BlackRock Update on the iShares MSCI Russia ETF (ERUS)

August 03, 2022 at 16:53 PM EDT

Effective August 3, 2022, the iShares MSCI Russia ETF (ERUS) has suspended the right of redemption of fund shares pursuant to an exemptive order issued by the Securities and Exchange Commission on August 3, 2022, in order to permit the fund to liquidate its portfolio. On August 17, 2022, BlackRock will begin liquidating ERUS by distributing its current liquid assets to shareholders, less the amount of a reserve estimated to meet the fund’s expected transaction costs associated with the liquidation.

Russia’s invasion of Ukraine has prompted a range of sanctions and other capital controls that prevent BlackRock and other non-Russian investors from buying and selling Russian securities. As a result, ERUS’ current holdings of Russian equity securities cannot immediately be liquidated. BlackRock cautions investors that it is expected that the liquidation of the fund will take an extended period of time if circumstances involving Russian securities markets do not improve.

BlackRock expects that ERUS will remain in existence until at least December 31, 2023, to allow the fund to sell the securities and depositary receipts, if conditions permit; ERUS may be terminated sooner if all of the Russian securities and depositary receipts have been sold before that date (or they cease to represent valid interests in their issuers). After December 31, 2023, the Fund may be terminated at any time, in the discretion of the Fund’s Board of Directors, even if the Russian securities and depositary receipts have not been sold. Due to the uncertainty involved, there can be no assurance that shareholders would receive any liquidating distribution relating to the Russian securities and depositary receipts after the initial distribution described above.

Future updates regarding the status of the fund and its liquidation will be published on the product’s webpage.

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