Document:

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

  
 1 

 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

  
 2EX-10.104

 Exhibit 10.104 

 

					
	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_00165372
	  
   

  

 BlackRock Fund Advisors 

Attention: Tim Meyer 
 400 Howard Street San 

Francisco, California 94105 
 March 17,
2015         
 Dear Tim: 

Reference is hereby made to the Amendment (MSCI reference: AMD_00105603.0) dated December 10, 2013 (“Amendment”) to the Index License
Agreement for Funds dated March 18, 2000 (“Agreement”) by and between MSCI Inc. (formerly known as Morgan Stanley Capital International Inc.) (“MSCI”) and BlackRock Institutional Trust Company, N.A. (formerly
known as Barclays Global Investors, N.A.) (“Licensee”). All capitalized terms used but not defined herein shall have the meanings ascribed to them in the Amendment or the Agreement, as the case may be. 

MSCI and Licensee hereby agree to modify the Amendment as follows: 
  

	1.	In Section 1 of the Amendment, the parties agree to add the following Indexes: 

  

	 	•	 	MSCI Australia 100% Hedged to USD Index 

  

	 	•	 	MSCI Korea 25 150 100% Hedged to USD Index 

  

	 	•	 	MSCI Mexico IMI 25/50 100% Hedged to USD Index 

  

	 	•	 	MSCI United Kingdom 100% Hedged to USD Index 

  

	 	•	 	MSCI Canada 100% Hedged to USD Index 

  

	 	•	 	MSCI Switzerland 25/50 100% Hedged to USD Index 

  

	 	•	 	MSCI Italy 25/50 100% Hedged to USD Index 

  

	 	•	 	MSCI Spain 25/50 100% Hedged to USD Index 

  

	 	•	 	MSCI ACWI 100% Hedged to USD Index 

  

	 	•	 	MSCI ACWI ex USA 100% Hedged to USD Index 

  

	 	•	 	MSCI EAFE Small-Cap 100% Hedged to USD Index 

  

	2.	In Section 2 of the Amendment, the parties agree to add the following Hedged ETFs: 

  

	 	•	 	iShares Currency Hedged MSCI Australia ETF 

  

	 	•	 	iShares Currency Hedged MSCI South Korea Capped ETF 

  

	 	•	 	iShares Currency Hedged MSCI Mexico Capped ETF 

  

	 	•	 	iShares Currency Hedged MSCI United Kingdom ETF 

  

	 	•	 	iShares Currency Hedged MSCI Canada ETF 

  

	 	•	 	iShares Currency Hedged MSCI Switzerland Capped ETF 

  

	 	•	 	iShares Currency Hedged MSCI Italy Capped ETF 

  

	 	•	 	iShares Currency Hedged MSCI Spain Capped ETF 

  

	 	•	 	iShares Currency Hedged MSCI ACWI ETF 

  

	 	•	 	iShares Currency Hedged MSCI ACWI ex U.S. ETF 

  

	 	•	 	iShares Currency Hedged MSCI EAFE Small-Cap ETF 

 A.N.: 130339 

AMD_00165372 
  

	3.	In the definition of *********** in Section 3(a) of the Amendment, the parties agree to add the following *********** for the corresponding *********** specified below: 

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

*********** 
 The parties acknowledge that the
Agreement was previously amended by, among other amendments, the Amendment. This letter modifies and operates in conjunction with the Previous Amendment and the Amendment. Together this letter, the Amendment and the Agreement constitute the complete
and exclusive statement of the agreement between the parties with respect to the subject matter hereof and supersede in full all prior proposals and understandings, oral or written, relating to such subject matter. To the extent that any terms of
this letter conflict with any terms of the Amendment or the Agreement, the terms of this letter shall control. This letter 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. 
 Please indicate your agreement with the foregoing by countersigning and returning a copy of this letter. 

Very truly yours, 
 MSCI Inc. 

 

			
	By:	 	/s/ Alex Gil
	Name	 	Alex Gil
	Title:	 	Executive Director
	
	ACCEPTED AND AGREED:
	
	BlackRock Institutional Trust Company, N.A.
		
	By:	 	/s/ Craig Zolan
	Name	 	Craig Zolan
	Title:	 	Managing DirectorEX-10.105

 Exhibit 10.105 
  

			
	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_00151505.0

 AMENDMENT 

Date of Amendment: April 20, 2015 

AMENDMENT (this “Amendment” to the Index License Agreement for Funds (internal MSCI reference number DCF_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. 

WHEREAS, MSCI owns rights in and to the Indexes listed in Section 1 below (the “Indexes”) 

WHEREAS, Licensee wishes to obtain a license to use the Indexes as the basis of the Licensee funds listed in Section 2 below; 

WHEREAS, MSCI and Licensee have agreed that the license fees for Licensee’s use of the Indexes as the basis of the Funds will be calculated
***************************************************** *********************************************************; 
 WHEREAS, the parties must adjust the
********************************* of all Funds ********** due to the fact that one or more of the Funds may *********************************; 
 WHEREAS,
each of the Funds may have a different *********** and, as a result, it is necessary for the parties to apply **************************************************; 

WHEREAS, the parties must apply another ************************************* of all the Funds collectively due to the fact that one or more of the Funds may
****************************************** ****************; and 
 WHEREAS, due to the ************************************** of all the Funds ***********,
it is necessary for the parties to ******************************************************* of all the Funds ***********. 
 NOW, THEREFORE, in consideration
of the promises and the mutual covenants and agreements contained herein, the parties agree as follows: 
  

	1.	Exhibit A of the Agreement is hereby amended to add the following indexes (each, an “Index”): 

  

	 	•	 	MSCI ACWI Diversified Multi-Factor Index 

  

	 	•	 	MSCI Emerging Markets Diversified Multi-Factor Index 

  

	 	•	 	MSCI World ex USA Diversified Multi-Factor Index 

  

	 	•	 	MSCI World ex USA Small Cap Diversified Multi-Factor 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 funds (each, a “Multi-Factor ETF” and each Multi-Factor ETF shall also be a “Fund”
as such term is defined in the Agreement): 

  

	 	•	 	iShares FactorSelect MSCI Global ETF 

  

	 	•	 	iShares FactorSelect MSCI Emerging ETF 

  

	 	•	 	iShares FactorSelect MSCI International ETF 

  

	 	•	 	iShares FactorSelect MSCI Intl Small-Cap ETF 

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

			
		  	A.N.: 130339
		  	AMD_00151505.0

 The Multi-Factor ETFs shall be exchange traded index funds listed on a national securities exchange located in
the United States. 
  

	3.	Each ***********, Licensee shall pay MSCI a *********** license fee that is calculated for each applicable *********** in accordance with the *********** set forth in the table below and Section 3(a) below. In
addition, the *********** license fee shall be subject to *************************************************************************** ********************************************************************. 

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

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

	 	a.	****** and Calculation Periods 

 If, in any ***********, no Multi-Factor ETF is
(i) launched on any day other than the first calendar day of such *********** and/or (ii) terminated on any day other than the last calendar day of such ***********, then
*************************************************************************************** 

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

If, in any ***********, any Multi-Factor ETF is (i) launched on any day other than the first calendar day of such *********** and/or
(ii) terminated on any day other than the last *********** of such ***********, then the parties shall first determine the total number of *****************************. Then, the parties shall calculate the
*********************************************. Next, the parties shall calculate the ************************************************************************************************* 

****************************************************************************************************************. Finally, the parties shall
calculate the total amount of all license fees of all ********************************. 
  

	 	b.	Qualified Expense Ratio 

 To determine the Qualified Expense Ratio, the parties shall
perform the following calculations in the following order: 
 *********** 

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

*********** 
 For the avoidance of
doubt, the parties agree that only one Qualified Expense Ratio shall be calculated in each applicable ***********. 
  

	 	c.	Definitions 

 As used herein, the following capitalized terms shall have the meanings
set forth below: 
 *********** means, for each Multi-Factor ETF individually, the total number of calendar days during any *********** when
shares of such Multi-Factor ETF was offered or made available for purchase or sale to or by the general public via an exchange. 

  
 2 

			
		  	A.N.: 130339
		  	AMD_00151505.0

 *********** means the total of the ********************************************** ********************. 

“AUM” means the *********** individually in each applicable period over the applicable Active Days. 

“Calculation Period” means each period of time within a *********** during which there was
****************************************************************************************. 
 “Double Weighted Value” means,
for each Multi-Factor ETF individually, the number obtained by multiplying **************************************************************************************************** 

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

“Expense Ratio” means, for each Multi-Factor ETF individually, the ********************************* when dividing
***************************************************************************** *******************************************************. 

“Prorated *********** Value” means, for each Multi-Factor ETF individually, the number obtained by dividing
******************************************************************. 
 “Qualified Expense Ratio” means the number obtained
by dividing ******************************** **************************************************************************************. 

“Total AUM” means the ******************************************************* over all Active Days in each applicable
*********** over the applicable ************************* ******************** **********. 
 “Total Days” means the total
number of calendar days in each applicable ***********. 
 “Total Double Weighted Value” means, for each applicable
***********, the total of the ********************** of all Multi-Factor ETFs **********************. 
 “Total Prorated
*********** Value” means, for each applicable ***********, the total of the *********** of all Multi-Factor ETFs *********** 

“Total Weighting Adjustment” means, for each applicable ***********, the total of the *********** of all Multi-Factor ETFs
***********. 
 “Weighted AUM Factor” means, for each Multi-Factor ETF individually, the number obtained by dividing
**************************************************************************************** ***********. 
 “Weighted Average Expense
Ratio” means, for each Multi-Factor ETF individually, the number obtained by multiplying ***************************************************************************** ****************************************************************. 

“Weighted Prorating Factor” means, for each Multi-Factor ETF individually, the number obtained by dividing
***************************************************************************************** ****************************************************************************************. 

“Weighted Adjustment” means, for each Multi-Factor ETF individually, the number obtained by multiplying
***************************************************************************************** ********************************************. 

  
 3 

			
		  	A.N.: 130339
		  	AMD_00151505.0

  

	 	d.	Special Notes 

 Notwithstanding anything to the contrary contained herein, if, at any
time during any ****, a Multi-Factor ETF ****************************************************************************************************** 

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

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

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

Where necessary to align any relevant payment with the ***********. MSCI shall ********************************* applicable to any Multi-Factor
ETF using a calculation method for such *********** that is reasonably determined by MSCI. 
  

	 	e.	Reporting Requirements 

 Within *********** days after the close of each ***********
during the term of this Amendment, Licensee shall provide to MSCI a written report identifying ************************************************************************** 

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

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

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

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

	4.	Special Conditions: 

  

	 	a.	This Amendment is intended to amend and operate in conjunction with the Agreement, and together this Amendment and the Agreement constitute the complete and exclusive statement of the agreement between the parties and
supersede in full all prior proposals and understandings, oral or written, relating to the subject matter hereof. 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. 

  

	 	b.	MSCI may terminate this Amendment with respect to any individual Index set forth in Section 1 if within two (2) years of the date on which MSCI first launches any one of the, Licensee does not list the
relevant Multi-Factor ETF that is based on such Index. As used herein, “*********** means any one or more of ********************************************************************* *******************. 

 

	 	c.	If Licensee delists any Multi-Factor ETF or changes the underlying Index for any Multi-Factor ETF, Licensee’s right to use the relevant Index set forth in Section 1 with respect to such Multi-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. 

 

	 	e.	MSCI shall not ******************************************** any exchange traded fund listed in ********************** that is based on any ********************************* on which Licensee
********************************************. Notwithstanding the foregoing, at any time after ******************************************************************** ********************** that is based on any or all of the ***********.

 ACKNOWLEDGED AND AGREED 
  

									
	LICENSEE: BlackRock Fund Advisors	 		 	MSCI Inc.
					
	By	 	/s/ Patrick Dunne	 		 	By	 	/s/ Alex Gil
	Name	 	 	 		 	Name	 	Alex Gil
	Title	 	 	 		 	Title	 	Executive Director
					
	Date	 	 	 		 	Date	 	May 13, 2015

  
 4

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