April 28, 2026

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”

(collectively, 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 long form prospectus of the ETFs dated May 20, 2025 (the Current Prospectus) be extended to those time limits that would apply if the lapse date of the Current Prospectus was June 26, 2027 (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;

(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 the Province of Ontario with its head office located in Toronto, Ontario, and is an indirect, wholly-owned subsidiary of BlackRock, Inc., a global investment manager headquartered in the U.S.

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 the ETFs.

4. Neither the Filer nor any of the ETFs are 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. Securities of each ETF are currently qualified for distribution in each of the Jurisdictions under the Current Prospectus.

7. Each ETF is in continuous distribution and the securities of each ETF are listed on the Toronto Stock Exchange.

8. The lapse date for the Current Prospectus under the Legislation is May 20, 2027 (the Current Lapse Date). Accordingly, under the Legislation, the distribution of securities of the ETFs would have to cease on the Current Lapse Date unless: (i) the ETFs file renewal ETF Facts no earlier than 13 months and no later than 11 months prior to the Current Lapse Date; (ii) the ETFs file a pro forma prospectus at least 30 days prior to the Current Lapse Date; (iii) a final prospectus is filed no later than 10 days after the Current Lapse Date; and (iv) a receipt for the final prospectus is obtained within 20 days after the Current Lapse Date.

9. The Filer is also the investment fund manager of certain other exchange-traded mutual funds set out in Schedule “B” (the iShares Funds, and together with the ETFs, the Funds) offered under a separate long form prospectus dated June 26, 2025, as amended, that has a lapse date of June 26, 2027 (the iShares Funds Main Prospectus).

10. The Filer wishes to combine the Current Prospectus with the iShares Funds Main Prospectus in order to reduce the renewal and related costs of the Funds and move the renewal timeframe of the ETFs to a more administratively beneficial date. The ETFs share many common operational and administrative features with the iShares Funds and combining the Current Prospectus with the iShares Funds Main Prospectus will enable the Filer to streamline operations and disclosure across its ETF platform and will allow investors to compare the features of the Funds more easily.

11. The Filer may make minor changes to the features of the iShares Funds as part of the process of renewing the iShares Funds Main Prospectus. Offering the ETFs under the same renewal prospectus as the iShares Funds will ensure that the Filer can make the operational and administrative features of the Funds consistent with each other, if necessary.

12. On March 3, 2025, amendments to National Instrument 41-101 General Prospectus Requirements (NI 41-101) came into force which extended the lapse date for the long form prospectus of an ETF in continuous distribution from 12 months to 24 months after the date of the previous prospectus relating to the security (the March 3 Amendment).

13. If the Requested Relief is not granted, it will be necessary to renew two sets of prospectus documents for the ETFs twice within a short period of time in order to consolidate the Current Prospectus with the iShares Funds Main Prospectus and establish a uniform filing timeline for the Funds, 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.

14. If the Requested Relief is granted, the Filer will file a renewal ETF facts document for each class or series of securities of the ETFs no earlier than 13 months and no later than 11 months before June 26, 2027, in accordance with the prospectus renewal requirements prescribed by Legislation in force further to the March 3 Amendment. As such, the ETFs currently expect to provide updated ETF Facts to investors on or about July 2026, as prescribed by Form 41-101F4 – Information Required in an ETF Facts Document.

15. There have been no material changes in the affairs of the ETFs since the date of the Current Prospectus. Accordingly, the Current Prospectus and ETF Facts continue to provide accurate information regarding the ETFs.

16. Given the disclosure obligations of the Filer and the ETFs, should any material change occur, the Current Prospectus and current ETF Facts will be amended as required under the Legislation.

17. New investors of the ETFs will receive delivery of the most recently filed ETF Facts. The Current Prospectus will remain available to investors upon request.

18. The Requested Relief will not affect the accuracy of the information contained in the Current Prospectus or the respective ETF Facts 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.

“Darren McKall”

Darren McKall, Associate Vice President

Investment Management Division

Ontario Securities Commission

Application # App2026-201

SEDAR+ Filing # 06429183

SCHEDULE “A”

The ETFs

iShares Core S&P Total U.S. Stock Market Index ETF (“XTOT”)

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

iShares Core Canadian Short-Mid Term Universe Bond Index ETF (“XSMB”)

SCHEDULE “B”

The iShares Funds

iShares Core Canadian 15+ Year Federal Bond Index ETF (“XFLB”)

iShares Core Canadian Corporate Bond Index ETF (“XCB”)

iShares Core Canadian Government Bond Index ETF (“XGB”)

iShares Core Canadian Long Term Bond Index ETF (“XLB”)

iShares Core Canadian Short Term Bond Index ETF (“XSB”)

iShares Core Canadian Short Term Corporate Bond Index ETF (“XSH”)

iShares Core Canadian Universe Bond Index ETF (“XBB”)

iShares Core MSCI All Country World ex Canada Index ETF (“XAW”)

iShares Core MSCI Canadian Quality Dividend Index ETF (“XDIV”)

iShares Core MSCI EAFE IMI Index ETF (“XEF”)

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

iShares Core MSCI Emerging Markets IMI Index ETF (“XEC”)

iShares Core MSCI Global Quality Dividend Index ETF (“XDG”)

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

iShares Core MSCI US Quality Dividend Index ETF (“XDU”)

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

iShares Core S&P 500 Index ETF (“XUS”)

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

iShares Core S&P/TSX Capped Composite Index ETF (“XIC”)

iShares Core S&P U.S. Total Market Index ETF (“XUU”)

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

iShares 0-5 Year TIPS Bond Index ETF (“XSTP”)

iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged) (“XSTH”)

iShares 1-5 Year Laddered Corporate Bond Index ETF (“CBO”)

iShares 1-5 Year Laddered Government Bond Index ETF (“CLF”)

iShares 1-5 Year U.S. IG Corporate Bond Index ETF (“XSHU”)

iShares 1-5 Year U.S. IG Corporate Bond Index ETF (CAD-Hedged) (“XIGS”)

iShares 1-10 Year Laddered Corporate Bond Index ETF (“CBH”)

iShares 1-10 Year Laddered Government Bond Index ETF (“CLG”)

iShares 20+ Year U.S. Treasury Bond Index ETF (“XTLT”)

iShares 20+ Year U.S. Treasury Bond Index ETF (CAD-Hedged) (“XTLH”)

iShares Canadian Fundamental Index ETF (“CRQ”)

iShares Canadian Growth Index ETF (“XCG”)

iShares Canadian HYBrid Corporate Bond Index ETF (“XHB”)

iShares Canadian Real Return Bond Index ETF (“XRB”)

iShares Canadian Select Dividend Index ETF (“XDV”)

iShares Canadian Value Index ETF (“XCV”)

iShares China Index ETF (“XCH”)

iShares Convertible Bond Index ETF (“CVD”)

iShares Cybersecurity and Tech Index ETF (“XHAK”)

iShares Emerging Markets Fundamental Index ETF (“CWO”)

iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF (“XSHG”)

iShares ESG Advanced Canadian Corporate Bond Index ETF (“XCBG”)

iShares ESG Advanced MSCI Canada Index ETF (“XCSR”)

iShares ESG Advanced MSCI EAFE Index ETF (“XDSR”)

iShares ESG Advanced MSCI USA Index ETF (“XUSR”)

iShares ESG Aware Canadian Aggregate Bond Index ETF (“XSAB”)

iShares ESG Aware Canadian Short Term Bond Index ETF (“XSTB”)

iShares ESG Aware MSCI Canada Index ETF (“XESG”)

iShares ESG Aware MSCI EAFE Index ETF (“XSEA”)

iShares ESG Aware MSCI Emerging Markets Index ETF (“XSEM”)

iShares ESG Aware MSCI USA Index ETF (“XSUS”)

iShares Exponential Technologies Index ETF (“XEXP”)

iShares Floating Rate Index ETF (“XFR”)

iShares Genomics Immunology and Healthcare Index ETF (“XDNA”)

iShares Global Agriculture Index ETF (“COW”)

iShares Global Clean Energy Index ETF (“XCLN”)

iShares Global Electric and Autonomous Vehicles Index ETF (“XDRV”)

iShares Global Government Bond Index ETF (CAD-Hedged) (“XGGB”)

iShares Global Healthcare Index ETF (CAD-Hedged) (“XHC”)

iShares Global Infrastructure Index ETF (“CIF”)

iShares Global Monthly Dividend Index ETF (CAD-Hedged) (“CYH”)

iShares Global Real Estate Index ETF (“CGR”)

iShares Global Water Index ETF (“CWW”)

iShares High Quality Canadian Bond Index ETF (“XQB”)

iShares India Index ETF (“XID”)

iShares International Fundamental Index ETF (“CIE”)

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

iShares Jantzi Social Index ETF (“XEN”)

iShares Japan Fundamental Index ETF (CAD-Hedged) (“CJP”)

iShares MSCI EAFE Index ETF (CAD-Hedged) (“XIN”)

iShares MSCI Emerging Markets ex China Index ETF (“XEMC”)

iShares MSCI Emerging Markets Index ETF (“XEM”)

iShares MSCI Europe IMI Index ETF (“XEU”)

iShares MSCI Europe IMI Index ETF (CAD-Hedged) (“XEH”)

iShares MSCI Min Vol Canada Index ETF (“XMV”)

iShares MSCI Min Vol EAFE Index ETF (“XMI”)

iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) (“XML”)

iShares MSCI Min Vol Emerging Markets Index ETF (“XMM”)

iShares MSCI Min Vol Global Index ETF (“XMW”)

iShares MSCI Min Vol Global Index ETF (CAD-Hedged) (“XMY”)

iShares MSCI Min Vol USA Index ETF (“XMU”)

iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (“XMS”)

iShares MSCI USA Momentum Factor Index ETF (“XMTM”)

iShares MSCI USA Quality Factor Index ETF (“XQLT”)

iShares MSCI USA Value Factor Index ETF (“XVLU”)

iShares MSCI World Index ETF (“XWD”)

iShares NASDAQ 100 Index ETF (“XQQU”)

iShares NASDAQ 100 Index ETF (CAD-Hedged) (“XQQ”)

iShares S&P 500 3% Capped Index ETF (“XUSC”)

iShares S&P 500 3% Capped Index ETF (CAD-Hedged) (“XSPC”)

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

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

iShares S&P/TSX 60 Index ETF (“XIU”)

iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (“CDZ”)

iShares S&P/TSX Canadian Preferred Share Index ETF (“CPD”)

iShares S&P/TSX Capped Consumer Staples Index ETF (“XST”)

iShares S&P/TSX Capped Energy Index ETF (“XEG”)

iShares S&P/TSX Capped Financials Index ETF (“XFN”)

iShares S&P/TSX Capped Information Technology Index ETF (“XIT”)

iShares S&P/TSX Capped Materials Index ETF (“XMA”)

iShares S&P/TSX Capped REIT Index ETF (“XRE”)

iShares S&P/TSX Capped Utilities Index ETF (“XUT”)

iShares S&P/TSX Completion Index ETF (“XMD”)

iShares S&P/TSX Composite High Dividend Index ETF (“XEI”)

iShares S&P/TSX Energy Transition Materials Index ETF (“XETM”)

iShares S&P/TSX Global Base Metals Index ETF (“XBM”)

iShares S&P/TSX Global Gold Index ETF (“XGD”)

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

iShares S&P/TSX SmallCap Index ETF (“XCS”)

iShares S&P U.S. Financials Index ETF (“XUSF”)

iShares S&P U.S. Mid-Cap Index ETF (“XMC”)

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

iShares S&P U.S. Small-Cap Index ETF (“XSMC”)

iShares S&P U.S. Small-Cap Index ETF (CAD-Hedged) (“XSMH”)

iShares Semiconductor Index ETF (“XCHP”)

iShares US Dividend Growers Index ETF (CAD-Hedged) (“CUD”)

iShares US Fundamental Index ETF (“CLU”)

iShares U.S. Aerospace & Defense Index ETF (“XAD”)

iShares U.S. Aggregate Bond Index ETF (“XAGG”)

iShares U.S. Aggregate Bond Index ETF (CAD-Hedged) (“XAGH”)

iShares U.S. High Dividend Equity Index ETF (“XHU”)

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

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

iShares U.S. IG Corporate Bond Index ETF (“XCBU”)

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

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

iShares Core Balanced ETF Portfolio (“XBAL”)

iShares Core Conservative Balanced ETF Portfolio (“XCNS”)

iShares Core Equity ETF Portfolio (“XEQT”)

iShares Core Growth ETF Portfolio (“XGRO”)

iShares Core Income Balanced ETF Portfolio (“XINC”)

iShares ESG Balanced ETF Portfolio (“GBAL”)

iShares ESG Conservative Balanced ETF Portfolio (“GCNS”)

iShares ESG Equity ETF Portfolio (“GEQT”)

iShares ESG Growth ETF Portfolio (“GGRO”)

iShares Short Term Strategic Fixed Income ETF (“XSI”)

iShares Conservative Short Term Strategic Fixed Income ETF (“XSC”)

iShares Conservative Strategic Fixed Income ETF (“XSE”)

iShares Canadian Financial Monthly Income ETF (“FIE”)

iShares Diversified Monthly Income ETF (“XTR”)

iShares Equal Weight Banc & Lifeco ETF (“CEW”)

iShares Premium Money Market ETF (“CMR”)

iShares Bitcoin ETF (“IBIT”)

iShares Flexible Monthly Income ETF (“XFLI”)

iShares Flexible Monthly Income ETF (CAD-Hedged) (“XFLX”)