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BlackRock® Canada Announces Unitholder Votes in Favour of Change to Investment Restrictions of the iShares Gold Bullion ETF and iShares Silver Bullion ETF

BlackRock Asset Management Canada Limited
·4 min read

TORONTO, Dec. 18, 2020 (GLOBE NEWSWIRE) -- BlackRock Asset Management Canada Limited (“BlackRock Canada”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”) (NYSE:BLK) and manager of the iShares Gold Bullion ETF (“CGL”) and iShares Silver Bullion ETF (“SVR”, and together with CGL, the “iShares Funds”), is pleased to announce that, at special meetings held today, unitholders of each iShares Fund approved the proposed changes to certain investment restrictions of each iShares Fund and certain related matters which were previously announced on November 6, 2020 (the “Proposals”).

Given that all necessary approvals have been obtained to implement the Proposals, effective immediately, the following investment restrictions of each iShares Fund are changed as set out below:

Former Investment Restriction

New Investment Restriction

[Each iShares Fund] shall store all the Bullion owned by the iShares Fund in: (i) with respect to CGL, the vault facilities of a Schedule I Canadian chartered bank or an approved subcustodian or sub-subcustodian or an affiliate or a division thereof on a segregated basis; and (ii) with respect to SVR, the vault facilities of a Schedule I Canadian chartered bank, or an affiliate or a division thereof, or a sub-custodian on an allocated basis.

[Each iShares Fund] shall store all of the Bullion owned by the iShares Fund in the vault facilities of one or more entities that meet the requirements to act as a custodian or sub-custodian for assets as described in NI 81-102 (or are permitted to act as a custodian or sub-custodian pursuant to exemptive relief from the applicable requirements granted by the Securities Authorities), on an allocated and segregated basis.

[Each iShares Fund] shall ensure that the Custodian has adequate insurance in place in respect of the Bullion held by the Custodian on behalf of the Fund.

[Each iShares Fund] shall ensure that the Custodian itself has, or that the Custodian or sub-custodian(s) are required to ensure that their respective sub-custodian(s) have, adequate insurance arrangements in place in respect of the Bullion held on behalf of the Fund by such Custodian or sub-custodian(s), as applicable.

Further, effective immediately, each iShares Fund’s investment strategy is changed to permit: (a) each iShares Fund’s bullion to be held in the vault facilities of entities that comply with the iShares Funds’ proposed custody investment restriction as specified above, and (b) any bullion held outside of Canada to be held in the United States of America and/or the United Kingdom (instead of New York and/or London). The obligation to hold a majority of the Bullion owned by the iShares Funds in locations in Canada remains unchanged. Certain other clarifying changes have also been made to the master declaration of trust governing the iShares Funds (the “Declaration of Trust”) in connection with implementing the Proposals.

Further details regarding the iShares Funds and these changes can be found in the updated disclosure documents for the iShares Funds, which are expected to be filed on or about the date hereof, and which will be subsequently available on www.sedar.com.

Capitalized terms used in this press release but not otherwise defined have the meaning ascribed to them in the Declaration of Trust.

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, our clients turn to us for the solutions they need when planning for their most important goals. As of September 30, 2020, the firm managed approximately US$7.81 trillion in assets on behalf of investors worldwide. For additional information on BlackRock, please visit www.blackrock.com/corporate | Twitter: @BlackRockCA.

About iShares

iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 900+ exchange traded funds (ETFs) and US$2.32 trillion in assets under management as of September 30, 2020, iShares continues to drive progress for the financial industry. iShares funds are powered by the expert portfolio and risk management of BlackRock, trusted to manage more money than any other investment firm1.

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.

©2020 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.

1 Based on US$7.81 trillion in AUM as of 9/30/20

Contact for Media:
Maeve Hannigan
T – 416-643-4058
Email: Maeve.Hannigan@blackrock.com