BlackRock® Canada Announces Canada Unit Splits for Certain iShares ETFs
July 12 2024 - 6:03PM
BlackRock Asset Management Canada Limited (“BlackRock Canada”), an
indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”)
(NYSE:BLK) today announced upcoming unit splits of the iShares
NASDAQ 100 Index ETF (CAD-Hedged) (“XQQ”), iShares Core S&P 500
Index ETF (“XUS”) and iShares S&P/TSX Capped Consumer Staples
Index ETF (“XST”) (collectively, the “iShares ETFs”), each of which
are listed on the Toronto Stock Exchange (“TSX”).
Each unit split will be payable on August 8,
2024 (the “Payment Date”), to Unitholders of record of the
applicable iShares ETF on August 7, 2024 (the “Record Date”). The
units of each iShares ETF will trade on a “due bill” basis, as
described below, at the opening of the TSX on August 7, 2024 to
August 8, 2024, inclusive (the “due bill
period”). Each iShares ETF will begin trading on the
TSX on a split-adjusted basis on August 9, 2024.
The “split ratio” shown below indicates the
number of units that a unitholder of an iShares ETF will hold after
the split in relation to the number of units of such iShares ETF
held by the unitholder before the split.
iShares ETF Name |
TSX Ticker |
Split Ratio |
iShares NASDAQ 100 Index ETF (CAD-Hedged) |
XQQ |
3:1 |
iShares Core S&P 500 Index ETF - CAD Units |
XUS |
2:1 |
iShares Core S&P 500 Index ETF - USD Units |
XUS.U |
2:1 |
iShares S&P/TSX Capped Consumer Staples Index ETF |
XST |
2:1 |
When a unit split occurs, the net asset value
per unit is decreased by the split ratio so that the unit split has
no impact on the value of the investor’s total unit position. An
investor’s cost per unit is also decreased by the same split ratio,
although their total cost remains unchanged. Unitholders of XQQ on
the Record Date will be entitled to receive two additional units of
XQQ for every unit of XQQ they own on that date. Unitholders of
XUS, XUS.U and XST on the Record Date will be entitled to receive
one additional unit of XUS, XUS.U and XST, respectively, for every
unit of XUS, XUS.U and XST they own on that date. The unit split is
not a taxable event.
The “due bill” trading procedures of the TSX
will apply to each iShares ETF’s split of their units. A due bill
is an entitlement attached to listed securities undergoing a
corporate action, such as a unit split. Any trades that are
executed on the TSX during the due bill period will be identified
to ensure purchasers of the units of the applicable iShares ETF
receive the entitlement to the applicable unit split. The due bill
redemption date is expected to be August 9, 2024.
Unitholders do not need to take any action in
connection with the unit splits. Unitholders will have their
brokerage accounts automatically updated to reflect the unit
splits. If unitholders have any questions regarding the impact of
the unit splits, they should contact their brokerage firm.
BlackRock Canada reserves the right to cancel or
amend these corporate actions if we deem it appropriate to do so,
before the effective date of August 9, 2024.
About BlackRock
BlackRock’s purpose is to help more and more
people experience financial well-being. As a fiduciary to investors
and a leading provider of financial technology, we help millions of
people build savings that serve them throughout their lives by
making investing easier and more affordable. For additional
information on BlackRock, please visit
www.blackrock.com/corporate.
About iShares
iShares unlocks opportunity across markets to
meet the evolving needs of investors. With more than twenty years
of experience, a global line-up of 1400+ exchange traded funds
(ETFs) and US$3.7 trillion in assets under management as of March
31, 2024, iShares continues to drive progress for the financial
industry. iShares funds are powered by the expert portfolio and
risk management of BlackRock.
iShares® ETFs are managed by BlackRock Asset
Management Canada Limited.
Commissions, trailing commissions, management
fees and expenses all may be associated with investing in iShares
ETFs. Please read the relevant prospectus before investing. The
funds are not guaranteed, their values change frequently and past
performance may not be repeated. Tax, investment and all other
decisions should be made, as appropriate, only with guidance from a
qualified professional.
©2024 BlackRock Asset Management Canada Limited.
All rights reserved. iSHARES and
BLACKROCK are registered trademarks of BlackRock,
Inc., or its subsidiaries in the United States and elsewhere. Used
with permission.
Contact for Media: Reem Jazar
Email: reem.jazar@blackrock.com
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