BlackRock Canada Announces Management Fee Changes for Certain iShares Funds
October 15 2012 - 4:46PM
Marketwired
BlackRock Asset Management Canada Limited (BlackRock Canada), an
indirect, wholly owned subsidiary of BlackRock, Inc. (NYSE:BLK),
today announced that it will be changing the management fees for
the iShares S&P 500 Index Fund (CAD-Hedged) (XSP) and the
iShares MSCI All World Index Fund (XWD) (the Funds) as a result of
the fee change announced earlier by BlackRock, Inc., to its iShares
S&P 500 Index Fund (IVV), the underlying fund in which the
Funds invest.
Effective October 17, 2012, the annual management fee payable by
XSP will be reduced to a level of up to 0.22% of net asset value
and the annual management fee for XWD will be reduced to 0.44% of
net asset value.
"As iShares looks to build on its market-leading position in the
ETF industry, we continue to enhance the value proposition that
iShares delivers to investors globally," says Mary Anne Wiley,
Managing Director, Head of iShares, BlackRock Canada. "Our ability
to pass along this change to Canadian investors is just another
example of the benefits we can achieve through the global scale of
our business."
iShares is the global leader in ETFs in assets and flows and has
attracted more than $50 billion in net new assets year to date, as
of September 30, 2012 - more than any other provider worldwide.
The XSP management fee is the sum of (i) an annual fee of 0.15%
paid by XSP to BlackRock Canada and (ii) an annual fee of up to
0.07% paid to an affiliate of BlackRock Canada by IVV, the fund in
which XSP invests. This underlying management fee fluctuates based
on the net asset value of IVV and is paid indirectly by XSP. The
management fee payable by XWD to BlackRock Canada is set at a level
that is adjusted to ensure that the total annual fees paid directly
or indirectly to BlackRock Canada and its affiliates do not exceed
0.44% of the net asset value of XWD. An affiliate of BlackRock
Canada is entitled to receive a fee for acting as manager of IVV,
the fund in which in which XWD invests. As this underlying product
fee is embedded in the market value of IVV, this fee is indirectly
paid by XWD.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At June 30, 2012, BlackRock's AUM was US $3.560
trillion. BlackRock offers products that span the risk spectrum to
meet clients' needs, including active, enhanced and index
strategies across markets and asset classes. Products are offered
in a variety of structures including separate accounts, mutual
funds, iShares® (exchange traded funds), and other pooled
investment vehicles. BlackRock also offers risk management,
advisory and enterprise investment system services to a broad base
of institutional investors through BlackRock Solutions®.
Headquartered in New York City, as of June 30, 2012, BlackRock has
approximately 9,900 employees in 27 countries and a major presence
in key global markets, including North and South America, Europe,
Asia, Australia and the Middle East and Africa. For additional
information, please visit BlackRock's website at
www.blackrock.com.
About iShares® ETFs
iShares is the global product leader in exchange traded funds
with over 500 funds globally across equities, fixed income and
commodities, which trade on 20 exchanges worldwide. The iShares
Funds are bought and sold like common stocks on securities
exchanges. The iShares Funds are attractive to many individual and
institutional investors and financial intermediaries because of
their relative low cost, tax efficiency and trading flexibility.
Investors can purchase and sell shares through any brokerage firm,
financial advisor, or online broker, and hold the funds in any type
of brokerage account. The iShares customer base consists of the
institutional segment of pension plans and fund managers, as well
as the retail segment of financial advisors and high net worth
individuals.
iShares® Funds are managed by BlackRock Asset Management Canada
Limited and BlackRock Investments Canada Inc. Commissions,
management fees and expenses all may be associated with investing
in iShares Funds. 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.
Contacts: Contact for Media: Veritas Communications Maeve
Hannigan 416-955-4570 or C:
647-618-8621hannigan@veritascanada.com
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