Exhibit 10.231

*** INDICATES CERTAIN CONFIDENTIAL PORTIONS OF THIS EXHIBIT THAT HAVE BEEN OMITTED PURSUANT TO ITEM 601(B) OF REGULATION S-K BECAUSE THE IDENTIFIED CONFIDENTIAL PORTIONS (I) ARE NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED.

AMD_00276677.0

THIS AMENDMENT (this “Amendment”) dated as of December 1, 2020 (the “Amendment Effective Date”) is made to the Previous Amendment (as defined below) by and between MSCI Inc. (formerly known as Morgan Stanley Capital International Inc.) (“MSCI”) and BlackRock Fund Advisors (“Licensee”).  Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Previous Amendment or the Agreement (as defined below), as the case may be.

WHEREAS, MSCI and Licensee entered into an amendment (internal MSCI reference: AMD_00064734.0) dated as of February 16, 2012 (the “Previous Amendment”), which amended the Index License Agreement for Funds (internal MSCI reference number: IXF_00040) dated as of March 18, 2000 (the “Agreement”) by and between MSCI and Licensee; and

WHEREAS, on a date which is expected to occur on or about ********* (the “Conversion Date”), Licensee and MSCI wish to replace the MSCI Frontier Markets 100 Index with the MSCI Frontier and Emerging Markets Select Indexas the underlying index for the iShares MSCI Frontier 100 ETF (the “Conversion”).

NOW, THEREFORE, in consideration of the mutual covenants set forth herein, each of MSCI and Licensee hereby agree to amend the Previous Amendment as follows:

1. Commencing on the Conversion Date, Exhibit A of the Agreement is hereby amended so that all references to the “MSCI Frontier Markets 100 Index” shall be deleted and replaced with the following index: “MSCI Frontier and Emerging Markets Select Index”

2. If the Conversion has not occurred within one hundred ninety (190) days after *********, this Amendment shall automatically terminate and this Amendment shall have no effect on the Previous Amendment.

3. Notwithstanding Section 9(a) of the Agreement, commencing on the Conversion Date, the iShares MSCI Frontier 100 ETF shall be renamed as the “iShares MSCI Frontier and Select EM ETF” (and shall cease to be named as the iShares MSCI Frontier 100 ETF).  It is acknowledged and agreed that the MSCI Frontier and Emerging Markets Select Index shall be only used as the underlying index for the iShares MSCI Frontier and Select EM ETF.

4. This Amendment amends and operates in conjunction with the Previous Amendment.  This Amendment, the Previous 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 the terms of this Amendment conflict with the terms of the Previous Amendment, or the Agreement, the terms of this Amendment shall control.

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.

6. This Amendment may be executed in counterparts, which taken together, shall constitute one Amendment and each party hereto may execute this Amendment by signing such counterpart; provided

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that no party shall be bound hereby until the Amendment has been executed and delivered by all parties hereto.  A facsimile or PDF signature of either party to this Amendment shall be deemed an original signature of such party and shall manifest such party’s intention to be bound by this Amendment.

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as of the Amendment Effective Date set forth above.

MSCI Inc.			BlackRock Fund Advisors
By	/s/ Joke Jacinto		By	/s/ Ruth Weiss
Name		Joke Jacinto	Name		Ruth Weiss
Title		Executive Director	Title		Managing Director

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