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Global ETF Survey 2026
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VXM ETF · CI First Asset Morningstar International Value Index ETF
The VXM Exchange Traded Fund (ETF) is provided by CI. It is built to track an index: Morningstar Developed Markets ex-North America Target Value Index. The VXM ETF provides physical exposure, so by buying it you actually own parts of all the 199 underlying holdings. This share class generates a stream of income by distributing dividends.
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This fund is part ofDeveloped Market Blended Cap1M perf.-0.65%
Last price
$51.56
1M perf.
-1.53%
1M flows
+€77M
AuM
€618M
TER
0.66%
Rating
VXM
$51.56
Performance & flows
Segment for quartile rank
March 30, 2026 → June 29, 2026
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VXM
$51.71
+3.46%
Developed Market Blended Cap
+15.81%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | -1.53%  | +3.46%  | +33.00%  | +105.18% | +148.21% | -1.53% | +3.40% | +9.43%  | |
| Flows |
Key fund info
Segment for quartile rank
This ETF's jurisdiction country is not in your region (Europe and Middle East) ·
Main characteristics
More details
NAV
6/29/2026
$51.73
1D NAV change
-0.03%
Dividend policy
Replication method
Direct (Physical)
Replication model
Full replication
No. of holdings
199
Inception date
11/13/2014
Jurisdiction
Canada
Distribution
Canada
Legal structure
Unit Investment Trust
Base currency
CAD
Dividend distribution
Trailing 12-month distr. yield
Distribution frequency
Last distribution
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Classification
Product type
Asset class
Factors
N/A
Investment strategy
The Fund has been designed to replicate, to the extent possible, the performance of the Morningstar® Developed Markets ex-North America Target Value IndexTM (the "Index"), net of expenses. The Index is comprised of the largest and most liquid equity securities from countries classified by Morningstar as developed markets, excluding North America, based on proprietary research generated by Morningstar. The Index is designed to provide diversified exposure to the top 200 issuers from these markets which are considered to be "good value" based on characteristics like low price to earnings and low price to cash flow ratios. The investment strategy of the Fund is to invest in and hold the constituent securities of the Index. Foreign currency assets held by the Fund attributable to the Units will not be hedged back to the Canadian dollar.
Tax optimisation
PEA
France
UK Reporting Status
United Kingdom
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VXM.B
1M perf.
-0.59%
TER
0.63%
VXM.U
1M perf.
-3.64%
TER
0.6%
VAS
1M perf.
+1.06%
TER
0.07%
XEF
1M perf.
+2.05%
TER
0.23%
ZEA
1M perf.
+3.12%
TER
0.22%
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Risk profile
Segment for quartile rank
Historical risk/return profile
| 3M | 1Y | 3Y | 5Y | |
|---|---|---|---|---|
| Returns | +3.46% | +33.00% | +105.18% | +148.21% |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
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Synthetic Risk and Reward Indicator (SRRI)
UCITS
N/A
PRIIPS
N/A
More exposure metrics are available, exclusively in Trackinsight Enterprise
Exposure
Countries
Japan
39.59%
France
9.32%
United Kingdom
6.34%
Hong Kong
5.61%
Italy
5.41%
Germany
5.02%
Norway
4.56%
Austria
3.97%
Unavailable
1.18%
Other
19.00%
Sectors
Industrials
18.77%
Finance
16.57%
Consumer Cyclicals
12.17%
Non-Energy Materials
10.84%
Utilities
9.82%
Consumer Non-Cyclicals
7.80%
Energy
7.64%
Technology
5.38%
Unavailable
1.18%
Other
9.84%
Diversification
Total weight of top 15 holdings out of 199
Top 15 holdings
Data as of May 31, 2026
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More risk metrics are available, exclusively in Trackinsight Enterprise
Sustainability
Integrates ESG criteria
No
SDG
More sustainability metrics are available, exclusively in Trackinsight Enterprise
Replication
Trackinsight replication rating:
1-year trailing difference
As of May 29, 2026
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VXM
N/A
Replication quality
Calculated over 12m, as of May 29, 2026
Tracking error
Tracking difference
1-year cumulative return difference
Best
Worst
Daily return difference
Average
Worst
Replication information
Index
Index ticker
Index dividend policy
Replication method
Replication model
Issuer
CI
CI ID Card
Number of funds
149
Total AuM
€15.52B
Expense ratio range
0.05% - 2.35%
Average expense ratio
0.6991%
Top 5 funds by CI
| AuM | ||
|---|---|---|
CSAV | CI First Asset High Interest Savings ETF | €2.86B |
WXM | CI Morningstar Canada Momentum Index ETF | €991M |
CIAI | CI Global Artificial Intelligence ETF | €722M |
VXM | CI First Asset Morningstar International Value Index ETF | €618M |
DGRC | CI Canada Quality Dividend Growth Index ETF | €573M |
Frequently asked questions about VXM
What does CI First Asset Morningstar International Value Index ETF, VXM, invest in?
VXM is a Passive ETF. This ETF provides exposure to Equally Weighted Developed markets ex-North America Equities.
Which benchmark or index does VXM replicate?
VXM tracks the Morningstar Developed Markets ex-North America Target Value Index Hedged NR CAD - CAD, through a full replication replication method.
What is the Total Expense ratio (TER) of VXM?
VXM carries a total expense ratio (TER) of 0.66%, indicating the annual cost for holding the fund.
When was VXM launched?
VXM was introduced to the market on November 13, 2014. It trades on Canada
Who is the ETF issuer of VXM?
CI First Asset Morningstar International Value Index ETF, VXM, is provided by CI. Learn more about CI here.
What is the current assets under management (AUM) of VXM?
VXM oversees €618M in assets as of June 29, 2026.
How has VXM performed lately?
Based on data from June 29, 2026, VXM returned -1.53% over the past month, 3.46% over the last three months and 9.43% year-to-date.
What are the latest inflows or outflows for VXM?
As of June 29, 2026, VXM recorded net flows of +€77M over the last month and +€336M year-to-date.
Does VXM distribute dividends?
VXM follows a distributing dividend policy, meaning it pays out income to investors. As of June 29, 2026, its 12-month trailing yield was 1.84%.
What are the main country or region exposures of VXM?
As of May 31, 2026, VXM has significant geographic allocations in Japan, France and United Kingdom.
In which sector or theme does VXM invest in?
As of May 31, 2026, VXM focuses largely on Industrials, Finance and Consumer Cyclicals.
How many securities does VXM hold and how diversified is it?
As of May 31, 2026, VXM holds 199 positions in its portfolio, with 9.51% of assets concentrated in its top 15 holdings.
What are the main positions in VXM?
As of May 31, 2026, VXM top three holdings include Nisshinbo Holdings, Inc., Ferrotec Corp. and UACJ Corp..
What is the base currency of VXM?
The base currency of VXM is CAD.
Is VXM currency-hedged?
VXM is hedged, meaning it seeks to minimize the impact of currency fluctuations between its base currency and the currency of the underlying assets.
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