Fund | Ticker | Listing Exchange | ||
iShares Asia/Pacific Dividend ETF (the “Fund”) | DVYA | NYSE Arca |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group of industries), except that the Fund will concentrate to approximately the same extent that the Underlying Index concentrates in the securities of a particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. |
2. | Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities; and (ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it |
engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. | |
3. | Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by any regulatory authority having jurisdiction, from time to time. |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
5. | Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this restriction shall not prevent the Fund from investing in securities of companies engaged in the real estate business or securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this restriction shall not prevent the Fund from trading in futures contracts and options on futures contracts, including options on currencies to the extent consistent with the Fund’s investment objective and policies). |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Robert S. Kapito1 (62) |
Director (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Salim Ramji2 (49) |
Director (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
2 | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Cecilia H. Herbert (70) |
Director (since 2005); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care
(since 2016); Member of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the
Investment Committee, Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the
Board of Directors, Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.
|
Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Jane D. Carlin (63) |
Director (since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (64) |
Director (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Kerrigan (64) |
Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). | Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Drew E. Lawton (60) |
Director (since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez (58) |
Director (since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005). | Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016). | |||
Madhav V. Rajan (55) |
Director (since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
||
Armando Senra (48) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker (45) |
Treasurer and Chief Financial Officer (since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. | ||
Charles Park (52) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre (44) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell (50) |
Executive Vice President (since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason (58) |
Executive Vice President (since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead (57) | Executive Vice President (since 2019). | Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
Robert S. Kapito | None | None | None | |||
Salim Ramji1 | iShares Commodities Select Strategy ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core S&P 500 ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares North American Natural Resources ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares China Large-Cap ETF | $50,001-$100,000 | |||||
iShares Core High Dividend ETF | $1-$10,000 | |||||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $10,001-$50,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Value ETF | $50,001-$100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $1-$10,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 | |||||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares 1-3 Year Treasury Bond ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Core U.S. Aggregate Bond ETF | Over $100,000 | |||||
iShares Global Tech ETF | $10,001-$50,000 | |||||
iShares MSCI ACWI ETF | Over $100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | $50,001-$100,000 | |||||
iShares MSCI EAFE Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 | |||||
Richard L. Fagnani | iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core S&P Total U.S. Stock Market ETF | $10,001-$50,000 | |||||
iShares Core S&P U.S. Growth ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol Global ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol USA ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol USA Small-Cap ETF | $10,001-$50,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
iShares Edge MSCI USA Momentum Factor ETF | $10,001-$50,000 | |||||
iShares PHLX Semiconductor ETF | $10,001-$50,000 | |||||
iShares U.S. Consumer Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
iShares U.S. Pharmaceuticals ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares MSCI ACWI ex U.S. ETF | Over $100,000 | Over $100,000 | |||
iShares Short-Term National Muni Bond ETF | Over $100,000 | |||||
Drew E. Lawton | iShares 0-5 Year High Yield Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
iShares Core MSCI Total International Stock ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 | |||||
iShares MSCI Frontier 100 ETF | $1-$10,000 | |||||
iShares Nasdaq Biotechnology ETF | $10,001-$50,000 | |||||
iShares Short Maturity Bond ETF | Over $100,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 | |||||
John E. Martinez | iShares Core 5-10 Year USD Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | Over $100,000 | |||||
iShares MSCI EAFE ETF | Over $100,000 | |||||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
iShares Short Maturity Bond ETF | $1-$10,000 | |||||
Madhav V. Rajan | iShares Broad USD High Yield Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core High Dividend ETF | Over $100,000 | |||||
iShares Core MSCI EAFE ETF | Over $100,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Mortgage Real Estate ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
iShares Russell 2000 ETF | Over $100,000 | |||||
iShares Select Dividend ETF | Over $100,000 | |||||
iShares Short Maturity Bond ETF | Over $100,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 |
1 | Appointed to serve as an Interested Director effective June 19, 2019. |
Name | iShares Asia/Pacific Dividend ETF |
Pension or Retirement Benefits Accrued As Part of Company Expenses1 |
Estimated Annual Benefits Upon Retirement1 |
Total Compensation From the Fund and Fund Complex2 |
||||
Independent Directors: | ||||||||
Jane D. Carlin | $9 | Not Applicable | Not Applicable | $361,765 | ||||
Richard L. Fagnani | 8 | Not Applicable | Not Applicable | 350,000 | ||||
Cecilia H. Herbert | 10 | Not Applicable | Not Applicable | 405,000 | ||||
Charles A. Hurty3 | 6 | Not Applicable | Not Applicable | 376,765 | ||||
John E. Kerrigan | 9 | Not Applicable | Not Applicable | 350,000 | ||||
Drew E. Lawton | 8 | Not Applicable | Not Applicable | 350,000 | ||||
John E. Martinez | 8 | Not Applicable | Not Applicable | 350,000 | ||||
Madhav V. Rajan | 8 | Not Applicable | Not Applicable | 350,000 | ||||
Interested Directors: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 | ||||
Salim Ramji4 | 0 | Not Applicable | Not Applicable | 0 | ||||
Mark K. Wiedman5 | 0 | Not Applicable | Not Applicable | 0 |
1 | No Director or officer is entitled to any pension or retirement benefits from the Company. |
2 | Also includes compensation for service on the Boards of Trustees for iShares Trust and iShares U.S. ETF Trust. |
3 | Served as an Independent Director through December 31, 2018. |
4 | Appointed to serve as an Interested Director effective June 19, 2019. |
5 | Served as an Interested Director through June 19, 2019. |
Name and Address | Percentage of Ownership |
|
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
18.29% | |
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
12.89% | |
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
8.23% | |
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.85% | |
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
7.63% | |
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
7.60% | |
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.51% |
Management Fee for the Fiscal Year Ended April 30, 2019 |
Fund Inception Date |
Management Fees Paid for Fiscal Year Ended April 30, 2019 |
Management Fees Paid for Fiscal Year Ended April 30, 2018 |
Management Fees Paid for Fiscal Year Ended April 30, 2017 |
||||
0.49% | 02/23/12 | $ 166,912 | $206,821 | $301,547 |
Rachel Aguirre | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 328 | $1,315,448,000,000 | ||
Other Pooled Investment Vehicles | 165 | 603,167,000,000 | ||
Other Accounts | 138 | 554,174,000,000 |
Jennifer Hsui | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 288 | $1,272,384,000,000 | ||
Other Pooled Investment Vehicles | 107 | 132,182,000,000 | ||
Other Accounts | 71 | 52,022,000,000 |
Alan Mason | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 340 | $1,325,958,000,000 | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 1 | 201,000,000 |
Greg Savage | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 343 | $1,317,478,000,000 | ||
Other Pooled Investment Vehicles | 93 | 9,212,000,000 | ||
Other Accounts | 6 | 1,275,000,000 |
Amy Whitelaw | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 272 | $1,229,545,000,000 | ||
Other Pooled Investment Vehicles | 92 | 31,657,000,000 | ||
Other Accounts | 0 | N/A |
Rachel Aguirre | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 16 | $12,015,000,000 |
Jennifer Hsui | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 2 | $1,739,000,000 | ||
Other Accounts | 53 | 46,285,000,000 |
Alan Mason | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Greg Savage | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Amy Whitelaw | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Fund Inception Date |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended April 30, 2019 |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended April 30, 2018 |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended April 30, 2017 |
|||
02/23/12 | $38,078 | $28,039 | $ 26,702 |
Fund | iShares Asia/Pacific Dividend ETF |
Gross income from securities lending activities |
$ 23,265 |
Fees and/or compensation for securities lending activities and related services |
|
Securities lending income paid to BTC for services as securities lending agent |
1,390 |
Cash collateral management expenses not included in securities lending income paid to BTC |
345 |
Administrative fees not included in securities lending income paid to BTC |
0 |
Indemnification fees not included in securities lending income paid to BTC |
0 |
Rebates (paid to borrowers) |
15,167 |
Other fees not included in securities lending income paid to BTC |
0 |
Aggregate fees/compensation for securities lending activities |
$ 16,902 |
Net income from securities lending activities |
$ 6,363 |
Fund Inception Date |
Brokerage Commissions Paid During Fiscal Year Ended April 30, 2019 |
Brokerage Commissions Paid During Fiscal Year Ended April 30, 2018 |
Brokerage Commissions Paid During Fiscal Year Ended April 30, 2017 |
|||
02/23/12 | $6,290 | $3,468 | $7,381 |
Fiscal Year ended April 30, 2019 | Fiscal Year ended April 30, 2018 | ||
46% | 21% |
Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) |
|
50,000 | $2,164,000 |
Standard Creation Transaction Fee |
Maximum Additional Charge* |
|
$800 | 7.0% |
* | As a percentage of the net asset value per Creation Unit. |
Standard Redemption Transaction Fee |
Maximum Additional Charge* |
|
$800 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long -term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards |
|||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model |
||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | See our commentary on our approach to engagement on TCFD and SASB aligned reporting for greater detail of our expectations. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
Australia | 04/18/19 | 04/26/19 | 8 | |||
Japan | 04/24/19 | 05/07/19 | 13 | |||
04/25/19 | 05/08/19 | 13 | ||||
04/26/19 | 05/09/19 | 13 | ||||
12/26/19 | 01/06/20 | 11 | ||||
12/27/19 | 01/07/20 | 11 | ||||
12/30/19 | 01/08/20 | 9 |
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
New Zealand | 04/18/19 | 04/26/19 | 8 | |||
2020 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
Australia | 12/21/20 | 12/29/20 | 8 | |||
12/22/20 | 12/30/20 | 8 | ||||
12/23/20 | 01/04/21 | 12 | ||||
* | These worst-case redemption cycles are based on information regarding regular holidays available as of January 17, 2020, which may be out of date as of the date of this SAI. Based on changes in holidays, longer (worse) redemption cycles are possible. Further, regional holidays, the treatment by market participants of certain days as unofficial holidays (including days on which no or limited securities transactions occur as a result of substantially shortened trading hours), the elimination of existing holidays, or changes in local securities delivery practices, could affect the information set forth herein. |
Fund | Ticker | Listing Exchange | ||
iShares Currency Hedged MSCI Emerging Markets ETF (the “Fund”) | HEEM | Cboe BZX |
• | MSCI Global Standard Indexes cover all investable large- and mid-cap securities by including the largest issuers comprising approximately 85% of each market's free float-adjusted market capitalization. |
• | MSCI Global Large Cap Indexes provide coverage of all investable large-cap securities by including the largest issuers comprising approximately 70% of each market’s free-float adjusted market capitalization. |
• | MSCI Global Mid Cap Indexes provide coverage in each market by deriving the difference between the market coverage of the MSCI Global Standard Index and the MSCI Global Large Cap Index in that market. |
• | MSCI Global Small Cap Indexes provide coverage of companies with a market capitalization below that of the companies in the MSCI Global Standard Indexes. |
• | Achieving global size integrity by ensuring that companies of comparable and relevant sizes are included in a given size segment across all markets in a composite index; and |
• | Achieving consistent market coverage by ensuring that each market's size segment is represented in its proportional weight in the composite universe. |
• | Semi-Annual Index Reviews (“SAIRs”), conducted on a fixed semi-annual timetable that systematically reassess the various dimensions of the equity universe for all markets; |
• | Quarterly Index Reviews (“QIRs”), aimed at promptly reflecting other significant market events; and |
• | Ongoing event-related changes, such as mergers, acquisitions, spin-offs, bankruptcies, reorganizations and other similar corporate events, which generally are implemented in the indexes as they occur. |
1. | Concentrate its investments in a particular industry, as that term is used in the Investment Company Act, except that the Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of a particular industry or group of industries. |
2. | Borrow money, except as permitted under the Investment Company Act. |
3. | Issue senior securities to the extent such issuance would violate the Investment Company Act. |
4. | Purchase or hold real estate, except the Fund may purchase and hold securities or other instruments that are secured by, or linked to, real estate or interests therein, securities of REITs, mortgage-related securities and securities of issuers engaged in the real estate business, and the Fund may purchase and hold real estate as a result of the ownership of securities or other instruments. |
5. | Underwrite securities issued by others, except to the extent that the sale of portfolio securities by the Fund may be deemed to be an underwriting or as otherwise permitted by applicable law. |
6. | Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company Act. |
7. | Make loans to the extent prohibited by the Investment Company Act. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Robert S. Kapito1 (62) |
Director (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji2 (49) |
Director (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
2 | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Cecilia H. Herbert (70) |
Director (since 2005); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member
of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee,
Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors,
Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.
|
Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin (63) |
Director (since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (65) |
Director (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Kerrigan (64) |
Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). | Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Drew E. Lawton (60) |
Director (since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez (58) |
Director (since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005). | Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016). | |||
Madhav V. Rajan (55) |
Director (since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
||
Armando Senra (48) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker (45) | Treasurer and Chief Financial Officer (since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
||
Charles Park (52) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre (44) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell (51) |
Executive Vice President (since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason (59) |
Executive Vice President (since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead (56) |
Executive Vice President (since 2019). |
Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
Robert S. Kapito | None | None | None | |||
Salim Ramji1 | iShares Commodities Select Strategy ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core S&P 500 ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares North American Natural Resources ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares China Large-Cap ETF | $50,001-$100,000 | |||||
iShares Core High Dividend ETF | $1-$10,000 | |||||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $10,001-$50,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Value ETF | $50,001-$100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $1-$10,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares 1-3 Year Treasury Bond ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Core U.S. Aggregate Bond ETF | Over $100,000 | |||||
iShares Global Tech ETF | $10,001-$50,000 | |||||
iShares MSCI ACWI ETF | Over $100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | $50,001-$100,000 | |||||
iShares MSCI EAFE Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 | |||||
Richard L. Fagnani | iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core S&P Total U.S. Stock Market ETF | $10,001-$50,000 | |||||
iShares Core S&P U.S. Growth ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol Global ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol USA ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol USA Small-Cap ETF | $10,001-$50,000 | |||||
iShares Edge MSCI USA Momentum Factor ETF | $10,001-$50,000 | |||||
iShares PHLX Semiconductor ETF | $10,001-$50,000 | |||||
iShares U.S. Consumer Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
iShares U.S. Pharmaceuticals ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares MSCI ACWI ex U.S. ETF | Over $100,000 | Over $100,000 | |||
iShares Short-Term National Muni Bond ETF | Over $100,000 | |||||
Drew E. Lawton | iShares 0-5 Year High Yield Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
iShares Core MSCI Total International Stock ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
iShares MSCI Frontier 100 ETF | $1-$10,000 | |||||
iShares Nasdaq Biotechnology ETF | $10,001-$50,000 | |||||
iShares Short Maturity Bond ETF | Over $100,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 | |||||
John E. Martinez | iShares Core 5-10 Year USD Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | Over $100,000 | |||||
iShares MSCI EAFE ETF | Over $100,000 | |||||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
iShares Short Maturity Bond ETF | $1-$10,000 | |||||
Madhav V. Rajan | iShares Broad USD High Yield Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core High Dividend ETF | Over $100,000 | |||||
iShares Core MSCI EAFE ETF | Over $100,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Mortgage Real Estate ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
iShares Select Dividend ETF | Over $100,000 | |||||
iShares Short Maturity Bond ETF | Over $100,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 |
1 | Appointed to serve as an Interested Director effective June 19, 2019. |
Name | iShares Currency Hedged MSCI Emerging Markets ETF |
Pension or Retirement Benefits Accrued As Part of Company Expenses4 |
Estimated Annual Benefits Upon Retirement4 |
Total Compensation From the Fund and Fund Complex5 |
||||
Independent Directors: | ||||||||
Jane D. Carlin | $48 | Not Applicable | Not Applicable | $361,765 | ||||
Richard L. Fagnani | 49 | Not Applicable | Not Applicable | 350,000 | ||||
Cecilia H. Herbert | 55 | Not Applicable | Not Applicable | 405,000 | ||||
Charles A. Hurty1 | 15 | Not Applicable | Not Applicable | 376,765 | ||||
John E. Kerrigan | 50 | Not Applicable | Not Applicable | 350,000 | ||||
Drew E. Lawton | 48 | Not Applicable | Not Applicable | 350,000 | ||||
John E. Martinez | 48 | Not Applicable | Not Applicable | 350,000 | ||||
Madhav V. Rajan | 48 | Not Applicable | Not Applicable | 350,000 | ||||
Interested Directors: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 | ||||
Salim Ramji2 | 0 | Not Applicable | Not Applicable | 0 | ||||
Mark K. Wiedman3 | 0 | Not Applicable | Not Applicable | 0 |
1 | Served as an Independent Director through December 31, 2018. |
2 | Appointed to serve as an Interested Director effective June 19, 2019. |
3 | Served as an Interested Director through June 19, 2019. |
4 | No Director or officer is entitled to any pension or retirement benefits from the Company. |
5 | Also includes compensation for service on the Boards of Trustees for iShares Trust and iShares U.S. ETF Trust. |
Name and Address | Percentage of Ownership |
|
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
23.94% | |
Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
19.20% |
Name and Address | Percentage of Ownership |
|
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
12.53% | |
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
10.04% | |
JPMorgan Chase Bank, National Association 500 Stanton Christiana Road Newark, DE 19713 |
7.91% | |
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.84% |
Management Fee for the Fiscal Year Ended August 31, 2019 |
Fund Inception Date |
Management Fees Paid Net of Waivers for Fiscal Year Ended August 31, 2019 |
Management Fees Paid Net of Waivers for Fiscal Year Ended August 31, 2018 |
Management Fees Paid Net of Waivers for Fiscal Year Ended August 31, 2017 |
|||
0.78%1 | 09/23/2014 | $0 | $0 | $0 |
1 | BFA has contractually agreed to waive a portion of its management fees so that the Fund’s total annual fund operating expenses after fee waiver is equal to the Acquired Fund Fees and Expenses, if any, attributable to the Fund’s investment in the iShares MSCI Emerging Markets ETF (“EEM”), after taking into account any fee waivers by EEM through December 31, 2020. The contractual waiver may be terminated prior to December 31, 2020 only upon written agreement of the Company and BFA. For the fiscal years ended August 31, 2017, August 31, 2018 and August 31, 2019, BFA waived $2,010,274, $3,135,521 and $2,045,870, respectively, of its management fees. |
Jennifer Hsui | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 287 | $1,215,223,000,000 | ||
Other Pooled Investment Vehicles | 54 | 64,180,000,000 | ||
Other Accounts | 35 | 24,944,000,000 |
Alan Mason | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 331 | $1,261,911,000,000 | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 1 | 251,000,000 |
Orlando Montalvo | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 16 | $4,404,000,000 | ||
Other Pooled Investment Vehicles | 20 | 5,648,000,000 | ||
Other Accounts | 0 | N/A |
Greg Savage | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 337 | $1,255,360,000,000 | ||
Other Pooled Investment Vehicles | 15 | 1,409,000,000 | ||
Other Accounts | 52 | 4,357,000,000 |
Jennifer Hsui | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Alan Mason | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Orlando Montalvo | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Greg Savage | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Fund Inception Date |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended August 31, 2019 |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended August 31, 2018 |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended August 31, 2017 |
||
09/23/2014 | $30,107 | $47,899 | $20,890 |
Fund | iShares Currency Hedged MSCI Emerging Markets ETF |
|||
Gross income from securities lending activities |
$ 878,438 | |||
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
19,786 |
Fund | iShares Currency Hedged MSCI Emerging Markets ETF |
|||
Cash collateral management expenses not included in securities lending income paid to BTC |
13,692 | |||
Administrative fees not included in securities lending income paid to BTC |
0 | |||
Indemnification fees not included in securities lending income paid to BTC |
0 | |||
Rebates (paid to borrowers) |
747,361 | |||
Other fees not included in securities lending income paid to BTC |
0 | |||
Aggregate fees/compensation for securities lending activities |
$ 780,839 | |||
Net income from securities lending activities |
$ 97,599 |
Fund Inception Date |
Brokerage Commissions Paid During Fiscal Year Ended August 31, 2019 |
Brokerage Commissions Paid During Fiscal Year Ended August 31, 2018 |
Brokerage Commissions Paid During Fiscal Year Ended August 31, 2017 |
||
09/23/2014 | $7,380 | $15,888 | $5,572 |
Fiscal Year ended August 31, 2019 |
Fiscal Year ended August 31, 2018 |
|
7% | 7% |
Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) |
|
50,000 | $1,232,000 |
Standard Creation Transaction Fee |
Maximum Additional Charge* |
|
$500 | 3.0% |
* | As a percentage of the net asset value per Creation Unit. |
Standard Redemption Transaction Fee |
Maximum Additional Charge* |
|
$500 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long -term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards |
|||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model |
||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | See our commentary on our approach to engagement on TCFD and SASB aligned reporting for greater detail of our expectations. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
China | 01/30/19 | 02/11/19 | 12 | |||
01/31/19 | 02/12/19 | 12 | ||||
02/01/19 | 02/13/19 | 12 | ||||
09/26/19 | 10/08/19 | 12 | ||||
09/27/19 | 10/09/19 | 12 | ||||
09/30/19 | 10/10/19 | 10 | ||||
China Connect – Stock Connect | 02/01/19 | 02/11/19 | 10 | |||
09/30/19 | 10/08/19 | 8 | ||||
Hungary | 12/20/19 | 12/30/19 | 10 | |||
12/23/19 | 12/31/19 | 8 | ||||
Indonesia | 05/29/19 | 06/10/19 | 12 | |||
05/31/19 | 06/11/19 | 11 | ||||
Malaysia | 01/30/19 | 02/07/19 | 8 | |||
01/31/19 | 02/08/19 | 8 | ||||
Philippines | 12/23/19 | 01/02/20 | 10 | |||
12/26/19 | 01/03/20 | 8 | ||||
12/27/19 | 01/06/20 | 10 | ||||
Qatar | 05/30/19 | 06/09/19 | 10 | |||
06/02/19 | 06/10/19 | 8 | ||||
06/03/19 | 06/11/19 | 8 | ||||
08/06/19 | 08/14/19 | 8 | ||||
08/07/19 | 08/15/19 | 8 | ||||
08/08/19 | 08/18/19 | 10 | ||||
Russia | 04/26/19 | 05/06/19 | 10 | |||
04/29/19 | 05/07/19 | 8 | ||||
04/30/19 | 05/08/19 | 8 | ||||
12/31/19 | 1/8/20 | 8 | ||||
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
Taiwan | 01/29/19 | 02/11/19 | 13 | |||
01/30/19 | 02/12/19 | 13 | ||||
United Arab Emirates | 08/07/19 | 08/15/19 | 8 | |||
08/08/19 | 08/18/19 | 10 |
2020 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
China | 01/21/20 | 01/31/20 | 10 | |||
01/22/20 | 02/03/20 | 12 | ||||
01/23/20 | 02/04/20 | 12 | ||||
04/28/20 | 05/06/20 | 8 | ||||
04/29/20 | 05/07/20 | 8 | ||||
04/30/20 | 05/08/20 | 8 | ||||
09/28/20 | 10/09/20 | 11 | ||||
09/29/20 | 10/12/20 | 13 | ||||
09/30/20 | 10/13/20 | 13 | ||||
China Connect – Stock Connect | 01/23/20 | 01/31/20 | 8 | |||
04/28/20 | 05/06/20 | 8 | ||||
09/30/20 | 10/09/20 | 9 | ||||
Indonesia | 05/19/20 | 05/28/20 | 9 | |||
05/20/20 | 05/29/19 | 9 | ||||
Pakistan | 05/20/20 | 05/28/20 | 8 | |||
05/21/20 | 05/29/20 | 8 | ||||
Qatar | 05/19/20 | 05/27/20 | 8 | |||
05/20/20 | 05/28/20 | 8 | ||||
05/21/20 | 05/31/20 | 10 | ||||
Russia | 04/28/20 | 05/06/20 | 8 | |||
04/29/20 | 05/07/20 | 8 | ||||
4/30/20 | 05/08/20 | 8 | ||||
Taiwan | 01/21/20 | 01/30/20 | 9 | |||
01/22/20 | 01/31/20 | 9 |
* | These worst-case redemption cycles are based on information regarding regular holidays available as of January 17, 2020, which may be out of date as of the date of this SAI. Based on changes in holidays, longer (worse) redemption cycles are possible. Further, regional holidays, the treatment by market participants of certain days as unofficial holidays (including days on which no or limited securities transactions occur as a result of substantially shortened trading hours), the elimination of existing holidays, or changes in local securities delivery practices, could affect the information set forth herein. |
Fund | Ticker | Listing Exchange | ||
iShares Emerging Markets Dividend ETF (the “Fund”) | DVYE | NYSE Arca |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group of industries), except that the Fund will concentrate to approximately the same extent that the Underlying Index concentrates in the securities of a particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. |
2. | Borrow money, except that (i) the Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities; and (ii) the Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it engages in transactions described in (i) and (ii), the Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law. |
3. | Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by any regulatory authority having jurisdiction, from time to time. |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time. |
5. | Purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this restriction shall not prevent the Fund from investing in securities of companies engaged in the real estate business or securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this restriction shall not prevent the Fund from trading in futures contracts and options on futures contracts, including options on currencies to the extent consistent with the Fund’s investment objective and policies). |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that the Fund may technically be deemed to be an underwriter under the 1933 Act, in disposing of portfolio securities. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Robert S. Kapito1 (62) |
Director (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji2 (49) |
Director (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
2 | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Cecilia H. Herbert (70) |
Director (since 2005); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member
of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee,
Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors,
Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.
|
Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin (63) |
Director (since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (64) |
Director (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Kerrigan (64) |
Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). | Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Drew E. Lawton (60) |
Director (since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez (58) |
Director (since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005). | Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016). | |||
Madhav V. Rajan (55) |
Director (since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
||
Armando Senra (48) | President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker (45) |
Treasurer and Chief Financial Officer (since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
||
Charles Park (52) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre (44) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell (50) |
Executive Vice President (since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason (58) |
Executive Vice President (since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead (57) | Executive Vice President (since 2019). | Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
Robert S. Kapito | None | None | None | |||
Salim Ramji1 | iShares Commodities Select Strategy ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core S&P 500 ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares North American Natural Resources ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares China Large-Cap ETF | $50,001-$100,000 | |||||
iShares Core High Dividend ETF | $1-$10,000 | |||||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $10,001-$50,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Value ETF | $50,001-$100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $1-$10,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares 1-3 Year Treasury Bond ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Core U.S. Aggregate Bond ETF | Over $100,000 | |||||
iShares Global Tech ETF | $10,001-$50,000 | |||||
iShares MSCI ACWI ETF | Over $100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | $50,001-$100,000 | |||||
iShares MSCI EAFE Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 | |||||
Richard L. Fagnani | iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core S&P Total U.S. Stock Market ETF | $10,001-$50,000 | |||||
iShares Core S&P U.S. Growth ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol Global ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol USA ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol USA Small-Cap ETF | $10,001-$50,000 | |||||
iShares Edge MSCI USA Momentum Factor ETF | $10,001-$50,000 | |||||
iShares PHLX Semiconductor ETF | $10,001-$50,000 | |||||
iShares U.S. Consumer Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
iShares U.S. Pharmaceuticals ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares MSCI ACWI ex U.S. ETF | Over $100,000 | Over $100,000 | |||
iShares Short-Term National Muni Bond ETF | Over $100,000 | |||||
Drew E. Lawton | iShares 0-5 Year High Yield Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
iShares Core MSCI Total International Stock ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
iShares MSCI Frontier 100 ETF | $1-$10,000 | |||||
iShares Nasdaq Biotechnology ETF | $10,001-$50,000 | |||||
iShares Short Maturity Bond ETF | Over $100,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 | |||||
John E. Martinez | iShares Core 5-10 Year USD Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | Over $100,000 | |||||
iShares MSCI EAFE ETF | Over $100,000 | |||||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
iShares Short Maturity Bond ETF | $1-$10,000 | |||||
Madhav V. Rajan | iShares Broad USD High Yield Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core High Dividend ETF | Over $100,000 | |||||
iShares Core MSCI EAFE ETF | Over $100,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Mortgage Real Estate ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
iShares Select Dividend ETF | Over $100,000 | |||||
iShares Short Maturity Bond ETF | Over $100,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 |
1 | Appointed to serve as an Interested Director effective June 19, 2019. |
Name | iShares Emerging Markets Dividend ETF |
Pension or Retirement Benefits Accrued As Part of Company Expenses1 |
Estimated Annual Benefits Upon Retirement1 |
Total Compensation From the Fund and Fund Complex2 |
||||
Independent Directors: | ||||||||
Jane D. Carlin | $139 | Not Applicable | Not Applicable | $361,765 | ||||
Richard L. Fagnani | 137 | Not Applicable | Not Applicable | 350,000 | ||||
Cecilia H. Herbert | 155 | Not Applicable | Not Applicable | 405,000 | ||||
Charles A. Hurty3 | 94 | Not Applicable | Not Applicable | 376,765 | ||||
John E. Kerrigan | 138 | Not Applicable | Not Applicable | 350,000 | ||||
Drew E. Lawton | 135 | Not Applicable | Not Applicable | 350,000 | ||||
John E. Martinez | 135 | Not Applicable | Not Applicable | 350,000 | ||||
Madhav V. Rajan | 135 | Not Applicable | Not Applicable | 350,000 | ||||
Interested Directors: | ||||||||
Robert S. Kapito | $0 | Not Applicable | Not Applicable | $0 | ||||
Salim Ramji4 | 0 | Not Applicable | Not Applicable | 0 | ||||
Mark K. Wiedman5 | 0 | Not Applicable | Not Applicable | 0 |
1 | No Director or officer is entitled to any pension or retirement benefits from the Company. |
2 | Also includes compensation for service on the Boards of Trustees for iShares Trust and iShares U.S. ETF Trust. |
4 | Appointed to serve as an Interested Director effective June 19, 2019. |
5 | Served as an Interested Director through June 19, 2019. |
Name and Address | Percentage of Ownership |
|
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
25.27% | |
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
10.83% |
Name and Address | Percentage of Ownership |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
9.55% | |
UBS Financial Services Inc. 1000 Harbor Blvd. Weehawken, NJ 07086 |
6.48% | |
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
5.95% | |
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
5.35% | |
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
5.24% |
Management Fee for the Fiscal Year Ended April 30, 2019 |
Fund Inception Date |
Management Fees Paid for Fiscal Year Ended April 30, 2019 |
Management Fees Paid for Fiscal Year Ended April 30, 2018 |
Management Fees Paid for Fiscal Year Ended April 30, 2017 |
||||
0.49%1 | 02/23/12 | $ 2,418,231 | $1,881,171 | $1,117,215 |
1 | Effective August 1, 2016, the management fee for the iShares Emerging Markets Dividend ETF is 0.49%. Prior to August 1, 2016, the management fee for the iShares Emerging Markets Dividend ETF was 0.68%. |
Rachel Aguirre | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 328 | $1,314,910,000,000 | ||
Other Pooled Investment Vehicles | 165 | 603,167,000,000 | ||
Other Accounts | 138 | 554,174,000,000 |
Jennifer Hsui | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 288 | $1,271,846,000,000 | ||
Other Pooled Investment Vehicles | 107 | 132,182,000,000 | ||
Other Accounts | 71 | 52,022,000,000 |
Alan Mason | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 340 | $1,325,420,000,000 |
Alan Mason | ||||
Types of Accounts | Number | Total Assets | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 1 | 201,000,000 |
Greg Savage | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 343 | $1,316,939,000,000 | ||
Other Pooled Investment Vehicles | 93 | 9,212,000,000 | ||
Other Accounts | 6 | 1,275,000,000 |
Amy Whitelaw | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 272 | $1,229,007,000,000 | ||
Other Pooled Investment Vehicles | 92 | 31,657,000,000 | ||
Other Accounts | 0 | N/A |
Rachel Aguirre | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 16 | $12,015,000,000 |
Jennifer Hsui | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 2 | $1,739,000,000 | ||
Other Accounts | 53 | 46,285,000,000 |
Alan Mason | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Greg Savage | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Amy Whitelaw | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Fund Inception Date |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended April 30, 2019 |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended April 30, 2018 |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended April 30, 2017 |
|||
02/23/12 | $428,158 | $225,636 | $ 120,089 |
Fund | iShares Emerging Markets Dividend ETF |
Gross income from securities lending activities |
$ 426,976 |
Fund | iShares Emerging Markets Dividend ETF |
Fees and/or compensation for securities lending activities and related services |
|
Securities lending income paid to BTC for services as securities lending agent |
63,583 |
Cash collateral management expenses not included in securities lending income paid to BTC |
4,373 |
Administrative fees not included in securities lending income paid to BTC |
0 |
Indemnification fees not included in securities lending income paid to BTC |
0 |
Rebates (paid to borrowers) |
50,131 |
Other fees not included in securities lending income paid to BTC |
0 |
Aggregate fees/compensation for securities lending activities |
$ 118,087 |
Net income from securities lending activities |
$ 308,889 |
Fund Inception Date |
Brokerage Commissions Paid During Fiscal Year Ended April 30, 2019 |
Brokerage Commissions Paid During Fiscal Year Ended April 30, 2018 |
Brokerage Commissions Paid During Fiscal Year Ended April 30, 2017 |
|||
02/23/12 | $513,988 | $376,863 | $154,052 |
Fiscal Year ended April 30, 2019 | Fiscal Year ended April 30, 2018 | ||
69% | 55% |
Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) |
|
50,000 | $1,966,000 |
Standard Creation Transaction Fee |
Maximum Additional Charge* |
|
$3,000 | 7.0% |
* | As a percentage of the net asset value per Creation Unit. |
Standard Redemption Transaction Fee |
Maximum Additional Charge* |
|
$3,000 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long -term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards |
|||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model |
||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | See our commentary on our approach to engagement on TCFD and SASB aligned reporting for greater detail of our expectations. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
China | 01/30/19 | 02/11/19 | 12 | |||
01/31/19 | 02/12/19 | 12 | ||||
02/01/19 | 02/13/19 | 12 | ||||
09/26/19 | 10/08/19 | 12 | ||||
09/27/19 | 10/09/19 | 12 | ||||
09/30/19 | 10/10/19 | 10 | ||||
China Connect – Stock Connect | 02/01/19 | 02/11/19 | 10 | |||
09/30/19 | 10/08/19 | 8 | ||||
Indonesia | 05/29/19 | 06/10/19 | 12 | |||
05/31/19 | 06/11/19 | 11 | ||||
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
Malaysia | 01/30/19 | 02/07/19 | 8 | |||
01/31/19 | 02/08/19 | 8 | ||||
Philippines | 12/23/19 | 01/02/20 | 10 | |||
12/26/19 | 01/03/20 | 8 | ||||
12/27/19 | 01/06/20 | 10 | ||||
Qatar | 05/30/19 | 06/09/19 | 10 | |||
06/02/19 | 06/10/19 | 8 | ||||
06/03/19 | 06/11/19 | 8 | ||||
08/06/19 | 08/14/19 | 8 | ||||
08/07/19 | 08/15/19 | 8 | ||||
08/08/19 | 08/18/19 | 10 | ||||
Russia | 04/26/19 | 05/06/19 | 10 | |||
04/29/19 | 05/07/19 | 8 | ||||
04/30/19 | 05/08/19 | 8 | ||||
Taiwan | 01/29/19 | 02/11/19 | 13 | |||
01/30/19 | 02/12/19 | 13 | ||||
United Arab Emirates | 08/07/19 | 08/15/19 | 8 | |||
08/08/19 | 08/18/19 | 10 | ||||
2020 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
China | 01/21/20 | 01/31/20 | 10 | |||
01/22/20 | 02/03/20 | 12 | ||||
01/23/20 | 02/04/20 | 12 | ||||
04/28/20 | 05/06/20 | 8 | ||||
04/29/20 | 05/07/20 | 8 | ||||
04/30/20 | 05/08/20 | 8 | ||||
09/28/20 | 10/09/20 | 11 | ||||
09/29/20 | 10/12/20 | 13 | ||||
09/30/20 | 10/13/20 | 13 | ||||
China Connect – Stock Connect | 01/23/20 | 01/31/20 | 8 | |||
04/28/20 | 05/06/20 | 8 | ||||
09/30/20 | 10/09/20 | 9 | ||||
Indonesia | 05/19/20 | 05/28/20 | 9 | |||
05/20/20 | 05/29/20 | 9 | ||||
Qatar | 05/19/20 | 05/27/20 | 8 | |||
05/20/20 | 05/28/20 | 8 | ||||
05/21/20 | 05/31/20 | 10 |
2020 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
Russia | 04/28/20 | 05/06/20 | 8 | |||
04/29/20 | 05/07/20 | 8 | ||||
Taiwan | 01/21/20 | 01/30/20 | 9 | |||
01/22/20 | 01/31/20 | 9 | ||||
* | These worst-case redemption cycles are based on information regarding regular holidays available as of January 17, 2020, which may be out of date as of the date of this SAI. Based on changes in holidays, longer (worse) redemption cycles are possible. Further, regional holidays, the treatment by market participants of certain days as unofficial holidays (including days on which no or limited securities transactions occur as a result of substantially shortened trading hours), the elimination of existing holidays, or changes in local securities delivery practices, could affect the information set forth herein. |
Funds | Ticker | Listing Exchange | ||
iShares MSCI Australia ETF | EWA | NYSE Arca | ||
iShares MSCI Austria ETF | EWO | NYSE Arca | ||
iShares MSCI Belgium ETF | EWK | NYSE Arca | ||
iShares MSCI Canada ETF | EWC | NYSE Arca | ||
iShares MSCI Eurozone ETF | EZU | Cboe BZX | ||
iShares MSCI France ETF | EWQ | NYSE Arca | ||
iShares MSCI Germany ETF | EWG | NYSE Arca | ||
iShares MSCI Hong Kong ETF | EWH | NYSE Arca | ||
iShares MSCI Israel ETF | EIS | NYSE Arca | ||
iShares MSCI Italy ETF | EWI | NYSE Arca | ||
iShares MSCI Japan ETF | EWJ | NYSE Arca | ||
iShares MSCI Japan Small-Cap ETF | SCJ | NYSE Arca | ||
iShares MSCI Mexico ETF | EWW | NYSE Arca | ||
iShares MSCI Netherlands ETF | EWN | NYSE Arca | ||
iShares MSCI Pacific ex Japan ETF | EPP | NYSE Arca | ||
iShares MSCI Russia ETF | ERUS | NYSE Arca | ||
iShares MSCI Singapore ETF | EWS | NYSE Arca | ||
iShares MSCI South Africa ETF | EZA | NYSE Arca | ||
iShares MSCI Spain ETF | EWP | NYSE Arca | ||
iShares MSCI Sweden ETF | EWD | NYSE Arca | ||
iShares MSCI Switzerland ETF | EWL | NYSE Arca | ||
iShares MSCI Thailand ETF | THD | NYSE Arca | ||
iShares MSCI Turkey ETF | TUR | NASDAQ | ||
iShares MSCI USA Equal Weighted ETF | EUSA | NYSE Arca | ||
iShares MSCI World ETF | URTH | NYSE Arca |
• | iShares MSCI Australia ETF |
• | iShares MSCI Austria ETF |
• | iShares MSCI Belgium ETF |
• | iShares MSCI Canada ETF |
• | iShares MSCI Eurozone ETF |
• | iShares MSCI France ETF |
• | iShares MSCI Germany ETF |
• | iShares MSCI Hong Kong ETF |
• | iShares MSCI Israel ETF |
• | iShares MSCI Italy ETF |
• | iShares MSCI Japan ETF |
• | iShares MSCI Japan Small-Cap ETF |
• | iShares MSCI Mexico ETF |
• | iShares MSCI Netherlands ETF |
• | iShares MSCI Pacific ex Japan ETF |
• | iShares MSCI Russia ETF1 |
• | iShares MSCI Singapore ETF |
• | iShares MSCI South Africa ETF |
• | iShares MSCI Spain ETF |
• | iShares MSCI Sweden ETF |
• | iShares MSCI Switzerland ETF |
• | iShares MSCI Thailand ETF |
• | iShares MSCI Turkey ETF2 |
• | iShares MSCI USA Equal Weighted ETF |
• | iShares MSCI World ETF |
1 | The iShares MSCI Russia ETF previously operated as a series of iShares MSCI Russia Capped ETF, Inc. (the “Predecessor Fund”). Before the Fund commenced operations, all of the assets and liabilities of the Predecessor Fund were transferred to the Fund in a reorganization (the “Reorganization”), which was tax-free for U.S. federal income tax purposes. The Reorganization occurred on January 26, 2015. As a result of the Reorganization, the Fund assumed the performance and accounting history of the Predecessor Fund. A portion of the financial and performance information included in this SAI is that of the Predecessor Fund. |
2 | On May 29, 2019, the Fund’s Underlying Index changed from the MSCI Turkey Investable Market Index to the MSCI Turkey IMI 25/50 Index. |
Diversified Funds | Non-Diversified Funds | |
iShares MSCI Canada ETF | iShares MSCI Australia ETF | |
iShares MSCI Eurozone ETF | iShares MSCI Austria ETF | |
iShares MSCI Japan ETF | iShares MSCI Belgium ETF | |
iShares MSCI Japan Small-Cap ETF | iShares MSCI France ETF | |
iShares MSCI Pacific ex Japan ETF | iShares MSCI Germany ETF | |
iShares MSCI USA Equal Weighted ETF | iShares MSCI Hong Kong ETF | |
iShares MSCI World ETF | iShares MSCI Israel ETF | |
iShares MSCI Italy ETF | ||
iShares MSCI Mexico ETF | ||
iShares MSCI Netherlands ETF | ||
iShares MSCI Russia ETF | ||
iShares MSCI Singapore ETF | ||
iShares MSCI South Africa ETF | ||
iShares MSCI Spain ETF | ||
iShares MSCI Sweden ETF | ||
iShares MSCI Switzerland ETF | ||
iShares MSCI Thailand ETF | ||
iShares MSCI Turkey ETF |
• | MSCI Global Standard Indexes cover all investable large- and mid-cap securities by including the largest issuers comprising approximately 85% of each market's free float-adjusted market capitalization. |
• | MSCI Global Large Cap Indexes provide coverage of all investable large-cap securities by including the largest issuers comprising approximately 70% of each market’s free-float adjusted market capitalization. |
• | MSCI Global Mid Cap Indexes provide coverage in each market by deriving the difference between the market coverage of the MSCI Global Standard Index and the MSCI Global Large Cap Index in that market. |
• | MSCI Global Small Cap Indexes provide coverage of companies with a market capitalization below that of the companies in the MSCI Global Standard Indexes. |
• | Achieving global size integrity by ensuring that companies of comparable and relevant sizes are included in a given size segment across all markets in a composite index; and |
• | Achieving consistent market coverage by ensuring that each market's size segment is represented in its proportional weight in the composite universe. |
• | Semi-Annual Index Reviews (“SAIRs”), conducted on a fixed semi-annual timetable that systematically reassess the various dimensions of the equity universe for all markets; |
• | Quarterly Index Reviews (“QIRs”), aimed at promptly reflecting other significant market events; and |
• | Ongoing event-related changes, such as mergers, acquisitions, spin-offs, bankruptcies, reorganizations and other similar corporate events, which generally are implemented in the indexes as they occur. |
1. | Lend any funds or other assets except through the purchase of all or a portion of an issue of securities or obligations of the type in which it is permitted to invest (including participation interests in such securities or obligations) and except that a Fund may lend its portfolio securities in an amount not to exceed 33 1/3% of the value of its total assets; |
2. | Issue senior securities or borrow money, except borrowings from banks for temporary or emergency purposes in an amount up to 33 1/3% of the value of the Fund’s total assets (including the amount borrowed), valued at the lesser of cost or market, less liabilities (not including the amount borrowed) valued at the time the borrowing is made, and the Fund will not purchase securities while borrowings in excess of 5% of the Fund’s total assets are outstanding, provided, that for purposes of this restriction, short-term credits necessary for the clearance of transactions are not considered borrowings; |
3. | Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings. (The deposit of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation margin for currency transactions and futures contracts will not be deemed to be pledges of the Fund’s assets); |
4. | Purchase a security (other than obligations of the U.S. government, its agencies or instrumentalities) if as a result 25% or more of its total assets would be invested in a single issuer. (This restriction applies to the iShares MSCI Singapore ETF only); |
5. | Purchase, hold or deal in real estate, or oil, gas or mineral interests or leases, but a Fund may purchase and sell securities that are issued by companies that invest or deal in such assets; |
6. | Act as an underwriter of securities of other issuers, except to the extent the Fund may be deemed an underwriter in connection with the sale of securities in its portfolio; |
7. | Purchase securities on margin, except for such short-term credits as are necessary for the clearance of transactions, except that a Fund may make margin deposits in connection with transactions in currencies, options, futures and options on futures; |
8. | Sell securities short; or |
9. | Invest in commodities or commodity contracts, except that a Fund may buy and sell currencies and forward contracts with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on such futures contracts and make margin deposits in connection with such contracts. |
1. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time; |
2. | Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time; |
3. | Pledge, hypothecate, mortgage or otherwise encumber its assets, except to secure permitted borrowings. (The deposit of underlying securities and other assets in escrow and collateral arrangements with respect to initial or variation margin for currency transactions and futures contracts will not be deemed to be pledges of the Fund’s assets); |
4. | Purchase, hold or deal in real estate, or oil, gas or mineral interests or leases, but a Fund may purchase and sell securities that are issued by companies that invest or deal in such assets; |
5. | Act as an underwriter of securities of other issuers, except to the extent the Fund may be deemed an underwriter in connection with the sale of securities in its portfolio; |
6. | Purchase securities on margin, except for such short-term credits as are necessary for the clearance of transactions, except that a Fund may make margin deposits in connection with transactions in currencies, options, futures and options on futures; |
7. | Sell securities short; or |
8. | Invest in commodities or commodity contracts, except that a Fund may buy and sell currencies and forward contracts with respect thereto, and may transact in futures contracts on securities, stock indices and currencies and options on such futures contracts and make margin deposits in connection with such contracts. |
1. | Concentrate its investments (i.e., invest 25% or more of its total assets in the securities of a particular industry or group of industries), except that a Fund will concentrate to approximately the same extent that its Underlying Index concentrates in the securities of such particular industry or group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry; |
2. | Borrow money, except that (i) each Fund may borrow from banks for temporary or emergency (not leveraging) purposes, including the meeting of redemption requests which might otherwise require the untimely disposition of securities, and (ii) each Fund may, to the extent consistent with its investment policies, enter into repurchase agreements, reverse repurchase agreements, forward roll transactions and similar investment strategies and techniques. To the extent that it engages in transactions described in (i) and (ii), each Fund will be limited so that no more than 33 1/3% of the value of its total assets (including the amount borrowed) is derived from such transactions. Any borrowings which come to exceed this amount will be reduced in accordance with applicable law; |
3. | Issue any senior security, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time; |
4. | Make loans, except as permitted under the 1940 Act, as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time; |
5. | Purchase or sell real estate unless acquired as a result of ownership of securities or other investments (but this restriction shall not prevent each Fund from investing in securities of companies engaged in the real estate business or securities or other instruments backed by real estate or mortgages), or commodities or commodity contracts (but this restriction shall not prevent each Fund from trading in futures contracts and options on futures contracts, including options on currencies to the extent consistent with each Fund's investment objectives and policies); or |
6. | Engage in the business of underwriting securities issued by other persons, except to the extent that each Fund may technically be deemed to be an underwriter under the 1933 Act, the disposing of portfolio securities. |
Fund | Industry or Industries | |
iShares MSCI Australia ETF | Banks | |
iShares MSCI Austria ETF | Banks | |
iShares MSCI Canada ETF | Banks | |
iShares MSCI Russia ETF | Oil & Gas | |
iShares MSCI Singapore ETF | Banks | |
iShares MSCI Spain ETF | Banks |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Robert S. Kapito1 (62) |
Director (since 2009). |
President, BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002). | Director of BlackRock, Inc. (since 2006); Trustee of iShares Trust (since 2009); Trustee of iShares U.S. ETF Trust (since 2011). | |||
Salim Ramji2 (49) |
Director (since 2019). | Senior Managing Director, BlackRock, Inc. (since 2014); Global Head of BlackRock’s ETF and Index Investments Business (since 2019); Head of BlackRock’s U.S. Wealth Advisory Business (2015-2019); Global Head of Corporate Strategy, BlackRock, Inc. (2014-2015); Senior Partner, McKinsey & Company (2010-2014). | Trustee of iShares Trust (since 2019); Trustee of iShares U.S. ETF Trust (since 2019). |
1 | Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
2 | Salim Ramji is deemed to be an “interested person” (as defined in the 1940 Act) of the Company due to his affiliations with BlackRock, Inc. and its affiliates. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Cecilia H. Herbert (70) |
Director (since 2005); Independent Board Chair (since 2016). |
Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Technology and Quality Committees of Stanford Health Care (since 2016); Member
of the Audit Committee (since 2018) and Trustee and Member of the Investment Committee, WNET, a New York public media company (since 2011); Chair (1994-2005) and Member (since 1992) of the Investment Committee,
Archdiocese of San Francisco; Trustee of Forward Funds (14 portfolios) (2009-2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director (1998-2013) and President (2007-2011) of the Board of Directors,
Catholic Charities CYO; Trustee (2002-2011) and Chair of the Finance and Investment Committee (2006-2010) of the Thacher School.
|
Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares Trust and iShares U.S. ETF Trust (since 2016); Trustee of Thrivent Church Loan and Income Fund (since 2019). | |||
Jane D. Carlin (63) |
Director (since 2015); Risk Committee Chair (since 2016). |
Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012). | Trustee of iShares Trust (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016) and Director of The Hanover Insurance Group, Inc. (since 2016). | |||
Richard L. Fagnani (65) |
Director (since 2017); Audit Committee Chair (since 2019). |
Partner, KPMG LLP (2002-2016). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Kerrigan (64) |
Director (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2019). |
Chief Investment Officer, Santa Clara University (since 2002). | Trustee of iShares Trust (since 2005); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
Other Directorships Held by Director |
|||
Drew E. Lawton (60) |
Director (since 2017); 15(c) Committee Chair (since 2017). |
Senior Managing Director of New York Life Insurance Company (2010-2015). | Trustee of iShares Trust (since 2017); Trustee of iShares U.S. ETF Trust (since 2017). | |||
John E. Martinez (58) |
Director (since 2003); Securities Lending Committee Chair (since 2019). |
Director of Real Estate Equity Exchange, Inc. (since 2005). | Trustee of iShares Trust (since 2003); Trustee of iShares U.S. ETF Trust (since 2011); Director of Cloudera Foundation (since 2017); and Director of Reading Partners (2012-2016). | |||
Madhav V. Rajan (55) |
Director (since 2011); Fixed Income Plus Committee Chair (since 2019). |
Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016). | Trustee of iShares Trust (since 2011); Trustee of iShares U.S. ETF Trust (since 2011). |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
||
Armando Senra (48) |
President (since 2019). | Managing Director, BlackRock, Inc. (since 2007); Head of U.S., Canada and Latam iShares, BlackRock, Inc. (since 2019); Head of Latin America Region, BlackRock, Inc. (2006-2019); Managing Director, Bank of America Merrill Lynch (1994-2006). | ||
Trent Walker (45) | Treasurer and Chief Financial Officer (since 2020). |
Managing Director of BlackRock, Inc. (since September 2019); Executive Vice President of PIMCO (2016-2019); Senior Vice President of PIMCO (2008-2015); Treasurer (2013-2019) and Assistant Treasurer (2007-2017) of PIMCO Funds, PIMCO Variable Insurance Trust, PIMCO ETF Trust, PIMCO Equity Series, PIMCO Equity Series VIT, PIMCO Managed Accounts Trust, 2 PIMCO-sponsored interval funds and 21 PIMCO-sponsored closed-end funds. |
Name (Age) | Position | Principal Occupation(s) During the Past 5 Years |
||
Charles Park (52) |
Chief Compliance Officer (since 2006). | Chief Compliance Officer of BlackRock Advisors, LLC and the BlackRock-advised Funds in the Equity-Bond Complex, the Equity-Liquidity Complex and the Closed-End Complex (since 2014); Chief Compliance Officer of BFA (since 2006). | ||
Deepa Damre (44) |
Secretary (since 2019). | Managing Director, BlackRock, Inc. (since 2014); Director, BlackRock, Inc. (2009-2013). | ||
Scott Radell (51) |
Executive Vice President (since 2012). |
Managing Director, BlackRock, Inc. (since 2009); Head of Portfolio Solutions, BlackRock, Inc. (since 2009). | ||
Alan Mason (59) |
Executive Vice President (since 2016). |
Managing Director, BlackRock, Inc. (since 2009). | ||
Marybeth Leithead (56) |
Executive Vice President (since 2019). |
Managing Director, BlackRock, Inc. (since 2017); Chief Operating Officer of Americas iShares (since 2017); Portfolio Manager, Municipal Institutional & Wealth Management (2009-2016). |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
Robert S. Kapito | None | None | None | |||
Salim Ramji1 | iShares Commodities Select Strategy ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | Over $100,000 | |||||
iShares Core S&P 500 ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $1-$10,000 | |||||
iShares Expanded Tech Sector ETF | $1-$10,000 | |||||
iShares Expanded Tech-Software Sector ETF | $1-$10,000 | |||||
iShares North American Natural Resources ETF | $10,001-$50,000 | |||||
iShares Robotics and Artificial Intelligence Multisector ETF | $1-$10,000 | |||||
iShares TIPS Bond ETF | $10,001-$50,000 | |||||
Cecilia H. Herbert | iShares California Muni Bond ETF | Over $100,000 | Over $100,000 | |||
iShares China Large-Cap ETF | $50,001-$100,000 | |||||
iShares Core High Dividend ETF | $1-$10,000 | |||||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core MSCI Total International Stock ETF | $10,001-$50,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Core S&P Small-Cap ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | $10,001-$50,000 | |||||
iShares Core S&P U.S. Growth ETF | $50,001-$100,000 | |||||
iShares Core S&P U.S. Value ETF | $50,001-$100,000 | |||||
iShares iBoxx $ High Yield Corporate Bond ETF | $10,001-$50,000 | |||||
iShares International Select Dividend ETF | $1-$10,000 | |||||
iShares MSCI EAFE ETF | $1-$10,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
iShares MSCI Japan ETF | $10,001-$50,000 | |||||
iShares National Muni Bond ETF | $10,001-$50,000 | |||||
iShares Preferred and Income Securities ETF | $10,001-$50,000 | |||||
Jane D. Carlin | iShares 1-3 Year Treasury Bond ETF | $50,001-$100,000 | Over $100,000 | |||
iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | |||||
iShares Core MSCI Total International Stock ETF | Over $100,000 | |||||
iShares Core S&P Mid-Cap ETF | $10,001-$50,000 | |||||
iShares Core S&P Small-Cap ETF | $50,001-$100,000 | |||||
iShares Core U.S. Aggregate Bond ETF | Over $100,000 | |||||
iShares Global Tech ETF | $10,001-$50,000 | |||||
iShares MSCI ACWI ETF | Over $100,000 | |||||
iShares MSCI ACWI ex U.S. ETF | $50,001-$100,000 | |||||
iShares MSCI EAFE Small-Cap ETF | $10,001-$50,000 | |||||
iShares MSCI Emerging Markets Small-Cap ETF | $10,001-$50,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 | |||||
Richard L. Fagnani | iShares Core MSCI Emerging Markets ETF | $10,001-$50,000 | Over $100,000 | |||
iShares Core S&P Total U.S. Stock Market ETF | $10,001-$50,000 | |||||
iShares Core S&P U.S. Growth ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol Global ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol USA ETF | $10,001-$50,000 | |||||
iShares Edge MSCI Min Vol USA Small-Cap ETF | $10,001-$50,000 | |||||
iShares Edge MSCI USA Momentum Factor ETF | $10,001-$50,000 | |||||
iShares PHLX Semiconductor ETF | $10,001-$50,000 | |||||
iShares U.S. Consumer Services ETF | $10,001-$50,000 | |||||
iShares U.S. Financials ETF | $10,001-$50,000 | |||||
iShares U.S. Pharmaceuticals ETF | $10,001-$50,000 | |||||
John E. Kerrigan | iShares MSCI ACWI ex U.S. ETF | Over $100,000 | Over $100,000 | |||
iShares Short-Term National Muni Bond ETF | Over $100,000 | |||||
Drew E. Lawton | iShares 0-5 Year High Yield Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | $50,001-$100,000 | |||||
iShares Core MSCI Total International Stock ETF | $50,001-$100,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Exponential Technologies ETF | Over $100,000 |
Name | Fund | Dollar Range of Equity Securities in Named Fund |
Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies |
|||
iShares MSCI Frontier 100 ETF | $1-$10,000 | |||||
iShares Nasdaq Biotechnology ETF | $10,001-$50,000 | |||||
iShares Short Maturity Bond ETF | Over $100,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 | |||||
John E. Martinez | iShares Core 5-10 Year USD Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core MSCI EAFE ETF | Over $100,000 | |||||
iShares Core MSCI Total International Stock ETF | $1-$10,000 | |||||
iShares Core S&P Total U.S. Stock Market ETF | Over $100,000 | |||||
iShares Global Consumer Staples ETF | Over $100,000 | |||||
iShares MSCI All Country Asia ex Japan ETF | Over $100,000 | |||||
iShares MSCI EAFE ETF | Over $100,000 | |||||
iShares Russell 1000 ETF | Over $100,000 | |||||
iShares Russell 1000 Value ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
iShares Short Maturity Bond ETF | $1-$10,000 | |||||
Madhav V. Rajan | iShares Broad USD High Yield Corporate Bond ETF | Over $100,000 | Over $100,000 | |||
iShares Core Dividend Growth ETF | Over $100,000 | |||||
iShares Core High Dividend ETF | Over $100,000 | |||||
iShares Core MSCI EAFE ETF | Over $100,000 | |||||
iShares Core S&P 500 ETF | Over $100,000 | |||||
iShares Mortgage Real Estate ETF | Over $100,000 | |||||
iShares Russell 2000 ETF | Over $100,000 | |||||
iShares Select Dividend ETF | Over $100,000 | |||||
iShares Short Maturity Bond ETF | Over $100,000 | |||||
iShares Ultra Short-Term Bond ETF | Over $100,000 |
1 | Appointed to serve as an Interested Director effective June 19, 2019. |
Name | iShares MSCI Australia ETF |
iShares MSCI Austria ETF |
iShares MSCI Belgium ETF |
iShares MSCI Canada ETF |
||||
Independent Directors: | ||||||||
Jane D. Carlin | $315 | $14 | $12 | $672 | ||||
Richard L. Fagnani | 323 | 15 | 13 | 690 | ||||
Cecilia H. Herbert | 361 | 17 | 14 | 770 | ||||
Charles A. Hurty1 | 101 | 5 | 4 | 215 | ||||
John E. Kerrigan | 329 | 15 | 13 | 702 | ||||
Drew E. Lawton | 315 | 14 | 12 | 672 | ||||
John E. Martinez | 315 | 14 | 12 | 672 | ||||
Madhav V. Rajan | 315 | 14 | 12 | 672 | ||||
Interested Directors: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji2 | 0 | 0 | 0 | 0 | ||||
Mark K. Wiedman3 | 0 | 0 | 0 | 0 |
Name | iShares MSCI Eurozone ETF |
iShares MSCI France ETF |
iShares MSCI Germany ETF |
iShares MSCI Hong Kong ETF |
||||
Independent Directors: | ||||||||
Jane D. Carlin | $1,142 | $292 | $435 | $373 | ||||
Richard L. Fagnani | 1,172 | 300 | 447 | 383 | ||||
Cecilia H. Herbert | 1,308 | 334 | 498 | 427 | ||||
Charles A. Hurty1 | 366 | 94 | 139 | 119 | ||||
John E. Kerrigan | 1,193 | 305 | 454 | 390 | ||||
Drew E. Lawton | 1,142 | 292 | 435 | 373 | ||||
John E. Martinez | 1,142 | 292 | 435 | 373 | ||||
Madhav V. Rajan | 1,142 | 292 | 435 | 373 | ||||
Interested Directors: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji2 | 0 | 0 | 0 | 0 | ||||
Mark K. Wiedman3 | 0 | 0 | 0 | 0 |
Name | iShares MSCI Israel ETF |
iShares MSCI Italy ETF |
iShares MSCI Japan ETF |
iShares MSCI Japan Small-Cap ETF |
||||
Independent Directors: | ||||||||
Jane D. Carlin | $30 | $58 | $3,034 | $29 | ||||
Richard L. Fagnani | 31 | 60 | 3,114 | 30 |
Name | iShares MSCI Israel ETF |
iShares MSCI Italy ETF |
iShares MSCI Japan ETF |
iShares MSCI Japan Small-Cap ETF |
||||
Cecilia H. Herbert | 35 | 66 | 3,473 | 33 | ||||
Charles A. Hurty1 | 10 | 19 | 971 | 9 | ||||
John E. Kerrigan | 32 | 61 | 3,167 | 30 | ||||
Drew E. Lawton | 30 | 58 | 3,034 | 29 | ||||
John E. Martinez | 30 | 58 | 3,034 | 29 | ||||
Madhav V. Rajan | 30 | 58 | 3,034 | 29 | ||||
Interested Directors: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji2 | 0 | 0 | 0 | 0 | ||||
Mark K. Wiedman3 | 0 | 0 | 0 | 0 |
Name | iShares MSCI Mexico ETF |
iShares MSCI Netherlands ETF |
iShares MSCI Pacific ex Japan ETF |
iShares MSCI Russia ETF |
||||
Independent Directors: | ||||||||
Jane D. Carlin | $165 | $35 | $578 | $115 | ||||
Richard L. Fagnani | 169 | 35 | 594 | 118 | ||||
Cecilia H. Herbert | 189 | 40 | 662 | 131 | ||||
Charles A. Hurty1 | 53 | 11 | 185 | 37 | ||||
John E. Kerrigan | 172 | 36 | 604 | 120 | ||||
Drew E. Lawton | 165 | 35 | 578 | 115 | ||||
John E. Martinez | 165 | 35 | 578 | 115 | ||||
Madhav V. Rajan | 165 | 35 | 578 | 115 | ||||
Interested Directors: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji2 | 0 | 0 | 0 | 0 | ||||
Mark K. Wiedman3 | 0 | 0 | 0 | 0 |
Name | iShares MSCI Singapore ETF |
iShares MSCI South Africa ETF |
iShares MSCI Spain ETF |
iShares MSCI Sweden ETF |
||||
Independent Directors: | ||||||||
Jane D. Carlin | $135 | $99 | $193 | $54 | ||||
Richard L. Fagnani | 139 | 101 | 198 | 55 | ||||
Cecilia H. Herbert | 155 | 113 | 220 | 62 | ||||
Charles A. Hurty1 | 43 | 32 | 62 | 17 | ||||
John E. Kerrigan | 141 | 103 | 201 | 56 | ||||
Drew E. Lawton | 135 | 99 | 193 | 54 | ||||
John E. Martinez | 135 | 99 | 193 | 54 | ||||
Madhav V. Rajan | 135 | 99 | 193 | 54 | ||||
Interested Directors: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji2 | 0 | 0 | 0 | 0 | ||||
Mark K. Wiedman3 | 0 | 0 | 0 | 0 |
Name | iShares MSCI Switzerland ETF |
iShares MSCI Thailand ETF |
iShares MSCI Turkey ETF |
iShares MSCI USA Equal Weighted ETF |
||||
Independent Directors: | ||||||||
Jane D. Carlin | $296 | $120 | $82 | $81 | ||||
Richard L. Fagnani | 303 | 123 | 85 | 84 | ||||
Cecilia H. Herbert | 338 | 137 | 94 | 93 | ||||
Charles A. Hurty1 | 95 | 38 | 26 | 26 | ||||
John E. Kerrigan | 309 | 125 | 86 | 85 | ||||
Drew E. Lawton | 296 | 120 | 82 | 81 | ||||
John E. Martinez | 296 | 120 | 82 | 81 | ||||
Madhav V. Rajan | 296 | 120 | 82 | 81 | ||||
Interested Directors: | ||||||||
Robert S. Kapito | $0 | $0 | $0 | $0 | ||||
Salim Ramji2 | 0 | 0 | 0 | 0 | ||||
Mark K. Wiedman3 | 0 | 0 | 0 | 0 |
Name | iShares MSCI World ETF |
|
Independent Directors: | ||
Jane D. Carlin | $171 | |
Richard L. Fagnani | 175 | |
Cecilia H. Herbert | 195 | |
Charles A. Hurty1 | 55 | |
John E. Kerrigan | 178 | |
Drew E. Lawton | 171 | |
John E. Martinez | 171 | |
Madhav V. Rajan | 171 | |
Interested Directors: | ||
Robert S. Kapito | $0 | |
Salim Ramji2 | 0 | |
Mark K. Wiedman3 | 0 |
Name | Pension or Retirement Benefits Accrued As Part of Company Expenses4 |
Estimated Annual Benefits Upon Retirement4 |
Total Compensation From the Funds and Fund Complex5 |
|||
Independent Directors: | ||||||
Jane D. Carlin | Not Applicable | Not Applicable | $361,765 | |||
Richard L. Fagnani | Not Applicable | Not Applicable | 350,000 | |||
Cecilia H. Herbert | Not Applicable | Not Applicable | 405,000 | |||
Charles A. Hurty1 | Not Applicable | Not Applicable | 376,765 | |||
John E. Kerrigan | Not Applicable | Not Applicable | 350,000 | |||
Drew E. Lawton | Not Applicable | Not Applicable | 350,000 | |||
John E. Martinez | Not Applicable | Not Applicable | 350,000 | |||
Madhav V. Rajan | Not Applicable | Not Applicable | 350,000 |
Name | Pension or Retirement Benefits Accrued As Part of Company Expenses4 |
Estimated Annual Benefits Upon Retirement4 |
Total Compensation From the Funds and Fund Complex5 |
|||
Interested Directors: | ||||||
Robert S. Kapito | Not Applicable | Not Applicable | $0 | |||
Salim Ramji2 | Not Applicable | Not Applicable | 0 | |||
Mark K. Wiedman3 | Not Applicable | Not Applicable | 0 |
1 | Served as an Independent Director through December 31, 2018. |
2 | Appointed to serve as an Interested Director effective June 19, 2019. |
3 | Served as an Interested Director through June 19, 2019. |
4 | No Director or officer is entitled to any pension or retirement benefits from the Company. |
5 | Also includes compensation for service on the Boards of Trustees for iShares Trust and iShares U.S. ETF Trust. |
Fund | Name | Percentage of Ownership |
||
iShares MSCI Australia ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
13.61% | ||
The Bank of New York Mellon/Mellon Trust of New England, National Association 525 William Penn Place Suite 153-0400 Pittsburgh, PA 15259 |
9.41% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
7.84% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
7.18% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
7.14% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
6.79% |
Fund | Name | Percentage of Ownership |
||
Ameriprise Enterprise Investment Services, Inc. 901 3rd Avenue South Minneapolis, MN 55474 |
5.98% | |||
iShares MSCI Austria ETF | CIBC World Markets Inc./CDS 161 Bay Street 10th Floor Toronto, ON M5J 258 CA |
12.48% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
8.31% | |||
TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
7.77% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
7.76% | |||
JPMorgan Chase Bank, National Association 500 Stanton Christiana Road Newark, DE 19713 |
7.14% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
5.97% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
5.86% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
5.39% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.03% | |||
iShares MSCI Belgium ETF | State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
43.78% | ||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
10.80% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
6.39% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
6.25% |
Fund | Name | Percentage of Ownership |
||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
5.11% | |||
iShares MSCI Canada ETF | Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
17.59% | ||
JPMorgan Chase Bank, National Association 500 Stanton Christiana Road Newark, DE 19713 |
11.89% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
7.94% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.98% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
6.31% | |||
iShares MSCI Eurozone ETF | Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
18.62% | ||
BlackRock Institutional Trust Company, N.A. 400 Howard Street San Francisco, CA 94105 |
15.34% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
8.49% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
7.22% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
6.76% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
6.21% | |||
iShares MSCI France ETF | Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
29.36% |
Fund | Name | Percentage of Ownership |
||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
19.85% | |||
Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
13.66% | |||
iShares MSCI Germany ETF | Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
28.66% | ||
BlackRock Institutional Trust Company, N.A. 400 Howard Street San Francisco, CA 94105 |
7.45% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
7.37% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
7.32% | |||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
5.49% | |||
iShares MSCI Hong Kong ETF | Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
40.13% | ||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
11.87% | |||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
11.32% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
5.46% | |||
iShares MSCI Israel ETF | National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
11.69% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
11.27% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
7.10% |
Fund | Name | Percentage of Ownership |
||
The Bank of New York Mellon/Mellon Trust of New England, National Association 525 William Penn Place Suite 153-0400 Pittsburgh, PA 15259 |
6.60% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.36% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
5.25% | |||
iShares MSCI Italy ETF | Ameriprise Enterprise Investment Services, Inc. 901 3rd Avenue South Minneapolis, MN 55474 |
13.75% | ||
Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
12.48% | |||
The Bank of New York Mellon/Mellon Trust of New England, National Association 525 William Penn Place Suite 153-0400 Pittsburgh, PA 15259 |
8.19% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
7.07% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
6.32% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
6.15% | |||
LPL Financial Corporation 9785 Towne Centre Drive San Diego, CA 92121-1968 |
5.44% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
5.08% | |||
iShares MSCI Japan ETF | JPMorgan Chase Bank, National Association 500 Stanton Christiana Road Newark, DE 19713 |
13.74% | ||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
12.54% |
Fund | Name | Percentage of Ownership |
||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
11.81% | |||
Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
10.21% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
7.13% | |||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
6.28% | |||
iShares MSCI Japan Small-Cap ETF | Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
15.79% | ||
JPMorgan Chase Bank, National Association 500 Stanton Christiana Road Newark, DE 19713 |
9.41% | |||
J.P. Morgan Securities, LLC/JPMC 500 Stanton Christiana Road Newark, DE 19713 |
7.99% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
7.43% | |||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
7.06% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
6.54% | |||
iShares MSCI Mexico ETF | The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
8.63% | ||
The Bank of New York Mellon/Mellon Trust of New England, National Association 525 William Penn Place Suite 153-0400 Pittsburgh, PA 15259 |
7.93% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
6.44% |
Fund | Name | Percentage of Ownership |
||
Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
6.43% | |||
Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
5.71% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
5.52% | |||
Morgan Stanley & Co. Incorporated One Pierrepont Plaza 8th Floor Brooklyn, NY 11201 |
5.44% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
5.24% | |||
iShares MSCI Netherlands ETF | State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
14.28% | ||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
10.14% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
10.07% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
8.37% | |||
The Bank of New York Mellon/Mellon Trust of New England, National Association 525 William Penn Place Suite 153-0400 Pittsburgh, PA 15259 |
6.99% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
6.42% | |||
Ameriprise Enterprise Investment Services, Inc. 901 3rd Avenue South Minneapolis, MN 55474 |
5.42% | |||
iShares MSCI Pacific ex Japan ETF | Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
16.50% |
Fund | Name | Percentage of Ownership |
||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
8.85% | |||
Goldman, Sachs & Co. 30 Hudson Street 16th Floor Jersey City, NJ 07302 |
8.71% | |||
JPMorgan Chase Bank, National Association 500 Stanton Christiana Road Newark, DE 19713 |
7.21% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
6.85% | |||
Sumitomo Mitsui Trust Bank (U.S.A.) Limited 111 River Street Hoboken, NJ 07030 |
6.71% | |||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
5.03% | |||
iShares MSCI Russia ETF | JPMorgan Chase Bank, National Association 500 Stanton Christiana Road Newark, DE 19713 |
29.02% | ||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
16.84% | |||
Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
6.01% | |||
iShares MSCI Singapore ETF | Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
13.33% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
11.21% | |||
The Bank of New York Mellon/Mellon Trust of New England, National Association 525 William Penn Place Suite 153-0400 Pittsburgh, PA 15259 |
8.76% | |||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
8.11% | |||
Morgan Stanley Smith Barney LLC One New York Plaza New York, NY 10004 |
6.70% | |||
Fund | Name | Percentage of Ownership |
||
iShares MSCI South Africa ETF | State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
35.91% | ||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
9.10% | |||
J.P. Morgan Securities, LLC/JPMC 500 Stanton Christiana Road Newark, DE 19713 |
7.61% | |||
Credit Suisse Securities (USA) LLC One Madison Ave 3rd Floor New York, NY 10010 |
5.35% | |||
iShares MSCI Spain ETF | Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
36.17% | ||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
21.19% | |||
The Bank of New York Mellon/Mellon Trust of New England, National Association 525 William Penn Place Suite 153-0400 Pittsburgh, PA 15259 |
8.53% | |||
iShares MSCI Sweden ETF | Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
18.82% | ||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
11.95% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
6.78% | |||
iShares MSCI Switzerland ETF | Merrill Lynch, Pierce, Fenner & Smith Incorporated - TS Sub 101 Hudson Street 9th Floor Jersey City, NJ 07302-3997 |
13.16% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
10.07% |
Fund | Name | Percentage of Ownership |
||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
8.08% | |||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
8.07% | |||
State Street Bank and Trust Company 1776 Heritage Drive North Quincy, MA 02171 |
8.01% | |||
The Bank of New York Mellon/Mellon Trust of New England, National Association 525 William Penn Place Suite 153-0400 Pittsburgh, PA 15259 |
7.70% | |||
Pershing LLC One Pershing Plaza Jersey City, NJ 07399 |
6.33% | |||
The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
5.93% | |||
iShares MSCI Thailand ETF | Northern Trust Company/ United Nations Joint Staff Pension Fund 50 South LaSalle Street Chicago, IL 60675 |
37.33% | ||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
12.37% | |||
The Bank of New York Mellon/Mellon Trust of New England, National Association 525 William Penn Place Suite 153-0400 Pittsburgh, PA 15259 |
5.98% | |||
iShares MSCI Turkey ETF | Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
16.02% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
9.33% | |||
JPMorgan Chase Bank, National Association 500 Stanton Christiana Road Newark, DE 19713 |
7.86% | |||
Interactive Brokers Retail Equity Clearing 8 Greenwich Office Park Greenwich, CT 06831 |
6.38% |
Fund | Name | Percentage of Ownership |
||
Charles Schwab & Co., Inc. 101 Montgomery Street San Francisco, CA 94014 |
5.90% | |||
Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
5.40% | |||
iShares MSCI USA Equal Weighted ETF | TD Ameritrade Clearing, Inc. 4700 Alliance Gateway Freeway Fort Worth, TX 76177 |
36.91% | ||
National Financial Services LLC 499 Washington Blvd Jersey City, NJ 07310 |
19.04% | |||
Wells Fargo Clearing Services LLC 2801 Market Street St Louis, MO 63103 |
10.85% | |||
Northern Trust Company (The) 801 South Canal Street Chicago, IL 60607 |
5.27% | |||
iShares MSCI World ETF | The Bank of New York Mellon 111 Sanders Creek Parkway 2nd Floor East Syracuse, NY 13057 |
19.01% | ||
Citibank, N.A. 3800 CitiBank Center Tampa Building B/1st Floor Zone 8 Tampa, FL 33610-9122 |
13.25% | |||
Brown Brothers Harriman & Co. 525 Washington Blvd. 11th Floor Jersey City, NJ 07310 |
11.39% | |||
JPMorgan Chase Bank, National Association 500 Stanton Christiana Road Newark, DE 19713 |
6.34% |
Fund | Management Fee for the Fiscal Year Ended August 31, 2019 |
Fund Inception Date |
Management Fees Paid Net of Waivers for Fiscal Year Ended August 31, 2019 |
Management Fees Paid Net of Waivers for Fiscal Year Ended August 31, 2018 |
Management Fees Paid Net of Waivers for Fiscal Year Ended August 31, 2017 |
|||||
iShares MSCI Australia ETF | 0.50% | 03/12/96 | $ 6,308,138 | $7,725,026 | $8,765,631 | |||||
iShares MSCI Austria ETF | 0.49% | 03/12/96 | 420,317 | 1,172,609 | 591,323 | |||||
iShares MSCI Belgium ETF | 0.49% | 03/12/96 | 245,129 | 335,585 | 442,656 | |||||
iShares MSCI Canada ETF | 0.49% | 03/12/96 | 13,140,170 | 14,137,084 | 15,654,293 | |||||
iShares MSCI Eurozone ETF | 0.49% | 07/25/00 | 33,996,993 | 65,126,051 | 46,002,461 | |||||
iShares MSCI France ETF | 0.50% | 03/12/96 | 4,042,322 | 3,732,994 | 1,888,632 | |||||
iShares MSCI Germany ETF | 0.49% | 03/12/96 | 12,149,254 | 20,193,214 | 20,888,860 | |||||
iShares MSCI Hong Kong ETF | 0.49% | 03/12/96 | 12,174,615 | 11,171,622 | 8,623,265 | |||||
iShares MSCI Israel ETF | 0.59% | 03/26/08 | 743,396 | 626,590 | 605,776 | |||||
iShares MSCI Italy ETF | 0.49% | 03/12/96 | 1,343,787 | 3,241,497 | 2,740,989 | |||||
iShares MSCI Japan ETF | 0.49% | 03/12/96 | 72,804,526 | 91,569,049 | 76,064,253 | |||||
iShares MSCI Japan Small-Cap ETF | 0.49% | 12/20/07 | 1,045,703 | 1,697,287 | 711,455 | |||||
iShares MSCI Mexico ETF | 0.49% | 03/12/96 | 4,807,338 | 5,288,772 | 6,962,143 | |||||
iShares MSCI Netherlands ETF | 0.50% | 03/12/96 | 782,304 | 922,049 | 869,772 | |||||
iShares MSCI Pacific ex Japan ETF | 0.48% | 10/25/01 | 11,151,001 | 14,008,297 | 12,707,117 | |||||
iShares MSCI Russia ETF | 0.59% | 11/09/10 | 3,327,060 | 3,618,732 | 2,709,785 | |||||
iShares MSCI Singapore ETF | 0.50% | 03/12/96 | 2,746,155 | 3,243,566 | 2,726,470 | |||||
iShares MSCI South Africa ETF | 0.59% | 02/03/03 | 2,622,277 | 2,650,190 | 2,525,075 | |||||
iShares MSCI Spain ETF | 0.50% | 03/12/96 | 4,646,678 | 5,128,398 | 4,632,509 | |||||
iShares MSCI Sweden ETF | 0.49% | 03/12/96 | 1,133,535 | 1,859,064 | 1,664,642 | |||||
iShares MSCI Switzerland ETF | 0.50% | 03/12/96 | 4,921,583 | 5,445,337 | 5,322,718 | |||||
iShares MSCI Thailand ETF | 0.59% | 03/26/08 | 2,776,869 | 2,552,670 | 2,413,235 | |||||
iShares MSCI Turkey ETF | 0.59% | 03/26/08 | 2,610,331 | 1,999,639 | 2,304,918 | |||||
iShares MSCI USA Equal Weighted ETF | 0.15% | 05/05/10 | 358,105 | 223,377 | 166,612 | |||||
iShares MSCI World ETF | 0.24% | 01/10/12 | 1,451,051 | 1,314,938 | 950,275 |
Rachel Aguirre | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 295 | $1,222,159,000,000 | ||
Other Pooled Investment Vehicles | 151 | 590,115,000,000 | ||
Other Accounts | 127 | 533,337,000,000 |
Jennifer Hsui | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 263 | $1,180,421,000,000 | ||
Other Pooled Investment Vehicles | 54 | 64,180,000,000 | ||
Other Accounts | 35 | 24,944,000,000 |
Alan Mason | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 307 | $1,227,109,000,000 | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 1 | 251,000,000 |
Greg Savage | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 313 | $1,220,558,000,000 | ||
Other Pooled Investment Vehicles | 15 | 1,409,000,000 | ||
Other Accounts | 52 | 4,357,000,000 |
Amy Whitelaw | ||||
Types of Accounts | Number | Total Assets | ||
Registered Investment Companies | 253 | $1,141,523,000,000 | ||
Other Pooled Investment Vehicles | 82 | 30,209,000,000 | ||
Other Accounts | 3 | 104,000,000 |
Rachel Aguirre | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Jennifer Hsui | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Alan Mason | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Greg Savage | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A | ||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Amy Whitelaw | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Registered Investment Companies | 0 | N/A |
Amy Whitelaw | ||||
Types of Accounts | Number of Other Accounts with Performance Fees Managed by Portfolio Manager |
Aggregate of Total Assets |
||
Other Pooled Investment Vehicles | 0 | N/A | ||
Other Accounts | 0 | N/A |
Rachel Aguirre | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m |
||||||||
iShares MSCI Australia ETF | X | ||||||||||||||
iShares MSCI Austria ETF | X | ||||||||||||||
iShares MSCI Belgium ETF | X | ||||||||||||||
iShares MSCI Canada ETF | X | ||||||||||||||
iShares MSCI Eurozone ETF | X | ||||||||||||||
iShares MSCI France ETF | X | ||||||||||||||
iShares MSCI Germany ETF | X | ||||||||||||||
iShares MSCI Hong Kong ETF | X | ||||||||||||||
iShares MSCI Israel ETF | X | ||||||||||||||
iShares MSCI Italy ETF | X | ||||||||||||||
iShares MSCI Japan ETF | X | ||||||||||||||
iShares MSCI Japan Small-Cap ETF | X | ||||||||||||||
iShares MSCI Mexico ETF | X | ||||||||||||||
iShares MSCI Netherlands ETF | X | ||||||||||||||
iShares MSCI Pacific ex Japan ETF | X | ||||||||||||||
iShares MSCI Russia ETF | X | ||||||||||||||
iShares MSCI Singapore ETF | X | ||||||||||||||
iShares MSCI South Africa ETF | X |
Rachel Aguirre | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m |
||||||||
iShares MSCI Spain ETF | X | ||||||||||||||
iShares MSCI Sweden ETF | X | ||||||||||||||
iShares MSCI Switzerland ETF | X | ||||||||||||||
iShares MSCI Thailand ETF | X | ||||||||||||||
iShares MSCI Turkey ETF | X | ||||||||||||||
iShares MSCI USA Equal Weighted ETF | X | ||||||||||||||
iShares MSCI World ETF | X |
Jennifer Hsui | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m |
||||||||
iShares MSCI Australia ETF | X | ||||||||||||||
iShares MSCI Austria ETF | X | ||||||||||||||
iShares MSCI Belgium ETF | X | ||||||||||||||
iShares MSCI Canada ETF | X | ||||||||||||||
iShares MSCI Eurozone ETF | X | ||||||||||||||
iShares MSCI France ETF | X | ||||||||||||||
iShares MSCI Germany ETF | X | ||||||||||||||
iShares MSCI Hong Kong ETF | X | ||||||||||||||
iShares MSCI Israel ETF | X | ||||||||||||||
iShares MSCI Italy ETF | X | ||||||||||||||
iShares MSCI Japan ETF | X | ||||||||||||||
iShares MSCI Japan Small-Cap ETF | X | ||||||||||||||
iShares MSCI Mexico ETF | X | ||||||||||||||
iShares MSCI Netherlands ETF | X | ||||||||||||||
iShares MSCI Pacific ex Japan ETF | X | ||||||||||||||
iShares MSCI Russia ETF | X | ||||||||||||||
iShares MSCI Singapore ETF | X | ||||||||||||||
iShares MSCI South Africa ETF | X | ||||||||||||||
iShares MSCI Spain ETF | X | ||||||||||||||
iShares MSCI Sweden ETF | X | ||||||||||||||
iShares MSCI Switzerland ETF | X | ||||||||||||||
iShares MSCI Thailand ETF | X | ||||||||||||||
iShares MSCI Turkey ETF | X | ||||||||||||||
iShares MSCI USA Equal Weighted ETF | X | ||||||||||||||
iShares MSCI World ETF | X |
Alan Mason | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m |
||||||||
iShares MSCI Australia ETF | X | ||||||||||||||
iShares MSCI Austria ETF | X |
Alan Mason | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m |
||||||||
iShares MSCI Belgium ETF | X | ||||||||||||||
iShares MSCI Canada ETF | X | ||||||||||||||
iShares MSCI Eurozone ETF | X | ||||||||||||||
iShares MSCI France ETF | X | ||||||||||||||
iShares MSCI Germany ETF | X | ||||||||||||||
iShares MSCI Hong Kong ETF | X | ||||||||||||||
iShares MSCI Israel ETF | X | ||||||||||||||
iShares MSCI Italy ETF | X | ||||||||||||||
iShares MSCI Japan ETF | X | ||||||||||||||
iShares MSCI Japan Small-Cap ETF | X | ||||||||||||||
iShares MSCI Mexico ETF | X | ||||||||||||||
iShares MSCI Netherlands ETF | X | ||||||||||||||
iShares MSCI Pacific ex Japan ETF | X | ||||||||||||||
iShares MSCI Russia ETF | X | ||||||||||||||
iShares MSCI Singapore ETF | X | ||||||||||||||
iShares MSCI South Africa ETF | X | ||||||||||||||
iShares MSCI Spain ETF | X | ||||||||||||||
iShares MSCI Sweden ETF | X | ||||||||||||||
iShares MSCI Switzerland ETF | X | ||||||||||||||
iShares MSCI Thailand ETF | X | ||||||||||||||
iShares MSCI Turkey ETF | X | ||||||||||||||
iShares MSCI USA Equal Weighted ETF | X | ||||||||||||||
iShares MSCI World ETF | X |
Greg Savage | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m |
||||||||
iShares MSCI Australia ETF | X | ||||||||||||||
iShares MSCI Austria ETF | X | ||||||||||||||
iShares MSCI Belgium ETF | X | ||||||||||||||
iShares MSCI Canada ETF | X | ||||||||||||||
iShares MSCI Eurozone ETF | X | ||||||||||||||
iShares MSCI France ETF | X | ||||||||||||||
iShares MSCI Germany ETF | X | ||||||||||||||
iShares MSCI Hong Kong ETF | X | ||||||||||||||
iShares MSCI Israel ETF | X | ||||||||||||||
iShares MSCI Italy ETF | X | ||||||||||||||
iShares MSCI Japan ETF | X | ||||||||||||||
iShares MSCI Japan Small-Cap ETF | X | ||||||||||||||
iShares MSCI Mexico ETF | X | ||||||||||||||
iShares MSCI Netherlands ETF | X | ||||||||||||||
iShares MSCI Pacific ex Japan ETF | X | ||||||||||||||
iShares MSCI Russia ETF | X | ||||||||||||||
iShares MSCI Singapore ETF | X |
Greg Savage | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m |
||||||||
iShares MSCI South Africa ETF | X | ||||||||||||||
iShares MSCI Spain ETF | X | ||||||||||||||
iShares MSCI Sweden ETF | X | ||||||||||||||
iShares MSCI Switzerland ETF | X | ||||||||||||||
iShares MSCI Thailand ETF | X | ||||||||||||||
iShares MSCI Turkey ETF | X | ||||||||||||||
iShares MSCI USA Equal Weighted ETF | X | ||||||||||||||
iShares MSCI World ETF | X |
Amy Whitelaw | |||||||||||||||
Dollar Range | |||||||||||||||
Fund | None | $1 to $10k | $10,001 to $50k |
$50,001 to $100k |
$100,001 to $500k |
$500,001 to $1m |
over $1m |
||||||||
iShares MSCI Australia ETF | X | ||||||||||||||
iShares MSCI Austria ETF | X | ||||||||||||||
iShares MSCI Belgium ETF | X | ||||||||||||||
iShares MSCI Canada ETF | X | ||||||||||||||
iShares MSCI Eurozone ETF | X | ||||||||||||||
iShares MSCI France ETF | X | ||||||||||||||
iShares MSCI Germany ETF | X | ||||||||||||||
iShares MSCI Hong Kong ETF | X | ||||||||||||||
iShares MSCI Israel ETF | X | ||||||||||||||
iShares MSCI Italy ETF | X | ||||||||||||||
iShares MSCI Japan ETF | X | ||||||||||||||
iShares MSCI Japan Small-Cap ETF | X | ||||||||||||||
iShares MSCI Mexico ETF | X | ||||||||||||||
iShares MSCI Netherlands ETF | X | ||||||||||||||
iShares MSCI Pacific ex Japan ETF | X | ||||||||||||||
iShares MSCI Russia ETF | X | ||||||||||||||
iShares MSCI Singapore ETF | X | ||||||||||||||
iShares MSCI South Africa ETF | X | ||||||||||||||
iShares MSCI Spain ETF | X | ||||||||||||||
iShares MSCI Sweden ETF | X | ||||||||||||||
iShares MSCI Switzerland ETF | X | ||||||||||||||
iShares MSCI Thailand ETF | X | ||||||||||||||
iShares MSCI Turkey ETF | X | ||||||||||||||
iShares MSCI USA Equal Weighted ETF | X | ||||||||||||||
iShares MSCI World ETF | X |
Fund | Fund Inception Date |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended August 31, 2019 |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended August 31, 2018 |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended August 31, 2017 |
||||
iShares MSCI Australia ETF | 03/12/96 | $114,946 | $125,142 | $138,185 | ||||
iShares MSCI Austria ETF | 03/12/96 | 45,603 | 60,204 | 39,043 | ||||
iShares MSCI Belgium ETF | 03/12/96 | 33,971 | 35,039 | 23,676 | ||||
iShares MSCI Canada ETF | 03/12/96 | 157,032 | 156,139 | 145,936 | ||||
iShares MSCI Eurozone ETF | 07/25/00 | 460,201 | 904,045 | 607,402 | ||||
iShares MSCI France ETF | 03/12/96 | 75,141 | 72,977 | 47,186 | ||||
iShares MSCI Germany ETF | 03/12/96 | 164,675 | 268,451 | 255,047 | ||||
iShares MSCI Hong Kong ETF | 03/12/96 | 195,964 | 183,131 | 129,758 | ||||
iShares MSCI Israel ETF | 03/26/08 | 77,082 | 63,501 | 68,369 | ||||
iShares MSCI Italy ETF | 03/12/96 | 45,637 | 61,584 | 53,111 | ||||
iShares MSCI Japan ETF | 03/12/96 | 523,370 | 656,678 | 448,466 | ||||
iShares MSCI Japan Small-Cap ETF | 12/20/07 | 32,255 | 38,024 | 12,018 | ||||
iShares MSCI Mexico ETF | 03/12/96 | 135,135 | 168,451 | 189,730 | ||||
iShares MSCI Netherlands ETF | 03/12/96 | 37,662 | 30,393 | 20,073 | ||||
iShares MSCI Pacific ex Japan ETF | 10/25/01 | 223,541 | 253,397 | 213,840 | ||||
iShares MSCI Russia ETF | 11/09/10 | 1,058,226 | 1,204,361 | 818,515 | ||||
iShares MSCI Singapore ETF | 03/12/96 | 105,379 | 109,046 | 86,692 | ||||
iShares MSCI South Africa ETF | 02/03/03 | 81,385 | 82,003 | 57,519 | ||||
iShares MSCI Spain ETF | 03/12/96 | 72,040 | 79,916 | 66,294 | ||||
iShares MSCI Sweden ETF | 03/12/96 | 45,645 | 47,844 | 36,133 | ||||
iShares MSCI Switzerland ETF | 03/12/96 | 85,890 | 87,989 | 78,632 |
Fund | Fund Inception Date |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended August 31, 2019 |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended August 31, 2018 |
Administration, Custodian, Transfer Agency Expenses Paid During Fiscal Year Ended August 31, 2017 |
||||
iShares MSCI Thailand ETF | 03/26/08 | 91,590 | 72,385 | 65,858 | ||||
iShares MSCI Turkey ETF | 03/26/08 | 161,636 | 130,645 | 125,836 | ||||
iShares MSCI USA Equal Weighted ETF | 05/05/10 | 50,306 | 32,593 | 28,650 | ||||
iShares MSCI World ETF | 01/10/12 | 56,098 | 39,466 | 37,350 |
Fund | iShares MSCI Australia ETF |
iShares MSCI Austria ETF |
iShares MSCI Belgium ETF |
iShares MSCI Canada ETF |
Gross income from securities lending activities |
$ 132,593 | $ 88,280 | $ 70,276 | $ 2,128,906 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
4,290 | 12,661 | 8,848 | 294,141 |
Cash collateral management expenses not included in securities lending income paid to BTC |
2,040 | 786 | 707 | 13,924 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
95,762 | 11,239 | 17,072 | 455,756 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$ 102,092 | $ 24,686 | $ 26,627 | $ 763,821 |
Net income from securities lending activities |
$ 30,501 | $ 63,594 | $ 43,649 | $ 1,365,085 |
Fund | iShares MSCI Eurozone ETF |
iShares MSCI France ETF |
iShares MSCI Germany ETF |
iShares MSCI Hong Kong ETF |
Gross income from securities lending activities |
$ 2,407,348 | $ 354,373 | $ 1,276,356 | $ 270,330 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
283,482 | 57,126 | 126,866 | 27,623 |
Fund | iShares MSCI Eurozone ETF |
iShares MSCI France ETF |
iShares MSCI Germany ETF |
iShares MSCI Hong Kong ETF |
Cash collateral management expenses not included in securities lending income paid to BTC |
22,537 | 1,445 | 16,853 | 3,103 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
759,128 | 27,023 | 524,967 | 108,773 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$ 1,065,147 | $ 85,594 | $ 668,686 | $ 139,499 |
Net income from securities lending activities |
$ 1,342,201 | $ 268,779 | $ 607,670 | $ 130,831 |
Fund | iShares MSCI Israel ETF |
iShares MSCI Italy ETF |
iShares MSCI Japan ETF |
iShares MSCI Japan Small-Cap ETF |
Gross income from securities lending activities |
$ 309,146 | $ 72,334 | $ 3,575,813 | $ 495,365 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
8,765 | 2,131 | 361,189 | 71,178 |
Cash collateral management expenses not included in securities lending income paid to BTC |
4,579 | 1,155 | 37,213 | 3,884 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Fund | iShares MSCI Israel ETF |
iShares MSCI Italy ETF |
iShares MSCI Japan ETF |
iShares MSCI Japan Small-Cap ETF |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
253,968 | 57,663 | 1,368,395 | 68,594 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$ 267,312 | $ 60,949 | $ 1,766,797 | $ 143,656 |
Net income from securities lending activities |
$ 41,834 | $ 11,385 | $ 1,809,016 | $ 351,709 |
Fund | iShares MSCI Mexico ETF |
iShares MSCI Netherlands ETF |
iShares MSCI Pacific ex Japan ETF |
iShares MSCI Russia ETF |
Gross income from securities lending activities |
$ 242,531 | $ 51,540 | $ 1,152,213 | N/A |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
16,795 | 4,252 | 62,827 | N/A |
Cash collateral management expenses not included in securities lending income paid to BTC |
3,095 | 759 | 15,278 | N/A |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
132,079 | 25,586 | 780,255 | N/A |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Fund | iShares MSCI Mexico ETF |
iShares MSCI Netherlands ETF |
iShares MSCI Pacific ex Japan ETF |
iShares MSCI Russia ETF |
Aggregate fees/compensation for securities lending activities |
$ 151,969 | $ 30,597 | $ 858,360 | N/A |
Net income from securities lending activities |
$ 90,562 | $ 20,943 | $ 293,853 | N/A |
Fund | iShares MSCI Singapore ETF |
iShares MSCI South Africa ETF |
iShares MSCI Spain ETF |
iShares MSCI Sweden ETF |
Gross income from securities lending activities |
$ 582,993 | $ 307,158 | $ 74,713 | $ 12,856 |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
63,217 | 9,895 | 4,171 | 527 |
Cash collateral management expenses not included in securities lending income paid to BTC |
5,117 | 4,686 | 1,217 | 192 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
225,546 | 245,640 | 46,248 | 9,735 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$ 293,880 | $ 260,221 | $ 51,636 | $ 10,454 |
Net income from securities lending activities |
$ 289,113 | $ 46,937 | $ 23,077 | $ 2,402 |
Fund | iShares MSCI Switzerland ETF |
iShares MSCI Thailand ETF |
iShares MSCI Turkey ETF |
iShares MSCI USA Equal Weighted ETF |
Gross income from securities lending activities |
$ 160,160 | $ 1,611,426 | $ 1,600,917 | $ 159,485 |
Fund | iShares MSCI Switzerland ETF |
iShares MSCI Thailand ETF |
iShares MSCI Turkey ETF |
iShares MSCI USA Equal Weighted ETF |
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
16,511 | 247,137 | 244,293 | 9,095 |
Cash collateral management expenses not included in securities lending income paid to BTC |
1,359 | 7,803 | 9,877 | 2,258 |
Administrative fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Indemnification fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Rebates (paid to borrowers) |
65,147 | 128,518 | 105,762 | 120,140 |
Other fees not included in securities lending income paid to BTC |
0 | 0 | 0 | 0 |
Aggregate fees/compensation for securities lending activities |
$ 83,017 | $ 383,458 | $ 359,932 | $ 131,493 |
Net income from securities lending activities |
$ 77,143 | $ 1,227,968 | $ 1,240,985 | $ 27,992 |
Fund | iShares MSCI World ETF |
|||
Gross income from securities lending activities |
$ 177,990 | |||
Fees and/or compensation for securities lending activities and related services |
||||
Securities lending income paid to BTC for services as securities lending agent |
12,810 |
Fund | iShares MSCI World ETF |
|||
Cash collateral management expenses not included in securities lending income paid to BTC |
2,086 | |||
Administrative fees not included in securities lending income paid to BTC |
0 | |||
Indemnification fees not included in securities lending income paid to BTC |
0 | |||
Rebates (paid to borrowers) |
102,157 | |||
Other fees not included in securities lending income paid to BTC |
0 | |||
Aggregate fees/compensation for securities lending activities |
$ 117,053 | |||
Net income from securities lending activities |
$ 60,937 |
Fund | Fund Inception Date |
Brokerage Commissions Paid During Fiscal Year Ended August 31, 2019 |
Brokerage Commissions Paid During Fiscal Year Ended August 31, 2018 |
Brokerage Commissions Paid During Fiscal Year Ended August 31, 2017 |
||||
iShares MSCI Australia ETF | 03/12/96 | $ 50,249 | $34,074 | $26,446 | ||||
iShares MSCI Austria ETF | 03/12/96 | 5,521 | 18,438 | 7,549 | ||||
iShares MSCI Belgium ETF | 03/12/96 | 1,720 | 3,127 | 1,782 | ||||
iShares MSCI Canada ETF | 03/12/96 | 104,074 | 77,969 | 122,196 | ||||
iShares MSCI Eurozone ETF | 07/25/00 | 188,714 | 294,106 | 135,508 | ||||
iShares MSCI France ETF | 03/12/96 | 9,725 | 16,761 | 9,993 | ||||
iShares MSCI Germany ETF | 03/12/96 | 96,030 | 84,580 | 48,124 | ||||
iShares MSCI Hong Kong ETF | 03/12/96 | 145,007 | 166,863 | 44,083 | ||||
iShares MSCI Israel ETF | 03/26/08 | 7,172 | 2,555 | 14,172 | ||||
iShares MSCI Italy ETF | 03/12/96 | 12,538 | 23,358 | 26,792 | ||||
iShares MSCI Japan ETF | 03/12/96 | 424,823 | 382,822 | 202,458 | ||||
iShares MSCI Japan Small-Cap ETF | 12/20/07 | 7,141 | 14,757 | 2,751 | ||||
iShares MSCI Mexico ETF | 03/12/96 | 72,740 | 56,879 | 88,706 | ||||
iShares MSCI Netherlands ETF | 03/12/96 | 7,347 | 4,960 | 6,025 | ||||
iShares MSCI Pacific ex Japan ETF | 10/25/01 | 74,512 | 105,578 | 28,820 | ||||
iShares MSCI Russia ETF | 11/09/10 | 138,892 | 181,243 | 98,990 | ||||
iShares MSCI Singapore ETF | 03/12/96 | 33,896 | 133,131 | 27,395 | ||||
iShares MSCI South Africa ETF | 02/03/03 | 52,880 | 56,334 | 30,876 | ||||
iShares MSCI Spain ETF | 03/12/96 | 43,844 | 84,987 | 42,465 | ||||
iShares MSCI Sweden ETF | 03/12/96 | 16,230 | 19,531 | 8,262 | ||||
iShares MSCI Switzerland ETF | 03/12/96 | 38,067 | 40,642 | 21,560 | ||||
iShares MSCI Thailand ETF | 03/26/08 | 95,061 | 34,849 | 21,968 | ||||
iShares MSCI Turkey ETF | 03/26/08 | 110,447 | 33,140 | 24,285 | ||||
iShares MSCI USA Equal Weighted ETF | 05/05/10 | 10,060 | 4,340 | 3,920 | ||||
iShares MSCI World ETF | 01/10/12 | 10,201 | 6,841 | 3,850 |
Fund | Issuer | Market Value of Investment |
||
iShares MSCI Australia ETF | Macquarie Group Ltd | $39,217,238 | ||
iShares MSCI Canada ETF | Royal Bank of Canada | $203,000,814 | ||
Toronto Dominion Bank | 187,511,083 | |||
Bank of Nova Scotia | 118,531,124 | |||
Bank of Montreal | 83,588,061 | |||
Canadian Imperial Bank of Commerce | 64,333,702 | |||
National Bank of Canada | 30,435,073 | |||
iShares MSCI Eurozone ETF | Societe Generale SA | $23,795,581 | ||
ABN AMRO Group NV | 9,243,227 | |||
iShares MSCI France ETF | Societe Generale SA | $14,396,582 | ||
iShares MSCI Germany ETF | Deutsche Bank AG | $24,513,241 | ||
Fund | Issuer | Market Value of Investment |
||
iShares MSCI Japan ETF | Nomura Holdings Inc. | $49,554,657 | ||
iShares MSCI Pacific ex Japan ETF | Macquarie Group Ltd | $36,661,973 | ||
iShares MSCI Switzerland ETF | UBS Group AG | $39,128,361 | ||
Credit Suisse Group AG | 29,717,533 | |||
iShares MSCI USA Equal Weighted ETF | Wells Fargo & Co. | $509,802 | ||
Morgan Stanley | 503,938 | |||
Citigroup, Inc. | 498,326 | |||
Bank of America Corp. | 497,683 | |||
JPMorgan Chase & Co. | 496,018 | |||
Goldman Sachs Group Inc. (The) | 493,666 | |||
iShares MSCI World ETF | JPMorgan Chase & Co. | $5,705,030 | ||
Bank of America Corp. | 3,977,616 | |||
Citigroup, Inc. | 2,383,846 | |||
Goldman Sachs Group Inc. (The) | 1,082,966 | |||
Morgan Stanley | 858,843 | |||
UBS Group AG | 687,760 | |||
Credit Suisse Group AG | 475,714 | |||
Macquarie Group Ltd | 414,516 | |||
Nomura Holdings Inc. | 274,658 | |||
Deutsche Bank AG | 241,484 |
Fund | Fiscal Year Ended August 31, 2019 |
Fiscal Year Ended August 31, 2018 |
||
iShares MSCI Australia ETF | 9% | 3% | ||
iShares MSCI Austria ETF | 17% | 19% |
Fund | Fiscal Year Ended August 31, 2019 |
Fiscal Year Ended August 31, 2018 |
||
iShares MSCI Belgium ETF | 11% | 13% | ||
iShares MSCI Canada ETF | 6% | 3% | ||
iShares MSCI Eurozone ETF | 6% | 5% | ||
iShares MSCI France ETF | 2% | 4% | ||
iShares MSCI Germany ETF | 9% | 6% | ||
iShares MSCI Hong Kong ETF | 12% | 7% | ||
iShares MSCI Israel ETF | 17% | 6% | ||
iShares MSCI Italy ETF | 13% | 10% | ||
iShares MSCI Japan ETF | 7% | 4% | ||
iShares MSCI Japan Small-Cap ETF | 10% | 9% | ||
iShares MSCI Mexico ETF | 5% | 7% | ||
iShares MSCI Netherlands ETF | 13% | 7% | ||
iShares MSCI Pacific ex Japan ETF | 7% | 6% | ||
iShares MSCI Russia ETF | 18% | 32% | ||
iShares MSCI Singapore ETF | 9% | 26% | ||
iShares MSCI South Africa ETF | 12% | 15% | ||
iShares MSCI Spain ETF | 12% | 21% | ||
iShares MSCI Sweden ETF | 4% | 5% | ||
iShares MSCI Switzerland ETF | 11% | 9% | ||
iShares MSCI Thailand ETF | 17% | 10% | ||
iShares MSCI Turkey ETF | 20% | 7% | ||
iShares MSCI USA Equal Weighted ETF | 24% | 23% | ||
iShares MSCI World ETF | 4% | 3% |
Fund | Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) |
||
iShares MSCI Australia ETF | 200,000 | $4,436,000 | ||
iShares MSCI Austria ETF1 | 50,000 | 952,000 | ||
iShares MSCI Belgium ETF | 80,000 | 1,509,600 | ||
iShares MSCI Canada ETF | 100,000 | 2,890,000 | ||
iShares MSCI Eurozone ETF | 100,000 | 3,892,000 | ||
iShares MSCI France ETF | 200,000 | 6,024,000 | ||
iShares MSCI Germany ETF | 300,000 | 8,076,000 | ||
iShares MSCI Hong Kong ETF | 75,000 | 1,712,250 | ||
iShares MSCI Israel ETF | 50,000 | 2,731,500 | ||
iShares MSCI Italy ETF | 75,000 | 2,065,500 | ||
iShares MSCI Japan ETF | 150,000 | 8,436,000 | ||
iShares MSCI Japan Small-Cap ETF | 100,000 | 7,125,000 | ||
iShares MSCI Mexico ETF | 100,000 | 4,266,000 | ||
iShares MSCI Netherlands ETF | 50,000 | 1,567,500 | ||
iShares MSCI Pacific ex Japan ETF | 300,000 | 13,425,000 | ||
iShares MSCI Russia ETF | 50,000 | 1,949,000 | ||
iShares MSCI Singapore ETF | 50,000 | 1,156,500 |
Fund | Shares Per Creation Unit |
Approximate Value Per Creation Unit (U.S.$) |
||
iShares MSCI South Africa ETF | 100,000 | 4,753,000 | ||
iShares MSCI Spain ETF | 75,000 | 2,088,000 | ||
iShares MSCI Sweden ETF | 75,000 | 2,206,500 | ||
iShares MSCI Switzerland ETF | 125,000 | 4,706,250 | ||
iShares MSCI Thailand ETF | 50,000 | 4,465,000 | ||
iShares MSCI Turkey ETF | 50,000 | 1,338,500 | ||
iShares MSCI USA Equal Weighted ETF | 50,000 | 2,980,500 | ||
iShares MSCI World ETF | 100,000 | 9,171,000 |
1 | The Shares Per Creation Unit and the Approximate Value Per Creation Unit are as of October 11, 2019. |
Fund | Standard Creation Transaction Fee |
Maximum Additional Charge* |
||
iShares MSCI Australia ETF | $2,400 | 3.0% | ||
iShares MSCI Austria ETF | 600 | 3.0% | ||
iShares MSCI Belgium ETF | 700 | 3.0% | ||
iShares MSCI Canada ETF | 1,900 | 3.0% | ||
iShares MSCI Eurozone ETF | 7,500 | 3.0% | ||
iShares MSCI France ETF | 2,900 | 3.0% | ||
iShares MSCI Germany ETF | 1,500 | 3.0% | ||
iShares MSCI Hong Kong ETF | 2,000 | 7.0% | ||
iShares MSCI Israel ETF | 3,300 | 3.0% | ||
iShares MSCI Italy ETF | 1,400 | 3.0% | ||
iShares MSCI Japan ETF | 5,000 | 3.0% | ||
iShares MSCI Japan Small-Cap ETF | 6,000 | 3.0% | ||
iShares MSCI Mexico ETF | 1,400 | 3.0% | ||
iShares MSCI Netherlands ETF | 1,000 | 3.0% | ||
iShares MSCI Pacific ex Japan ETF | 6,000 | 7.0% | ||
iShares MSCI Russia ETF | 2,300 | 3.0% | ||
iShares MSCI Singapore ETF | 2,000 | 3.0% | ||
iShares MSCI South Africa ETF | 1,200 | 3.0% |
Fund | Standard Creation Transaction Fee |
Maximum Additional Charge* |
||
iShares MSCI Spain ETF | 1,500 | 3.0% | ||
iShares MSCI Sweden ETF | 1,300 | 3.0% | ||
iShares MSCI Switzerland ETF | 1,500 | 3.0% | ||
iShares MSCI Thailand ETF | 1,700 | 3.0% | ||
iShares MSCI Turkey ETF | 1,600 | 3.0% | ||
iShares MSCI USA Equal Weighted ETF | 1,500 | 3.0% | ||
iShares MSCI World ETF | 15,000 | 7.0% |
* | As a percentage of the net asset value per Creation Unit. |
Fund | Standard Redemption Transaction Fee |
Maximum Additional Charge* |
||
iShares MSCI Australia ETF | $2,400 | 2.0% | ||
iShares MSCI Austria ETF | 600 | 2.0% | ||
iShares MSCI Belgium ETF | 700 | 2.0% | ||
iShares MSCI Canada ETF | 1,900 | 2.0% | ||
iShares MSCI Eurozone ETF | 7,500 | 2.0% | ||
iShares MSCI France ETF | 2,900 | 2.0% | ||
iShares MSCI Germany ETF | 1,500 | 2.0% | ||
iShares MSCI Hong Kong ETF | 2,000 | 2.0% | ||
iShares MSCI Israel ETF | 3,300 | 2.0% | ||
iShares MSCI Italy ETF | 1,400 | 2.0% | ||
iShares MSCI Japan ETF | 5,000 | 2.0% | ||
iShares MSCI Japan Small-Cap ETF | 6,000 | 2.0% | ||
iShares MSCI Mexico ETF | 1,400 | 2.0% | ||
iShares MSCI Netherlands ETF | 1,000 | 2.0% | ||
iShares MSCI Pacific ex Japan ETF | 6,000 | 2.0% | ||
iShares MSCI Russia ETF | 2,300 | 2.0% | ||
iShares MSCI Singapore ETF | 2,000 | 2.0% | ||
iShares MSCI South Africa ETF | 1,200 | 2.0% | ||
iShares MSCI Spain ETF | 1,500 | 2.0% | ||
iShares MSCI Sweden ETF | 1,300 | 2.0% | ||
iShares MSCI Switzerland ETF | 1,500 | 2.0% | ||
iShares MSCI Thailand ETF | 1,700 | 2.0% | ||
iShares MSCI Turkey ETF | 1,600 | 2.0% | ||
iShares MSCI USA Equal Weighted ETF | 1,500 | 2.0% | ||
iShares MSCI World ETF | 15,000 | 2.0% |
* | As a percentage of the net asset value per Creation Unit, inclusive of the standard redemption transaction fee. |
Fund | Non-Expiring | |
iShares MSCI Australia ETF | $180,293,854 | |
iShares MSCI Austria ETF | 37,451,920 | |
iShares MSCI Belgium ETF | 15,794,208 | |
iShares MSCI Canada ETF | 546,535,951 | |
iShares MSCI Eurozone ETF | 485,612,043 | |
iShares MSCI France ETF | 35,111,271 | |
iShares MSCI Germany ETF | 176,437,193 | |
iShares MSCI Hong Kong ETF | 420,080,374 | |
iShares MSCI Israel ETF | 28,754,391 | |
iShares MSCI Italy ETF | 185,184,703 | |
iShares MSCI Japan ETF | 917,415,410 | |
iShares MSCI Japan Small-Cap ETF | 6,835,514 | |
iShares MSCI Mexico ETF | 256,843,766 | |
iShares MSCI Netherlands ETF | 18,093,630 | |
iShares MSCI Pacific ex Japan ETF | 386,018,900 | |
iShares MSCI Russia ETF | 89,746,813 | |
iShares MSCI Singapore ETF | 132,911,937 | |
iShares MSCI South Africa ETF | 122,895,248 | |
iShares MSCI Spain ETF | 149,483,044 | |
iShares MSCI Sweden ETF | 29,293,453 | |
iShares MSCI Switzerland ETF | 48,001,982 | |
iShares MSCI Thailand ETF | 51,274,844 | |
iShares MSCI Turkey ETF | 151,898,678 | |
iShares MSCI USA Equal Weighted ETF | 2,269,871 | |
iShares MSCI World ETF | 6,530,551 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure, mergers, asset sales and other special transactions |
• | Compensation and benefits |
• | Environmental and social issues |
• | General corporate governance matters and shareholder protections |
• | establishing an appropriate corporate governance structure |
• | supporting and overseeing management in setting long -term strategic goals, applicable measures of value-creation and milestones that will demonstrate progress, and steps taken if any obstacles are anticipated or incurred |
• | ensuring the integrity of financial statements |
• | making independent decisions regarding mergers, acquisitions and disposals |
• | establishing appropriate executive compensation structures |
• | addressing business issues, including environmental and social issues, when they have the potential to materially impact company reputation and performance |
• | current or former employment at the company or a subsidiary within the past several years |
• | being, or representing, a shareholder with a substantial shareholding in the company |
• | interlocking directorships |
• | having any other interest, business or other relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
1) | publish a disclosure in line with industry-specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
2) | disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
• | BlackRock clients who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock business partners or third parties who may be issuers of securities or proponents of shareholder resolutions |
• | BlackRock employees who may sit on the boards of public companies held in Funds managed by BlackRock |
• | Significant BlackRock, Inc. investors who may be issuers of securities held in Funds managed by BlackRock |
• | Securities of BlackRock, Inc. or BlackRock investment funds held in Funds managed by BlackRock |
• | BlackRock, Inc. board members who serve as senior executives of public companies held in Funds managed by BlackRock |
• | Adopted the Guidelines which are designed to protect and enhance the economic value of the companies in which BlackRock invests on behalf of clients. |
• | Established a reporting structure that separates BIS from employees with sales, vendor management or business partnership roles. In addition, BlackRock seeks to ensure that all engagements with corporate issuers, dissident shareholders or shareholder proponents are managed consistently and without regard to BlackRock’s relationship with such parties. Clients or business partners are not given special treatment or differentiated access to BIS. BIS prioritizes engagements based on factors including but not limited to our need for additional information to make a voting decision or our view on the likelihood that an engagement could lead to positive outcome(s) over time for the economic value of the company. Within the normal course of business, BIS may engage directly with BlackRock clients, business partners and/or third parties, and/or with employees with sales, vendor management or business partnership roles, in discussions regarding our approach to stewardship, general corporate governance matters, client reporting needs, and/or to otherwise ensure that proxy-related client service levels are met. |
• | Determined to engage, in certain instances, an independent fiduciary to vote proxies as a further safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance requirements, or as may be otherwise required by applicable law. In such circumstances, the independent fiduciary provides BlackRock’s proxy voting agent with instructions, in accordance with the Guidelines, as to how to vote such proxies, and BlackRock’s proxy voting agent votes the proxy in accordance with the independent fiduciary’s determination. BlackRock uses an independent fiduciary to vote proxies of (i) any company that is affiliated with BlackRock, Inc., (ii) any public company that includes BlackRock employees on its board of directors, (iii) The PNC Financial Services Group, Inc., (iv) any public company of which a BlackRock, Inc. board member serves as a senior executive, and (v) companies when legal or regulatory requirements compel BlackRock to use an independent fiduciary. In selecting an independent fiduciary, we assess several characteristics, including but not limited to: independence, an ability to analyze proxy issues and vote in the best economic interest of our clients, reputation for reliability and integrity, and operational capacity to accurately deliver the assigned votes in a timely manner. We may engage more than one independent fiduciary, in part in order to mitigate potential or perceived conflicts of interest at an independent fiduciary. The Global Committee appoints and reviews the performance of the independent fiduciar(ies), generally on an annual basis. |
Contents | |
Introduction | A-16 |
Voting guidelines | A-16 |
Boards and directors | A-16 |
- Director elections | A-16 |
- Independence | A-16 |
- Oversight | A-17 |
- Responsiveness to shareholders | A-17 |
- Shareholder rights | A-17 |
- Board composition and effectiveness | A-18 |
- Board size | A-19 |
- CEO and management succession planning | A-19 |
- Classified board of directors / staggered terms | A-19 |
- Contested director elections | A-19 |
- Cumulative voting | A-19 |
- Director compensation and equity programs | A-19 |
- Majority vote requirements | A-19 |
- Risk oversight | A-20 |
- Separation of chairman and CEO | A-20 |
Auditors and audit-related issues | A-20 |
Capital structure proposals | A-21 |
- Equal voting rights | A-21 |
- Blank check preferred stock | A-21 |
- Increase in authorized common shares | A-21 |
- Increase or issuance of preferred stock | A-21 |
- Stock splits | A-22 |
Mergers, asset sales, and other special transactions | A-22 |
- Poison pill plans | A-22 |
- Reimbursement of expenses for successful shareholder campaigns | A-22 |
Executive Compensation | A-22 |
- Advisory resolutions on executive compensation (“Say on Pay”) | A-23 |
- Advisory votes on the frequency of Say on Pay resolutions | A-23 |
- Claw back proposals | A-23 |
- Employee stock purchase plans | A-23 |
- Equity compensation plans | A-23 |
- Golden parachutes | A-23 |
- Option exchanges | A-24 |
- Pay-for-Performance plans | A-24 |
- Supplemental executive retirement plans | A-24 |
Environmental and social issues | A-24 |
- Climate risk | A-25 |
- Corporate political activities | A-26 |
General corporate governance matters | A-26 |
- Adjourn meeting to solicit additional votes | A-26 |
- Bundled proposals | A-26 |
- Exclusive forum provisions | A-26 |
- Multi-jurisdictional companies | A-26 |
- Other business | A-27 |
- Reincorporation | A-27 |
- IPO governance | A-27 |
Contents | |
Shareholder Protections | A-27 |
- Amendment to charter / articles / bylaws | A-27 |
- Proxy access | A-28 |
- Right to act by written consent | A-28 |
- Right to call a special meeting | A-28 |
- Simple majority voting | A-28 |
• | Boards and directors |
• | Auditors and audit-related issues |
• | Capital structure |
• | Mergers, asset sales, and other special transactions |
• | Executive compensation |
• | Environmental and social issues |
• | General corporate governance matters |
• | Shareholder protections |
• | Employment as a senior executive by the company or a subsidiary within the past five years |
• | An equity ownership in the company in excess of 20% |
• | Having any other interest, business, or relationship which could, or could reasonably be perceived to, materially interfere with the director’s ability to act in the best interests of the company |
• | Where the board has failed to exercise oversight with regard to accounting practices or audit oversight, we will consider voting against the current audit committee, and any other members of the board who may be responsible. For example, this may apply to members of the audit committee during a period when the board failed to facilitate quality, independent auditing if substantial accounting irregularities suggest insufficient oversight by that committee |
• | Members of the compensation committee during a period in which executive compensation appears excessive relative to performance and peers, and where we believe the compensation committee has not already substantially addressed this issue |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where the board is not comprised of a majority of independent directors. However, this would not apply in the case of a controlled company |
• | Where it appears the director has acted (at the company or at other companies) in a manner that compromises his / her reliability to represent the best long-term economic interests of shareholders |
• | Where a director has a pattern of poor attendance at combined board and applicable key committee meetings. Excluding exigent circumstances, BlackRock generally considers attendance at less than 75% of the combined board and applicable key committee meetings by a board member to be poor attendance |
• | Where a director serves on an excess number of boards, which may limit his / her capacity to focus on each board’s requirements. The following illustrates the maximum number of boards on which a director may serve, before he / she is considered to be over-committed: |
Public Company CEO |
# Outside Public Boards* |
Total # of Public Boards |
|||
Director A | x | 1 | 2 | ||
Director B | 3 | 4 |
* | In addition to the company under review |
• | The independent chair or lead independent director, members of the nominating / governance committee, and / or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and / or failure to promote adequate board succession planning |
• | The chair of the nominating / governance committee, or where no chair exists, the nominating / governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received withhold votes from more than 30% of shares voted and the board has not taken appropriate action to respond to shareholder concerns. This may not apply in cases where BlackRock did not support the initial withhold vote |
• | The independent chair or lead independent director and / or members of the nominating / governance committee, where a board fails to implement shareholder proposals that receive a majority of votes cast at a prior shareholder meeting, and the proposals, in our view, have a direct and substantial impact on shareholders’ fundamental rights or long-term economic interests |
• | The independent chair or lead independent director and members of the governance committee, where a board implements or renews a poison pill without shareholder approval |
• | The independent chair or lead independent director and members of the governance committee, where a board amends the charter / articles / bylaws such that the effect may be to entrench directors or to significantly reduce shareholder rights |
• | Members of the compensation committee where the company has repriced options without shareholder approval |
• | If a board maintains a classified structure, it is possible that the director(s) with whom we have a particular concern may not be subject to election in the year that the concern arises. In such situations, if we have a concern regarding a committee or committee chair that is not up for re-election, we will generally register our concern by withholding votes from all available members of the relevant committee |
• | The mix of competencies, experience, and other qualities required to effectively oversee and guide management in light of the stated long-term strategy of the company |
• | The process by which candidates are identified and selected, including whether professional firms or other sources outside of incumbent directors’ networks have been engaged to identify and / or assess candidates |
• | The process by which boards evaluate themselves and any significant outcomes of the evaluation process, without divulging inappropriate and / or sensitive details |
• | The consideration given to board diversity, including, but not limited to, gender, ethnicity, race, age, experience, geographic location, skills, and perspective in the nomination process |
Combined Chair / CEO Model |
Separate Chair Model |
||||
Chair / CEO | Lead Director | Chair | |||
Board Meetings | Authority to call full meetings of the board of directors | Attends full meetings of the board of directors Authority to call meetings of independent directors Briefs CEO on issues arising from executive sessions |
Authority to call full meetings of the board of directors | ||
Agenda | Primary responsibility for shaping board agendas, consulting with the lead director | Collaborates with chair / CEO to set board agenda and board information | Primary responsibility for shaping board agendas, in conjunction with CEO | ||
Board Communications | Communicates with all directors on key issues and concerns outside of full board meetings | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning | Facilitates discussion among independent directors on key issues and concerns outside of full board meetings, including contributing to the oversight of CEO and management succession planning |
• | Appears to have a legitimate financing motive for requesting blank check authority |
• | Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes |
• | Has a history of using blank check preferred stock for financings |
• | Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility |
• | The degree to which the proposed transaction represents a premium to the company’s trading price. We consider the share price over multiple time periods prior to the date of the merger announcement. In most cases, business combinations should provide a premium. We may consider comparable transaction analyses provided by the parties’ financial advisors and our own valuation assessments. For companies facing insolvency or bankruptcy, a premium may not apply |
• | There should be clear strategic, operational, and / or financial rationale for the combination |
• | Unanimous board approval and arm’s-length negotiations are preferred. We will consider whether the transaction involves a dissenting board or does not appear to be the result of an arm’s-length bidding process. We may also consider whether executive and / or board members’ financial interests in a given transaction appear likely to affect their ability to place shareholders’ interests before their own |
• | We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions |
• | Whether we believe that the triggering event is in the best interest of shareholders |
• | Whether management attempted to maximize shareholder value in the triggering event |
• | The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment |
• | Whether excessively large excise tax gross-up payments are part of the pay-out |
• | Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers |
• | Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company |
• | The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance |
• | Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated |
• | There is clear evidence that absent repricing, the company will suffer serious employee incentive or retention and recruiting problems |
• | Publish disclosures in line with industry specific SASB guidelines by year-end, if they have not already done so, or disclose a similar set of data in a way that is relevant to their particular business; and |
• | Disclose climate-related risks in line with the TCFD’s recommendations, if they have not already done so. This should include the company’s plan for operating under a scenario where the Paris Agreement’s goal of limiting global warming to less than two degrees is fully realized, as expressed by the TCFD guidelines. |
• | See our commentary on our approach to engagement on TCFD and SASB aligned reporting for greater detail of our expectations. |
• | The company has already taken sufficient steps to address the concern |
• | The company is in the process of actively implementing a response |
• | There is a clear and material economic disadvantage to the company in the near-term if the issue is not addressed in the manner requested by the shareholder proposal |
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
Australia | 04/18/19 | 04/26/19 | 8 | |||
12/23/19 | 01/02/20 | 10 | ||||
Bangladesh | 05/29/19 | 06/09/19 | 11 | |||
05/30/19 | 06/10/19 | 11 | ||||
06/03/19 | 06/11/19 | 8 | ||||
08/06/19 | 08/14/19 | 8 | ||||
08/07/19 | 08/18/19 | 11 | ||||
08/08/19 | 08/19/19 | 11 | ||||
China | 01/30/19 | 02/11/19 | 12 | |||
01/31/19 | 02/12/19 | 12 | ||||
02/01/19 | 02/13/19 | 12 | ||||
09/26/19 | 10/08/19 | 12 | ||||
09/27/19 | 10/09/19 | 12 | ||||
09/30/19 | 10/10/19 | 10 | ||||
China Connect – Stock Connect | 02/01/19 | 02/11/19 | 10 | |||
09/30/19 | 10/08/19 | 8 | ||||
Cyprus | 04/24/19 | 05/02/19 | 8 | |||
04/25/19 | 05/03/19 | 8 | ||||
Hungary | 12/20/19 | 12/30/19 | 10 | |||
12/23/19 | 12/31/19 | 8 | ||||
Indonesia | 05/29/19 | 06/10/19 | 12 | |||
05/31/19 | 06/11/19 | 11 | ||||
Japan | 04/24/19 | 05/07/19 | 13 | |||
04/25/19 | 05/08/19 | 13 | ||||
04/26/19 | 05/09/19 | 13 | ||||
12/26/19 | 01/06/20 | 11 | ||||
12/27/19 | 01/07/20 | 11 | ||||
12/30/19 | 01/08/20 | 9 | ||||
Jordan | 08/07/19 | 08/15/19 | 8 | |||
08/08/19 | 08/18/19 | 10 | ||||
Kuwait | 08/06/19 | 08/14/19 | 8 | |||
08/07/19 | 08/15/19 | 8 | ||||
08/08/19 | 08/18/19 | 10 | ||||
Malawi | 01/08/19 | 01/16/19 | 8 | |||
01/09/19 | 01/17/19 | 8 | ||||
01/10/19 | 01/18/19 | 8 | ||||
01/11/19 | 01/21/19 | 10 | ||||
01/14/19 | 01/22/19 | 8 | ||||
02/25/19 | 03/05/19 | 8 | ||||
02/26/19 | 03/06/19 | 8 |
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
02/27/19 | 03/07/19 | 8 | ||||
02/28/19 | 03/08/19 | 8 | ||||
03/01/19 | 03/11/19 | 10 | ||||
04/12/19 | 04/23/19 | 11 | ||||
04/15/19 | 04/24/19 | 9 | ||||
04/16/19 | 04/25/19 | 9 | ||||
04/17/19 | 04/26/19 | 9 | ||||
04/18/19 | 04/29/19 | 11 | ||||
04/24/19 | 05/02/19 | 8 | ||||
04/25/19 | 05/03/19 | 8 | ||||
04/26/19 | 05/06/19 | 10 | ||||
04/29/19 | 05/07/19 | 8 | ||||
04/30/19 | 05/08/19 | 8 | ||||
05/07/19 | 05/15/19 | 8 | ||||
05/08/19 | 05/16/19 | 8 | ||||
05/09/19 | 05/17/19 | 8 | ||||
05/10/19 | 05/20/19 | 10 | ||||
05/13/19 | 05/21/19 | 8 | ||||
05/28/19 | 06/05/19 | 8 | ||||
05/29/19 | 06/06/19 | 8 | ||||
05/30/19 | 06/07/19 | 8 | ||||
05/31/19 | 06/10/19 | 10 | ||||
06/03/19 | 06/11/19 | 8 | ||||
07/01/19 | 07/09/19 | 8 | ||||
07/02/19 | 07/10/19 | 8 | ||||
07/03/19 | 07/11/19 | 8 | ||||
07/04/19 | 07/12/19 | 8 | ||||
07/05/19 | 07/15/19 | 10 | ||||
10/08/19 | 10/16/19 | 8 | ||||
10/09/19 | 10/17/19 | 8 | ||||
10/10/19 | 10/18/19 | 8 | ||||
10/11/19 | 10/21/19 | 10 | ||||
10/14/19 | 10/22/19 | 8 | ||||
12/18/19 | 12/27/19 | 9 | ||||
12/19/19 | 12/30/19 | 11 | ||||
12/20/19 | 12/31/19 | 11 | ||||
12/23/19 | 01/02/20 | 10 | ||||
12/24/19 | 01/03/20 | 10 | ||||
Malaysia | 01/30/19 | 02/07/19 | 8 | |||
01/31/19 | 02/08/19 | 8 | ||||
Morocco | 08/07/19 | 08/15/19 | 8 | |||
08/08/19 | 08/16/19 | 8 | ||||
08/09/19 | 08/19/19 | 10 | ||||
11/04/19 | 11/13/19 | 9 | ||||
11/05/19 | 11/14/19 | 9 | ||||
Namibia | 03/14/19 | 03/22/19 | 8 | |||
03/15/19 | 03/25/19 | 10 |
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
03/18/19 | 03/26/19 | 8 | ||||
03/19/19 | 03/27/19 | 8 | ||||
03/20/19 | 03/28/19 | 8 | ||||
04/12/19 | 04/23/19 | 11 | ||||
04/15/19 | 04/24/19 | 9 | ||||
04/16/19 | 04/25/19 | 9 | ||||
04/17/19 | 04/26/19 | 9 | ||||
04/18/19 | 04/29/19 | 11 | ||||
04/24/19 | 05/02/19 | 8 | ||||
04/25/19 | 05/03/19 | 8 | ||||
04/26/19 | 05/06/19 | 10 | ||||
04/29/19 | 05/07/19 | 8 | ||||
04/30/19 | 05/08/19 | 8 | ||||
05/23/19 | 05/31/19 | 8 | ||||
05/24/19 | 06/03/19 | 10 | ||||
05/27/19 | 06/04/19 | 8 | ||||
05/28/19 | 06/05/19 | 8 | ||||
05/29/19 | 06/06/19 | 8 | ||||
06/10/19 | 06/18/19 | 8 | ||||
06/11/19 | 06/19/19 | 8 | ||||
06/12/19 | 06/20/19 | 8 | ||||
06/13/19 | 06/21/19 | 8 | ||||
06/14/19 | 06/24/19 | 10 | ||||
08/02/19 | 08/12/19 | 10 | ||||
08/05/19 | 08/13/19 | 8 | ||||
08/06/19 | 08/14/19 | 8 | ||||
08/07/19 | 08/15/19 | 8 | ||||
08/08/19 | 08/16/19 | 8 | ||||
08/19/19 | 08/27/19 | 8 | ||||
08/20/19 | 08/28/19 | 8 | ||||
08/21/19 | 08/29/19 | 8 | ||||
08/22/19 | 08/30/19 | 8 | ||||
08/23/19 | 09/02/19 | 10 | ||||
09/17/19 | 09/25/19 | 8 | ||||
09/18/19 | 09/26/19 | 8 | ||||
09/19/19 | 09/27/19 | 8 | ||||
09/20/19 | 09/30/19 | 10 | ||||
09/23/19 | 10/01/19 | 8 | ||||
12/03/19 | 12/11/19 | 8 | ||||
12/04/19 | 12/12/19 | 8 | ||||
12/05/19 | 12/13/19 | 8 | ||||
12/06/19 | 12/17/19 | 11 | ||||
12/09/19 | 12/18/19 | 9 | ||||
12/11/19 | 12/19/19 | 8 | ||||
12/12/19 | 12/20/19 | 8 | ||||
12/13/19 | 12/23/19 | 10 | ||||
12/18/19 | 12/27/19 | 9 | ||||
12/19/19 | 12/30/19 | 11 | ||||
12/20/19 | 12/31/19 | 11 | ||||
12/23/19 | 01/02/20 | 10 |
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
12/24/19 | 01/03/20 | 10 | ||||
12/27/19 | 01/06/20 | 10 | ||||
12/30/19 | 01/07/20 | 8 | ||||
12/31/19 | 01/08/20 | 8 | ||||
New Zealand | 04/18/19 | 04/26/19 | 8 | |||
Oman | 08/06/19 | 08/18/19 | 12 | |||
08/07/19 | 08/19/19 | 12 | ||||
08/08/19 | 08/20/19 | 12 | ||||
Philippines | 12/23/19 | 01/02/20 | 10 | |||
12/26/19 | 01/03/20 | 8 | ||||
12/27/19 | 01/06/20 | 10 | ||||
Qatar | 05/30/19 | 06/09/19 | 10 | |||
06/02/19 | 06/10/19 | 8 | ||||
06/03/19 | 06/11/19 | 8 | ||||
08/06/19 | 08/14/19 | 8 | ||||
08/07/19 | 08/15/19 | 8 | ||||
08/08/19 | 08/18/19 | 10 | ||||
Russia | 04/26/19 | 05/06/19 | 10 | |||
04/29/19 | 05/07/19 | 8 | ||||
04/30/19 | 05/08/19 | 8 | ||||
12/31/19 | 01/08/20 | 8 | ||||
Saudi Arabia | 08/08/19 | 08/18/19 | 10 | |||
08/11/19 | 08/19/19 | 8 | ||||
Serbia | 04/25/19 | 05/03/19 | 8 | |||
12/30/19 | 01/08/20 | 9 | ||||
12/31/19 | 01/09/20 | 9 | ||||
Srpska | 04/25/19 | 05/03/19 | 8 | |||
Swaziland | 04/12/19 | 04/23/19 | 11 | |||
04/15/19 | 04/24/19 | 9 | ||||
04/16/19 | 04/26/19 | 10 | ||||
04/17/19 | 04/29/19 | 12 | ||||
04/18/19 | 04/30/19 | 12 | ||||
04/23/19 | 05/02/19 | 9 | ||||
04/24/19 | 05/03/19 | 9 | ||||
04/26/19 | 05/06/19 | 10 | ||||
04/29/19 | 05/07/19 | 8 | ||||
04/30/19 | 05/08/19 | 8 | ||||
05/23/19 | 05/31/19 | 8 | ||||
05/24/19 | 06/03/19 | 10 | ||||
05/27/19 | 06/04/19 | 8 | ||||
05/28/19 | 06/05/19 | 8 |
2019 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
05/29/19 | 06/06/19 | 8 | ||||
07/15/19 | 07/23/19 | 8 | ||||
07/16/19 | 07/24/19 | 8 | ||||
07/17/19 | 07/25/19 | 8 | ||||
07/18/19 | 07/26/19 | 8 | ||||
07/19/19 | 07/29/19 | 10 | ||||
08/26/19 | 09/03/19 | 8 | ||||
08/27/19 | 09/04/19 | 8 | ||||
08/28/19 | 09/05/19 | 8 | ||||
08/29/19 | 09/09/19 | 11 | ||||
08/30/19 | 09/10/19 | 11 | ||||
09/03/19 | 09/11/19 | 8 | ||||
09/04/19 | 09/12/19 | 8 | ||||
09/05/19 | 09/13/19 | 8 | ||||
12/18/19 | 12/27/19 | 9 | ||||
12/19/19 | 12/30/19 | 11 | ||||
12/20/19 | 12/31/19 | 11 | ||||
12/23/19 | 01/02/20 | 10 | ||||
12/24/19 | 01/03/20 | 10 | ||||
12/27/19 | 01/06/20 | 10 | ||||
12/30/19 | 01/07/20 | 8 | ||||
12/31/19 | 01/08/20 | 8 | ||||
Taiwan | 01/29/19 | 02/11/19 | 13 | |||
01/30/19 | 02/12/19 | 13 | ||||
Tunisia | 05/30/19 | 06/07/19 | 8 | |||
United Arab Emirates | 08/07/19 | 08/15/19 | 8 | |||
08/08/19 | 08/18/19 | 10 | ||||
Uruguay | 04/15/19 | 04/23/19 | 8 | |||
04/16/19 | 04/24/19 | 8 | ||||
04/17/19 | 04/25/19 | 8 | ||||
Vietnam | 01/31/19 | 02/11/19 | 11 | |||
02/01/19 | 02/12/19 | 11 | ||||
Zimbabwe | 04/15/19 | 04/23/19 | 8 | |||
04/16/19 | 04/24/19 | 8 | ||||
04/17/19 | 04/25/19 | 8 | ||||
12/19/19 | 12/27/19 | 8 | ||||
12/20/19 | 12/30/19 | 10 |
2020 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
Australia | 12/21/20 | 12/29/20 | 8 |
2020 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
12/22/20 | 12/30/20 | 8 | ||||
12/23/20 | 01/04/21 | 12 | ||||
Bangladesh | 05/18/20 | 05/26/20 | 8 | |||
05/19/20 | 05/27/20 | 8 | ||||
05/20/20 | 05/28/20 | 8 | ||||
China | 01/21/20 | 01/31/20 | 10 | |||
01/22/20 | 02/03/20 | 12 | ||||
01/23/20 | 02/04/20 | 12 | ||||
04/28/20 | 05/06/20 | 8 | ||||
04/29/20 | 05/07/20 | 8 | ||||
04/30/20 | 05/08/20 | 8 | ||||
09/28/20 | 10/09/20 | 11 | ||||
09/29/20 | 10/12/20 | 13 | ||||
09/30/20 | 10/13/20 | 13 | ||||
China Connect – Stock Connect | 01/23/20 | 01/31/20 | 8 | |||
04/28/20 | 05/06/20 | 8 | ||||
09/30/20 | 10/09/20 | 9 | ||||
Eswatini | 04/03/20 | 04/14/20 | 11 | |||
04/06/20 | 04/15/20 | 9 | ||||
04/07/20 | 04/16/20 | 9 | ||||
04/08/20 | 04/17/20 | 9 | ||||
04/09/20 | 04/21/20 | 12 | ||||
04/14/20 | 04/22/20 | 8 | ||||
04/15/20 | 04/23/20 | 8 | ||||
04/16/20 | 04/24/20 | 8 | ||||
04/17/20 | 04/27/20 | 10 | ||||
04/24/20 | 05/04/20 | 10 | ||||
04/27/20 | 05/05/20 | 8 | ||||
04/28/20 | 05/06/20 | 8 | ||||
04/29/20 | 05/07/20 | 8 | ||||
04/30/20 | 05/08/20 | 8 | ||||
05/14/20 | 05/22/20 | 8 | ||||
05/15/20 | 05/25/20 | 10 | ||||
05/18/20 | 05/26/20 | 8 | ||||
05/19/20 | 05/27/20 | 8 | ||||
05/20/20 | 05/28/20 | 8 | ||||
07/15/20 | 07/23/20 | 8 | ||||
07/16/20 | 07/24/20 | 8 | ||||
07/17/20 | 07/27/20 | 10 | ||||
07/20/20 | 07/28/20 | 8 | ||||
07/21/20 | 07/29/20 | 8 | ||||
08/31/20 | 09/08/20 | 8 | ||||
09/01/20 | 09/09/20 | 8 | ||||
09/02/20 | 09/10/20 | 8 | ||||
09/03/20 | 09/11/20 | 8 | ||||
09/04/20 | 09/14/20 | 10 |
2020 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
12/18/20 | 12/29/20 | 11 | ||||
12/21/20 | 12/30/20 | 9 | ||||
12/22/20 | 12/31/20 | 9 | ||||
12/23/20 | 01/04/21 | 12 | ||||
12/24/20 | 01/05/21 | 12 | ||||
Ghana | 07/28/20 | 08/05/20 | 8 | |||
07/29/20 | 08/06/20 | 8 | ||||
Indonesia | 05/19/20 | 05/28/20 | 9 | |||
05/20/20 | 05/29/20 | 9 | ||||
Ireland | 12/22/20 | 12/30/20 | 8 | |||
12/23/20 | 01/04/21 | 12 | ||||
Israel | 04/06/20 | 04/16/20 | 10 | |||
04/07/20 | 04/19/20 | 12 | ||||
09/30/20 | 10/11/20 | 11 | ||||
10/01/20 | 10/12/20 | 11 | ||||
Kuwait | 05/19/20 | 05/27/20 | 8 | |||
05/20/20 | 05/28/20 | 8 | ||||
05/21/20 | 05/31/20 | 10 | ||||
07/27/20 | 08/04/20 | 8 | ||||
07/28/20 | 08/05/20 | 8 | ||||
07/29/20 | 08/06/20 | 8 | ||||
Malawi | 01/08/20 | 01/16/20 | 8 | |||
01/09/20 | 01/17/20 | 8 | ||||
01/10/20 | 01/20/20 | 10 | ||||
01/13/20 | 01/21/20 | 8 | ||||
01/14/20 | 01/22/20 | 8 | ||||
02/25/20 | 03/04/20 | 8 | ||||
02/26/20 | 03/05/20 | 8 | ||||
02/27/20 | 03/06/20 | 8 | ||||
02/28/20 | 03/09/20 | 10 | ||||
03/02/20 | 03/10/20 | 8 | ||||
04/03/20 | 04/14/20 | 11 | ||||
04/06/20 | 04/15/20 | 9 | ||||
04/07/20 | 04/16/20 | 9 | ||||
04/08/20 | 04/17/20 | 9 | ||||
04/09/20 | 04/20/20 | 11 | ||||
04/24/20 | 05/04/20 | 10 | ||||
04/27/20 | 05/05/20 | 8 | ||||
04/28/20 | 05/06/20 | 8 | ||||
04/29/20 | 05/07/20 | 8 | ||||
04/30/20 | 05/08/20 | 8 | ||||
05/07/20 | 05/15/20 | 8 | ||||
05/08/20 | 05/18/20 | 10 | ||||
05/11/20 | 05/19/20 | 8 |
2020 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
05/12/20 | 05/20/20 | 8 | ||||
05/13/20 | 05/21/20 | 8 | ||||
05/18/20 | 05/26/20 | 8 | ||||
05/19/20 | 05/27/20 | 8 | ||||
05/20/20 | 05/28/20 | 8 | ||||
05/21/20 | 05/29/20 | 8 | ||||
05/22/20 | 06/01/20 | 10 | ||||
06/29/20 | 07/07/20 | 8 | ||||
06/30/20 | 07/08/20 | 8 | ||||
07/01/20 | 07/09/20 | 8 | ||||
07/02/20 | 07/10/20 | 8 | ||||
07/03/20 | 07/13/20 | 10 | ||||
10/08/20 | 10/16/20 | 8 | ||||
10/09/20 | 10/19/20 | 10 | ||||
10/12/20 | 10/20/20 | 8 | ||||
10/13/20 | 10/21/20 | 8 | ||||
10/14/20 | 10/22/20 | 8 | ||||
12/18/20 | 12/28/20 | 10 | ||||
12/21/20 | 12/29/20 | 8 | ||||
12/22/20 | 12/30/20 | 8 | ||||
12/23/20 | 12/31/20 | 8 | ||||
12/24/20 | 01/04/21 | 11 | ||||
Namibia | 04/03/20 | 04/14/20 | 11 | |||
04/06/20 | 04/15/20 | 9 | ||||
04/07/20 | 04/16/20 | 9 | ||||
04/08/20 | 04/17/20 | 9 | ||||
04/09/20 | 04/20/20 | 11 | ||||
04/24/20 | 05/05/20 | 11 | ||||
04/27/20 | 05/06/20 | 9 | ||||
04/28/20 | 05/07/20 | 9 | ||||
04/29/20 | 05/08/20 | 9 | ||||
04/30/20 | 05/11/20 | 11 | ||||
05/14/20 | 05/22/20 | 8 | ||||
05/15/20 | 05/26/20 | 11 | ||||
05/18/20 | 05/27/20 | 9 | ||||
05/19/20 | 05/28/20 | 9 | ||||
05/20/20 | 05/29/20 | 9 | ||||
05/22/20 | 06/01/20 | 10 | ||||
08/19/20 | 08/27/20 | 8 | ||||
08/20/20 | 08/28/20 | 8 | ||||
08/21/20 | 08/31/20 | 10 | ||||
08/24/20 | 09/01/20 | 8 | ||||
08/25/20 | 09/02/20 | 8 | ||||
12/03/20 | 12/11/20 | 8 | ||||
12/04/20 | 12/14/20 | 10 | ||||
12/07/20 | 12/15/20 | 8 | ||||
12/08/20 | 12/16/20 | 8 | ||||
12/09/20 | 12/17/20 | 8 | ||||
12/18/20 | 12/28/20 | 10 |
2020 | ||||||
Country | Trade Date |
Settlement Date |
Number of Days to Settle |
|||
12/21/20 | 12/29/20 | 8 | ||||
12/22/20 | 12/30/20 | 8 | ||||
12/23/20 | 12/31/20 | 8 | ||||
12/24/20 | 01/04/21 | 11 | ||||
Norway | 04/06/20 | 04/14/20 | 8 | |||
04/07/20 | 04/15/20 | 8 | ||||
Pakistan | 05/20/20 | 05/28/20 | 8 | |||
05/21/20 | 05/29/20 | 8 | ||||
Qatar | 05/19/20 | 05/27/20 | 8 | |||
05/20/20 | 05/28/20 | 8 | ||||
05/21/20 | 05/31/20 | 10 | ||||
Russia | 04/28/20 | 05/06/20 | 8 | |||
04/29/20 | 05/07/20 | 8 | ||||
04/30/20 | 05/08/20 | 8 | ||||
Saudi Arabia | 05/20/20 | 05/31/20 | 11 | |||
05/21/20 | 06/01/20 | 11 | ||||
07/28/20 | 08/06/20 | 9 | ||||
07/29/20 | 08/09/20 | 11 | ||||
Sri Lanka | 04/06/20 | 04/15/20 | 9 | |||
04/08/20 | 04/16/20 | 8 | ||||
04/09/20 | 04/17/20 | 8 | ||||
Taiwan | 01/21/20 | 01/30/20 | 9 | |||
01/22/20 | 01/31/20 | 9 | ||||
Tanzania | 04/06/20 | 04/14/20 | 8 | |||
Vietnam | 01/21/20 | 01/30/20 | 9 | |||
01/22/20 | 01/31/20 | 9 |
* | These worst-case redemption cycles are based on information regarding regular holidays available as of January 17, 2020, which may be out of date as of the date of this SAI. Based on changes in holidays, longer (worse) redemption cycles are possible. Further, regional holidays, the treatment by market participants of certain days as unofficial holidays (including days on which no or limited securities transactions occur as a result of substantially shortened trading hours), the elimination of existing holidays, or changes in local securities delivery practices, could affect the information set forth herein. |