Leverages full-breadth of BlackRock's alpha-seeking expertise and ETF capabilities to deliver choice, transparency, and flexibility to clients
TORONTO, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Today, RBC iShares expands access to BlackRock's award-winning investment platform with the launch of two active bond ETFs (collectively the iShares Funds).1 The iShares Funds provide clients with the best of BlackRock's fixed income investment insights in liquid, transparent and cost-effective ETFs.
The iShares Flexible Monthly Income ETF (XFLI, XFLI.U) invests in the BlackRock Flexible Income ETF (BINC)2, managed by Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock. The strategy will also be available hedged to the Canadian dollar with the listing of the iShares Flexible Monthly Income ETF (CAD-Hedged)(XFLX). The iShares Funds seek to deliver monthly income by primarily allocating to hard-to-reach global fixed income sectors, such as high yield, emerging markets debt and securitized assets.
The iShares Flexible Monthly Income ETF has now closed the initial offering of its units and the units will be listed on the Toronto Stock Exchange (TSX) when markets open today. The units of the iShares Flexible Monthly Income ETF (CAD-Hedged) are expected to be listed on the TSX when markets open on October 1, 2024.
The iShares Funds are designed to complement core bond exposures by providing enhanced yield across the global fixed income opportunity set, unconstrained by traditional benchmarks. They leverage the scale of BlackRock's US$2.8 trillion fixed income platform,3 providing clients with unparalleled market access.
Rick Rieder, Chief Investment Officer of Global Fixed Income, BlackRock:
"Today's investment environment presents a golden age for fixed income. Investors can achieve high yields without taking on excessive risk. By staying active, agile, and well-diversified, these ETFs aim to capture historic opportunities across fixed income markets whenever and wherever they become available.”
Helen Hayes, Head of iShares Canada, BlackRock:
"The launch of these ETFs brings the alpha generation capabilities of BlackRock's global fixed income platform to Canadian investors. The deep resources and specialized market insights of our Fundamental Fixed Income Team will provide investors exposure to less accessible sectors of fixed Income, further enabling opportunities to capitalize on the strong yield environment.”
The new iShares Funds are noted in the table below and will be managed by BlackRock Asset Management Canada Limited ("BlackRock Canada”), an indirect wholly-owned subsidiary of BlackRock, Inc.
| Fund Name | Ticker | Management Fee4 | Listing Date | |
| iShares Flexible Monthly Income ETF | XFLI XFLI.U | 0.55 | % | September 26, 2024 |
| iShares Flexible Monthly Income ETF (CAD-Hedged) | XFLX | 0.55 | % | October 1, 20245 |
For more information about RBC iShares, please visit https://www.rbcishares.com.
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 ETFs
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$3.86 trillion in assets under management as of June 30, 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.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 100,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
About RBC Global Asset Management
RBC Global Asset Management (RBC GAM) is the asset management division of Royal Bank of Canada (RBC). RBC GAM is a provider of global investment management services and solutions to institutional, high-net-worth and individual investors through separate accounts, pooled funds, mutual funds, hedge funds, exchange-traded funds and specialty investment strategies. RBC Funds, BlueBay Funds, PH&N Funds and RBC ETFs are offered by RBC Global Asset Management Inc. (RBC GAM Inc.) and distributed through authorized dealers in Canada. The RBC GAM group of companies, which includes RBC GAM Inc. (including PH&N Institutional) and RBC Indigo Asset Management Inc., manage approximately $660 billion in assets and have approximately 1,600 employees located across Canada, the United States, Europe and Asia.
RBC iShares ETFs are comprised of RBC ETFs managed by RBC Global Asset Management Inc. and iShares ETFs managed by BlackRock Asset Management Canada Limited. Commissions, trailing commissions, management fees and expenses all may be associated with investing in ETFs. Please read the relevant prospectus before investing. 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.
® / TM Trademark(s) of Royal Bank of Canada. Used under license. iSHARES is a registered trademark of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. Used under license. © 2023 BlackRock Asset Management Canada Limited and RBC Global Asset Management Inc. All rights reserved.
Contact for Media:
Reem Jazar
Email: [email protected]
1 Rick Rieder, Chief Investment Officer of Global Fixed Income at BlackRock, was awarded the U.S. Morningstar Award for Investing Excellence: Outstanding Portfolio Manager on March 21, 2023.
2 Currently, the iShares Funds will, directly or indirectly, invest all or substantially all of their assets in BINC.
3 Source: BlackRock Q2 2024 Earnings, as of June 30, 2024.
4 As an annualized percentage of the iShares Fund's daily net asset value. If applicable, BlackRock Canada or an affiliate is entitled to receive a fee for acting as manager of each iShares ETF in which this iShares Fund may invest (an "underlying product fee” and together with the management fee payable to BlackRock Canada, the "total annual fee”). As the underlying product fees are embedded in the market value of the iShares ETFs in which this iShares Fund may invest, any underlying product fees are borne indirectly by this iShares Fund. BlackRock Canada will adjust the management fee payable to it by this iShares Fund to ensure that the total annual fees paid directly or indirectly to BlackRock Canada and its affiliates by this iShares Fund will not exceed the percentage of the NAV set out above. The total annual fee is exclusive of HST. Any underlying product fees borne indirectly by this iShares Fund are calculated and accrued daily and are paid not less than annually.
5 Listing date is subject to regulatory approvals.
