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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 200 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.-4.66%
Last price
$50.42
1M perf.
-3.46%
1M flows
+€75M
AuM
€426M
E/R
0.66%
Rating
ESG Consensus®
VXM
$50.42
Performance & flows
Segment for quartile rank
December 12, 2025 → March 12, 2026
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VXM
$50.81
+8.55%
Developed Market Blended Cap
-0.49%
Historic performance and flows
| 1M | 3M | 1Y | 3Y | 5Y | MTD | QTD | YTD | ||
|---|---|---|---|---|---|---|---|---|---|
| Perf. | -3.46%  | +8.55%  | +42.01% | +111.51% | +146.28% | -6.51% | +6.33% | +6.33% | |
| 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
3/12/2026
$50.83
1D NAV change
-1.30%
Dividend policy
Replication method
Direct (Physical)
Replication model
Full replication
No. of holdings
200
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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Enterprise
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VXM.B
1M perf.
-6.40%
E/R
0.63%
VAS
1M perf.
-3.66%
E/R
0.07%
XEF
1M perf.
-6.46%
E/R
0.23%
ZEA
1M perf.
-6.24%
E/R
0.22%
A200
1M perf.
-3.58%
E/R
0.04%
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Risk profile
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Historical risk/return profile
| 3M | 1Y | 3Y | 5Y | |
|---|---|---|---|---|
| Returns | +8.55% | +42.01% | +111.51% | +146.28% |
| Volatility | ||||
| Perf./Volatility | ||||
| Max drawdown |
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Synthetic Risk and Reward Indicator (SRRI)
UCITS
N/A
PRIIPS
N/A
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Enterprise
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Learn more about Trackinsight EnterpriseExposure
Countries
Japan
39.45%
France
7.57%
United Kingdom
6.00%
Italy
5.48%
Germany
4.93%
Norway
4.63%
Austria
4.10%
Spain
3.88%
Bermuda
3.75%
Other
20.14%
Sectors
Industrials
22.94%
Financials
15.12%
Consumer Discretionary
13.83%
Utilities
11.50%
Materials
9.59%
Consumer Staples
7.33%
Energy
7.29%
Communication Services
4.08%
Unavailable
3.49%
Other
4.82%
Diversification
Total weight of top 15 holdings out of 200
Top 15 holdings
Data as of January 31, 2026
HONG LEONG ASIA
DOWA HOLDINGS
AURUBIS AG (ORDINARY)
JPN PETROLEUM EX
TAURONPE
HOIST FINANCE PUBL AB
VIENNA INSURANCE
UACJ CORP
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ARCELORMITTAL
RWE ST
SBM OFFSHORE
NO0012851874
PER AARSLEFF HOLDING A/S
SUMITOMO
ORANGE POLSKA SA
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Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
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Integrates ESG criteria
No
SDG
ESG Consensus® by Conser
Data as of December 31, 2025
MethodologyOur partner Conser gathers the industry's consensus on the business practices of the underlying holdings. We have computed the following metrics about VXM ETF's sustainability, based on their methodology.
ESG Consensus®
ESG Consensus® is based on the Final Sustainability Grade, which itself consists of 10 grades. Our partner Conser calculates the exact grade, based on market intelligence, using their proprietary ESG Consensus® methodology.
VXM’s has a Final Sustainability Grade of either C+, C, C-, or D.
A+
A
A-
B+
B
B-
C+
C
C-
D
This fund’s exact Final Sustainability Grade is available in Trackinsight Enterprise.
Learn more about Trackinsight EnterpriseHoldings review
72.35% of holdings have positive scoring
27.73% of holdings have negative scoring
13.26%
41.24%
17.84%
6.05%
17.20%
Consensus levels
Strong
Medium
Weak
Built for professionals: access exclusive sustainability metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseReplication
Trackinsight replication rating:
Replication quality
Calculated over 12m, as of February 27, 2026
Tracking error
Tracking difference
Replication information
Index
Morningstar Developed Markets ex-North America Target Value Index Hedged NR CAD - CAD
Index ticker
MSDVHN Index
Index dividend policy
NTR
Replication method
Replication model
Built for professionals: access exclusive replication metrics in Trackinsight Enterprise.
Enterprise
Trackinsight Enterprise helps professional and institutional ETF investors tackle operational, regulatory, and analytical challenges at every stage of the investment process.
Learn more about Trackinsight EnterpriseIssuer
CI
CI ID Card
Number of funds
148
Total AuM
€15.06B
Expense ratio range
0.05% - 2.35%
Average expense ratio
0.64%
Top 5 funds by CI
| AuM | ||
|---|---|---|
CSAV | CI First Asset High Interest Savings ETF | €3.14B |
WXM | CI Morningstar Canada Momentum Index ETF | €904M |
CIAI | CI Global Artificial Intelligence ETF | €643M |
DGRC | CI Canada Quality Dividend Growth Index ETF | €534M |
CGSB | CI Global Short-Term Bond Fund | €501M |
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 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 €426M in assets as of March 12, 2026.
How has VXM performed lately?
Based on data from March 12, 2026, VXM returned -3.46% over the past month, 8.55% over the last three months and 6.33% year-to-date.
What are the latest inflows or outflows for VXM?
As of March 12, 2026, VXM recorded net flows of +€75M over the last month and +€134M year-to-date.
Does VXM distribute dividends?
VXM follows a distributing dividend policy, meaning it pays out income to investors. As of March 12, 2026, its 12-month trailing yield was 1.92%.
What are the main country or region exposures of VXM?
As of January 31, 2026, VXM has significant geographic allocations in Japan, France and United Kingdom.
In which sector or theme does VXM invest in?
As of January 31, 2026, VXM focuses largely on Industrials, Financials and Consumer Discretionary.
How many securities does VXM hold and how diversified is it?
As of January 31, 2026, VXM holds 200 positions in its portfolio, with 9.02% of assets concentrated in its top 15 holdings.
What are the main positions in VXM?
As of January 31, 2026, VXM top three holdings include HONG LEONG ASIA, DOWA HOLDINGS and AURUBIS AG (ORDINARY).
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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