x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 13-4038723 | |||||||
(State or other jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | |||||||
7 World Trade Center 250 Greenwich Street, 49th Floor New York, New York | 10007 | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Common stock, par value $0.01 per share | MSCI | New York Stock Exchange |
Large accelerated filer | x | Accelerated filer | o | ||||||||
Non-accelerated filer | o | Smaller reporting company | o | ||||||||
Emerging growth company | o |
Page | ||||||||
Item 5. | 47 | |||||||
Item 6. | 48 |
As of | |||||||||||
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 867,112 | $ | 1,421,449 | |||||||
Accounts receivable, net of allowances | 525,360 | 664,511 | |||||||||
Prepaid income taxes | 82,678 | 5,951 | |||||||||
Prepaid and other assets | 51,758 | 51,499 | |||||||||
Total current assets | 1,526,908 | 2,143,410 | |||||||||
Property, equipment and leasehold improvements, net | 54,341 | 66,715 | |||||||||
Right of use assets | 131,772 | 144,584 | |||||||||
Goodwill | 2,226,141 | 2,236,386 | |||||||||
Intangible assets, net | 565,582 | 593,341 | |||||||||
Equity method investment | 215,370 | 218,763 | |||||||||
Deferred tax assets | 27,939 | 40,119 | |||||||||
Other non-current assets | 29,474 | 63,385 | |||||||||
Total assets | $ | 4,777,527 | $ | 5,506,703 | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 5,303 | $ | 13,448 | |||||||
Income taxes payable | 3,770 | 59,635 | |||||||||
Accrued compensation and related benefits | 142,282 | 207,640 | |||||||||
Current portion of long-term debt | 8,711 | — | |||||||||
Other accrued liabilities | 171,476 | 145,302 | |||||||||
Deferred revenue | 735,710 | 824,912 | |||||||||
Total current liabilities | 1,067,252 | 1,250,937 | |||||||||
Long-term debt | 4,504,291 | 4,161,422 | |||||||||
Long-term operating lease liabilities | 137,265 | 150,029 | |||||||||
Deferred tax liabilities | 47,142 | 3,650 | |||||||||
Other non-current liabilities | 98,968 | 104,132 | |||||||||
Total liabilities | 5,854,918 | 5,670,170 | |||||||||
Commitments and Contingencies (see Note 8) | |||||||||||
Shareholders’ equity (deficit): | |||||||||||
Preferred stock (par value $0.01, 100,000,000 shares authorized; no shares issued) | — | — | |||||||||
Common stock (par value $0.01; 750,000,000 common shares authorized; 133,620,870 and 133,162,178 common shares issued and 80,121,138 and 82,439,449 common shares outstanding at September 30, 2022 and December 31, 2021, respectively) | 1,336 | 1,332 | |||||||||
Treasury shares, at cost (53,499,732 and 50,722,729 common shares held at September 30, 2022 and December 31, 2021, respectively) | (5,867,881) | (4,540,144) | |||||||||
Additional paid in capital | 1,504,274 | 1,457,623 | |||||||||
Retained earnings | 3,358,892 | 2,976,517 | |||||||||
Accumulated other comprehensive loss | (74,012) | (58,795) | |||||||||
Total shareholders’ equity (deficit) | (1,077,391) | (163,467) | |||||||||
Total liabilities and shareholders’ equity (deficit) | $ | 4,777,527 | $ | 5,506,703 | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Operating revenues | $ | 560,639 | $ | 517,099 | $ | 1,672,390 | $ | 1,493,702 | |||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Cost of revenues (exclusive of depreciation and amortization) | 98,418 | 89,674 | 301,957 | 262,781 | |||||||||||||||||||
Selling and marketing | 65,545 | 59,819 | 192,671 | 174,477 | |||||||||||||||||||
Research and development | 25,941 | 28,352 | 78,179 | 80,745 | |||||||||||||||||||
General and administrative | 30,702 | 38,110 | 112,993 | 103,020 | |||||||||||||||||||
Amortization of intangible assets | 23,375 | 14,105 | 67,274 | 59,569 | |||||||||||||||||||
Depreciation and amortization of property, equipment and leasehold improvements | 7,127 | 6,809 | 20,426 | 20,972 | |||||||||||||||||||
Total operating expenses | 251,108 | 236,869 | 773,500 | 701,564 | |||||||||||||||||||
Operating income | 309,531 | 280,230 | 898,890 | 792,138 | |||||||||||||||||||
Interest income | (3,938) | (396) | (5,160) | (1,129) | |||||||||||||||||||
Interest expense | 44,162 | 42,137 | 125,961 | 119,278 | |||||||||||||||||||
Other expense (income) | 103 | 37,839 | (90) | 61,616 | |||||||||||||||||||
Other expense (income), net | 40,327 | 79,580 | 120,711 | 179,765 | |||||||||||||||||||
Income before provision for income taxes | 269,204 | 200,650 | 778,179 | 612,373 | |||||||||||||||||||
Provision for income taxes | 52,612 | 30,774 | 122,577 | 80,255 | |||||||||||||||||||
Net income | $ | 216,592 | $ | 169,876 | $ | 655,602 | $ | 532,118 | |||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | 2.69 | $ | 2.06 | $ | 8.09 | $ | 6.45 | |||||||||||||||
Diluted | $ | 2.68 | $ | 2.03 | $ | 8.05 | $ | 6.38 | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | 80,500 | 82,470 | 81,001 | 82,521 | |||||||||||||||||||
Diluted | 80,874 | 83,554 | 81,481 | 83,446 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Net income | $ | 216,592 | $ | 169,876 | $ | 655,602 | $ | 532,118 | |||||||||||||||
Other comprehensive (loss) income: | |||||||||||||||||||||||
Foreign currency translation adjustments | (10,978) | (3,226) | (25,724) | (4,052) | |||||||||||||||||||
Income tax effect | 1,453 | 422 | 3,921 | 999 | |||||||||||||||||||
Foreign currency translation adjustments, net | (9,525) | (2,804) | (21,803) | (3,053) | |||||||||||||||||||
Pension and other post-retirement adjustments | 293 | 186 | 7,779 | 383 | |||||||||||||||||||
Income tax effect | (79) | (48) | (1,193) | (146) | |||||||||||||||||||
Pension and other post-retirement adjustments, net | 214 | 138 | 6,586 | 237 | |||||||||||||||||||
Other comprehensive (loss) income, net of tax | (9,311) | (2,666) | (15,217) | (2,816) | |||||||||||||||||||
Comprehensive income | $ | 207,281 | $ | 167,210 | $ | 640,385 | $ | 529,302 | |||||||||||||||
Common Stock | Treasury Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 1,332 | $ | (4,540,144) | $ | 1,457,623 | $ | 2,976,517 | $ | (58,795) | $ | (163,467) | |||||||||||||||||||||||
Net income | 228,423 | 228,423 | |||||||||||||||||||||||||||||||||
Dividends declared ($1.04 per common share) | (87,280) | (87,280) | |||||||||||||||||||||||||||||||||
Dividends paid in shares | 77 | 77 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,022) | (2,022) | |||||||||||||||||||||||||||||||||
Common stock issued | 4 | 4 | |||||||||||||||||||||||||||||||||
Shares withheld for tax withholding and exercises | (105,000) | (105,000) | |||||||||||||||||||||||||||||||||
Compensation payable in common stock | 22,754 | 22,754 | |||||||||||||||||||||||||||||||||
Common stock repurchased and held in treasury | (772,657) | (772,657) | |||||||||||||||||||||||||||||||||
Common stock issued to Directors and (held in)/released from treasury | (21) | (21) | |||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | 1,336 | (5,417,822) | 1,480,454 | 3,117,660 | (60,817) | (879,189) | |||||||||||||||||||||||||||||
Net income | 210,587 | 210,587 | |||||||||||||||||||||||||||||||||
Dividends declared ($1.04 per common share) | (84,593) | (84,593) | |||||||||||||||||||||||||||||||||
Dividends paid in shares | 22 | 22 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (3,884) | (3,884) | |||||||||||||||||||||||||||||||||
Common stock issued | — | ||||||||||||||||||||||||||||||||||
Shares withheld for tax withholding and exercises | (3,862) | (3,862) | |||||||||||||||||||||||||||||||||
Compensation payable in common stock | 11,858 | 11,858 | |||||||||||||||||||||||||||||||||
Common stock repurchased and held in treasury | (276,994) | (276,994) | |||||||||||||||||||||||||||||||||
Common stock issued to Directors and (held in)/released from treasury | (391) | (391) | |||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | 1,336 | (5,699,069) | 1,492,334 | 3,243,654 | (64,701) | (1,026,446) | |||||||||||||||||||||||||||||
Net income | 216,592 | 216,592 | |||||||||||||||||||||||||||||||||
Dividends declared ($1.25 per common share) | (101,354) | (101,354) | |||||||||||||||||||||||||||||||||
Dividends paid in shares | 27 | 27 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (9,311) | (9,311) | |||||||||||||||||||||||||||||||||
Common stock issued | — | ||||||||||||||||||||||||||||||||||
Shares withheld for tax withholding and exercises | (3,741) | (3,741) | |||||||||||||||||||||||||||||||||
Compensation payable in common stock | 11,913 | 11,913 | |||||||||||||||||||||||||||||||||
Common stock repurchased and held in treasury | (165,044) | (165,044) | |||||||||||||||||||||||||||||||||
Common stock issued to Directors and (held in)/released from treasury | (27) | (27) | |||||||||||||||||||||||||||||||||
Balance at September 30, 2022 | $ | 1,336 | $ | (5,867,881) | $ | 1,504,274 | $ | 3,358,892 | $ | (74,012) | $ | (1,077,391) | |||||||||||||||||||||||
Common Stock | Treasury Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 1,328 | $ | (4,342,535) | $ | 1,402,537 | $ | 2,554,295 | $ | (58,859) | $ | (443,234) | |||||||||||||||||||||||
Net income | 196,819 | 196,819 | |||||||||||||||||||||||||||||||||
Dividends declared ($0.78 per common share) | (65,947) | (65,947) | |||||||||||||||||||||||||||||||||
Dividends paid in shares | 66 | 66 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (957) | (957) | |||||||||||||||||||||||||||||||||
Common stock issued | 3 | 3 | |||||||||||||||||||||||||||||||||
Shares withheld for tax withholding and exercises | (52,814) | (52,814) | |||||||||||||||||||||||||||||||||
Compensation payable in common stock | 18,842 | 18,842 | |||||||||||||||||||||||||||||||||
Common stock repurchased and held in treasury | (134,340) | (134,340) | |||||||||||||||||||||||||||||||||
Common stock issued to Directors and (held in)/released from treasury | (20) | (20) | |||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 1,331 | (4,529,709) | 1,421,445 | 2,685,167 | (59,816) | (481,582) | |||||||||||||||||||||||||||||
Net income | 165,423 | 165,423 | |||||||||||||||||||||||||||||||||
Dividends declared ($0.78 per common share) | (64,863) | (64,863) | |||||||||||||||||||||||||||||||||
Dividends paid in shares | 20 | 20 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | 807 | 807 | |||||||||||||||||||||||||||||||||
Common stock issued | — | ||||||||||||||||||||||||||||||||||
Shares withheld for tax withholding and exercises | (620) | (620) | |||||||||||||||||||||||||||||||||
Compensation payable in common stock | 12,252 | 12,252 | |||||||||||||||||||||||||||||||||
Common stock repurchased and held in treasury | — | ||||||||||||||||||||||||||||||||||
Common stock issued to Directors and (held in)/released from treasury | 756 | 756 | |||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 1,331 | (4,529,573) | 1,433,717 | 2,785,727 | (59,009) | (367,807) | |||||||||||||||||||||||||||||
Net income | 169,876 | 169,876 | |||||||||||||||||||||||||||||||||
Dividends declared ($1.04 per common share) | (86,476) | (86,476) | |||||||||||||||||||||||||||||||||
Dividends paid in shares | 21 | 21 | |||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of tax | (2,666) | (2,666) | |||||||||||||||||||||||||||||||||
Common stock issued | 1 | 1 | |||||||||||||||||||||||||||||||||
Shares withheld for tax withholding and exercises | (5,286) | (5,286) | |||||||||||||||||||||||||||||||||
Compensation payable in common stock | 12,263 | 12,263 | |||||||||||||||||||||||||||||||||
Common stock repurchased and held in treasury | — | ||||||||||||||||||||||||||||||||||
Common stock issued to Directors and (held in)/released from treasury | 49 | 49 | |||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 1,332 | $ | (4,534,810) | $ | 1,446,001 | $ | 2,869,127 | $ | (61,675) | $ | (280,025) | |||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||
2022 | 2021 | ||||||||||
(unaudited) | |||||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 655,602 | $ | 532,118 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Amortization of intangible assets | 67,274 | 59,569 | |||||||||
Stock-based compensation expense | 46,432 | 43,218 | |||||||||
Depreciation and amortization of property, equipment and leasehold improvements | 20,426 | 20,972 | |||||||||
Amortization of right of use assets | 18,555 | 18,255 | |||||||||
Loss on impairment of right of use assets, net | 705 | — | |||||||||
Amortization of debt origination fees | 3,868 | 3,658 | |||||||||
Loss on extinguishment of debt | — | 59,103 | |||||||||
Deferred taxes | 59,324 | (101,840) | |||||||||
Other adjustments | (3,654) | 5,706 | |||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | 127,043 | 69,324 | |||||||||
Prepaid income taxes | (77,908) | 4,165 | |||||||||
Prepaid and other assets | (1,678) | (2,178) | |||||||||
Other non-current assets | 32,547 | 332 | |||||||||
Accounts payable | (8,144) | (6,347) | |||||||||
Accrued compensation and related benefits | (58,042) | (206) | |||||||||
Income taxes payable | (52,939) | 11,981 | |||||||||
Other accrued liabilities | 31,297 | 7,201 | |||||||||
Deferred revenue | (66,982) | (57,932) | |||||||||
Long-term operating lease liabilities | (19,492) | (15,644) | |||||||||
Other non-current liabilities | 6,105 | 5,763 | |||||||||
Other | (397) | (813) | |||||||||
Net cash provided by operating activities | 779,942 | 656,405 | |||||||||
Cash flows from investing activities | |||||||||||
Capitalized software development costs | (44,425) | (29,078) | |||||||||
Capital expenditures | (8,012) | (7,119) | |||||||||
Acquisition of a business, net of cash acquired | — | (948,695) | |||||||||
Acquisition of equity method investment | (5) | (77) | |||||||||
Other | 29 | (910) | |||||||||
Net cash used in investing activities | (52,413) | (985,879) | |||||||||
Cash flows from financing activities | |||||||||||
Proceeds from borrowings, inclusive of premium | 355,000 | 1,803,750 | |||||||||
Repayment of borrowings | (5,000) | (1,051,810) | |||||||||
Repurchase of common stock held in treasury | (1,327,298) | (193,060) | |||||||||
Payment of dividends | (272,759) | (216,496) | |||||||||
Payment of debt issuance costs in connection with debt | (2,559) | (21,135) | |||||||||
Payment of contingent consideration | (211) | — | |||||||||
Net cash (used in) provided by financing activities | (1,252,827) | 321,249 | |||||||||
Effect of exchange rate changes | (29,039) | (7,632) | |||||||||
Net (decrease) increase in cash | (554,337) | (15,857) | |||||||||
Cash and cash equivalent, beginning of period | 1,421,449 | 1,300,521 | |||||||||
Cash and cash equivalent, end of period | $ | 867,112 | $ | 1,284,664 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | 107,162 | $ | 101,631 | |||||||
Cash paid for income taxes, net of refunds received | $ | 154,725 | $ | 163,732 | |||||||
Supplemental disclosure of non-cash investing activities | |||||||||||
Property, equipment and leasehold improvements in other accrued liabilities | $ | 1,926 | $ | 4,821 | |||||||
Supplemental disclosure of non-cash financing activities | |||||||||||
Cash dividends declared, but not yet paid | $ | 3,270 | $ | 2,096 |
Amount | |||||
(in thousands) | |||||
Balance as of December 31, 2020 | $ | 1,583 | |||
Addition (reduction) to credit loss expense | 1,210 | ||||
Write-offs, net of recoveries | (456) | ||||
Balance as of December 31, 2021 | $ | 2,337 | |||
Addition (reduction) to credit loss expense | 855 | ||||
Adjustments and write-offs, net of recoveries | (569) | ||||
Balance as of September 30, 2022 | $ | 2,623 | |||
For the Three Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
(in thousands) | Index | Analytics | ESG and Climate | All Other - Private Assets | Total | |||||||||||||||||||||||||||
Operating Revenue Types | ||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 185,531 | $ | 142,751 | $ | 56,353 | $ | 35,581 | $ | 420,216 | ||||||||||||||||||||||
Asset-based fees | 125,620 | — | — | — | 125,620 | |||||||||||||||||||||||||||
Non-recurring | 11,089 | 2,164 | 1,242 | 308 | 14,803 | |||||||||||||||||||||||||||
Total | $ | 322,240 | $ | 144,915 | $ | 57,595 | $ | 35,889 | $ | 560,639 | ||||||||||||||||||||||
For the Nine Months Ended September 30, 2022 | ||||||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
(in thousands) | Index | Analytics | ESG and Climate | All Other - Private Assets | Total | |||||||||||||||||||||||||||
Operating Revenue Types | ||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 539,740 | $ | 420,047 | $ | 160,962 | $ | 106,276 | $ | 1,227,025 | ||||||||||||||||||||||
Asset-based fees | 402,889 | — | — | — | 402,889 | |||||||||||||||||||||||||||
Non-recurring | 31,319 | 6,349 | 3,790 | 1,018 | 42,476 | |||||||||||||||||||||||||||
Total | $ | 973,948 | $ | 426,396 | $ | 164,752 | $ | 107,294 | $ | 1,672,390 | ||||||||||||||||||||||
For the Three Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
(in thousands) | Index | Analytics | ESG and Climate | All Other - Private Assets | Total | |||||||||||||||||||||||||||
Operating Revenue Types | ||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 165,310 | $ | 134,320 | $ | 42,592 | $ | 15,418 | $ | 357,640 | ||||||||||||||||||||||
Asset-based fees | 141,745 | — | — | — | 141,745 | |||||||||||||||||||||||||||
Non-recurring | 14,448 | 1,978 | 1,099 | 189 | 17,714 | |||||||||||||||||||||||||||
Total | $ | 321,503 | $ | 136,298 | $ | 43,691 | $ | 15,607 | $ | 517,099 | ||||||||||||||||||||||
For the Nine Months Ended September 30, 2021 | ||||||||||||||||||||||||||||||||
Segments | ||||||||||||||||||||||||||||||||
(in thousands) | Index | Analytics | ESG and Climate | All Other - Private Assets | Total | |||||||||||||||||||||||||||
Operating Revenue Types | ||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 480,488 | $ | 399,360 | $ | 115,299 | $ | 48,355 | $ | 1,043,502 | ||||||||||||||||||||||
Asset-based fees | 404,593 | — | — | — | 404,593 | |||||||||||||||||||||||||||
Non-recurring | 34,876 | 6,857 | 2,450 | 1,424 | 45,607 | |||||||||||||||||||||||||||
Total | $ | 919,957 | $ | 406,217 | $ | 117,749 | $ | 49,779 | $ | 1,493,702 | ||||||||||||||||||||||
Accounts receivable, net | Deferred revenue | ||||||||||
(in thousands) | |||||||||||
Opening (December 31, 2021) | $ | 664,511 | $ | 824,912 | |||||||
Closing (September 30, 2022) | 525,360 | 735,710 | |||||||||
Increase/(decrease) | $ | (139,151) | $ | (89,202) | |||||||
Accounts receivable, net | Deferred revenue | ||||||||||
(in thousands) | |||||||||||
Opening (December 31, 2020) | $ | 558,569 | $ | 675,870 | |||||||
Closing (September 30, 2021) | 496,726 | 643,352 | |||||||||
Increase/(decrease) | $ | (61,843) | $ | (32,518) | |||||||
As of | |||||
September 30, | |||||
2022 | |||||
(in thousands) | |||||
First 12-month period | $ | 572,644 | |||
Second 12-month period | 332,957 | ||||
Third 12-month period | 138,779 | ||||
Periods thereafter | 84,390 | ||||
Total | $ | 1,128,770 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||||
Net income | $ | 216,592 | $ | 169,876 | $ | 655,602 | $ | 532,118 | |||||||||||||||
Basic weighted average common shares outstanding | 80,500 | 82,470 | 81,001 | 82,521 | |||||||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||||||
PSUs, RSUs and PSOs | 374 | 1,084 | 480 | 925 | |||||||||||||||||||
Diluted weighted average common shares outstanding | 80,874 | 83,554 | 81,481 | 83,446 | |||||||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 2.69 | $ | 2.06 | $ | 8.09 | $ | 6.45 | |||||||||||||||
Diluted | $ | 2.68 | $ | 2.03 | $ | 8.05 | $ | 6.38 |
Estimated Useful Life | Fair Value | ||||||||||
(in thousands) | |||||||||||
Accounts receivable | $ | 9,700 | |||||||||
Other current assets | 3,721 | ||||||||||
Property, equipment and leasehold improvements, net | 1,204 | ||||||||||
Right of use assets | 6,441 | ||||||||||
Other non-current assets | 3,398 | ||||||||||
Deferred revenue | (35,194) | ||||||||||
Other current liabilities | (15,525) | ||||||||||
Long-term operating lease liabilities | (4,849) | ||||||||||
Deferred tax liabilities | (83,737) | ||||||||||
Other non-current liabilities | (223) | ||||||||||
Intangible assets: | |||||||||||
Proprietary data | 11 years | 185,500 | |||||||||
Customer relationships | 20 years | 175,800 | |||||||||
Acquired technology and software | 9 years | 31,500 | |||||||||
Trademarks | 2 years | 890 | |||||||||
Goodwill | 670,333 | ||||||||||
Purchase price, net of cash acquired | $ | 948,959 | |||||||||
As of | |||||||||||
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Computer & related equipment | $ | 178,523 | $ | 179,557 | |||||||
Furniture & fixtures | 13,451 | 14,194 | |||||||||
Leasehold improvements | 54,183 | 56,308 | |||||||||
Work-in-process | 2,105 | 2,699 | |||||||||
Subtotal | 248,262 | 252,758 | |||||||||
Accumulated depreciation and amortization | (193,921) | (186,043) | |||||||||
Property, equipment and leasehold improvements, net | $ | 54,341 | $ | 66,715 | |||||||
(in thousands) | Index | Analytics | ESG and Climate | All Other - Private Assets | Total | |||||||||||||||||||||||||||
Goodwill at December 31, 2021 | $ | 1,205,443 | $ | 290,976 | $ | 48,047 | $ | 691,920 | $ | 2,236,386 | ||||||||||||||||||||||
Acquisitions (1) | — | — | — | (541) | (541) | |||||||||||||||||||||||||||
Foreign exchange translation adjustment | (6,003) | — | — | (3,701) | (9,704) | |||||||||||||||||||||||||||
Goodwill at September 30, 2022 | $ | 1,199,440 | $ | 290,976 | $ | 48,047 | $ | 687,678 | $ | 2,226,141 | ||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Amortization expense of acquired intangible assets | $ | 15,810 | $ | 9,602 | $ | 47,562 | $ | 26,346 | ||||||||||||||||||
Amortization expense of internally developed capitalized software | 7,565 | 4,503 | 19,712 | 17,210 | ||||||||||||||||||||||
Write-off of internally developed capitalized software | — | — | — | 16,013 | ||||||||||||||||||||||
Total amortization of intangible assets expense | $ | 23,375 | $ | 14,105 | $ | 67,274 | $ | 59,569 | ||||||||||||||||||
As of | |||||||||||
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Gross intangible assets: | |||||||||||
Customer relationships | $ | 532,500 | $ | 532,400 | |||||||
Proprietary data | 220,778 | 220,639 | |||||||||
Acquired technology and software | 209,220 | 209,220 | |||||||||
Trademarks | 208,190 | 208,190 | |||||||||
Internally developed capitalized software | 150,480 | 106,181 | |||||||||
Subtotal | 1,321,168 | 1,276,630 | |||||||||
Foreign exchange translation adjustment | (16,875) | (5,782) | |||||||||
Total gross intangible assets | $ | 1,304,293 | $ | 1,270,848 | |||||||
Accumulated amortization: | |||||||||||
Customer relationships | $ | (300,800) | $ | (277,865) | |||||||
Proprietary data | (37,034) | (22,678) | |||||||||
Acquired technology and software | (178,805) | (175,718) | |||||||||
Trademarks | (159,650) | (152,468) | |||||||||
Internally developed capitalized software | (69,214) | (49,394) | |||||||||
Subtotal | (745,503) | (678,123) | |||||||||
Foreign exchange translation adjustment | 6,791 | 616 | |||||||||
Total accumulated amortization | $ | (738,712) | $ | (677,507) | |||||||
Net intangible assets: | |||||||||||
Customer relationships | $ | 231,700 | $ | 254,535 | |||||||
Proprietary data | 183,744 | 197,961 | |||||||||
Acquired technology and software | 30,415 | 33,502 | |||||||||
Trademarks | 48,540 | 55,722 | |||||||||
Internally developed capitalized software | 81,266 | 56,787 | |||||||||
Subtotal | 575,665 | 598,507 | |||||||||
Foreign exchange translation adjustment | (10,083) | (5,166) | |||||||||
Total net intangible assets | $ | 565,582 | $ | 593,341 | |||||||
Years Ending December 31, | Amortization Expense | |||||||
(in thousands) | ||||||||
Remainder of 2022 | $ | 24,562 | ||||||
2023 | 94,309 | |||||||
2024 | 87,153 | |||||||
2025 | 60,949 | |||||||
2026 | 37,318 | |||||||
Thereafter | 261,291 | |||||||
Total | $ | 565,582 | ||||||
Principal Amount Outstanding at | Carrying Value at | Carrying Value at | Fair Value at | Fair Value at | |||||||||||||||||||||||||||||||
Maturity Date | September 30, 2022 | September 30, 2022 | December 31, 2021 | September 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Debt | |||||||||||||||||||||||||||||||||||
4.000% senior unsecured notes due 2029 | November 15, 2029 | 1,000,000 | 992,273 | 991,455 | 864,190 | 1,047,950 | |||||||||||||||||||||||||||||
3.625% senior unsecured notes due 2030 | September 1, 2030 | 900,000 | 894,760 | 894,263 | 753,471 | 924,777 | |||||||||||||||||||||||||||||
3.875% senior unsecured notes due 2031 | February 15, 2031 | 1,000,000 | 990,793 | 989,973 | 842,510 | 1,046,620 | |||||||||||||||||||||||||||||
3.625% senior unsecured notes due 2031 | November 1, 2031 | 600,000 | 594,031 | 593,538 | 483,858 | 625,536 | |||||||||||||||||||||||||||||
3.250% senior unsecured notes due 2033 | August 15, 2033 | 700,000 | 692,695 | 692,193 | 540,778 | 710,906 | |||||||||||||||||||||||||||||
Variable rate Tranche A Term Loans due 2027 | February 16, 2027 | 350,000 | 348,450 | — | 348,250 | — | |||||||||||||||||||||||||||||
Total debt | $ | 4,550,000 | $ | 4,513,002 | $ | 4,161,422 | $ | 3,833,057 | $ | 4,355,789 | |||||||||||||||||||||||||
Interest payment frequency | First interest payment date | ||||||||||
Senior Notes and Tranche A Term Loans | |||||||||||
4.000% senior unsecured notes due 2029 | Semi-Annual | May 15 | |||||||||
3.625% senior unsecured notes due 2030 | Semi-Annual | March 1 | |||||||||
3.875% senior unsecured notes due 2031 | Semi-Annual | June 1 | |||||||||
3.625% senior unsecured notes due 2031 | Semi-Annual | May 1 | |||||||||
3.250% senior unsecured notes due 2033 | Semi-Annual | February 15 | |||||||||
Variable rate Tranche A Term Loans due 20271 | Quarterly | October 15 |
Maturity of Lease Liabilities | Operating | |||||||
(in thousands) | Leases | |||||||
Remainder of 2022 | $ | 5,395 | ||||||
2023 | 28,346 | |||||||
2024 | 23,457 | |||||||
2025 | 22,273 | |||||||
2026 | 20,736 | |||||||
Thereafter | 82,118 | |||||||
Total lease payments | $ | 182,325 | ||||||
Less: Interest | (22,924) | |||||||
Present value of lease liabilities | $ | 159,401 | ||||||
Other accrued liabilities | $ | 22,136 | ||||||
Long-term operating lease liabilities | $ | 137,265 |
As of | ||||||||||||||
September 30, | December 31, | |||||||||||||
Lease Term and Discount Rate | 2022 | 2021 | ||||||||||||
Weighted-average remaining lease term (years) | 8.08 | 8.16 | ||||||||||||
Weighted-average discount rate | 3.15 | % | 3.09 | % |
Other Information | Nine Months Ended September 30, | |||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Operating cash flows used for operating leases | $ | 22,025 | $ | 23,038 | ||||||||||
Right of use assets obtained in exchange for new operating lease liabilities | $ | 14,929 | $ | 20,109 |
Nine Months Ended | Average Price Paid Per Share | Total Number of Shares Repurchased | Dollar Value of Shares Repurchased | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
September 30, 2022 | $ | 473.26 | 2,567 | $ | 1,214,695 | |||||||||||||||
September 30, 2021 | $ | 407.70 | 330 | $ | 134,340 |
Dividends | ||||||||||||||||||||||||||
(in thousands, except per share amounts) | Per Share | Declared | Distributed | (Released)/Deferred | ||||||||||||||||||||||
2022 | ||||||||||||||||||||||||||
Three Months Ended March 31, | $ | 1.04 | $ | 87,280 | $ | 87,846 | $ | (566) | ||||||||||||||||||
Three Months Ended June 30, | 1.04 | 84,593 | 84,189 | 404 | ||||||||||||||||||||||
Three Months Ended September 30, | 1.25 | 101,354 | 100,849 | 505 | ||||||||||||||||||||||
Total | $ | 3.33 | $ | 273,227 | $ | 272,884 | $ | 343 | ||||||||||||||||||
2021 | ||||||||||||||||||||||||||
Three Months Ended March 31, | $ | 0.78 | $ | 65,947 | $ | 66,153 | $ | (206) | ||||||||||||||||||
Three Months Ended June 30, | 0.78 | 64,863 | 64,489 | 374 | ||||||||||||||||||||||
Three Months Ended September 30, | 1.04 | 86,476 | 85,961 | 515 | ||||||||||||||||||||||
Total | $ | 2.60 | $ | 217,286 | $ | 216,603 | $ | 683 | ||||||||||||||||||
Common Stock | Treasury | Common Stock | |||||||||||||||
Issued | Stock | Outstanding | |||||||||||||||
Balance at December 31, 2021 | 133,162,178 | (50,722,729) | 82,439,449 | ||||||||||||||
Dividend payable/paid | 82 | — | 82 | ||||||||||||||
Common stock issued | 417,508 | — | 417,508 | ||||||||||||||
Shares withheld for tax withholding | — | (190,766) | (190,766) | ||||||||||||||
Shares repurchased under stock repurchase programs | — | (1,498,143) | (1,498,143) | ||||||||||||||
Shares issued to directors | 41 | (41) | — | ||||||||||||||
Balance at March 31, 2022 | 133,579,809 | (52,411,679) | 81,168,130 | ||||||||||||||
Dividend payable/paid | 23 | — | 23 | ||||||||||||||
Common stock issued | 20,178 | — | 20,178 | ||||||||||||||
Shares withheld for tax withholding | — | (9,749) | (9,749) | ||||||||||||||
Shares repurchased under stock repurchase programs | — | (685,522) | (685,522) | ||||||||||||||
Shares issued to directors | 4,122 | (924) | 3,198 | ||||||||||||||
Balance at June 30, 2022 | 133,604,132 | (53,107,874) | 80,496,258 | ||||||||||||||
Dividend payable/paid | — | — | — | ||||||||||||||
Common stock issued | 16,678 | — | 16,678 | ||||||||||||||
Shares withheld for tax withholding | — | (8,812) | (8,812) | ||||||||||||||
Shares repurchased under stock repurchase programs | — | (382,986) | (382,986) | ||||||||||||||
Shares issued to directors | 60 | (60) | — | ||||||||||||||
Balance at September 30, 2022 | 133,620,870 | (53,499,732) | 80,121,138 | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Index | $ | 322,240 | $ | 321,503 | $ | 973,948 | $ | 919,957 | |||||||||||||||
Analytics | 144,915 | 136,298 | 426,396 | 406,217 | |||||||||||||||||||
ESG and Climate | 57,595 | 43,691 | 164,752 | 117,749 | |||||||||||||||||||
All Other - Private Assets | 35,889 | 15,607 | 107,294 | 49,779 | |||||||||||||||||||
Total | $ | 560,639 | $ | 517,099 | $ | 1,672,390 | $ | 1,493,702 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Index Adjusted EBITDA | $ | 245,967 | $ | 245,587 | $ | 737,012 | $ | 698,934 | |||||||||||||||
Analytics Adjusted EBITDA | 67,634 | 50,291 | 181,484 | 145,836 | |||||||||||||||||||
ESG and Climate Adjusted EBITDA | 15,910 | 9,820 | 42,334 | 20,585 | |||||||||||||||||||
All Other - Private Assets Adjusted EBITDA | 11,450 | 897 | 29,819 | 12,775 | |||||||||||||||||||
Total operating segment profitability | 340,961 | 306,595 | 990,649 | 878,130 | |||||||||||||||||||
Amortization of intangible assets | 23,375 | 14,105 | 67,274 | 59,569 | |||||||||||||||||||
Depreciation and amortization of property, equipment and leasehold improvements | 7,127 | 6,809 | 20,426 | 20,972 | |||||||||||||||||||
Acquisition-related integration and transaction costs(1) | 928 | 5,451 | 4,059 | 5,451 | |||||||||||||||||||
Operating income | 309,531 | 280,230 | 898,890 | 792,138 | |||||||||||||||||||
Other expense (income), net | 40,327 | 79,580 | 120,711 | 179,765 | |||||||||||||||||||
Provision for income taxes | 52,612 | 30,774 | 122,577 | 80,255 | |||||||||||||||||||
Net income | $ | 216,592 | $ | 169,876 | $ | 655,602 | $ | 532,118 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Operating revenues | |||||||||||||||||||||||
Americas: | |||||||||||||||||||||||
United States | $ | 233,196 | $ | 213,756 | $ | 696,284 | $ | 611,226 | |||||||||||||||
Other | 24,450 | 22,060 | 70,559 | 63,259 | |||||||||||||||||||
Total Americas | 257,646 | 235,816 | 766,843 | 674,485 | |||||||||||||||||||
Europe, the Middle East and Africa ("EMEA"): | |||||||||||||||||||||||
United Kingdom | 88,681 | 87,101 | 264,854 | 250,984 | |||||||||||||||||||
Other | 125,607 | 113,102 | 379,695 | 332,554 | |||||||||||||||||||
Total EMEA | 214,288 | 200,203 | 644,549 | 583,538 | |||||||||||||||||||
Asia & Australia: | |||||||||||||||||||||||
Japan | 21,784 | 23,384 | 67,817 | 68,019 | |||||||||||||||||||
Other | 66,921 | 57,696 | 193,181 | 167,660 | |||||||||||||||||||
Total Asia & Australia | 88,705 | 81,080 | 260,998 | 235,679 | |||||||||||||||||||
Total | $ | 560,639 | $ | 517,099 | $ | 1,672,390 | $ | 1,493,702 | |||||||||||||||
As of | |||||||||||
September 30, | December 31, | ||||||||||
2022 | 2021 | ||||||||||
(in thousands) | |||||||||||
Long-lived assets | |||||||||||
Americas: | |||||||||||
United States | $ | 177,089 | $ | 167,870 | |||||||
Other | 12,272 | 13,480 | |||||||||
Total Americas | 189,361 | 181,350 | |||||||||
EMEA: | |||||||||||
United Kingdom | 18,552 | 19,563 | |||||||||
Other | 22,376 | 34,240 | |||||||||
Total EMEA | 40,928 | 53,803 | |||||||||
Asia & Australia: | |||||||||||
Japan | 657 | 1,150 | |||||||||
Other | 34,930 | 31,873 | |||||||||
Total Asia & Australia | 35,587 | 33,023 | |||||||||
Total | $ | 265,876 | $ | 268,176 | |||||||
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 420,216 | $ | 357,640 | 17.5 | % | $ | 1,227,025 | $ | 1,043,502 | 17.6 | % | ||||||||||||||||||||||||||
Asset-based fees | 125,620 | 141,745 | (11.4 | %) | 402,889 | 404,593 | (0.4 | %) | ||||||||||||||||||||||||||||||
Non-recurring | 14,803 | 17,714 | (16.4 | %) | 42,476 | 45,607 | (6.9 | %) | ||||||||||||||||||||||||||||||
Total operating revenues | $ | 560,639 | $ | 517,099 | 8.4 | % | $ | 1,672,390 | $ | 1,493,702 | 12.0 | % | ||||||||||||||||||||||||||
Period Ended | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
(in billions) | March 31, | June 30, | September 30, | December 31, | March 31, | June 30, | September 30, | |||||||||||||||||||||||||||||||||||||
AUM in ETFs linked to MSCI equity indexes(1), (2) | $ | 1,209.6 | $ | 1,336.2 | $ | 1,336.6 | $ | 1,451.6 | $ | 1,389.3 | $ | 1,189.5 | $ | 1,081.2 | ||||||||||||||||||||||||||||||
Sequential Change in Value | ||||||||||||||||||||||||||||||||||||||||||||
Market Appreciation/(Depreciation) | $ | 43.2 | $ | 73.7 | $ | (30.7) | $ | 56.5 | $ | (89.7) | $ | (207.3) | $ | (105.7) | ||||||||||||||||||||||||||||||
Cash Inflows | 62.8 | 52.9 | 31.1 | 58.5 | 27.4 | 7.5 | (2.6) | |||||||||||||||||||||||||||||||||||||
Total Change | $ | 106.0 | $ | 126.6 | $ | 0.4 | $ | 115.0 | $ | (62.3) | $ | (199.8) | $ | (108.3) | ||||||||||||||||||||||||||||||
2021 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
(in billions) | March | June | September | December | March | June | September | |||||||||||||||||||||||||||||||||||||
AUM in ETFs linked to MSCI equity indexes(1), (2) | ||||||||||||||||||||||||||||||||||||||||||||
Quarterly average | $ | 1,169.2 | $ | 1,292.4 | $ | 1,361.9 | $ | 1,414.8 | $ | 1,392.5 | $ | 1,285.4 | $ | 1,208.9 | ||||||||||||||||||||||||||||||
Year-to-date average | $ | 1,169.2 | $ | 1,230.8 | $ | 1,274.5 | $ | 1,309.6 | $ | 1,392.5 | $ | 1,338.9 | $ | 1,295.6 |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Index | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 185,531 | $ | 165,310 | 12.2 | % | $ | 539,740 | $ | 480,488 | 12.3 | % | ||||||||||||||||||||||||||
Asset-based fees | 125,620 | 141,745 | (11.4 | %) | 402,889 | 404,593 | (0.4 | %) | ||||||||||||||||||||||||||||||
Non-recurring | 11,089 | 14,448 | (23.2 | %) | 31,319 | 34,876 | (10.2 | %) | ||||||||||||||||||||||||||||||
Index total | 322,240 | 321,503 | 0.2 | % | 973,948 | 919,957 | 5.9 | % | ||||||||||||||||||||||||||||||
Analytics | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | 142,751 | 134,320 | 6.3 | % | 420,047 | 399,360 | 5.2 | % | ||||||||||||||||||||||||||||||
Non-recurring | 2,164 | 1,978 | 9.4 | % | 6,349 | 6,857 | (7.4 | %) | ||||||||||||||||||||||||||||||
Analytics total | 144,915 | 136,298 | 6.3 | % | 426,396 | 406,217 | 5.0 | % | ||||||||||||||||||||||||||||||
ESG and Climate | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | 56,353 | 42,592 | 32.3 | % | 160,962 | 115,299 | 39.6 | % | ||||||||||||||||||||||||||||||
Non-recurring | 1,242 | 1,099 | 13.0 | % | 3,790 | 2,450 | 54.7 | % | ||||||||||||||||||||||||||||||
ESG and Climate total | 57,595 | 43,691 | 31.8 | % | 164,752 | 117,749 | 39.9 | % | ||||||||||||||||||||||||||||||
All Other - Private Assets | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | 35,581 | 15,418 | 130.8 | % | 106,276 | 48,355 | 119.8 | % | ||||||||||||||||||||||||||||||
Non-recurring | 308 | 189 | 63.0 | % | 1,018 | 1,424 | (28.5 | %) | ||||||||||||||||||||||||||||||
All Other - Private Assets total | 35,889 | 15,607 | 130.0 | % | 107,294 | 49,779 | 115.5 | % | ||||||||||||||||||||||||||||||
Total operating revenues | $ | 560,639 | $ | 517,099 | 8.4 | % | $ | 1,672,390 | $ | 1,493,702 | 12.0 | % | ||||||||||||||||||||||||||
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||
Cost of revenues | $ | 98,418 | $ | 89,674 | 9.8 | % | $ | 301,957 | $ | 262,781 | 14.9 | % | ||||||||||||||||||||||||||
Selling and marketing | 65,545 | 59,819 | 9.6 | % | 192,671 | 174,477 | 10.4 | % | ||||||||||||||||||||||||||||||
Research and development | 25,941 | 28,352 | (8.5 | %) | 78,179 | 80,745 | (3.2 | %) | ||||||||||||||||||||||||||||||
General and administrative | 30,702 | 38,110 | (19.4 | %) | 112,993 | 103,020 | 9.7 | % | ||||||||||||||||||||||||||||||
Amortization of intangible assets | 23,375 | 14,105 | 65.7 | % | 67,274 | 59,569 | 12.9 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization of property, equipment and leasehold improvements | 7,127 | 6,809 | 4.7 | % | 20,426 | 20,972 | (2.6 | %) | ||||||||||||||||||||||||||||||
Total operating expenses | $ | 251,108 | $ | 236,869 | 6.0 | % | $ | 773,500 | $ | 701,564 | 10.3 | % | ||||||||||||||||||||||||||
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Compensation and benefits | $ | 155,447 | $ | 152,540 | 1.9 | % | $ | 489,527 | $ | 452,237 | 8.2 | % | ||||||||||||||||||||||||||
Non-compensation expenses | 65,159 | 63,415 | 2.8 | % | 196,273 | 168,786 | 16.3 | % | ||||||||||||||||||||||||||||||
Amortization of intangible assets | 23,375 | 14,105 | 65.7 | % | 67,274 | 59,569 | 12.9 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization of property, equipment and leasehold improvements | 7,127 | 6,809 | 4.7 | % | 20,426 | 20,972 | (2.6 | %) | ||||||||||||||||||||||||||||||
Total operating expenses | $ | 251,108 | $ | 236,869 | 6.0 | % | $ | 773,500 | $ | 701,564 | 10.3 | % | ||||||||||||||||||||||||||
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Interest income | $ | (3,938) | $ | (396) | 894.4 | % | $ | (5,160) | $ | (1,129) | 357.0 | % | ||||||||||||||||||||||||||
Interest expense | 44,162 | 42,137 | 4.8 | % | 125,961 | 119,278 | 5.6 | % | ||||||||||||||||||||||||||||||
Other expense (income) | 103 | 37,839 | (99.7 | %) | (90) | 61,616 | (100.1 | %) | ||||||||||||||||||||||||||||||
Total other expense (income), net | $ | 40,327 | $ | 79,580 | (49.3 | %) | $ | 120,711 | $ | 179,765 | (32.9 | %) | ||||||||||||||||||||||||||
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Provision for income taxes | 52,612 | 30,774 | 71.0 | % | 122,577 | 80,255 | 52.7 | % | ||||||||||||||||||||||||||||||
Effective tax rate | 19.5 | % | 15.3 | % | 27.5 | % | 15.8 | % | 13.1 | % | 20.6 | % |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Net income | $ | 216,592 | $ | 169,876 | 27.5 | % | $ | 655,602 | $ | 532,118 | 23.2 | % |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||||||||||||||||||||
Basic | 80,500 | 82,470 | (2.4 | %) | 81,001 | 82,521 | (1.8 | %) | ||||||||||||||||||||||||||||||
Diluted | 80,874 | 83,554 | (3.2 | %) | 81,481 | 83,446 | (2.4 | %) |
As of | % Change | |||||||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||||||||
Common shares outstanding | 80,121 | 82,439 | (2.8 | %) |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Operating revenues | $ | 560,639 | $ | 517,099 | 8.4 | % | $ | 1,672,390 | $ | 1,493,702 | 12.0 | % | ||||||||||||||||||||||||||
Adjusted EBITDA expenses | 219,678 | 210,504 | 4.4 | % | 681,741 | 615,572 | 10.7 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 340,961 | $ | 306,595 | 11.2 | % | $ | 990,649 | $ | 878,130 | 12.8 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 60.8 | % | 59.3 | % | 59.2 | % | 58.8 | % | ||||||||||||||||||||||||||||||
Operating margin % | 55.2 | % | 54.2 | % | 53.7 | % | 53.0 | % |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Index Adjusted EBITDA | $ | 245,967 | $ | 245,587 | 0.2 | % | $ | 737,012 | $ | 698,934 | 5.4 | % | ||||||||||||||||||||||||||
Analytics Adjusted EBITDA | 67,634 | 50,291 | 34.5 | % | 181,484 | 145,836 | 24.4 | % | ||||||||||||||||||||||||||||||
ESG and Climate Adjusted EBITDA | 15,910 | 9,820 | 62.0 | % | 42,334 | 20,585 | 105.7 | % | ||||||||||||||||||||||||||||||
All Other - Private Assets Adjusted EBITDA | 11,450 | 897 | 1176.5 | % | 29,819 | 12,775 | 133.4 | % | ||||||||||||||||||||||||||||||
Consolidated Adjusted EBITDA | 340,961 | 306,595 | 11.2 | % | 990,649 | 878,130 | 12.8 | % | ||||||||||||||||||||||||||||||
Amortization of intangible assets | 23,375 | 14,105 | 65.7 | % | 67,274 | 59,569 | 12.9 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization of property, equipment and leasehold improvements | 7,127 | 6,809 | 4.7 | % | 20,426 | 20,972 | (2.6 | %) | ||||||||||||||||||||||||||||||
Acquisition-related integration and transaction costs (1) | 928 | 5,451 | (83.0 | %) | 4,059 | 5,451 | (25.5 | %) | ||||||||||||||||||||||||||||||
Operating income | 309,531 | 280,230 | 10.5 | % | 898,890 | 792,138 | 13.5 | % | ||||||||||||||||||||||||||||||
Other expense (income), net | 40,327 | 79,580 | (49.3 | %) | 120,711 | 179,765 | (32.9 | %) | ||||||||||||||||||||||||||||||
Provision for income taxes | 52,612 | 30,774 | 71.0 | % | 122,577 | 80,255 | 52.7 | % | ||||||||||||||||||||||||||||||
Net income | $ | 216,592 | $ | 169,876 | 27.5 | % | $ | 655,602 | $ | 532,118 | 23.2 | % | ||||||||||||||||||||||||||
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Index Adjusted EBITDA expenses | $ | 76,273 | $ | 75,916 | 0.5 | % | $ | 236,936 | $ | 221,023 | 7.2 | % | ||||||||||||||||||||||||||
Analytics Adjusted EBITDA expenses | 77,281 | 86,007 | (10.1 | %) | 244,912 | 260,381 | (5.9 | %) | ||||||||||||||||||||||||||||||
ESG and Climate Adjusted EBITDA expenses | 41,685 | 33,871 | 23.1 | % | 122,418 | 97,164 | 26.0 | % | ||||||||||||||||||||||||||||||
All Other - Private Assets Adjusted EBITDA expenses | 24,439 | 14,710 | 66.1 | % | 77,475 | 37,004 | 109.4 | % | ||||||||||||||||||||||||||||||
Consolidated Adjusted EBITDA expenses | 219,678 | 210,504 | 4.4 | % | 681,741 | 615,572 | 10.7 | % | ||||||||||||||||||||||||||||||
Amortization of intangible assets | 23,375 | 14,105 | 65.7 | % | 67,274 | 59,569 | 12.9 | % | ||||||||||||||||||||||||||||||
Depreciation and amortization of property, equipment and leasehold improvements | 7,127 | 6,809 | 4.7 | % | 20,426 | 20,972 | (2.6 | %) | ||||||||||||||||||||||||||||||
Acquisition-related integration and transaction costs (1) | 928 | 5,451 | (83.0 | %) | 4,059 | 5,451 | (25.5 | %) | ||||||||||||||||||||||||||||||
Total operating expenses | $ | 251,108 | $ | 236,869 | 6.0 | % | $ | 773,500 | $ | 701,564 | 10.3 | % | ||||||||||||||||||||||||||
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 185,531 | $ | 165,310 | 12.2 | % | $ | 539,740 | $ | 480,488 | 12.3 | % | ||||||||||||||||||||||||||
Asset-based fees | 125,620 | 141,745 | (11.4 | %) | 402,889 | 404,593 | (0.4 | %) | ||||||||||||||||||||||||||||||
Non-recurring | 11,089 | 14,448 | (23.2 | %) | 31,319 | 34,876 | (10.2 | %) | ||||||||||||||||||||||||||||||
Operating revenues total | 322,240 | 321,503 | 0.2 | % | 973,948 | 919,957 | 5.9 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 76,273 | 75,916 | 0.5 | % | 236,936 | 221,023 | 7.2 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 245,967 | $ | 245,587 | 0.2 | % | $ | 737,012 | $ | 698,934 | 5.4 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 76.3 | % | 76.4 | % | 75.7 | % | 76.0 | % |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 142,751 | $ | 134,320 | 6.3 | % | $ | 420,047 | $ | 399,360 | 5.2 | % | ||||||||||||||||||||||||||
Non-recurring | 2,164 | 1,978 | 9.4 | % | 6,349 | 6,857 | (7.4 | %) | ||||||||||||||||||||||||||||||
Operating revenues total | 144,915 | 136,298 | 6.3 | % | 426,396 | 406,217 | 5.0 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 77,281 | 86,007 | (10.1 | %) | 244,912 | 260,381 | (5.9 | %) | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 67,634 | $ | 50,291 | 34.5 | % | $ | 181,484 | $ | 145,836 | 24.4 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 46.7 | % | 36.9 | % | 42.6 | % | 35.9 | % |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 56,353 | $ | 42,592 | 32.3 | % | $ | 160,962 | $ | 115,299 | 39.6 | % | ||||||||||||||||||||||||||
Non-recurring | 1,242 | 1,099 | 13.0 | % | 3,790 | 2,450 | 54.7 | % | ||||||||||||||||||||||||||||||
Operating revenues total | 57,595 | 43,691 | 31.8 | % | 164,752 | 117,749 | 39.9 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 41,685 | 33,871 | 23.1 | % | 122,418 | 97,164 | 26.0 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 15,910 | $ | 9,820 | 62.0 | % | $ | 42,334 | $ | 20,585 | 105.7 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 27.6 | % | 22.5 | % | 25.7 | % | 17.5 | % |
Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||||
Recurring subscriptions | $ | 35,581 | $ | 15,418 | 130.8 | % | $ | 106,276 | $ | 48,355 | 119.8 | % | ||||||||||||||||||||||||||
Non-recurring | 308 | 189 | 63.0 | % | 1,018 | 1,424 | (28.5 | %) | ||||||||||||||||||||||||||||||
Operating revenues total | 35,889 | 15,607 | 130.0 | % | 107,294 | 49,779 | 115.5 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA expenses | 24,439 | 14,710 | 66.1 | % | 77,475 | 37,004 | 109.4 | % | ||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 11,450 | $ | 897 | 1176.5 | % | $ | 29,819 | $ | 12,775 | 133.4 | % | ||||||||||||||||||||||||||
Adjusted EBITDA margin % | 31.9 | % | 5.7 | % | 27.8 | % | 25.7 | % |
As of | % Change | |||||||||||||||||||
(in thousands) | September 30, 2022 | September 30, 2021 | ||||||||||||||||||
Index: | ||||||||||||||||||||
Recurring subscriptions | $ | 750,818 | $ | 667,023 | 12.6 | % | ||||||||||||||
Asset-based fees | 479,399 | 550,230 | (12.9 | %) | ||||||||||||||||
Index total | 1,230,217 | 1,217,253 | 1.1 | % | ||||||||||||||||
Analytics | 597,752 | 568,932 | 5.1 | % | ||||||||||||||||
ESG and Climate | 237,930 | 178,398 | 33.4 | % | ||||||||||||||||
All Other - Private Assets | 137,401 | 131,678 | 4.3 | % | ||||||||||||||||
Total Run Rate | $ | 2,203,300 | $ | 2,096,261 | 5.1 | % | ||||||||||||||
Recurring subscriptions total | $ | 1,723,901 | $ | 1,546,031 | 11.5 | % | ||||||||||||||
Asset-based fees | 479,399 | 550,230 | (12.9 | %) | ||||||||||||||||
Total Run Rate | $ | 2,203,300 | $ | 2,096,261 | 5.1 | % | ||||||||||||||
Three Months Ended | % Change | Nine Months Ended | % Change | |||||||||||||||||||||||||||||||||||
(in thousands) | September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||||||||||||||||||||||||||||||||
New recurring subscription sales | ||||||||||||||||||||||||||||||||||||||
Index | $ | 24,130 | $ | 19,546 | 23.5 | % | $ | 74,493 | $ | 66,037 | 12.8 | % | ||||||||||||||||||||||||||
Analytics | 17,568 | 15,889 | 10.6 | % | 50,391 | 44,381 | 13.5 | % | ||||||||||||||||||||||||||||||
ESG and Climate | 14,270 | 17,310 | (17.6 | %) | 55,617 | 46,706 | 19.1 | % | ||||||||||||||||||||||||||||||
All Other - Private Assets | 5,218 | 2,479 | 110.5 | % | 16,490 | 6,023 | 173.8 | % | ||||||||||||||||||||||||||||||
New recurring subscription sales total | 61,186 | 55,224 | 10.8 | % | 196,991 | 163,147 | 20.7 | % | ||||||||||||||||||||||||||||||
Subscription cancellations | ||||||||||||||||||||||||||||||||||||||
Index | (5,388) | (6,203) | (13.1 | %) | (18,468) | (18,192) | 1.5 | % | ||||||||||||||||||||||||||||||
Analytics | (6,029) | (9,213) | (34.6 | %) | (22,523) | (25,188) | (10.6 | %) | ||||||||||||||||||||||||||||||
ESG and Climate | (1,303) | (1,338) | (2.6 | %) | (3,315) | (3,636) | (8.8 | %) | ||||||||||||||||||||||||||||||
All Other - Private Assets | (1,744) | (1,296) | 34.6 | % | (5,080) | (2,881) | 76.3 | % | ||||||||||||||||||||||||||||||
Subscription cancellations total | (14,464) | (18,050) | (19.9 | %) | (49,386) | (49,897) | (1.0 | %) | ||||||||||||||||||||||||||||||
Net new recurring subscription sales | ||||||||||||||||||||||||||||||||||||||
Index | 18,742 | 13,343 | 40.5 | % | 56,025 | 47,845 | 17.1 | % | ||||||||||||||||||||||||||||||
Analytics | 11,539 | 6,676 | 72.8 | % | 27,868 | 19,193 | 45.2 | % | ||||||||||||||||||||||||||||||
ESG and Climate | 12,967 | 15,972 | (18.8 | %) | 52,302 | 43,070 | 21.4 | % | ||||||||||||||||||||||||||||||
All Other - Private Assets | 3,474 | 1,183 | 193.7 | % | 11,410 | 3,142 | 263.1 | % | ||||||||||||||||||||||||||||||
Net new recurring subscription sales total | 46,722 | 37,174 | 25.7 | % | 147,605 | 113,250 | 30.3 | % | ||||||||||||||||||||||||||||||
Non-recurring sales | ||||||||||||||||||||||||||||||||||||||
Index | 13,375 | 17,366 | (23.0 | %) | 41,357 | 39,340 | 5.1 | % | ||||||||||||||||||||||||||||||
Analytics | 2,505 | 2,377 | 5.4 | % | 8,412 | 8,123 | 3.6 | % | ||||||||||||||||||||||||||||||
ESG and Climate | 1,375 | 1,090 | 26.1 | % | 3,553 | 2,927 | 21.4 | % | ||||||||||||||||||||||||||||||
All Other - Private Assets | 83 | 130 | (36.2 | %) | 690 | 1,201 | (42.5 | %) | ||||||||||||||||||||||||||||||
Non-recurring sales total | 17,338 | 20,963 | (17.3 | %) | 54,012 | 51,591 | 4.7 | % | ||||||||||||||||||||||||||||||
Gross sales | ||||||||||||||||||||||||||||||||||||||
Index | $ | 37,505 | $ | 36,912 | 1.6 | % | $ | 115,850 | $ | 105,377 | 9.9 | % | ||||||||||||||||||||||||||
Analytics | 20,073 | 18,266 | 9.9 | % | 58,803 | 52,504 | 12.0 | % | ||||||||||||||||||||||||||||||
ESG and Climate | 15,645 | 18,400 | (15.0 | %) | 59,170 | 49,633 | 19.2 | % | ||||||||||||||||||||||||||||||
All Other - Private Assets | 5,301 | 2,609 | 103.2 | % | 17,180 | 7,224 | 137.8 | % | ||||||||||||||||||||||||||||||
Total gross sales | $ | 78,524 | $ | 76,187 | 3.1 | % | $ | 251,003 | $ | 214,738 | 16.9 | % | ||||||||||||||||||||||||||
Net sales | ||||||||||||||||||||||||||||||||||||||
Index | $ | 32,117 | $ | 30,709 | 4.6 | % | $ | 97,382 | $ | 87,185 | 11.7 | % | ||||||||||||||||||||||||||
Analytics | 14,044 | 9,053 | 55.1 | % | 36,280 | 27,316 | 32.8 | % | ||||||||||||||||||||||||||||||
ESG and Climate | 14,342 | 17,062 | (15.9 | %) | 55,855 | 45,997 | 21.4 | % | ||||||||||||||||||||||||||||||
All Other - Private Assets | 3,557 | 1,313 | 170.9 | % | 12,100 | 4,343 | 178.6 | % | ||||||||||||||||||||||||||||||
Total net sales | $ | 64,060 | $ | 58,137 | 10.2 | % | $ | 201,617 | $ | 164,841 | 22.3 | % | ||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Index | 96.9% | 96.0% | 96.5% | 96.1% | |||||||||||||||||||
Analytics | 95.9% | 93.4% | 94.9% | 94.0% | |||||||||||||||||||
ESG and Climate | 97.4% | 96.1% | 97.8% | 96.5% | |||||||||||||||||||
All Other - Private Assets (1) | 94.8% | 91.0% | 95.0% | 91.2% | |||||||||||||||||||
Total | 96.4% | 94.5% | 95.9% | 94.9% |
Nine Months Ended (in thousands except per share data) | Average Price Paid Per Share | Total Number of Shares Repurchased | Dollar Value of Shares Repurchased | |||||||||||||||||
September 30, 2022 | $ | 473.26 | 2,567 | $ | 1,214,695 | |||||||||||||||
September 30, 2021 | $ | 407.70 | 330 | $ | 134,340 |
As of | ||||||||||||||
(in thousands) | September 30, 2022 | December 31, 2021 | ||||||||||||
Cash and cash equivalents | $ | 867,112 | $ | 1,421,449 |
Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2022 | 2021 | ||||||||||||
Net cash provided by operating activities | $ | 779,942 | $ | 656,405 | ||||||||||
Net cash used in investing activities | (52,413) | (985,879) | ||||||||||||
Net cash (used in) provided by financing activities | (1,252,827) | 321,249 | ||||||||||||
Effect of exchange rate changes | (29,039) | (7,632) | ||||||||||||
Net (decrease) increase in cash | $ | (554,337) | $ | (15,857) | ||||||||||
Period | Total Number of Shares Purchased(1) | Average Price Paid Per Share | Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs(2) | ||||||||||||||||||||||
July 1, 2022-July 31, 2022 | 9,812 | $ | 422.04 | 1,000 | $ | 1,539,148,000 | ||||||||||||||||||||
August 1, 2022-August 31, 2022 | 60 | $ | 453.04 | — | $ | 1,539,148,000 | ||||||||||||||||||||
September 1, 2022-September 30, 2022 | 381,986 | $ | 431.02 | 381,986 | $ | 1,374,507,000 | ||||||||||||||||||||
Total | 391,858 | $ | 430.80 | 382,986 | $ | 1,374,507,000 | ||||||||||||||||||||
MSCI INC. (Registrant) | ||||||||
By: | /s/ Andrew C. Wiechmann | |||||||
Andrew C. Wiechmann Chief Financial Officer (Principal Financial Officer) |
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MSCI Inc. By /s/ Joke Jacinto Name Joke Jacinto Title Executive Director | |||||
MSCI Limited By /s/ Ammo Sandhawalia Name Ammo Sandhawalia Title Vice President, Finance | BlackRock Fund Advisors By /s/ Lindsey Shapiro Name Lindsey Shapiro Title Managing Director |
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INFORMATION | FREQUENCY | ||||
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MSCI Inc. By: _/s/ Joke Jacinto Name: Joke Jacinto Title: Executive Director | BlackRock Fund Advisors By: /s/ Lindsey Shapiro Name: Lindsey Shapiro Title: Managing Director |
MSCI Limited By: _/s/ Ammo Sandhawalia Name: Ammo Sandhawalia Title: Vice President, Finance |
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BFA21 | MSCI Nihonkabu (Japan ex-REITs) Minimum Volatility Index (JPY) | iShares MSCI Japan Minimum Volatility (ex-REITs) ETF | Japan | [***] | ||||||||||
BFA22 | MSCI Japan High Dividend Yield Index (JPY) | iShares MSCI Japan High Dividend ETF | Japan | [***] | ||||||||||
BFA23 | MSCI Kokusai (JST Fixing) Index | iShares Core MSCI Kokusai ETF | Japan | [***] | ||||||||||
BFA24 | MSCI Emerging Markets IMI (JST Fixing) Index | iShares Core MSCI Emerging Markets ETF | Japan | [***] | ||||||||||
BFA25 | MSCI Japan IMI Top 700 Custom SRI 5% capped Index | iShares MSCI Japan SRI ETF | Japan | [***] | ||||||||||
BFA26 | MSCI ACWI ex Canada Investable Market Index (IMI) | iShares Core MSCI All Country World ex Canada Index ETF | Canada | [***] | ||||||||||
BFA27 | MSCI Canada High Dividend Yield 10% Security Capped Index | iShares Core MSCI Canadian Quality Dividend Index ETF | Canada | [***] | ||||||||||
BFA28 | MSCI EAFE Investable Market Index (IMI) | iShares Core MSCI EAFE IMI Index ETF | Canada | [***] | ||||||||||
BFA29 | MSCI EAFE Investable Market Index (IMI) 100% Hedged to CAD Index | iShares Core MSCI EAFE IMI Index ETF (CAD-Hedged) | Canada | [***] | ||||||||||
BFA30 | MSCI Emerging Markets Investable Market Index (IMI) | iShares Core MSCI Emerging Markets IMI Index ETF | Canada | [***] | ||||||||||
BFA31 | MSCI World High Dividend Yield Index | iShares Core MSCI Global Quality Dividend Index ETF | Canada | [***] | ||||||||||
BFA32 | MSCI World High Dividend Yield 100% Hedged to CAD Index | iShares Core MSCI Global Quality Dividend Index ETF (CAD-Hedged) | Canada | [***] | ||||||||||
BFA33 | MSCI USA High Dividend Yield Index | iShares Core MSCI US Quality Dividend Index ETF | Canada | [***] | ||||||||||
BFA34 | MSCI USA High Dividend Yield 100% Hedged to CAD Index | iShares Core MSCI US Quality Dividend Index ETF (CAD-Hedged) | Canada | [***] | ||||||||||
BFA35 | MSCI Canada Minimum Volatility Index (CAD) | iShares MSCI Min Vol Canada Index ETF | Canada | [***] | ||||||||||
BFA36 | MSCI EAFE Minimum Volatility Index (USD) | iShares MSCI Min Vol EAFE Index ETF | Canada | [***] | ||||||||||
BFA37 | MSCI EAFE Minimum Volatility (USD) 100% Hedged to CAD Index | iShares MSCI Min Vol EAFE Index ETF (CAD-Hedged) | Canada | [***] | ||||||||||
BFA38 | MSCI Emerging Markets Minimum Volatility Index (USD) | iShares MSCI Min Vol Emerging Markets Index ETF | Canada | [***] | ||||||||||
BFA39 | MSCI ACWI Minimum Volatility Index (USD) | iShares MSCI Min Vol Global Index ETF | Canada | [***] |
BFA40 | MSCI ACWI Minimum Volatility (USD) 100% Hedged to CAD Index | iShares MSCI Min Vol Global Index ETF (CAD-Hedged) | Canada | [***] | ||||||||||
BFA41 | MSCI USA Minimum Volatility Index (USD) | iShares MSCI Min Vol USA Index ETF | Canada | [***] | ||||||||||
BFA42 | MSCI USA Minimum Volatility (USD) 100% Hedged to CAD Index | iShares MSCI Min Vol USA Index ETF (CAD-Hedged) | Canada | [***] | ||||||||||
BFA43 | MSCI Canada IMI Select Diversified Multiple-Factor (CAD) Index | iShares MSCI Multifactor Canada Index ETF | Canada | [***] | ||||||||||
BFA44 | MSCI EAFE Diversified Multiple-Factor (CAD) Index | iShares MSCI Multifactor EAFE Index ETF | Canada | [***] | ||||||||||
BFA45 | MSCI EAFE Diversified Multiple-Factor (CAD) 100% Hedged to CAD Index | iShares MSCI Multifactor EAFE Index ETF (CAD-Hedged) | Canada | [***] | ||||||||||
BFA46 | MSCI USA Diversified Multiple-Factor (CAD) Index | iShares MSCI Multifactor USA Index ETF | Canada | [***] | ||||||||||
BFA47 | MSCI USA Diversified Multiple-Factor (CAD) 100% Hedged to CAD Index | iShares MSCI Multifactor USA Index ETF (CAD-Hedged) | Canada | [***] | ||||||||||
BFA48 | MSCI USA Momentum SR Variant Index | iShares MSCI USA Momentum Factor Index ETF | Canada | [***] | ||||||||||
BFA49 | MSCI USA Sector Neutral Quality Index | iShares MSCI USA Quality Factor Index ETF | Canada | [***] | ||||||||||
BFA50 | MSCI USA Enhanced Value Index | iShares MSCI USA Value Factor Index ETF | Canada | [***] | ||||||||||
BFA51 | MSCI Canada IMI Choice ESG Screened 10% Issuer Capped Index | iShares ESG Advanced MSCI Canada Index ETF | Canada | [***] | ||||||||||
BFA52 | MSCI EAFE Choice ESG Screened Index | iShares ESG Advanced MSCI EAFE Index ETF | Canada | [***] | ||||||||||
BFA53 | MSCI USA Choice ESG Screened Index | iShares ESG Advanced MSCI USA Index ETF | Canada | [***] | ||||||||||
BFA54 | MSCI Canada IMI Extended ESG Focus Index | iShares ESG Aware MSCI Canada Index ETF | Canada | [***] | ||||||||||
BFA55 | MSCI Canada IMI Extended ESG Leaders 10% Issuer Capped Index | iShares ESG MSCI Canada Leaders Index ETF | Canada | [***] | ||||||||||
BFA56 | MSCI EAFE Extended ESG Focus Index | iShares ESG Aware MSCI EAFE Index ETF | Canada | [***] | ||||||||||
BFA57 | MSCI EAFE Extended ESG Leaders Index | iShares ESG MSCI EAFE Leaders Index ETF | Canada | [***] | ||||||||||
BFA58 | MSCI Emerging Markets Extended ESG Focus Index | iShares ESG Aware MSCI Emerging Markets Index ETF | Canada | [***] |
BFA59 | MSCI USA Extended ESG Focus Index | iShares ESG Aware MSCI USA Index ETF | Canada | [***] | ||||||||||
BFA60 | MSCI USA Extended ESG Leaders Index | iShares ESG MSCI USA Leaders Index ETF | Canada | [***] | ||||||||||
BFA61 | MSCI EAFE Index 100% Hedged to CAD Index | iShares MSCI EAFE Index ETF (CAD-Hedged) | Canada | [***] | ||||||||||
BFA62 | MSCI Emerging Markets Index | iShares MSCI Emerging Markets Index ETF | Canada | [***] | ||||||||||
BFA63 | MSCI Europe Investable Market Index (IMI) | iShares MSCI Europe IMI Index ETF | Canada | [***] | ||||||||||
BFA64 | MSCI Europe Investable Market Index (IMI) 100% Hedged to CAD Index | iShares MSCI Europe IMI Index ETF (CAD-Hedged) | Canada | [***] | ||||||||||
BFA65 | MSCI World Index | iShares MSCI World Index ETF | Canada | [***] | ||||||||||
BFA66 | MSCI Pacific ex-Japan Index | iShares Core MSCI Pacific ex Japan UCITS ETF | Ireland | [***] | ||||||||||
BFA67 | MSCI Canada Index | iShares MSCI Canada UCITS ETF | Ireland | [***] | ||||||||||
BFA68 | MSCI Emerging Markets Asia Index | iShares MSCI EM Asia UCITS ETF | Ireland | [***] | ||||||||||
BFA69 | MSCI EMU Small Cap Index | iShares MSCI EMU Small Cap UCITS ETF | Ireland | [***] | ||||||||||
BFA70 | MSCI Japan Index | iShares MSCI Japan UCITS ETF | Ireland | [***] | ||||||||||
BFA71 | MSCI Korea Index | iShares MSCI Korea UCITS ETF (Acc) | Ireland | [***] | ||||||||||
BFA72 | MSCI Mexico Capped Index | iShares MSCI Mexico Capped UCITS ETF | Ireland | [***] | ||||||||||
BFA73 | MSCI United Kingdom Small Cap Index | iShares MSCI UK Small Cap UCITS ETF | Ireland | [***] | ||||||||||
BFA74 | MSCI United Kingdom Index | iShares MSCI UK UCITS ETF | Ireland | [***] | ||||||||||
BFA75 | MSCI USA Small Cap Index | iShares MSCI USA Small Cap UCITS ETF | Ireland | [***] | ||||||||||
BFA76 | MSCI USA Index | iShares MSCI USA UCITS ETF | Ireland | [***] | ||||||||||
BFA77 | MSCI Europe Minimum Volatility ESG Reduced Carbon Target Index | iShares Edge MSCI Europe Minimum Volatility ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA78 | MSCI Emerging Markets Investable Market Index | iShares Core MSCI Emerging Markets IMI UCITS ETF | Ireland | [***] | ||||||||||
BFA79 | MSCI EMU Index | iShares Core MSCI EMU UCITS ETF | Ireland | [***] |
BFA80 | MSCI Europe Index | iShares Core MSCI Europe UCITS ETF | Ireland | [***] | ||||||||||
BFA81 | MSCI Japan Investable Market Index | iShares Core MSCI Japan IMI UCITS ETF | Ireland | [***] | ||||||||||
BFA82 | MSCI World Index | iShares Core MSCI World UCITS ETF | Ireland | [***] | ||||||||||
BFA83 | MSCI Emerging Markets Minimum Volatility Index | iShares Edge MSCI EM Minimum Volatility UCITS ETF | Ireland | [***] | ||||||||||
BFA84 | MSCI Emerging Markets Select Value Factor Focus Index | iShares Edge MSCI EM Value Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA85 | MSCI Europe Minimum Volatility Index | iShares Edge MSCI Europe Minimum Volatility UCITS ETF | Ireland | [***] | ||||||||||
BFA86 | MSCI Europe Momentum Index | iShares Edge MSCI Europe Momentum Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA87 | MSCI Europe Diversified Multiple-Factor Index | iShares Edge MSCI Europe Multifactor UCITS ETF | Ireland | [***] | ||||||||||
BFA88 | MSCI Europe Sector Neutral Quality Index | iShares Edge MSCI Europe Quality Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA89 | MSCI Europe Mid-Cap Equal Weighted Index | iShares Edge MSCI Europe Size Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA90 | MSCI Europe Enhanced Value Index | iShares Edge MSCI Europe Value Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA91 | MSCI USA Minimum Volatility ESG Reduced Carbon Target Index | iShares Edge MSCI USA Minimum Volatility ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA92 | MSCI USA Momentum Index | iShares Edge MSCI USA Momentum Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA93 | MSCI USA Diversified Multiple-Factor Index | iShares Edge MSCI USA Multifactor UCITS ETF | Ireland | [***] | ||||||||||
BFA94 | MSCI USA Sector Neutral Quality Index | iShares Edge MSCI USA Quality Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA95 | MSCI USA Mid-Cap Equal Weighted Index | iShares Edge MSCI USA Size Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA96 | MSCI USA Enhanced Value Index | iShares Edge MSCI USA Value Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA97 | MSCI World Minimum Volatility Index | iShares Edge MSCI World Minimum Volatility UCITS ETF | Ireland | [***] |
BFA98 | MSCI World Minimum Volatility ESG Reduced Carbon Target Index | iShares Edge MSCI World Minimum Volatility ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA99 | MSCI World Momentum Index | iShares Edge MSCI World Momentum Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA100 | MSCI World Diversified Multiple-Factor Index | iShares Edge MSCI World Multifactor UCITS ETF | Ireland | [***] | ||||||||||
BFA101 | MSCI World Sector Neutral Quality Index | iShares Edge MSCI World Quality Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA102 | MSCI World Mid‑Cap Equal Weighted Index | iShares Edge MSCI World Size Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA103 | MSCI World Enhanced Value Index | iShares Edge MSCI World Value Factor UCITS ETF | Ireland | [***] | ||||||||||
BFA104 | MSCI AC Far East ex Japan Small Cap Index | iShares MSCI AC Far East ex-Japan Small Cap UCITS ETF | Ireland | [***] | ||||||||||
BFA105 | MSCI AC Far East ex-Japan Index | iShares MSCI AC Far East ex-Japan UCITS ETF | Ireland | [***] | ||||||||||
BFA106 | MSCI ACWI Index | iShares MSCI ACWI UCITS ETF | Ireland | [***] | ||||||||||
BFA107 | MSCI Australia Index | iShares MSCI Australia UCITS ETF | Ireland | [***] | ||||||||||
BFA108 | MSCI Brazil Index | iShares MSCI Brazil UCITS ETF USD (Dist) | Ireland | [***] | ||||||||||
BFA109 | MSCI China A Inclusion Index | iShares MSCI China A UCITS ETF | Ireland | [***] | ||||||||||
BFA110 | MSCI China Index | iShares MSCI China UCITS ETF | Ireland | [***] | ||||||||||
BFA111 | MSCI ACWI Emerging Market Consumer Growth Index | iShares MSCI Emerging Markets Consumer Growth UCITS ETF | Ireland | [***] | ||||||||||
BFA112 | MSCI EM ESG Enhanced Focus CTB Index | iShares MSCI EM ESG Enhanced UCITS ETF | Ireland | [***] | ||||||||||
BFA113 | MSCI EM IMI ESG Screened Index | iShares MSCI EM IMI ESG Screened UCITS ETF | Ireland | [***] | ||||||||||
BFA114 | MSCI Emerging Markets Islamic Index | iShares MSCI Emerging Markets Islamic UCITS ETF | Ireland | [***] | ||||||||||
BFA115 | MSCI EM Latin America 10/40 Index | iShares MSCI EM Latin America UCITS ETF (Dist) | Ireland | [***] | ||||||||||
BFA116 | MSCI Emerging Markets Small Cap Index | iShares MSCI Emerging Markets Small Cap UCITS ETF | Ireland | [***] |
BFA117 | MSCI Emerging Markets SRI Select Reduced Fossil Fuels Index | iShares MSCI EM SRI UCITS ETF | Ireland | [***] | ||||||||||
BFA118 | MSCI Emerging Markets Index | iShares MSCI Emerging Markets UCITS ETF (Acc) | Ireland | [***] | ||||||||||
BFA119 | MSCI Emerging Markets Index | iShares MSCI Emerging Markets UCITS ETF (Dist) | Ireland | [***] | ||||||||||
BFA120 | MSCI EMU 100% Hedged to CHF Index | iShares MSCI EMU CHF Hedged UCITS ETF | Ireland | [***] | ||||||||||
BFA121 | MSCI EMU ESG Enhanced Focus CTB Index | iShares MSCI EMU ESG Enhanced UCITS ETF | Ireland | [***] | ||||||||||
BFA122 | MSCI EMU ESG Screened Index | iShares MSCI EMU ESG Screened UCITS ETF | Ireland | [***] | ||||||||||
BFA123 | MSCI EMU Large Cap Index | iShares MSCI EMU Large Cap UCITS ETF | Ireland | [***] | ||||||||||
BFA124 | MSCI EMU Mid Cap Index | iShares MSCI EMU Mid Cap UCITS ETF | Ireland | [***] | ||||||||||
BFA125 | MSCI EMU SRI Select Reduced Fossil Fuel Index | iShares MSCI EMU SRI UCITS ETF | Ireland | [***] | ||||||||||
BFA126 | MSCI EMU 100% USD Hedged Index | iShares MSCI EMU USD Hedged UCITS ETF | Ireland | [***] | ||||||||||
BFA127 | MSCI Europe ESG Enhanced Focus CTB Index | iShares MSCI Europe ESG Enhanced UCITS ETF | Ireland | [***] | ||||||||||
BFA128 | MSCI Europe ESG Screened Index | iShares MSCI Europe ESG Screened UCITS ETF | Ireland | [***] | ||||||||||
BFA129 | MSCI Europe ex UK 100% Hedged to GBP Index | iShares MSCI Europe ex-UK GBP Hedged UCITS ETF | Ireland | [***] | ||||||||||
BFA130 | MSCI Europe ex-UK Index | iShares MSCI Europe ex-UK UCITS ETF | Ireland | [***] | ||||||||||
BFA131 | MSCI Europe Mid Cap Index | iShares MSCI Europe Mid Cap UCITS ETF | Ireland | [***] | ||||||||||
BFA132 | MSCI Europe High Dividend Yield ESG Reduced Carbon Target Select Index | iShares MSCI Europe Quality Dividend ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA133 | MSCI Europe SRI Select Reduced Fossil Fuel Index | iShares MSCI Europe SRI UCITS ETF | Ireland | [***] | ||||||||||
BFA134 | MSCI Europe Index | iShares MSCI Europe UCITS ETF EUR (Acc) | Ireland | [***] | ||||||||||
BFA135 | MSCI France Index | iShares MSCI France UCITS ETF | Ireland | [***] | ||||||||||
BFA136 | MSCI India Index | iShares MSCI India UCITS ETF | Ireland | [***] |
BFA137 | MSCI Japan 100% Hedged to CHF Index | iShares MSCI Japan Monthly CHF Hedged UCITS ETF | Ireland | [***] | ||||||||||
BFA138 | MSCI Japan ESG Enhanced Focus CTB Index | iShares MSCI Japan ESG Enhanced UCITS ETF | Ireland | [***] | ||||||||||
BFA139 | MSCI Japan ESG Screened Index | iShares MSCI Japan ESG Screened UCITS ETF | Ireland | [***] | ||||||||||
BFA140 | MSCI Japan 100% Hedged to EUR Index | iShares MSCI Japan EUR Hedged UCITS ETF | Ireland | [***] | ||||||||||
BFA141 | MSCI Japan 100% Hedged to GBP Index | iShares MSCI Japan GBP Hedged UCITS ETF | Ireland | [***] | ||||||||||
BFA142 | MSCI Japan Small Cap Index | iShares MSCI Japan Small Cap UCITS ETF (Dist) | Ireland | [***] | ||||||||||
BFA143 | MSCI Japan SRI 100% Hedged to EUR Index | iShares MSCI Japan SRI EUR Hedged UCITS ETF (Acc) | Ireland | [***] | ||||||||||
BFA144 | MSCI Japan SRI Select Reduced Fossil Fuels Index | iShares MSCI Japan SRI UCITS ETF | Ireland | [***] | ||||||||||
BFA145 | MSCI Japan Index | iShares MSCI Japan UCITS ETF (Dist) | Ireland | [***] | ||||||||||
BFA146 | MSCI Japan 100% Hedged to USD Index | iShares MSCI Japan USD Hedged UCITS ETF | Ireland | [***] | ||||||||||
BFA147 | MSCI Korea Index | iShares MSCI Korea UCITS ETF (Dist) | Ireland | [***] | ||||||||||
BFA148 | MSCI North America Index | iShares MSCI North America UCITS ETF | Ireland | [***] | ||||||||||
BFA149 | MSCI Pacific ex-Japan Index | iShares MSCI Pacific ex-Japan UCITS ETF | Ireland | [***] | ||||||||||
BFA150 | MSCI Poland Index | iShares MSCI Poland UCITS ETF | Ireland | [***] | ||||||||||
BFA151 | MSCI Saudi Arabia 20/35 Index | iShares MSCI Saudi Arabia Capped UCITS ETF | Ireland | [***] | ||||||||||
BFA152 | MSCI South Africa Index | iShares MSCI South Africa UCITS ETF | Ireland | [***] | ||||||||||
BFA153 | MSCI Taiwan Index | iShares MSCI Taiwan UCITS ETF | Ireland | [***] | ||||||||||
BFA154 | MSCI UK IMI Liquid Real Estate Index | iShares MSCI Target UK Real Estate UCITS ETF | Ireland | [***] | ||||||||||
BFA155 | MSCI Turkey Index | iShares MSCI Turkey UCITS ETF | Ireland | [***] | ||||||||||
BFA156 | MSCI USA ESG Enhanced Focus CTB Index | iShares MSCI USA ESG Enhanced UCITS ETF | Ireland | [***] |
BFA157 | MSCI USA ESG Screened Index | iShares MSCI USA ESG Screened UCITS ETF | Ireland | [***] | ||||||||||
BFA158 | MSCI USA Islamic Index | iShares MSCI USA Islamic UCITS ETF | Ireland | [***] | ||||||||||
BFA159 | MSCI USA High Dividend Yield ESG Reduced Carbon Target Select Index | iShares MSCI USA Quality Dividend ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA160 | MSCI USA SRI Select Reduced Fossil Fuels Index | iShares MSCI USA SRI UCITS ETF | Ireland | [***] | ||||||||||
BFA161 | MSCI World 100% Hedged to CHF Index | iShares MSCI World Monthly CHF Hedged UCITS ETF | Ireland | [***] | ||||||||||
BFA162 | MSCI World Consumer Discretionary Index | iShares MSCI World Consumer Discretionary Sector UCITS ETF | Ireland | [***] | ||||||||||
BFA163 | MSCI World Consumer Staples Index | iShares MSCI World Consumer Staples Sector UCITS ETF | Ireland | [***] | ||||||||||
BFA164 | MSCI World Energy Index | iShares MSCI World Energy Sector UCITS ETF | Ireland | [***] | ||||||||||
BFA165 | MSCI World ESG Enhanced Focus CTB Index | iShares MSCI World ESG Enhanced UCITS ETF | Ireland | [***] | ||||||||||
BFA166 | MSCI World ESG Screened Index | iShares MSCI World ESG Screened UCITS ETF | Ireland | [***] | ||||||||||
BFA167 | MSCI World 100% Hedged to EUR Index | iShares MSCI World EUR Hedged UCITS ETF | Ireland | [***] | ||||||||||
BFA168 | MSCI World 100% Hedged to GBP Index | iShares MSCI World GBP Hedged UCITS ETF | Ireland | [***] | ||||||||||
BFA169 | MSCI World Healthcare ESG Reduced Carbon Select 20/35 Capped Index | iShares MSCI World Health Care Sector ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA170 | MSCI World IT ESG Reduced Carbon Select 20/35 Capped Index | iShares MSCI World Information Technology Sector ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA171 | MSCI World Islamic Index | iShares MSCI World Islamic UCITS ETF | Ireland | [***] | ||||||||||
BFA172 | MSCI World High Dividend Yield ESG Reduced Carbon Target Select Index | iShares MSCI World Quality Dividend ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA173 | MSCI World Small Cap Index | iShares MSCI World Small Cap UCITS ETF | Ireland | [***] | ||||||||||
BFA174 | MSCI World SRI Select Reduced Fossil Fuels Index | iShares MSCI World SRI UCITS ETF | Ireland | [***] | ||||||||||
BFA175 | MSCI World Index | iShares MSCI World UCITS ETF (Dist) | Ireland | [***] |
BFA176 | MSCI Brazil Index | iShares MSCI Brazil UCITS ETF (DE) | Germany | [***] | ||||||||||
BFA177 | MSCI EM Minimum Volatility ESG Reduced Carbon Target Index | iShares Edge MSCI EM Minimum Volatility ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA178 | MSCI China Technology Sub-Industries ESG Screened Select Capped Index | iShares MSCI China Tech UCITS ETF | Ireland | [***] | ||||||||||
BFA179 | MSCI Emerging Markets ex China Index | iShares MSCI EM ex-China UCITS ETF | Ireland | [***] | ||||||||||
BFA180 | MSCI EMU Climate Paris Aligned Benchmark Select Index | iShares MSCI EMU Paris-Aligned Climate UCITS ETF | Ireland | [***] | ||||||||||
BFA181 | MSCI Europe Consumer Discretionary 20/35 Capped Index | iShares MSCI Europe Consumer Discretionary Sector UCITS ETF | Ireland | [***] | ||||||||||
BFA182 | MSCI Europe Consumer Staples 20/35 Capped Index | iShares MSCI Europe Consumer Staples Sector UCITS ETF | Ireland | [***] | ||||||||||
BFA183 | MSCI Europe Energy 20/35 Capped Index | iShares MSCI Europe Energy Sector UCITS ETF | Ireland | [***] | ||||||||||
BFA184 | MSCI Europe Financials 20/35 Capped Index | iShares MSCI Europe Financials Sector UCITS ETF | Ireland | [***] | ||||||||||
BFA185 | MSCI Europe Health Care 20/35 Capped Index | iShares MSCI Europe Health Care Sector UCITS ETF | Ireland | [***] | ||||||||||
BFA186 | MSCI Europe Industrials 20/35 Capped Index | iShares MSCI Europe Industrials Sector UCITS ETF | Ireland | [***] | ||||||||||
BFA187 | MSCI Europe Information Technology 20/35 Capped Index | iShares MSCI Europe Information Technology Sector UCITS ETF | Ireland | [***] | ||||||||||
BFA188 | MSCI Europe Climate Paris Aligned Benchmark Select Index | iShares MSCI Europe Paris-Aligned Climate UCITS ETF | Ireland | [***] | ||||||||||
BFA189 | MSCI ACWI IMI Semiconductors & Semiconductor Equipment ESG Screened Select Capped Index | iShares MSCI Global Semiconductors UCITS ETF | Ireland | [***] | ||||||||||
BFA190 | MSCI Pacific Ex Japan ESG Enhanced Focus CTB Index | iShares MSCI Pacific ex-Japan ESG Enhanced UCITS ETF | Ireland | [***] | ||||||||||
BFA191 | MSCI UK IMI Country ESG Leaders 5% Issuer Capped Index | iShares MSCI UK IMI ESG Leaders UCITS ETF | Ireland | [***] | ||||||||||
BFA192 | [***] | [***] | [***] | [***] | ||||||||||
BFA193 | [***] | [***] | [***] | [***] | ||||||||||
BFA194 | [***] | [***] | [***] | [***] | ||||||||||
BFA195 | [***] | [***] | [***] | [***] | ||||||||||
BFA196 | [***] | [***] | [***] | [***] | ||||||||||
BFA197 | [***] | [***] | [***] | [***] |
BFA198 | MSCI USA Momentum ESG Reduced Carbon Target Select Index | iShares MSCI USA Momentum Factor ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA199 | MSCI USA Value ESG Reduced Carbon Target Select Index | iShares MSCI USA Value Factor ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA200 | MSCI World Financials ESG Reduced Carbon Select 20/35 Capped Index | iShares MSCI World Financials Sector ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA201 | MSCI World Momentum ESG Reduced Carbon Target Select Index | iShares MSCI World Momentum Factor ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA202 | MSCI World Climate Paris Aligned Benchmark Select Index | iShares MSCI World Paris-Aligned Climate UCITS ETF | Ireland | [***] | ||||||||||
BFA203 | MSCI World Small Cap ESG Enhanced Focus CTB Index | iShares MSCI World Small Cap ESG Enhanced UCITS ETF | Ireland | [***] | ||||||||||
BFA204 | MSCI World Value ESG Reduced Carbon Target Select Index | iShares MSCI World Value Factor ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA205 | MSCI World Communication Services ESG Reduced Carbon Select 20/35 Capped Index | iShares MSCI World Communication Services Sector ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA206 | [***] | [***] | [***] | [***] | ||||||||||
BFA207 | MSCI World Industrials ESG Reduced Carbon Select 20/35 Capped Index | iShares MSCI World Industrials Sector ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA208 | [***] | [***] | [***] | [***] | ||||||||||
BFA209 | MSCI World Materials ESG Reduced Carbon Select 20/35 Capped Index | iShares MSCI World Materials Sector ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA210 | [***] | [***] | [***] | [***] | ||||||||||
BFA211 | [***] | [***] | [***] | [***] | ||||||||||
BFA212 | [***] | [***] | [***] | [***] | ||||||||||
BFA213 | [***] | [***] | [***] | [***] | ||||||||||
BFA214 | [***] | [***] | [***] | [***] | ||||||||||
BFA215 | MSCI World Energy ESG Reduced Carbon Select 20/35 Capped Index | iShares MSCI World Energy Sector ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA216 | [***] | [***] | [***] | [***] | ||||||||||
BFA217 | [***] | [***] | [***] | [***] | ||||||||||
BFA218 | [***] | [***] | [***] | [***] | ||||||||||
BFA219 | [***] | [***] | [***] | [***] | ||||||||||
BFA220 | MSCI EAFE Investable Market Index | iShares Core MSCI EAFE ETF | United States | [***] | ||||||||||
BFA221 | MSCI Emerging Markets Investable Market Index | iShares Core MSCI Emerging Markets ETF | United States | [***] | ||||||||||
BFA222 | MSCI Europe Investable Market Index | iShares Core MSCI Europe ETF | United States | [***] |
BFA223 | MSCI World ex USA Investable Market Index | iShares Core MSCI International Developed Markets ETF | United States | [***] | ||||||||||
BFA224 | MSCI Pacific Investable Market Index | iShares Core MSCI Pacific ETF | United States | [***] | ||||||||||
BFA225 | MSCI ACWI ex USA Investable Market Index | iShares Core MSCI Total International Stock ETF | United States | [***] | ||||||||||
BFA226 | MSCI ACWI ex USA 100% Hedged to USD Index | iShares Currency Hedged MSCI ACWI ex U.S. ETF | United States | [***] | ||||||||||
BFA227 | MSCI Canada 100% Hedged to USD Index | iShares Currency Hedged MSCI Canada ETF | United States | [***] | ||||||||||
BFA228 | MSCI EAFE 100% Hedged to USD Index | iShares Currency Hedged MSCI EAFE ETF | United States | [***] | ||||||||||
BFA229 | MSCI EAFE Small Cap 100% Hedged to USD Index | iShares Currency Hedged MSCI EAFE Small-Cap ETF | United States | [***] | ||||||||||
BFA230 | MSCI Emerging Markets 100% Hedged to USD Index | iShares Currency Hedged MSCI Emerging Markets ETF | United States | [***] | ||||||||||
BFA231 | MSCI EMU 100% Hedged to USD Index | iShares Currency Hedged MSCI Eurozone ETF | United States | [***] | ||||||||||
BFA232 | MSCI Germany 100% Hedged to USD Index | iShares Currency Hedged MSCI Germany ETF | United States | [***] | ||||||||||
BFA233 | MSCI Japan 100% Hedged to USD Index | iShares Currency Hedged MSCI Japan ETF | United States | [***] | ||||||||||
BFA234 | MSCI United Kingdom 100% Hedged to USD Index | iShares Currency Hedged MSCI United Kingdom ETF | United States | [***] | ||||||||||
BFA235 | MSCI World ex USA Momentum Index | iShares MSCI Intl Momentum Factor ETF | United States | [***] | ||||||||||
BFA236 | MSCI World ex USA Sector Neutral Quality Index | iShares MSCI Intl Quality Factor ETF | United States | [***] | ||||||||||
BFA237 | MSCI World ex USA Low Size Index | iShares MSCI Intl Size Factor ETF | United States | [***] | ||||||||||
BFA238 | MSCI World ex USA Enhanced Value Index | iShares MSCI Intl Value Factor ETF | United States | [***] | ||||||||||
BFA239 | MSCI EAFE Minimum Volatility Index | iShares MSCI EAFE Min Vol Factor ETF | United States | [***] | ||||||||||
BFA240 | MSCI Emerging Markets Minimum Volatility Index | iShares MSCI Emerging Markets Min Vol Factor ETF | United States | [***] | ||||||||||
BFA241 | MSCI ACWI Minimum Volatility Index | iShares MSCI Global Min Vol Factor ETF | United States | [***] | ||||||||||
BFA242 | MSCI USA Minimum Volatility Index | iShares MSCI USA Min Vol Factor ETF | United States | [***] |
BFA243 | MSCI USA Small Cap Minimum Volatility Index | iShares MSCI USA Small-Cap Min Vol Factor ETF | United States | [***] | ||||||||||
BFA244 | MSCI Emerging Markets Diversified Multiple-Factor Index | iShares MSCI Emerging Markets Multifactor ETF | United States | [***] | ||||||||||
BFA245 | MSCI ACWI Diversified Multiple-Factor Index | iShares MSCI Global Multifactor ETF | United States | [***] | ||||||||||
BFA246 | MSCI World ex USA Small Cap Diversified Multiple-Factor Index | iShares MSCI Intl Small-Cap Multifactor ETF | United States | [***] | ||||||||||
BFA247 | MSCI USA Small Cap Diversified Multiple-Factor Index | iShares MSCI USA Small-Cap Multifactor ETF | United States | [***] | ||||||||||
BFA248 | MSCI USA Momentum SR Variant Index | iShares MSCI USA Momentum Factor ETF | United States | [***] | ||||||||||
BFA249 | MSCI USA Sector Neutral Quality Index | iShares MSCI USA Quality Factor ETF | United States | [***] | ||||||||||
BFA250 | MSCI USA Low Size Index | iShares MSCI USA Size Factor ETF | United States | [***] | ||||||||||
BFA251 | MSCI USA Enhanced Value Index | iShares MSCI USA Value Factor ETF | United States | [***] | ||||||||||
BFA252 | MSCI EAFE Choice ESG Screened Index | iShares ESG Advanced MSCI EAFE ETF | United States | [***] | ||||||||||
BFA253 | MSCI Emerging Markets Choice ESG Screened 5% Issuer Capped Index | iShares ESG Advanced MSCI EM ETF | United States | [***] | ||||||||||
BFA254 | MSCI USA Choice ESG Screened Index | iShares ESG Advanced MSCI USA ETF | United States | [***] | ||||||||||
BFA255 | MSCI EM Extended ESG Leaders 5% Issuer Capped Index | iShares ESG MSCI EM Leaders ETF | United States | [***] | ||||||||||
BFA256 | MSCI USA Extended ESG Leaders Index | iShares ESG MSCI USA Leaders ETF | United States | [***] | ||||||||||
BFA257 | MSCI USA Minimum Volatility Extended ESG Reduced Carbon Target Index | iShares ESG MSCI USA Min Vol Factor ETF | United States | [***] | ||||||||||
BFA258 | MSCI ACWI Index | iShares MSCI ACWI ETF | United States | [***] | ||||||||||
BFA259 | MSCI ACWI ex USA Index | iShares MSCI ACWI ex U.S. ETF | United States | [***] | ||||||||||
BFA260 | MSCI ACWI Low Carbon Target Index | iShares MSCI ACWI Low Carbon Target ETF | United States | [***] | ||||||||||
BFA261 | MSCI AC Asia ex Japan Index | iShares MSCI All Country Asia ex Japan ETF | United States | [***] | ||||||||||
BFA262 | MSCI Australia Index | iShares MSCI Australia ETF | United States | [***] | ||||||||||
BFA263 | MSCI Austria IMI 25/50 Index | iShares MSCI Austria ETF | United States | [***] |
BFA264 | MSCI Belgium IMI 25/50 Index | iShares MSCI Belgium ETF | United States | [***] | ||||||||||
BFA265 | MSCI Brazil 25/50 Index | iShares MSCI Brazil ETF | United States | [***] | ||||||||||
BFA266 | MSCI Brazil Small Cap Index | iShares MSCI Brazil Small-Cap ETF | United States | [***] | ||||||||||
BFA267 | MSCI BIC Index | iShares MSCI BIC ETF | United States | [***] | ||||||||||
BFA268 | MSCI Canada Custom Capped Index | iShares MSCI Canada ETF | United States | [***] | ||||||||||
BFA269 | MSCI Chile IMI 25/50 Index | iShares MSCI Chile ETF | United States | [***] | ||||||||||
BFA270 | MSCI China A Inclusion Index | iShares MSCI China A ETF | United States | [***] | ||||||||||
BFA271 | MSCI China Index | iShares MSCI China ETF | United States | [***] | ||||||||||
BFA272 | MSCI China Technology Sub-Industries Select Capped Index | iShares MSCI China Multisector Tech ETF | United States | [***] | ||||||||||
BFA273 | MSCI China Small Cap Index | iShares MSCI China Small-Cap ETF | United States | [***] | ||||||||||
BFA274 | MSCI Denmark IMI 25/50 Index | iShares MSCI Denmark ETF | United States | [***] | ||||||||||
BFA275 | MSCI EAFE Extended ESG Focus Index | iShares ESG Aware MSCI EAFE ETF | United States | [***] | ||||||||||
BFA276 | MSCI EAFE Index | iShares MSCI EAFE ETF | United States | [***] | ||||||||||
BFA277 | MSCI EAFE Growth Index | iShares MSCI EAFE Growth ETF | United States | [***] | ||||||||||
BFA278 | MSCI EAFE Small Cap Index | iShares MSCI EAFE Small-Cap ETF | United States | [***] | ||||||||||
BFA279 | MSCI EAFE Value Index | iShares MSCI EAFE Value ETF | United States | [***] | ||||||||||
BFA280 | MSCI Emerging Markets Extended ESG Focus Index | iShares ESG Aware MSCI EM ETF | United States | [***] | ||||||||||
BFA281 | MSCI Emerging Markets Asia Custom Capped Index | iShares MSCI Emerging Markets Asia ETF | United States | [***] | ||||||||||
BFA282 | MSCI Emerging Markets Index | iShares MSCI Emerging Markets ETF | United States | [***] | ||||||||||
BFA283 | MSCI Emerging Markets ex China Index | iShares MSCI Emerging Markets ex China ETF | United States | [***] | ||||||||||
BFA284 | MSCI Emerging Markets Small Cap Index | iShares MSCI Emerging Markets Small-Cap ETF | United States | [***] | ||||||||||
BFA285 | MSCI Europe Financials Index | iShares MSCI Europe Financials ETF | United States | [***] | ||||||||||
BFA286 | MSCI Europe Small Cap Index | iShares MSCI Europe Small-Cap ETF | United States | [***] | ||||||||||
BFA287 | MSCI EMU Index | iShares MSCI Eurozone ETF | United States | [***] | ||||||||||
BFA288 | MSCI Finland IMI 25/50 Index | iShares MSCI Finland ETF | United States | [***] | ||||||||||
BFA289 | MSCI France Index | iShares MSCI France ETF | United States | [***] |
BFA290 | MSCI Frontier and Emerging Markets Select Index | iShares MSCI Frontier and Select EM ETF | United States | [***] | ||||||||||
BFA291 | MSCI Germany Index | iShares MSCI Germany ETF | United States | [***] | ||||||||||
BFA292 | MSCI Germany Small Cap Index | iShares MSCI Germany Small-Cap ETF | United States | [***] | ||||||||||
BFA293 | MSCI ACWI Select Agriculture Producers Investable Market Index | iShares MSCI Global Agriculture Producers ETF | United States | [***] | ||||||||||
BFA294 | MSCI ACWI Select Energy Producers Investable Market Index | iShares MSCI Global Energy Producers ETF | United States | [***] | ||||||||||
BFA295 | MSCI ACWI Select Gold Miners Investable Market Index | iShares MSCI Global Gold Miners ETF | United States | [***] | ||||||||||
BFA296 | MSCI ACWI Sustainable Impact Index | iShares MSCI Global Sustainable Development Goals ETF | United States | [***] | ||||||||||
BFA297 | MSCI ACWI Select Metals & Mining Producers Ex Gold & Silver Investable Market Index | iShares MSCI Global Metals & Mining Producers ETF | United States | [***] | ||||||||||
BFA298 | MSCI ACWI Select Silver Miners Investable Market Index | iShares MSCI Global Silver and Metals Miners ETF | United States | [***] | ||||||||||
BFA299 | MSCI Hong Kong 25/50 Index | iShares MSCI Hong Kong ETF | United States | [***] | ||||||||||
BFA300 | MSCI India Index | iShares MSCI India ETF | United States | [***] | ||||||||||
BFA301 | MSCI India Small Cap Index | iShares MSCI India Small-Cap ETF | United States | [***] | ||||||||||
BFA302 | MSCI Indonesia IMI 25/50 Index | iShares MSCI Indonesia ETF | United States | [***] | ||||||||||
BFA303 | MSCI All Ireland Capped Index | iShares MSCI Ireland ETF | United States | [***] | ||||||||||
BFA304 | MSCI Israel Investable Market Index | iShares MSCI Israel ETF | United States | [***] | ||||||||||
BFA305 | MSCI Italy 25/50 Index | iShares MSCI Italy ETF | United States | [***] | ||||||||||
BFA306 | MSCI Japan Index | iShares MSCI Japan ETF | United States | [***] | ||||||||||
BFA307 | MSCI Japan Small Cap Index | iShares MSCI Japan Small-Cap ETF | United States | [***] | ||||||||||
BFA308 | MSCI Japan Value Index | iShares MSCI Japan Value ETF | United States | [***] | ||||||||||
BFA309 | MSCI KLD 400 Social Index | iShares MSCI KLD 400 Social ETF | United States | [***] | ||||||||||
BFA310 | MSCI Kokusai Index | iShares MSCI Kokusai ETF | United States | [***] | ||||||||||
BFA311 | MSCI All Kuwait Select Size Liquidity Capped Index | iShares MSCI Kuwait ETF | United States | [***] | ||||||||||
BFA312 | MSCI Malaysia Index | iShares MSCI Malaysia ETF | United States | [***] | ||||||||||
BFA313 | MSCI Mexico IMI 25/50 Index | iShares MSCI Mexico ETF | United States | [***] | ||||||||||
BFA314 | MSCI Netherlands IMI 25/50 Index | iShares MSCI Netherlands ETF | United States | [***] | ||||||||||
BFA315 | MSCI New Zealand IMI 25/50 Index | iShares MSCI New Zealand ETF | United States | [***] | ||||||||||
BFA316 | MSCI Norway IMI 25/50 Index | iShares MSCI Norway ETF | United States | [***] |
BFA317 | MSCI Pacific ex Japan Index | iShares MSCI Pacific ex Japan ETF | United States | [***] | ||||||||||
BFA318 | MSCI All Peru Capped Index | iShares MSCI Peru ETF | United States | [***] | ||||||||||
BFA319 | MSCI Philippines IMI 25/50 Index | iShares MSCI Philippines ETF | United States | [***] | ||||||||||
BFA320 | MSCI Poland IMI 25/50 Index | iShares MSCI Poland ETF | United States | [***] | ||||||||||
BFA321 | MSCI All Qatar Capped Index | iShares MSCI Qatar ETF | United States | [***] | ||||||||||
BFA322 | MSCI Saudi Arabia IMI 25/50 Index | iShares MSCI Saudi Arabia ETF | United States | [***] | ||||||||||
BFA323 | MSCI Singapore 25/50 Index | iShares MSCI Singapore ETF | United States | [***] | ||||||||||
BFA324 | MSCI South Africa 25/50 Index | iShares MSCI South Africa ETF | United States | [***] | ||||||||||
BFA325 | MSCI Korea 25/50 Index | iShares MSCI South Korea ETF | United States | [***] | ||||||||||
BFA326 | MSCI Spain 25/50 Index | iShares MSCI Spain ETF | United States | [***] | ||||||||||
BFA327 | MSCI Sweden 25/50 Index | iShares MSCI Sweden ETF | United States | [***] | ||||||||||
BFA328 | MSCI Switzerland 25/50 Index | iShares MSCI Switzerland ETF | United States | [***] | ||||||||||
BFA329 | MSCI Taiwan 25/50 Index | iShares MSCI Taiwan ETF | United States | [***] | ||||||||||
BFA330 | MSCI Thailand IMI 25/50 Index | iShares MSCI Thailand ETF | United States | [***] | ||||||||||
BFA331 | MSCI Turkey IMI 25/50 Index | iShares MSCI Turkey ETF | United States | [***] | ||||||||||
BFA332 | MSCI All UAE Capped Index | iShares MSCI UAE ETF | United States | [***] | ||||||||||
BFA333 | MSCI United Kingdom Index | iShares MSCI United Kingdom ETF | United States | [***] | ||||||||||
BFA334 | MSCI UK Small Cap Index | iShares MSCI United Kingdom Small-Cap ETF | United States | [***] | ||||||||||
BFA335 | MSCI USA Equal Weighted Index | iShares MSCI USA Equal Weighted ETF | United States | [***] | ||||||||||
BFA336 | MSCI USA Extended ESG Focus Index | iShares ESG Aware MSCI USA ETF | United States | [***] | ||||||||||
BFA337 | MSCI USA Extended ESG Select Index | iShares MSCI USA ESG Select ETF | United States | [***] | ||||||||||
BFA338 | MSCI USA Small Cap Extended ESG Focus Index | iShares ESG Aware MSCI USA Small-Cap ETF | United States | [***] | ||||||||||
BFA339 | MSCI World Index | iShares MSCI World ETF | United States | [***] | ||||||||||
BFA340 | MSCI ACWI IMI Sustainable Water Transition Extended Capped Index | iShares MSCI Water Management Multisector ETF | United States | [***] | ||||||||||
BFA341 | MSCI USA Climate Paris Aligned Benchmark Extended Select Index | iShares Paris-Aligned Climate MSCI USA ETF | United States | [***] | ||||||||||
BFA342 | MSCI USA Value Extended ESG Focus Index | iShares ESG Aware MSCI USA Value ETF | United States | [***] | ||||||||||
BFA343 | MSCI USA Growth Extended ESG Focus Index | iShares ESG Aware MSCI USA Growth ETF | United States | [***] |
BFA344 | [***] | [***] | [***] | [***] | ||||||||||
BFA345 | [***] | [***] | [***] | [***] |
MSCI Inc. By: /s/ Joke Jacinto Name: Joke Jacinto Title: Executive Director | BlackRock Fund Advisors By: /s/ Lindsey Shapiro Name: Lindsey Shapiro Title: Managing Director |
MSCI Limited By: /s/ Ammo Sandhawalia Name: Ammo Sandhawalia Title: Vice President, Finance |
No. | Index Name | Fund Name | Domicile of Fund | License Fee Model | ||||||||||
BFA[number] | ||||||||||||||
BFA[number] |
No. | Index Name | Fund Name | Domicile of Fund | License Fee Model | ||||||||||
BFA[number] | ||||||||||||||
BFA[number] |
MSCI Inc. By: _________________________________ Name: Title: | BlackRock Fund Advisors By: ___________________________________ Name: Title: |
MSCI Limited By: _________________________________ Name: Title: |
MSCI Inc. By: __/s/ Joke Jacinto Name: Joke Jacinto Title: Executive Director | BlackRock Fund Advisors By: /s/ Lindsey Shapiro Name: Lindsey Shapiro Title: Managing Director |
MSCI Limited By: __/s/ Ammo Sandhawalia Name: Ammo Sandhawalia Title: Vice President, Finance |
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No. | Index Name | Fund Name | Domicile of Fund | License Fee Model | ||||||||||
BFA1 | Bloomberg MSCI Canada Corporate Choice ESG Screened 10% Issuer Capped Index | iShares ESG Advanced Canadian Corporate Bond Index ETF | Canada | [***] | ||||||||||
BFA2 | Bloomberg MSCI 1-5 year Canada Corporate Choice ESG Screened 10% Issuer Capped Index | iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF | Canada | [***] | ||||||||||
BFA3 | Bloomberg MSCI Canadian Aggregate ESG Focus Index | iShares ESG Aware Canadian Aggregate Bond Index ETF | Canada | [***] | ||||||||||
BFA4 | Bloomberg MSCI 1-5 Year Canadian Aggregate ESG Focus Index | iShares ESG Aware Canadian Short Term Bond Index ETF | Canada | [***] | ||||||||||
BFA5 | Bloomberg MSCI US Corporate 0-3 Sustainable SRI Index | iShares $ Corp Bond 0-3yr ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA6 | Bloomberg MSCI US Corporate Sustainable SRI Index | iShares $ Corp Bond ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA7 | Bloomberg MSCI US Corporate High Yield Sustainable BB+ SRI Bond Index | iShares $ High Yield Corp Bond ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA8 | Bloomberg MSCI Euro Corporate 0-3 Sustainable SRI Index | iShares € Corp Bond 0-3yr ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA9 | Bloomberg MSCI Euro Corporate High Yield Sustainable BB+ SRI Bond Index | iShares € High Yield Corp Bond ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA10 | Bloomberg MSCI Euro Corporate Sustainable SRI Index | iShares € Corp Bond ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA11 | Bloomberg MSCI Euro Green Bond SRI including Nuclear Power Index | iShares € Green Bond UCITS ETF | Ireland | [***] | ||||||||||
BFA12 | Bloomberg MSCI Euro Aggregate Sustainable and Green Bond SRI Index | iShares € Aggregate Bond ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA13 | Bloomberg MSCI EUR Corporate Interest Rate Hedged Sustainable SRI Index | iShares € Corp Bond Interest Rate Hedged ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA14 | Bloomberg MSCI EUR FRN Corporate 3% Issuer Cap Sustainable SRI Index | iShares € Floating Rate Bond ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA15 | Bloomberg MSCI Euro Corporate Climate Paris Aligned ESG Select Index | iShares € Corp Bond ESG Paris-Aligned Climate UCITS ETF | Ireland | [***] | ||||||||||
BFA16 | Bloomberg MSCI Dollar Corporate Climate Paris Aligned ESG Select Index | iShares $ Corp Bond ESG Paris-Aligned Climate UCITS ETF | Ireland | [***] | ||||||||||
BFA17 | Bloomberg MSCI Euro Corporate ex Financials 1-5 Sustainable SRI Index | iShares € Corp Bond ex-Financials 1-5yr ESG UCITS ETF | Ireland | [***] |
BFA18 | Bloomberg MSCI Global Aggregate Sustainable and Green Bond SRI Index | iShares Global Aggregate Bond ESG UCITS ETF | Ireland | [***] | ||||||||||
BFA19 | Bloomberg MSCI US Corporate 1-5 Year ESG Focus Index | iShares ESG Aware 1-5 Year USD Corporate Bond ETF | United States | [***] | ||||||||||
BFA20 | Bloomberg MSCI US High Yield Choice ESG Screened Index | iShares ESG Advanced High Yield Corporate Bond ETF | United States | [***] | ||||||||||
BFA21 | Bloomberg MSCI US Universal Choice ESG Screened Index | iShares ESG Advanced Total USD Bond Market ETF | United States | [***] | ||||||||||
BFA22 | Bloomberg MSCI US Aggregate ESG Focus Index | iShares ESG Aware U.S. Aggregate Bond ETF | United States | [***] | ||||||||||
BFA23 | Bloomberg MSCI US Corporate ESG Focus Index | iShares ESG Aware USD Corporate Bond ETF | United States | [***] | ||||||||||
BFA24 | Bloomberg MSCI USD Green Bond Select Index | iShares USD Green Bond ETF | United States | [***] | ||||||||||
BFA25 | Bloomberg MSCI Global Aggregate Sustainable and Green Bond SRI 100% Hedged to AUD Index | iShares Global Aggregate Bond ESG (AUD Hedged) ETF | Australia | [***] |
MSCI Inc. By: /s/ Joke Jacinto Name: Joke Jacinto Title: Executive Director | BlackRock Fund Advisors By: /s/ Lindsey Shapiro Name: Lindsey Shapiro Title: Managing Director |
MSCI Limited By: /s/ Ammo Sandhawalia Name: Ammo Sandhawalia Title: Vice President, Finance |
No. | Index Name | Fund Name | Domicile of Fund | License Fee Model | ||||||||||
BFA[number] | ||||||||||||||
BFA[number] |
No. | Index Name | Fund Name | Domicile of Fund | License Fee Model | ||||||||||
BFA[number] | ||||||||||||||
BFA[number] |
MSCI Inc. By: _________________________________ Name: Title: | BlackRock Fund Advisors By: ___________________________________ Name: Title: |
MSCI Limited By: _________________________________ Name: Title: |
/s/ Henry A. Fernandez | |||||
Henry A. Fernandez | |||||
Chairman and Chief Executive Officer | |||||
(Principal Executive Officer) |
/s/ Andrew C. Wiechmann | |||||
Andrew C. Wiechmann | |||||
Chief Financial Officer | |||||
(Principal Financial Officer) |
/s/ Henry A. Fernandez | /s/ Andrew C. Wiechmann | |||||||
Henry A. Fernandez Chairman and Chief Executive Officer (Principal Executive Officer) | Andrew C. Wiechmann Chief Financial Officer (Principal Financial Officer) |