iShares Jantzi Social Index ETF

iShares S&P/TSX Capped Financials Index ETF

iShares S&P/TSX Capped Composite Index ETF

iShares S&P/TSX Capped Information Technology Index ETF

iShares S&P/TSX 60 Index ETF

iShares S&P/TSX Capped Materials Index ETF

iShares S&P/TSX Completion Index ETF

iShares S&P/TSX Capped REIT Index ETF

iShares S&P/TSX Capped Consumer Staples Index ETF

iShares S&P/TSX Capped Utilities Index ETF

iShares Core Canadian Universe Bond Index ETF

iShares Canadian Corporate Bond Index ETF

iShares Floating Rate Index ETF

iShares Canadian Government Bond Index ETF

iShares Canadian HYBrid Corporate Bond Index ETF

iShares Core Canadian Long Term Bond Index ETF

iShares Canadian Real Return Bond Index ETF

iShares Core Canadian Short Term Bond Index ETF

iShares Core Canadian Short Term Corporate + Maple Bond Index ETF

iShares Short Term Bond High Quality Canadian Bond Index ETF

iShares Core MSCI All Country World ex Canada Index ETF

iShares China Index ETF

iShares Core MSCI Emerging Markets IMI Index ETF

iShares Core MSCI EAFE IMI Index ETF

iShares MSCI Emerging Markets Index ETF

iShares MSCI Europe IMI Index ETF

iShares U.S. High Dividend Equity Index ETF

iShares India Index ETF

iShares S&P U.S. Mid-Cap Index ETF

iShares Core S&P 500 Index ETF

iShares Core S&P U.S. Total Market Index ETF

iShares MSCI World Index ETF

iShares S&P/TSX Global Base Metals Index ETF

iShares S&P/TSX Global Gold Index ETF

iShares S&P Global Consumer Discretionary Index ETF (CAD-Hedged)

iShares MSCI Europe IMI Index ETF (CAD-Hedged)

iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged)

iShares S&P Global Industrials Index ETF (CAD-Hedged)

iShares Global Healthcare Index ETF (CAD-Hedged)

iShares U.S. High Dividend Equity Index ETF (CAD-Hedged)

iShares MSCI EAFE® Index ETF (CAD-Hedged)

iShares S&P U.S. Mid-Cap Index ETF (CAD-Hedged)

iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged)

iShares NASDAQ 100 Index ETF (CAD-Hedged)

iShares Core S&P 500 Index ETF (CAD-Hedged)

iShares U.S. Small Cap Index ETF (CAD-Hedged)

iShares Core S&P U.S. Total Market Index ETF (CAD-Hedged)

iShares J.P. Morgan USD Emerging Markets Bond Index ETF (CAD-Hedged)

iShares U.S. High Yield Bond Index ETF (CAD-Hedged)

iShares U.S. IG Corporate Bond Index ETF (CAD-Hedged)

iShares Edge MSCI Min Vol EAFE Index ETF

iShares Edge MSCI Min Vol Emerging Markets Index ETF

iShares Edge MSCI Min Vol USA Index ETF

iShares Edge MSCI Min Vol Canada Index ETF

iShares Edge MSCI Min Vol Global Index ETF

iShares Edge MSCI Min Vol EAFE Index ETF (CAD-Hedged)

iShares Edge MSCI Min Vol USA Index ETF (CAD-Hedged)

iShares Edge MSCI Min Vol Global Index ETF (CAD-Hedged)

iShares Edge MSCI Multifactor Canada Index ETF

iShares Edge MSCI Multifactor EAFE Index ETF

iShares Edge MSCI Multifactor EAFE Index ETF (CAD-Hedged)

iShares Edge MSCI Multifactor USA Index ETF

iShares Edge MSCI Multifactor USA Index ETF (CAD-Hedged)

iShares Core MSCI Canadian Quality Dividend Index ETF

iShares Core MSCI US Quality Dividend Index ETF

iShares Core MSCI US Quality Dividend Index ETF (CAD-Hedged)

iShares Core MSCI Global Quality Dividend Index ETF

iShares Core MSCI Global Quality Dividend Index ETF (CAD-Hedged)

Prospectus dated March 29, 2019 (iShares Non-Index Funds)

iShares Conservative Short Term Strategic Fixed Income ETF

iShares Conservative Strategic Fixed Income ETF

iShares Short Term Strategic Fixed Income ETF

iShares Diversified Monthly Income ETF

iShares Core Balanced ETF Portfolio

iShares Core Growth ETF Portfolio

Prospectus dated April 8, 2019

iShares Global Government Bond Index ETF (CAD-Hedged) (formerly RBC Global Government Bond (CAD Hedged) Index ETF)

Prospectus dated May 30, 2019

iShares International Fundamental Index ETF

iShares Japan Fundamental Index ETF (CAD-Hedged)

iShares US Fundamental Index ETF

iShares Emerging Markets Fundamental Index ETF

iShares Canadian Fundamental Index ETF

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF

iShares S&P/TSX Canadian Preferred Share Index ETF

iShares US Dividend Growers Index ETF (CAD-Hedged)

iShares Global Monthly Dividend Index ETF (CAD-Hedged)

iShares Global Real Estate Index ETF

iShares Global Infrastructure Index ETF

iShares Global Water Index ETF

iShares Global Agriculture Index ETF

iShares High Quality Canadian Bond Index ETF

iShares 1-5 Year Laddered Corporate Bond Index ETF

iShares 1-10 Year Laddered Corporate Bond Index ETF

iShares U.S. High Yield Fixed Income Index ETF (CAD-Hedged)

iShares 1-5 Year Laddered Government Bond Index ETF

iShares 1-10 Year Laddered Government Bond Index ETF

iShares Convertible Bond Index ETF