ETF Facts June 26, 2025
BlackRock Asset Management Canada Limited
iShares Canadian Value Index ETF (XCV)
This document contains key information you should know about iShares Canadian Value 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
[email protected], 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 started November 06, 2006 The ETF seeks to provide long-term capital growth by replicating, to the extent possible,
Total value on
the performance of the Dow Jones Canada Select Value Index (the “Index”), net of
April 30, 2025
$76.1 million expenses. Under normal market conditions, the ETF will primarily invest in Canadian
Management
equity securities. The Index is comprised of equity securities of issuers listed in Canada,
expense ratio 0.55% selected by S&P Dow Jones Indices, LLC based on criteria for identifying large- and mid-
(MER) capitalization value stocks.
Fund manager BlackRock The charts below give you a snapshot of the ETF’s investments on April 30, 2025. The
Portfolio manager BlackRock ETF’s investments will change.
BlackRock
Sub-Advisor Institutional Trust Top 10 investments (April 30, 2025)
Company, N.A.
Distributions Quarterly 1. Royal Bank of Canada 10.0%
2. Toronto-Dominion Bank (The) 9.4%
Trading information 3. Enbridge Inc. 8.6%
(12 months ending April 30, 2025) 4. Bank of Montreal 5.9%
Ticker symbol XCV 5. Bank of Nova Scotia (The) 5.2%
6. Canadian Natural Resources Ltd. 5.1%
Toronto Stock
Exchange 7. Canadian Imperial Bank of Commerce 5.0%
Exchange
Currency Canadian dollars 8. Agnico Eagle Mines Ltd. 5.0%
9. Manulife Financial Corp. 4.4%
Average daily
12,031 units 10. TC Energy Corp. 4.4%
volume
Total percentage of top 10 investments 63.0%
Number of days 251 out of 251
traded trading days Total number of investments 36
Pricing information Investment mix (April 30, 2025)
(12 months ending April 30, 2025)
Sector/Investment Type
Market price $33.89-$40.75 Financials 57.1%
Net asset value Energy 22.8%
$34.05-$40.61
(NAV) Materials 13.7%
Average bid-ask Utilities 2.1%
0.06%
spread Communication Services 2.1%
Consumer Discretionary 0.8%
Real Estate 0.7%
Other 0.4%
Cash 0.1%
Other assets, less liabilities 0.2%
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iShares Canadian Value 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 this ETF as “ Medium ”.
This rating is based on how much the ETF’s returns have Low Low to Medium Medium Medium to High High
changed from year to year. It doesn’t tell you how volatile the
ETF will be in the future. The rating can change over time. An For more information about the risk rating and specific risks
ETF with a low risk rating can still lose money. that can affect the ETF’s returns, see the Risk Factors section
of the ETF’s prospectus.
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 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 units of the ETF performed in each of This table shows the best and worst returns for units of the
the past 10 years. The ETF dropped in value in 3 of the last ETF in a 3-month period over the past 10 years. The best and
10 years. The range of returns and change from year to year worst 3-month returns could be higher or lower in the future.
can help you assess how risky the ETF has been in the past. Consider how much of a loss you could afford to take in a
It does not tell you how the ETF will perform in the future. short period of time.
50
40 3 months If you invested $1,000 at
34.1 Return ending the beginning of the
30
24.9 period
21.3 Your investment would rise
20 18.1
Best return 16.51% April 30, 2021
%
10 9.1 9.5 to $1,165
2.1 March 31, Your investment would drop
0 Worst return -25.97%
2020 to $740
-10 -3.5
-9.9 -11.1
-20 Average return
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
The annual compounded return of the ETF was 8.70% over
the past 10 years. A $1,000 investment in the ETF 10 years
ago would now be worth $2,303.
1 Returns are calculated using the ETF’s net asset value (NAV).
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iShares Canadian Value 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.
Orders
• The bid is the highest price a buyer is willing to pay if you
There are two main options for placing trades: market orders
want to sell your ETF units. The ask is the lowest price a
and limit orders. A market order lets you buy or sell units at
seller is willing to accept if you want to buy ETF units. The
the current market price. A limit order lets you set the price at
difference between the two is called the “bid-ask spread”.
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
make on an ETF. How much you pay depends on the tax laws
• Are seeking long-term capital growth.
where you live and whether or not you hold the ETF in a
• Are planning to hold the investment for the medium to long
registered plan, such as a Registered Retirement Savings
term.
Plan or a Tax-Free Savings Account.
• Are seeking to include exposure to Canadian stocks that
exhibit value style characteristics within their portfolio. Keep in mind that if you hold your ETF in a non-registered
• Are comfortable with the level of risk noted above. 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 Canadian Value 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 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, 2024, the ETF’s expenses were 0.55% of BlackRock Asset Management Canada Limited
its value. This equals $5.50 for every $1,000 invested. 161 Bay Street, Suite 2500
Toronto, ON M5J 2S1
Annual rate
(as a % of the ETF’s value) Phone: 416.643.4000
Management expense ratio (MER) Toll-free: 1.866.474.2737
Email:
[email protected] This is the total of the ETF’s management fee and 0.55% Website: www.blackrock.com/ca
operating expenses.
Trading expense ratio (TER)
0.00%
These are the ETF’s trading costs.
ETF expenses 0.55%
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.
Standard & Poor’s® and S&P® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”). Dow Jones is a
registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). TSX is a registered trademark of TSX Inc. (“TSX”).
All of the foregoing trademarks have been licensed to S&P Dow Jones Indices LLC and sublicensed for certain purposes to
BlackRock Fund Advisors (“BFA”), which in turn has sub-licensed these marks to its affiliate, BlackRock on behalf of the
applicable ETF. The Index is a product of S&P Dow Jones Indices LLC, and has been licensed for use by BFA and by
extension, BlackRock and the applicable ETF. The ETF is not sponsored, endorsed, sold or promoted by S&P Dow Jones
Indices LLC, Dow Jones, S&P, any of their respective affiliates (collectively known as “S&P Dow Jones Indices”) or TSX, or any
of their respective affiliates. Neither S&P Dow Jones Indices nor TSX make any representations regarding the advisability of
investing in the ETF.
© 2025 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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