TORONTO, April 06, 2018 (GLOBE NEWSWIRE) -- BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”) (NYSE:BLK) today announces that it has completed the reclassification of all advisor class units of its exchange traded funds (“iShares ETFs”) into common units of the same iShares ETF at the end of business today, April 6, 2018 (the “Reclassification Date”).
BlackRock Canada, by way of a press release dated January 31, 2018, previously announced its plans to reduce the annual management fee payable on the advisor class units by an amount equal to the applicable service fee component in respect of such units on or about March 31, 2018, and to reclassify the advisor class units of the iShares ETFs into the corresponding common units of the same iShares ETF on or about the Reclassification Date.
Unitholders of advisor class units as of the Reclassification Date will receive a number of whole common unit(s) of the same iShares ETF equal to the net asset value (“NAV”) per advisor class unit as of the Reclassification Date divided by the corresponding NAV per common unit as of the Reclassification Date (the “Reclassification Ratio”). No fractional common units of any iShares ETF will be delivered in connection with the reclassification. The reclassification of advisor class units into whole common units of the same iShares ETF is not expected to give rise to a disposition by unitholders of advisor class units for tax purposes on any whole units reclassified. In lieu of delivering fractional common units, payment in cash will be made for the remaining advisor class units, and such transaction will be considered a disposition of such advisor class units for tax purposes. The Reclassification Ratio of advisor class units to common units for each iShares ETF is set out in the table below.
As a result of the reclassification, holders of advisor class units on the Reclassification Date are now holders of common units of the same iShares ETF and the annual management fees and ticker symbols of the advisor class units of the iShares ETFs have changed to the annual management fees and ticker symbols of the corresponding common units as shown in the table below. BlackRock Canada is not making any change to the annual management fees payable on the common units.
Unitholders were not required to take any action to participate in the elimination of the service fee or the reclassification; however, unitholders who wish to participate in the distribution reinvestment plan, pre-authorized cash contribution plan and/or systematic withdrawal plan with respect to their common units should contact the CDS participant through which they hold units as more fully described in each iShares ETF’s prospectus.
| iShares ETF Name | Advisor Class Unit Ticker | Advisor Class Management Fee (including Service Fee) | Common Unit Ticker | Common Unit Management Fee | Reclassification Ratio |
| iShares International Fundamental Index ETF | CIE.A | 1.40% | CIE | 0.65% | 0.9961105403 |
| iShares Japan Fundamental Index ETF (CAD-Hedged) | CJP.A | 1.40% | CJP | 0.65% | 0.9752452369 |
| iShares US Fundamental Index ETF | CLU.A | 1.40% | CLU | 0.65% | 0.9879557488 |
| iShares US Fundamental Index ETF – Non-Hedged | CLU.B | 1.40% | CLU.C | 0.65% | 0.9895079632 |
| iShares Emerging Markets Fundamental Index ETF | CWO.A | 1.40% | CWO | 0.65% | 0.9932688134 |
| iShares Canadian Fundamental Index ETF | CRQ.A | 1.40% | CRQ | 0.65% | 0.9943352503 |
| iShares S&P/TSX Canadian Dividend Aristocrats Index ETF | CDZ.A | 1.35% | CDZ | 0.60% | 0.9936357191 |
| iShares S&P/TSX Canadian Preferred Share Index ETF | CPD.A | 0.95% | CPD | 0.45% | 0.9972546411 |
| iShares US Dividend Growers Index ETF (CAD-Hedged) | CUD.A | 1.35% | CUD | 0.60% | 0.9913616491 |
| iShares Global Monthly Dividend Index ETF (CAD-Hedged) | CYH.A | 1.35% | CYH | 0.60% | 0.9890414916 |
| iShares Global Real Estate Index ETF | CGR.A | 1.40% | CGR | 0.65% | 0.9833298526 |
| iShares Global Infrastructure Index ETF | CIF.A | 1.40% | CIF | 0.65% | 0.9999955704 |
| iShares Global Water Index ETF | CWW.A | 1.35% | CWW | 0.60% | 0.9910236889 |
| iShares Global Agriculture Index ETF | COW.A | 1.40% | COW | 0.65% | 0.9727785105 |
| iShares Balanced Income CorePortfolio™ Index ETF | CBD.A | 1.25% | CBD | 0.25% | 0.9919092020 |
| iShares Balanced Growth CorePortfolio™ Index ETF | CBN.A | 1.25% | CBN | 0.25% | 1.0072154663 |
| iShares High Quality Canadian Bond Index ETF | XQB.A | 0.62% | XQB | 0.12% | 0.9946160454 |
| iShares 1-5 Year Laddered Corporate Bond Index ETF | CBO.A | 0.75% | CBO | 0.25% | 0.9945223184 |
| iShares 1-10 Year Laddered Corporate Bond Index ETF | CBH.A | 0.75 | CBH | 0.25% | 0.9948130783 |
| iShares U.S. High Yield Fixed Income Index ETF (CAD-Hedged) | CHB.A | 1.00 | CHB | 0.50% | 0.9960333473 |
| iShares 1-5 Year Laddered Government Bond Index ETF | CLF.A | 0.65 | CLF | 0.15% | 0.9927530036 |
| iShares 1-10 Year Laddered Government Bond Index ETF | CLG.A | 0.65 | CLG | 0.15% | 0.9914406268 |
| iShares Convertible Bond Index ETF | CVD.A | 0.95 | CVD | 0.45% | 0.9950498054 |
| iShares Premium Money Market ETF | CMR.A | 0.50 | CMR | 0.25% | 0.9999657321 |
| iShares Canadian Financial Monthly Income ETF | FIE.A | 1.40 | FIE | 0.65% | 0.9092741949 |
| iShares Equal Weight Banc & Lifeco ETF | CEW.A | 1.30 | CEW | 0.55% | 0.7232962525 |
| iShares Short Duration High Income ETF (CAD-Hedged) | CSD.A | 1.05 | CSD | 0.55% | 0.9971982255 |
About BlackRock
BlackRock helps investors build better financial futures. As a fiduciary to our clients, we provide the investment and technology solutions they need when planning for their most important goals. As of December 31, 2017, the firm managed approximately US$6.288 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com/ca | Twitter: @BlackRockCA | Blog: www.blackrockblog.com/can
About iShares
iShares® is a global leader in exchange-traded funds (ETFs), with more than a decade of expertise and commitment to individual and institutional investors of all sizes. With over 800 funds globally across multiple asset classes and strategies and more than US$1.5 trillion in assets under management as of December 31, 2017, iShares helps clients around the world build the core of their portfolios, meet specific investment goals and implement market views. iShares funds are powered by the expert portfolio and risk management of BlackRock, trusted to manage more money than any other investment firm.1
1 Based on US$6.288 trillion in AUM as of 12/31/17.
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.
©2018 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:
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