BlackRock Canada Announces Certain Changes to XHY
05 Juli 2013 - 11:05PM
Marketwired
BlackRock Asset Management Canada Limited ("BlackRock Canada"), an
indirect, wholly owned subsidiary of BlackRock, Inc. (NYSE:BLK),
has determined to make certain changes to the investment strategy
of the iShares U.S. High Yield Bond Index Fund (CAD-Hedged)
(TSX:XHY).
The new investment strategy of XHY will be to invest primarily
in a regularly rebalanced portfolio of U.S. dollar-denominated high
yield corporate bonds, selected by BlackRock Canada from time to
time, that in aggregate closely match the characteristics of the
Markit iBoxx USD Liquid High Yield Total Return Index hedged in CAD
(the "XHY Index"), and hedge any resulting U.S. dollar currency
exposure back to Canadian dollars. This will be a change from the
current investment strategy of XHY, which involves investing in the
iShares iBoxx $ High Yield Corporate Bond ETF, a U.S. iShares Fund
that itself invests in a portfolio of U.S. dollar-denominated high
yield corporate bonds included in the XHY Index. The investment
objective of XHY and the XHY Index will remain unchanged.
BlackRock Canada expects that the changes in XHY's portfolio to
implement this new investment strategy will take place during the
three month period starting on July 22, 2013 and will be completed
by October 22, 2013.
As a result of this new investment strategy, the potential
expiration of U.S. tax rules exempting qualified interest income
from U.S. withholding tax will no longer affect XHY, as interest
income arising from direct investments in U.S. fixed income
securities is generally not subject to U.S. withholding taxes.
Further information on iShares funds can be found at
www.iShares.ca.
About BlackRock
BlackRock is a leader in investment management, risk management
and advisory services for institutional and retail clients
worldwide. At March 31, 2013, BlackRock's AUM was US$3.936
trillion. BlackRock helps clients meet their goals and overcome
challenges with a range of products that include 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 March 31, 2013, the firm has
approximately 10,600 employees in 30 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 the Company's website at
www.blackrock.com
About iShares® ETFs
The iShares business is a global product leader in ETFs with
over 600 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 securities 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 individual
investors.
iShares® Funds are managed by BlackRock Asset Management Canada
Limited. Commissions, management fees and expenses all may be
associated with investing in iShares Funds. Please read the
relevant prospectus before investing. The ETFs 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.
© 2013 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.
Contacts: Contact for Media: Veritas Communications Maeve
Hannigan 416-955-4570 C - 647-618-8621hannigan@veritasinc.com
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