BlackRock Canada has released detailed figures on iShares capital gains for its Canadian ETF lineup as the 2025 tax year closes.
BlackRock Canada outlines 2025 reinvested capital gains
On December 30, 2025, BlackRock Asset Management Canada Limited announced the final annual reinvested capital gains distributions for a broad range of iShares ETFs listed on the TSX and Cboe Canada. The firm, an indirect wholly owned subsidiary of BlackRock, Inc. (NYSE: BLK), confirmed the amounts for the 2025 tax year.
These distributions relate to the annual non-cash distributions of capital gains, which are typically reinvested in additional units of each fund at year-end. However, they are distinct from ongoing monthly, quarterly, semi-annual, or annual cash distribution amounts that unitholders may also receive.
Moreover, the additional units created by these reinvested gains will be immediately consolidated with existing units. As a result, the total number of units outstanding after the transaction will equal the number of units outstanding before the reinvested distribution, so investors will not see a change in unit count.
Key dates and tax reporting for investors
The record date for the 2025 annual capital gains distributions is December 30, 2025, with payment scheduled for January 5, 2026. That said, investors should note that the amounts are typically relevant for tax reporting, even though no cash changes hands at the reinvestment stage.
The actual taxable amounts of both reinvested and cash distributions for 2025, including their tax characteristics, will be reported to brokers through CDS Clearing and Depository Services Inc. (CDS) in early 2026. This CDS broker reporting will then flow through to client tax slips and reporting tools.
Currency and income treatment notes
BlackRock Canada highlighted two specific footnotes for the 2025 data. First, all per-unit distribution amounts are denominated in U.S. dollars for the following tickers: IBIT.U, XAGG.U, XAW.U, XCBU.U, XDG.U, XDU.U, XEC.U, XEF.U, XFLI.U, XMC.U, XMU.U, XQQU.U, XSHU.U, XSTP.U, XTLT.U, XTOT.U, XUS.U, XUSC.U, and XUU.U. However, the rest of the funds report their amounts in Canadian dollars.
Second, for the iShares Premium Money Market ETF (CMR), the distribution amount may include an income component, not just realized capital gains. That said, the precise tax breakdown will still be communicated via year-end reporting channels and confirmed on investor tax slips.
Per-unit reinvested capital gains distribution amounts
BlackRock Canada also released the exact per unit distribution amounts for each ETF. These figures show which strategies realized meaningful gains in 2025 and which generated none for tax purposes.
For fixed income ladders and several core bond exposures, the per-unit reinvested capital gains were 0.00000. This includes iShares 1-10 Year Laddered Corporate Bond Index ETF (CBH), iShares 1-5 Year Laddered Corporate Bond Index ETF (CBO), iShares 1-5 Year Laddered Government Bond Index ETF (CLF), iShares 1-10 Year Laddered Government Bond Index ETF (CLG), iShares Core Canadian Universe Bond Index ETF (XBB), iShares Core Canadian Corporate Bond Index ETF (XCB), and iShares ESG Advanced Canadian Corporate Bond Index ETF (XCBG), among others.
However, certain Canadian equity and factor strategies did realize notable capital gains. iShares S&P/TSX Canadian Dividend Aristocrats Index ETF (CDZ) reported 1.55658 per unit, while iShares Canadian Growth Index ETF (XCG) showed one of the highest figures at 5.22120. iShares Canadian Value Index ETF (XCV) realized 1.61517 per unit, and iShares S&P/TSX SmallCap Index ETF (XCS) reported 1.18596.
Among sector and thematic equity exposures, the iShares Global Infrastructure Index ETF (CIF) recorded 2.89966 per unit, and iShares Global Agriculture Index ETF (COW) posted 2.41679. Moreover, iShares Global Water Index ETF (CWW) had 1.23519, while iShares Global Clean Energy Index ETF (XCLN) saw 0.49921 in reinvested gains.
Other notable global and regional equity funds with significant distributions include iShares International Fundamental Index ETF (CIE) at 1.08684, iShares Japan Fundamental Index ETF (CAD-Hedged) (CJP) at 2.71248, and iShares US Fundamental Index ETF (CLU) at 2.28706. Its Canadian-dollar hedged counterpart, iShares US Fundamental Index ETF (CLU.C), reported 2.78757.
In the multi-asset category, the iShares ESG Balanced ETF Portfolio (GBAL) realized 1.06486, while iShares ESG Conservative Balanced ETF Portfolio (GCNS) stood at 0.67823. iShares ESG Equity ETF Portfolio (GEQT) recorded 1.78370, and iShares ESG Growth ETF Portfolio (GGRO) came in at 1.66202. Moreover, the core asset allocation strategies iShares Core Balanced ETF Portfolio (XBAL), iShares Core Conservative Balanced ETF Portfolio (XCNS), iShares Core Equity ETF Portfolio (XEQT), and iShares Core Growth ETF Portfolio (XGRO) reported 0.46346, 0.20779, 0.32215, and 0.43842, respectively.
From a sustainability and ESG perspective, several strategies posted positive capital gains. iShares ESG Advanced MSCI Canada Index ETF (XCSR) reported 2.69143, while iShares ESG Aware MSCI Canada Index ETF (XESG) stood at 1.18695. Additionally, iShares ESG Aware MSCI EAFE Index ETF (XSEA) recorded 0.70078, iShares ESG Aware MSCI Emerging Markets Index ETF (XSEM) reported 0.54263, and iShares ESG Aware MSCI USA Index ETF (XSUS) had 0.71709.
Alternative exposures to metals showed no reinvested capital gains for 2025, as iShares Gold Bullion ETF (CGL), iShares Gold Bullion ETF (CGL.C), iShares Silver Bullion ETF (SVR), and iShares Silver Bullion ETF (SVR.C) all reported 0.00000. However, the iShares Bitcoin ETF (IBIT) recorded a reinvested capital gain of 0.28231 per unit, with its U.S. dollar-denominated series IBIT.U at 0.22702, underscoring the tax implications of crypto-linked exposure.
More broadly, across U.S. fixed income, iShares U.S. Aggregate Bond Index ETF (XAGG) showed a reinvested capital gain of 0.21558, while its U.S. dollar series XAGG.U posted 0.16136. The CAD-hedged version, iShares U.S. Aggregate Bond Index ETF (CAD-Hedged) (XAGH), reported 0.00000. That said, many other bond strategies, including XGB, XHB, XHY, XIG, and XIGS, also came in at 0.00000.
Dividend-focused strategies saw varied outcomes. iShares US Dividend Growers Index ETF (CAD-Hedged) (CUD) posted 2.60005 per unit, while iShares Canadian Select Dividend Index ETF (XDV) delivered 1.36895. Moreover, iShares Core MSCI Global Quality Dividend Index ETF (XDG) reported 0.39266, and its U.S. dollar series XDG.U showed 0.29044. The Canadian quality dividend strategy XDIV recorded 0.76519.
Additional dividend and income-oriented ETFs also realized gains. iShares Global Monthly Dividend Index ETF (CAD-Hedged) (CYH) reported 0.14839, while the iShares Canadian Financial Monthly Income ETF (FIE) registered 0.27141. In the flexible income category, however, iShares Flexible Monthly Income ETF (XFLI), XFLI.U, and the CAD-hedged version XFLX all reported 0.00000.
Within U.S. equity factor and thematic exposures, iShares MSCI USA Momentum Factor Index ETF (XMTM) recorded 0.94016, and iShares MSCI USA Value Factor Index ETF (XVLU) reported 0.00000. The minimum volatility suite showed mixed results: iShares MSCI Min Vol USA Index ETF (CAD-Hedged) (XMS) posted 0.90086, while iShares MSCI Min Vol USA Index ETF (XMU) and its U.S. dollar series XMU.U delivered 2.85421 and 2.07267, respectively.
Global minimum volatility strategies were more muted. iShares MSCI Min Vol Global Index ETF (XMW) recorded 0.37145, while the CAD-hedged version XMY remained at 0.00000. Moreover, emerging markets and EAFE minimum volatility funds XMM, XMI, and XML also showed 0.00000 in reinvested gains.
Technology and innovation-focused products generated some of the highest capital gains numbers. iShares S&P/TSX Capped Information Technology Index ETF (XIT) reported 3.41358 per unit, while iShares Exponential Technologies Index ETF (XEXP) posted a sizeable 3.56592. In cybersecurity, the iShares Cybersecurity and Tech Index ETF (XHAK) recorded 2.91694.
The NASDAQ 100 suite showed differentiated outcomes. iShares NASDAQ 100 Index ETF (CAD-Hedged) (XQQ) reported a reinvested capital gain of 1.35318, while XQQU and its U.S. dollar series XQQU.U both recorded 0.00000. However, investors in Canadian-listed NASDAQ trackers still face potential tax impacts from realized gains within the funds.
Many broad market equity trackers did not realize capital gains for 2025. iShares Core S&P/TSX Capped Composite Index ETF (XIC), iShares S&P/TSX 60 Index ETF (XIU), iShares Core S&P 500 Index ETF (XUS), XUS.U, iShares S&P 500 3% Capped Index ETF (XUSC), XUSC.U, iShares Core S&P U.S. Total Market Index ETF (XUH), iShares Core S&P U.S. Total Market Index ETF (XUU), and XUU.U all reported 0.00000. That said, the CAD-hedged total market exposure iShares Core S&P Total U.S. Stock Market Index ETF (XTOH) recorded a small gain of 0.02178.
Other sector and regional products also posted zero figures, signalling no capital gains distributions for 2025. This list includes iShares S&P/TSX Global Base Metals Index ETF (XBM), iShares S&P/TSX Capped Energy Index ETF (XEG), iShares S&P/TSX Capped Financials Index ETF (XFN), iShares S&P/TSX Capped Materials Index ETF (XMA), iShares MSCI Europe IMI Index ETF (XEU), iShares MSCI Emerging Markets Index ETF (XEM), iShares MSCI Emerging Markets ex China Index ETF (XEMC), and iShares Jantzi Social Index ETF (XEN), among others.
For inflation-linked and preferred share strategies, capital gains were limited. iShares Canadian Real Return Bond Index ETF (XRB), iShares 0-5 Year TIPS Bond Index ETF (CAD-Hedged) (XSTH), and iShares 0-5 Year TIPS Bond Index ETF (XSTP) reported 0.16723 per unit, with the U.S. dollar series XSTP.U at 0.11483. Preferred share ETFs such as iShares S&P/TSX Canadian Preferred Share Index ETF (CPD) and iShares S&P/TSX North American Preferred Stock Index ETF (CAD-Hedged) (XPF) remained at 0.00000.
In the U.S. Treasury space, the long-duration product iShares 20+ Year U.S. Treasury Bond Index ETF (XTLT) recorded a reinvested capital gain of 0.14602, with its U.S. dollar series XTLT.U at 0.12407. However, the CAD-hedged variant XTLH delivered 0.00000. Long-term Canadian government bond exposure via iShares Core Canadian 15+ Year Federal Bond Index ETF (XFLB) also reported 0.00000.
Additional single-country and regional exposures presented a mix of results. iShares India Index ETF (XID) posted 0.38930, while iShares MSCI USA Quality Factor Index ETF (XQLT) showed 0.00000. More broadly, iShares MSCI World Index ETF (XWD) also reported 0.00000, reflecting limited capital gains realization across its global holdings in 2025.
Strategic short-duration and conservative fixed income strategies, such as iShares Core Canadian Short Term Bond Index ETF (XSB), iShares Core Canadian Short Term Corporate Bond Index ETF (XSH), iShares Conservative Short Term Strategic Fixed Income ETF (XSC), iShares Conservative Strategic Fixed Income ETF (XSE), iShares Short Term Strategic Fixed Income ETF (XSI), and iShares Core Canadian Short-Mid Term Universe Bond Index ETF (XSMB), all recorded 0.00000. Moreover, hybrid and high-quality bond strategies such as iShares Canadian HYBrid Corporate Bond Index ETF (XHB) and iShares High Quality Canadian Bond Index ETF (XQB) also reported no reinvested capital gains.
For real estate and infrastructure, the iShares Global Real Estate Index ETF (CGR) and iShares S&P/TSX Capped REIT Index ETF (XRE) posted 0.00000, despite ongoing income distributions. However, utilities exposure via iShares S&P/TSX Capped Utilities Index ETF (XUT) registered a per-unit reinvested gain of 1.08798, highlighting sector-specific differences in realized gains.
Overall, this blackrock canada notice confirms the final reinvested capital gains data for the 2025 tax year across the iShares ETF lineup. Investors now have the precise figures needed to reconcile their 2025 tax planning and to understand how realized gains within each fund may affect their personal tax obligations.
Source: https://en.cryptonomist.ch/2025/12/30/ishares-capital-gains-2025-canada/