ETF Facts June 26, 2024
BlackRock Asset Management Canada Limited
iShares Core MSCI Emerging Markets IMI Index
ETF (XEC - CAD Units)
This document contains key information you should know about iShares Core MSCI Emerging Markets IMI Index ETF. You can
find more details about this exchange-traded fund (“ETF”) in its prospectus. Ask your representative for a copy, contact
BlackRock Asset Management Canada Limited (“BlackRock”) at 1-866-474-2737 or isharescanada_inquiries@blackrock.com,
or visit www.blackrock.com/ca.
Before you invest, consider how the ETF would work with your other investments and your tolerance for risk.
Quick facts What does the ETF invest in?
Date ETF (CAD The ETF seeks to provide long-term capital growth by replicating, to the extent possible,
April 10, 2013 the performance of the MSCI Emerging Markets Investable Market Index (the “Index”),
Units) started
Total value on net of expenses. Under normal market conditions, the ETF will primarily invest in
$1,557.9 million securities of one or more exchange-traded funds managed by BlackRock or an affiliate
April 30, 2024
Management and/or equity securities issued by issuers located in emerging market countries. The
expense ratio 0.27% Index is an equity benchmark for emerging markets stock performance. It is a
(MER) capitalization-weighted index that aims to capture 99% of the publicly available total
Fund manager BlackRock market capitalization in each country. Component companies are adjusted for available
Portfolio manager BlackRock float and must meet objective criteria for inclusion to the Index, taking into consideration
BlackRock unavailable strategic shareholders and limitations to foreign ownership.
Sub-Advisor Institutional Trust The charts below give you a snapshot of the ETF’s investments on April 30, 2024. The
Company, N.A.
ETF’s investments will change.
Distributions Semi-Annual
Trading information Top 10 investments (April 30, 2024)
(12 months ending April 30, 2024) 1. Taiwan Semiconductor Manufacturing Co. Ltd. 6.9%
Ticker symbol XEC 2. Samsung Electronics Co. Ltd. 3.6%
Toronto Stock 3. Tencent Holdings Ltd. 3.4%
Exchange 4. iShares Core MSCI Emerging Markets ETF 2.0%
Exchange
Currency Canadian dollars 5. Alibaba Group Holding Ltd. 1.8%
Average daily 6. Reliance Industries Ltd. 1.2%
188,818 units 7. PDD Holdings Inc. 0.9%
volume
Number of days 252 out of 252 8. ICICI Bank Ltd. 0.8%
traded trading days 9. Meituan 0.8%
10. Petroleo Brasileiro SA 0.8%
Pricing information Total percentage of top 10 investments 22.2%
(12 months ending April 30, 2024) Total number of investments 3,298
Market price $24.09-$27.55
Net asset value Investment mix (April 30, 2024)
$24.18-$27.55
(NAV) Country/Investment Type
Average bid-ask China 23.5%
0.07%
spread India 19.1%
Taiwan 17.7%
South Korea 12.0%
Brazil 4.8%
Saudi Arabia 4.0%
South Africa 2.7%
Other 16.7%
Cash 0.4%
Other assets, less liabilities -0.9%
BNM0724U-3687942-11699689
iShares Core MSCI Emerging Markets IMI Index ETF
How risky is it?
The value of the ETF can go down as well as up. You could lose money.
One way to gauge risk is to look at how much an ETF’s returns change over time. This is called “volatility”.
In general, ETFs with higher volatility will have returns that change more over time. They typically have a greater chance of
losing money and may have a greater chance of higher returns. ETFs with lower volatility tend to have returns that change less
over time. They typically have lower returns and may have a lower chance of losing money.
Risk Rating
BlackRock has rated the volatility of the CAD Units of this ETF
as “ Medium ”. Low Low to Medium Medium Medium to High High
This rating is based on how much this class of the ETF’s
returns have changed from year to year. It doesn’t tell you For more information about the risk rating and specific risks
how volatile this class of the ETF will be in the future. The that can affect this class of the ETF’s returns, see the Risk
rating can change over time. An ETF with a low risk rating can Factors section of the ETF’s prospectus.
still lose money.
No guarantees
ETFs do not have any guarantees. You may not get back the amount of money you invest.
How has the ETF performed?
This section tells you how the CAD Units of the ETF have performed over the past 10 years. Returns1 after expenses have
been deducted. These expenses reduce the ETF’s returns. This means that the ETF’s returns may not match the returns of the
Index.
Year-by-year returns Best and worst 3-month returns
This chart shows how the CAD Units of the ETF performed in This table shows the best and worst returns for the CAD Units
each of the past 10 years. The CAD Units of the ETF dropped of the ETF in a 3-month period over the past 10 years. The
in value in 3 of the last 10 years. The range of returns and best and worst 3-month returns could be higher or lower in the
change from year to year can help you assess how risky the future. Consider how much of a loss you could afford to take
CAD Units of the ETF have been in the past. It does not tell in a short period of time.
you how the CAD Units of the ETF will perform in the future.
40 If you invested $1,000 at
Return 3 months the beginning of the
30 27.7 ending
period
20 January 31, Your investment would rise
15.3 Best return 18.83%
10 11.1 2023 to $1,188
6.0 7.7
4.8 2.3
%
0 March 31, Your investment would drop
Worst return -17.37%
-2.0 2020 to $826
-10
-7.7
-20 -14.6 Average return
-30 The annual compounded return of the CAD Units of the ETF
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
was 4.90% over the past 10 years. A $1,000 investment in the
CAD Units of the ETF 10 years ago would now be worth
$1,613.
1 Returns are calculated using the ETF’s net asset value (NAV).
BNM0724U-3687942-11699689
iShares Core MSCI Emerging Markets IMI Index ETF
Trading ETFs
ETFs hold a basket of investments, like mutual funds, but trade on exchanges like stocks. Here are a few things to keep in mind
when trading ETFs:
Pricing
ETFs have two sets of prices: market price and net asset value (NAV).
MARKET PRICE NET ASSET VALUE (NAV)
• ETFs are bought and sold on exchanges at the market • Like mutual funds, ETFs have a NAV. It is calculated after
price. The market price can change throughout the trading the close of each trading day and reflects the value of an
day. Factors like supply, demand, and changes in the value ETF’s investments at that point in time.
of an ETF’s investments can affect the market price. • NAV is used to calculate financial information for reporting
• You can get price quotes any time during the trading day. purposes – like the returns shown in this document.
Quotes have two parts: bid and ask.
• The bid is the highest price a buyer is willing to pay if you Orders
There are two main options for placing trades: market orders
want to sell your ETF units. The ask is the lowest price a
seller is willing to accept if you want to buy ETF units. The and limit orders. A market order lets you buy or sell units at
difference between the two is called the “bid-ask spread”. the current market price. A limit order lets you set the price at
which you are willing to buy or sell units.
• In general, a smaller bid-ask spread means the ETF is more
liquid. That means you are more likely to get the price you Timing
expect. In general, market prices of ETFs can be more volatile around
the start and end of the trading day. Consider using a limit
order or placing a trade at another time during the trading day.
Who is this ETF for? A word about tax
Investors who: In general, you’ll have to pay income tax on any money you
• Are seeking long-term capital growth. make on an ETF. How much you pay depends on the tax laws
where you live and whether or not you hold the ETF in a
• Are planning to hold the investment for the long term.
registered plan, such as a Registered Retirement Savings
• Are seeking to include broad exposure to emerging market Plan or a Tax-Free Savings Account.
stocks within their overall portfolio.
• Are comfortable with the level of risk noted above. Keep in mind that if you hold your ETF in a non-registered
account, distributions from the ETF are included in your
taxable income, whether you get them in cash or have them
reinvested.
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iShares Core MSCI Emerging Markets IMI Index ETF
How much does it cost? What if I change my mind?
This section shows the fees and expenses you could pay to Under securities law in some provinces and territories, you
buy, own and sell CAD Units of the ETF. Fees and expenses have the right to cancel your purchase within 48 hours after
– including any trailing commissions – can vary among ETFs. you receive confirmation of the purchase.
Higher commissions can influence representatives to In some provinces and territories, you also have the right to
recommend one investment over another. Ask about other cancel a purchase, or in some jurisdictions, claim damages, if
ETFs and investments that may be suitable for you at a lower the prospectus, ETF Facts or financial statements contain a
cost. misrepresentation. You must act within the time limit set by
the securities law in your province or territory.
1. Brokerage commissions
You may have to pay a commission every time you buy and For more information, see the securities law of your province
sell units of the ETF. Commissions may vary by brokerage or territory or ask a lawyer.
firm. Some brokerage firms may offer commission-free ETFs For more information
or require a minimum purchase amount.
Contact BlackRock or your representative for a copy of the
2. ETF expenses ETF’s prospectus and other disclosure documents. These
You don’t pay these expenses directly. They affect you documents and the ETF Facts make up the ETF’s legal
because they reduce the ETF’s returns. documents.
As of December 31, 2023, this class of the ETF’s expenses BlackRock Asset Management Canada Limited
were 0.34% of its value. This equals $3.40 for every $1,000 161 Bay Street, Suite 2500
invested. Toronto, ON M5J 2S1
Annual rate Phone: 416.643.4000
(as a % of the ETF’s value) Toll-free: 1.866.474.2737
Email: isharescanada_inquiries@blackrock.com
Management expense ratio (MER) Website: www.blackrock.com/ca
This is the total of the ETF’s management fee and 0.27%
operating expenses.
Trading expense ratio (TER)
0.07%
These are the ETF’s trading costs.
ETF expenses 0.34%
Trailing commission
The trailing commission is an ongoing commission. It is paid
for as long as you own the ETF. It is for the services and
advice that your representative and their firm provide to you.
This ETF doesn’t have a trailing commission.
MSCI is a trademark of MSCI, Inc. (“MSCI”). The ETF is permitted to use the MSCI mark pursuant to a license agreement
between MSCI and BlackRock Institutional Trust Company, N.A., relating to, among other things, the license granted to
BlackRock Institutional Trust Company, N.A. to use the Index. BlackRock Institutional Trust Company, N.A. has sublicensed the
use of this trademark to BlackRock. The ETF is not sponsored, endorsed, sold or promoted by MSCI and MSCI makes no
representation, condition or warranty regarding the advisability of investing in the ETF.
© 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.
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