Document:

EX-10.106

 Exhibit 10.106 
  

			
	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_00156266.0

 AMENDMENT 

Date of Amendment: April 20, 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, NA) (“Licensee”). Capitalized terms used but not defined herein
shall have the meanings ascribed to them in the Agreement 
  

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

  

	 	•	 	MSCI USA Diversified Multi-Factor Index 

  

	 	•	 	MSCI 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 “USA Multi-Factor ETF” and each USA Multi-Factor ETF shall also be a “Fund”
as such term is defined in the Agreement): 

  

	 	•	 	iShares FactorSelect MSCI USA ETF 

  

	 	•	 	iShares FactorSelect MSCI USA Small-Cap ETF 

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

	3.	For each USA Multi-Factor ETF, Licensee shall pay MSCI a *********** license fee based on ******************************************** which fee shall be calculated and payable on a *********** basis. The ***********
license fee for each USA Multi-Factor ETF shall be **********************. 

  

	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 it within two (2) years of the date on which MSCI first launches any one of the Specified Indexes, Licensee does
not list the relevant USA Multi-Factor ETF that is based on such Index. As used herein, “*********** means any one or more of *********************************************************************
************************************************************************************* *********************************. 

  

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

  
 1 

			
		  	  
 A.N.: 130339

AMD_00156266.0

  

	 	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 ********************** based on the same such ***********. Notwithstanding the foregoing, at any time after
******************************************** MSCI may license ********************** 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 12, 2015

  
 2EX-10.110

 Exhibit 10.110 
  

					
	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_00172058.0	  
  

 AMENDMENT 

Date of Amendment: June 1, 2015 
 AMENDMENT to the Amendment
dated February 21, 2013 (the “Original Amendment”) to the Index License Agreement for Funds dated as of March 18, 2000 with MSCI internal reference DCF_00040 (as previously amended, the “Agreement”) by and
between MSCI Inc. (f/k/a Morgan Stanley Capital International Inc.) (“MSCI”) and Black Rack Fund Advisors, a California corporation (as successor to Barclays Global Investors, NA) (“Licensee”). Capitalized terms
used but not defined herein shall have the meanings ascribed to them in the Original Amendment or the Agreement, as the case may be. 
 WHEREAS, in
accordance with the Original Amendment and the Agreement, Licensee launched (i) the iShares MSCI USA Value Factor ETF, tracking the performance of the MSCI USA Value Weighted Index; and (ii) the iShares MSCI USA Quality Factor ETF,
tracking the performance of the MSCI USA Quality Index; and 
 WHEREAS, Licensee now wishes for such ETFs to begin tracking the performance of different
MSCI indexes. 
 NOW, THEREFORE, for good and valuable consideration, MSCI and Licensee hereby agree as follows: 

1. Effective as of the applicable Transition Date, Section 1 of the Original Amendment shall be amended to (i) delete the “MSCI USA Value
Weighted Index” and replace it with the “MSCI USA Enhanced Value Index” and (ii) delete the “MSCI USA Quality Index” and replace it with the “MSCI USA Sector Neutral Quality Index.” 

2. Effective as of the applicable Transition Date, Section 2 of the Original Amendment shall be amended to (i) delete the second bullet point and
replace it with “iShares MSCI USA Value Factor ETF which seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Enhanced Value Index” and (ii) delete the fourth
bullet point and replace it with “iShares MSCI USA Quality Factor ETF which seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI USA Sector Neutral Quality Index.”

 3. As used herein, the “Transition Date” means, as applicable, either (i) the date on which the iShares MSCI USA Value Factor ETF
begins tracking the MSCI USA Enhanced Value Index or (ii) the date on which the iShares MSCI USA Quality Factor ETF begins tracking the MSCI USA Sector Neutral Quality Index. Licensee shall provide MSCI with prompt written notice of each
Transition Date. Where necessary, the applicable license fees under this Amendment and the Original Amendment shall be **********************. 
 4. This
Amendment is intended to amend and operate in conjunction with the Original Amendment and the Agreement and, together, this Amendment the Original 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 any terms of this Amendment conflict with any terms of the Original Amendment or the Agreement, the
terms of this Amendment shall control. No right or license of any kind is granted to Licensee except as expressly provided in the Agreement, the Original Amendment and this Amendment. 

5. 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. 
  

									
	LICENSEE: BlackRock Fund Advisors	 		 	MSCI Inc.
					
	By	 	/s/ Paul C. Lohrey	 		 	By	 	 
	Name	 	Paul C. Lohrey	 		 	Name	 	 
	Title	 	Managing Director	 		 	Title	 	 
					
	Date	 	July 28, 2015	 		 	Date	 	 

 A.N.: 130339 

AMD_00172058.0 
  

			
	Signature:	 	/s/ Alex Gil

 Email: alex.gil@msci.com 
 Title:
Executive DirectorEX-10.111

 Exhibit 10.111 
  

					
	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_00172354.0	  
  

 AMENDMENT 

Date of Amendment: June 1, 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, NA) (“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 Index: 

  

	 	•	 	MSCI Saudi Arabia IMI 25/50 Index 

 Or such other index as agreed by Licensee and MSCI in
writing, 
  

	2.	Licensee may use the Index set forth in Section 1 above solely with respect to the following Licensee fund (which shall be a “Fund” as such term is defined in the Agreement): 

 

	 	•	 	iShares MSCI Saudi Arabia Capped ETF 

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

 

	3.	Licensee shall pay MSCI a *********** license fee based on the Fund’s ***************************************, which fee shall be calculated and payable on a *********** *****. The *********** license fee shall be
calculated as a percentage of the Fund’s AUM during the applicable *********************************, as follows: 

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

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

“Expense Ratio” shall mean the *********** obtained when dividing **************************************************
************************************************************. 
 Notwithstanding anything to the contrary contained herein, if the Fund does not have an
*********** 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.

  

	b.	MSCI may terminate this Amendment with respect to the Index set forth in Section 1 if within one (1) year of the date of this Amendment, Licensee does not list the Fund and/or the Fund is not based on the
Index. 

  
 1 

 A.N.: 130339 

AMD_00172354.0 
  

	c.	If Licensee delists the Fund or changes the underlying MSCI index for the Fund, then Licensee’s right to use the Index with respect to the Fund 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.	On the date hereof this Amendment, this Amendment shall cancel and replace in its entirety that certain Amendment dated September 17, 2014 between MSCI and Licensee with MSCI internal reference AMD_00145052.0.

 ACKNOWLEDGED AND AGREED 
  

									
	LICENSEE: BlackRock Fund Advisors	 		 	MSCI Inc.
					
	By	 	/s/ Paul C. Lohrey	 		 	By	 	/s/ Alex Gil
	Name	 	Paul C. Lohrey	 		 	Name	 	Alex Gil
	Title	 	Managing Director	 		 	Title	 	Executive Director
					
	Date	 	July 28, 2015	 		 	Date	 	Aug 18, 2015

  
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