EX-10.117



 Exhibit 10.117 
  

					
	CONFIDENTIAL TREATMENT REQUESTED. *********** INDICATES OMITTED MATERIAL THAT IS THE SUBJECT OF A CONFIDENTIAL TREATMENT REQUEST FILED SEPARATELY WITH THE COMMISSION. THE OMITTED MATERIAL HAS BEEN FILED SEPARATELY WITH THE
COMMISSION.	  	 
  
	A.N.:130339
 AMD_00178568.0
	  
   


 AMENDMENT 

Date of Amendment: August 3, 2015 
 AMENDMENT (this
“Amendment”) to the Index License Agreement for Funds (internal MSCI reference: IXF_00040) dated as of March 18, 2000 (the “Agreement”) by and between MSCI Inc. (formerly known as Morgan Stanley Capital
International Inc.) (“MSCI”) and BlackRock Fund Advisors, a California corporation (as successor to Barclays Global Investors, N.A.) (“Licensee”). 

The parties acknowledge that the Agreement was previously amended by, among other amendments, that certain Amendment (internal MSCI reference: AMD_00403)
dated as of October 4, 2011 (the “Previous Amendment”). This Amendment shall supplement and operate in conjunction with the Previous Amendment. Capitalized terms used but not defined in this Amendment shall have the meanings
ascribed to them in the Agreement or the Previous Amendment, as the case maybe. 
  

	1.	Exhibit A of the Agreement is hereby amended to add the following Indexes: 

  

	 	•	 	MSCI EAFE Minimum Volatility (USD) 100% Hedged to USD Index 

  

	 	•	 	MSCI Emerging Markets Minimum Volatility (USD) 100% Hedged to USD Index 

  

	 	•	 	MSCI ACWI Minimum Volatility (USD) 100% Hedged to USD Index 

 Or such other names as agreed by
Licensee and MSCI in writing. 
  

	2.	Licensee may use the Indexes set forth in Section 1 above solely with respect to the following Funds (each, a “Hedged ETF” and each Hedged ETF shall also be a “Fund” as such term is
defined in the Agreement). 

  

	 	•	 	iShares Currency Hedged MSCI EAFE Minimum Volatility ETF 

  

	 	•	 	iShares Currency Hedged MSCI EM Minimum Volatility ETF 

  

	 	•	 	iShares Currency Hedged MSCI ACWI Minimum Volatility ETF 

 Or such other names as agreed by
Licensee and MSCI in writing. 
 The Hedged ETFs shall be exchange traded index funds listed on a national securities exchange located in the United States.

  

	3.	Fees payable with respect to the Hedged ETFs: 

  

	a.	Definitions: 

 As used in this Amendment, the following terms shall have the meanings set forth below:

 “Un-Hedged ETF” means, for each *************************************************************** set forth in the following table: 

*************************** 

*************************** 

*************************** 

“AUM” means, for any ********** or any ***********, the ********************************************************* 

******************************************************************. 

“Reinvested AUM” means, for each **********, the **************************************************************** 

***********************************************************************. 

  
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 A.N.:130339 

AMD_00178568.0 
 “Unreinvested
AUM” means, for each **********, the ************************************************************** 

*****************************************************************************. 

For the avoidance of doubt, the total of the ************** and the *********** of any *********** uring the relevant *********** period must equal the
*********** during such *********** period. 
  

	b.	Calculation of Fees: 

 For each ***********, Licensee shall pay *********** fees to MSCI. Such
*********** fees shall be determined with reference to the *********** fees payable under the ************. Specifically, the *********** fees for each *********** shall be determined by
*********************************************************************************************** 

************************************************************************************************************ 

************************************************************************************************************ 

**************************************************************************************************. 

Except for the addition of the *********** of the *********** during the applicable *********** period, the calculation of fees payable in accordance with the
***********. All fees with respect to the *********** of each *********** shall be due and payable in accordance with the terms of the ***********. 
 For
the avoidance of doubt, there shall be no *********** with respect to the *********** of any ***********. By way of explanation, the parties believe that, because the *********** requires Licensee to *********** fees on the ******************* 

************************************************************************************************************ 

************************************************************************************************************ 

***********************. 
 The parties acknowledge and agree that
the *********** of each *********** shall be used for purposes of determining the *******************************************. 
 If the *********** is
terminated or expires without being replaced for any reason in any ***********, or if any *********** ceases to exist or to be subject to the terms of the *********** for any reason in any ***********, then, notwithstanding anything to the contrary
in this Amendment, from the date of such occurrence, Licensee shall *********** to MSCI with respect to each ********* 

************************************************************************************************************ 

************************************************************************************************************ 

******. If any *************************** or if any ************** has an ***********, the license fee for such ********* 

** shall equal ********************************************************************************************. For purposes of clarity,
*******************************************************************, but the *********** continues to exist, the ***********, as set forth above, shall continue to be used in **************************************** 

**********. 
  

	c.	Reporting: 

 Within *********** days of the end of each ***********, Licensee shall report to MSCI
********************************** 
 ************************************************************************************************************ 

************************************************************************************************************ 

****************************************************************************. For the avoidance of doubt, if the inception date or the termination date of any
*********** is any day other than the first day or last day (respectively) of a 

******************************************************************************* 

*******************************************************************. 

  
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 A.N.:130339 

AMD_00178568.0 
  

	4.	Special Conditions: 

  

	a.	To the extent that this Amendment conflicts with the Agreement or the Previous Amendment, this Amendment shall control. No right or license of any kind is granted to Licensee except as expressly provided in the
Agreement, the Previous Amendment and this Amendment. 

  

	b.	MSCI may terminate this Amendment with respect to any Index set forth in Section 1 if, within one (1) year of the date of this Amendment, Licensee does not list a Hedged ETF that is based on such Index.


  

	c.	If Licensee delists any Hedged ETF or changes the underlying Index for such Hedged ETF, Licensee’s right to use the relevant Index set forth in Section 1 with respect to such Hedged ETF shall automatically and
immediately terminate. 

  

	d.	This Amendment shall be governed by, and construed in accordance with, the laws of the State of New York without regard to its conflict or choice of laws principles. 


ACKNOWLEDGED AND AGREED 
  

									
	LICENSEE: BlackRock Fund Advisors	 		 	MSCI Inc.
					
	By	 	/s/ Manish Mehta	 		 	By	 	/s/ Alex Gil
	Name	 	Manish Mehta	 		 	Name	 	Alex Gil
	(printed)	 		 	(printed)
	Title	 	Managing Director	 		 	Title	 	Executive Director
	Date	 	September 25, 2015	 		 	Date	 	Oct. 26, 2015


  
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