BlackRock Canada announced unitholder approval to change the investment objective of the iShares Premium Money Market ETF.
Quiver AI Summary
BlackRock Canada has announced that unitholders of the iShares Premium Money Market ETF have approved a proposal to change the fund's investment objective. This new objective will allow investments in asset-backed commercial paper, in addition to other high-quality, short-term investment-grade debt securities. The change aims to maximize current income while preserving capital and liquidity and will take effect on February 7, 2025. BlackRock, a leading investment management firm, emphasizes its purpose of enhancing financial well-being for investors through accessible and affordable investing options.
Potential Positives
- The unitholders of the iShares Premium Money Market ETF approved a proposal to change the investment objective, allowing investments in asset-backed commercial paper, which could enhance the fund's investment opportunities.
- This change is expected to maximize current income while preserving capital and liquidity, aligning with investor interests in stable returns.
- BlackRock's extensive experience and management capability in the financial industry strengthen confidence in the successful implementation of the new investment strategy.
Potential Negatives
- The shift in the investment objective to include asset-backed commercial paper may raise concerns about the risk profile of the iShares Fund, particularly in the context of market volatility and liquidity issues related to such investments.
- Investors may interpret the change in investment objectives as a response to underperformance or a lack of strategic options, which could lead to diminished confidence in the management of the iShares Fund.
- The announcement may lead to increased scrutiny from regulatory bodies and investors regarding the risk management practices of BlackRock, especially in light of any associated challenges with asset-backed securities.
FAQ
What was approved by unitholders at the iShares Fund meeting?
Unitholders approved a proposal to change the investment objective of the iShares Premium Money Market ETF.
When will the new investment objective take effect?
The new investment objective will be effective as of February 7, 2025.
What type of investments will the iShares Fund now permit?
The iShares Fund will now allow investments in asset-backed commercial paper and other short-term investment grade debt securities.
Who manages the iShares ETFs?
iShares ETFs are managed by BlackRock Asset Management Canada Limited.
Where can I find more information about BlackRock and iShares?
More information can be found on their official websites at www.blackrock.com/corporate and www.blackrock.com/ca.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Here’s a breakdown of recent trading of $BLK stock by members of Congress over the last 6 months:
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$BLK insiders have traded $BLK stock on the open market 61 times in the past 6 months. Of those trades, 0 have been purchases and 61 have been sales.
Here’s a breakdown of recent trading of $BLK stock by insiders over the last 6 months:
- LAURENCE FINK (Chairman and CEO) has made 0 purchases and 17 sales selling 78,150 shares for an estimated $75,275,309.
- MARK WIEDMAN (Senior Managing Director) has made 0 purchases and 15 sales selling 72,190 shares for an estimated $69,384,198.
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We have seen 437 institutional investors add shares of $BLK stock to their portfolio, and 1,491 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
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Full Release
TORONTO, Feb. 03, 2025 (GLOBE NEWSWIRE) -- BlackRock Asset Management Canada Limited (“ BlackRock Canada ”), an indirect, wholly-owned subsidiary of BlackRock, Inc. (“ BlackRock ”) (NYSE: BLK), is pleased to announce that at a special meeting of the iShares Premium Money Market ETF (the “ iShares Fund ”) held today, unitholders approved the proposal to change the investment objective of the iShares Fund to permit investments in asset-backed commercial paper (the “ Proposal ”).
Following the implementation of the Proposal, the new investment objective of the iShares Fund will be as follows:
CMR’s investment objective is to maximize current income to the extent consistent with the preservation of capital and liquidity by investing in high-quality, short-term (generally less than 90 days), investment grade debt securities, including treasury bills and promissory notes issued or guaranteed by Canadian governments or their agencies, bankers’ acceptances, asset-backed commercial paper, and commercial paper issued by Canadian chartered banks, loan companies, trust companies and corporations.
The change in investment objective will be effective as of February 7, 2025.
For more information about the iShares Fund, please visit www.blackrock.com/ca .
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
iShares unlocks opportunity across markets to meet the evolving needs of investors. With more than twenty years of experience, a global line-up of 1500+ exchange traded funds (ETFs) and US$4.2 trillion in assets under management as of December 31, 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.
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.
Contact for Media:
Sydney Punchard
Email: [email protected]