value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
ESG
Aware
MSCI
USA
Barclays
Bank
PLC
...............................................
$
2,525,069
$
(2,525,069)
$
—
$
—
Citigroup
Global
Markets,
Inc.
........................................
14,355
(14,323)
—
32
HSBC
Bank
PLC
................................................
8,068,758
(8,068,758)
—
—
J.P.
Morgan
Securities
LLC
.........................................
24,244,098
(24,244,098)
—
—
Morgan
Stanley
.................................................
1,329,976
(1,329,976)
—
—
RBC
Capital
Markets
LLC
..........................................
9,846,000
(9,846,000)
—
—
SG
Americas
Securities
LLC
........................................
1,708,459
(1,708,459)
—
—
State
Street
Bank
&
Trust
Co.
........................................
9,610
(9,610)
—
—
Toronto-Dominion
Bank
............................................
2,099,369
(2,099,369)
—
—
$
49,845,694
$
(49,845,662)
$
—
$
32
a
ESG
Aware
MSCI
USA
Growth
J.P.
Morgan
Securities
LLC
.........................................
4,174
(4,174)
—
—
$
4,174
$
(4,174)
$
—
$
—
a
ESG
Aware
MSCI
USA
Small-Cap
Barclays
Capital,
Inc.
.............................................
2,474,718
(2,474,718)
—
—
BNP
Paribas
SA
.................................................
6,066,990
(6,066,990)
—
—
BofA
Securities,
Inc.
..............................................
8,595,378
(8,595,378)
—
—
Citadel
Clearing
LLC
..............................................
4,100,377
(4,100,377)
—
—
Citigroup
Global
Markets,
Inc.
........................................
5,820,744
(5,809,505)
—
11,239
Credit
Suisse
Securities
(USA)
LLC
....................................
941,351
(941,351)
—
—
HSBC
Bank
PLC
................................................
7,307,217
(7,307,217)
—
—
J.P.
Morgan
Securities
LLC
.........................................
21,688,702
(21,688,702)
—
—
Jefferies
LLC
...................................................
1,768,393
(1,768,393)
—
—
Morgan
Stanley
.................................................
28,918,811
(28,918,811)
—
—
National
Financial
Services
LLC
......................................
2,233,788
(2,233,788)
—
—
RBC
Capital
Markets
LLC
..........................................
679,016
(679,016)
—
—
Scotia
Capital
(USA),
Inc.
..........................................
840,669
(840,669)
—
—
State
Street
Bank
&
Trust
Co.
........................................
804,578
(804,578)
—
—
Toronto-Dominion
Bank
............................................
9,763,603
(9,763,603)
—
—
UBS
AG
......................................................
3,862,333
(3,862,333)
—
—
UBS
Securities
LLC
..............................................
1,183,368
(1,183,368)
—
—
$
107,050,036
$
(107,038,797)
$
—
$
11,239
a
ESG
Aware
MSCI
USA
Value
UBS
AG
......................................................
4,137
(4,137)
—
—
$
4,137
$
(4,137)
$
—
$
—
a
ESG
MSCI
USA
Leaders
Barclays
Capital,
Inc.
.............................................
85,492
(85,492)
—
—
Goldman
Sachs
&
Co.
LLC
.........................................
84,138
(84,138)
—
—
HSBC
Bank
PLC
................................................
103,522
(103,522)
—
—
Jefferies
LLC
...................................................
15,756
(15,756)
—
—
Morgan
Stanley
.................................................
27,205
(27,205)
—
—
UBS
AG
......................................................
796,231
(796,231)
—
—
Wells
Fargo
Securities
LLC
.........................................
2,869
(2,869)
—
—
$
1,115,213
$
(1,115,213)
$
—
$
—
a