BlackRock Japan told the Tokyo Stock Exchange on July 24 that it will hold a written-resolution vote to shut down the iShares MSCI Japan SRI ETF (2851), a fund that never grew past a fraction of its viability threshold. Net assets stood at roughly ¥1.48bn as of the end of June 2026, with 3,754,032 units outstanding, well under the 15 million units the fund's trust deed sets as the floor for continued operation once three years have passed since launch. The fund began trading on June 7, 2022.
BlackRock Japan said it sees no realistic path to rebuilding scale and will instead terminate the trust early. The mechanics run through a written resolution rather than an in-person vote. August 9, 2026 is the record date for eligible unitholders. Ballots go out September 14, and the voting window closes October 19, with the resolution counted the next day, October 20.
| Milestone | Date |
|---|---|
| Voting record date | August 9, 2026 |
| Resolution documents mailed | September 14, 2026 |
| Voting deadline | October 19, 2026 |
| Written resolution vote | October 20, 2026 |
| Buyback request window | October 21 - November 9, 2026 |
| Final TSE trading day | November 20, 2026 |
| Delisting date | November 21, 2026 |
| Trust termination date | November 25, 2026 |
| Redemption payment start | December 30, 2026 |
The approval bar is two-thirds of the record-date units, but that threshold is not a two-thirds turnout requirement. Under the fund's rules, unitholders who hold units as of the record date and simply do not cast a ballot are treated in law as having voted in favor, so long as they do not actively vote against; only holders who explicitly oppose the resolution count against the two-thirds tally. That mechanism makes passage close to a formality unless a meaningful bloc actively objects.
If the resolution passes, trading on the Tokyo Stock Exchange ends November 20, delisting follows November 21, the trust itself terminates November 25, and redemption payouts begin December 30. Unitholders who vote against the plan get a narrow buyback window, from October 21 to November 9, to have the trustee repurchase their holdings directly rather than wait for the final payout.
The tax wrinkle matters most for NISA holders. Gains realized through the final redemption payment do not qualify for NISA's tax exemption and would need to be reported on a tax return; selling on-market before the November 20 final trading day preserves the NISA shield instead. Holders in ordinary taxable accounts face a separate restriction: redemption gains or losses cannot be automatically netted against other capital gains inside a specified account, though investors can still elect to do so by filing separately.