ISHARES CDN LARGECAP 60 INDEX FUND $12.71 (Toronto symbol XIU; buy or sell through a broker) (units split 4-for-1 in August, 2008) is a good low-fee way to buy the top stocks on the TSX. The units hold a basket of stocks that represent the S&P/TSX 60 Index. The index is made up of the 60 largest and most heavily traded stocks on the TSX. Expenses on the units are just 0.17% of assets.
Most of the 60 stocks in the index are good quality companies. However, to meet the requirement that all sectors are represented, the index holds a few firms we wouldn’t include, such as Biovail Corp.
The index’s top holdings are: Royal Bank, 7.5%; EnCana Corporation, 5.8%; TD Bank, 4.8%; Bank of Nova Scotia, 4.7%; Manulife Financial, 4.6%; Barrick Gold, 4.3%; Canadian Natural Resources, 3.6%; Research in Motion, 3.5%; Suncor Energy, 3.5%; Goldcorp, 3.3%; Potash Corporation, 3.2%; Canadian National Railway, 2.8%; BCE Inc., 2.6%; Rogers Communications, 2.5%; and Bank of Montreal, 2.5%.
The shares trade on the TSX, just like stocks. Prices are quoted daily in newspaper stock tables. You’ll have to pay brokerage commissions to buy and sell the units, although you’ll quickly make that back by paying lower management fees.
Like most index funds, the iShares CDN LargeCap 60 units only add or remove shares from the fund when the underlying index changes. This low turnover is more tax efficient for investors. You won’t incur the regular capital gains bills from annual distributions made by most conventional mutual funds.
iShares CDN LargeCap 60 units are a buy.
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