EX-10.103



 Exhibit 10.103 

 

					
	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_00163614.0
	  
   

  


 AMENDMENT 

Date of Amendment: February 25, 2015 
 AMENDMENT (this
“Amendment”) to the Index License Agreement for Funds (MSCI reference number IXF_00040) dated as of March 18, 2000 (as previously amended, the “Agreement”) is made 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”). Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Agreement. 
  

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

  

	 	•	 	MSCI World ex USA Risk Weighted Index 

  

	 	•	 	MSCI World ex USA Enhanced Value Index 

 Or such other indexes 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 Licensee fluids (each, a “World ex USA Factor ETF” and each World ex USA Factor ETF shall also be a
“Fund” as such term is defined in the Agreement): 

  

	 	•	 	iShares MSCI International Developed Size Factor ETF 

  

	 	•	 	iShares MSCI International Developed Value Factor ETF 

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

	3.	Licensee shall pay MSCI a *********** license fee per Fund based on ******************************** which fee shall be calculated and payable on a ***********. The *********** license fee shall be calculated
****************************************************************************************** **************************************************************** as follows: 


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

*********** 
 For the avoidance of
doubt, the *********** license fees shall be calculated ***********. For example, ************************************************************************************ 

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

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

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

“Expense Ratio” shall mean the *********** when dividing ********************************** 

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

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

Notwithstanding anything to the contrary contained herein, if any Fund *********** or if a Fund’s ********************** or if a Fund has
an ***********, the *********** licensee fee for such Fund shall *******************************************************. 
  

	4.	Special Conditions: 

  

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



  
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 A.N.: 130339 

AMD_00163614.0 
  

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


  

	 	c.	If Licensee delists a particular World ex USA Factor ETF or changes the underlying Index for such World ex USA Factor ETF, Licensee’s right to use the relevant Index set forth in Section 1 with respect to such
World ex USA Factor 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
	Title	  	Managing Director	  		  	Title	  	Executive Director
					
	Date	  	8/20/2015	  		  	Date	  	Sep 30, 2015


  
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