TORONTO, July 12, 2024 (GLOBE NEWSWIRE) — 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.
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Contact for Media:
Reem Jazar
Email: reem.jazar@blackrock.com