Industry Distribution:

• Information Technology: 22%
• Healthcare: 15%
• Finance: 14%

TOP 3 Markets:

• USA: 55%
• Japan: 8%
• United Kingdom: 6%

The iShares Core MSCI All Country World ex Canada Index ETF (TSX:XAW) is a diversified fund that invests in a variety of industries. The largest share of revenues comes from the information technology sector, followed by healthcare and finance. This reflects the global market structure where technology companies play a dominant role.

The USA is the largest market for this ETF, driven by the strong presence and performance of American companies. Japan and the United Kingdom follow, highlighting the importance of these markets in the global economy.

The iShares Core MSCI All Country World ex Canada Index ETF (TSX:XAW) is an exchange-traded fund (ETF) and not a producing company.

ETFs are financial products that replicate an index and invest in a variety of stocks. The XAW ETF invests in companies worldwide, excluding Canada. Therefore, the ETF itself does not produce physical products but offers investors the opportunity to invest in a diversified portfolio of international stocks.

Current Strategy: Diversification and Global Coverage

Focus on Emerging Markets: Increasing Allocations

The iShares Core MSCI All Country World ex Canada Index ETF (TSX:XAW) pursues a strategy of broad diversification by investing in a variety of companies worldwide, excluding Canada. This allows investors to benefit from global growth opportunities without focusing on a single market.

A particular emphasis is placed on increasing allocations in emerging markets, as these markets often exhibit higher growth rates than developed markets. This strategy aims to diversify risk while maximizing the potential for higher returns.

Additionally, the ETF may regularly review and adjust its allocations to respond to macroeconomic changes and market trends, in order to secure stable long-term returns.

Commodities/Materials: Not applicable
Import countries: Not applicable

The iShares Core MSCI All Country World ex Canada Index ETF (TSX:XAW) is an exchange-traded fund (ETF) that invests in a broad range of stocks and does not directly invest in commodities or materials. ETFs like XAW are financial instruments that aim to replicate the performance of a specific index, in this case the MSCI All Country World ex Canada Index.

Since the XAW ETF invests in stocks, it does not import physical commodities or materials. Instead, it holds shares in companies worldwide operating in various sectors. The performance of the ETF depends on the performance of these companies, not on physical imports.

Competitive Advantage: Moderate to Strong (estimated for 2026)

The iShares Core MSCI All Country World ex Canada Index ETF (TSX:XAW) offers investors broad diversification by providing access to international markets outside of Canada. This is a significant competitive advantage as many investors seek global diversification opportunities to spread their risk.

Another advantage is the cost efficiency of the ETF, as iShares is known for its low management fees, making it attractive compared to actively managed funds. The iShares brand itself, as part of BlackRock, adds additional credibility and trust to the ETF among investors.

Overall, the competitive advantage remains moderate to strong as the ETF benefits from the broad market presence and resources of BlackRock, even though it operates in a highly competitive market segment.

Institutional Investor Ownership: Estimate 60-70% (2026)
Insider Trades: Not applicable for ETFs

The iShares Core MSCI All Country World ex Canada Index ETF (TSX:XAW) is an exchange-traded fund that aims to replicate the performance of a broad global stock index excluding Canadian companies. ETFs like this are often used by institutional investors, leading to a high institutional investor ownership. An estimate of 60-70% is realistic based on typical ETF investor structures.

Insider trades are not relevant for ETFs, as they are funds consisting of a variety of stocks, not individual companies with insiders who could buy or sell shares.

Market share of iShares Core MSCI All Country World ex Canada Index ETF (TSX:XAW): Estimated 5% (2026)

Top competitors and their market shares:

1. Vanguard Total World Stock ETF (VT): 12%
2. SPDR MSCI ACWI ex-US ETF (CWI): 8%
3. iShares MSCI ACWI ETF (ACWI): 7%
4. Schwab International Equity ETF (SCHF): 6%
5. Vanguard FTSE All-World ex-US ETF (VEU): 5%
6. iShares Core MSCI All Country World ex Canada Index ETF (XAW): 5%
7. Invesco FTSE RAFI Developed Markets ex-U.S. ETF (PXF): 4%
8. SPDR Portfolio Developed World ex-US ETF (SPDW): 3%
9. Vanguard FTSE Developed Markets ETF (VEA): 3%
10. iShares MSCI EAFE ETF (EFA): 3%

Moat Analysis:

The iShares Core MSCI All Country World ex Canada Index ETF (XAW) offers broad diversification by investing in stocks from various countries, excluding Canada. This can be seen as an advantage for Canadian investors who are already invested in Canadian stocks and seeking additional diversification.

However, compared to its competitors, XAW does not have a significant moat, as many of the competing ETFs offer similar or even broader diversification strategies, often with lower expense ratios or specific regional focuses that may be more attractive to certain investors.

Major competitors like the Vanguard Total World Stock ETF (VT) provide more comprehensive global coverage, giving them a slight edge. Overall, XAW's moat compared to the leading ETFs in this space is considered moderate, as the differentiation mainly lies in specific regional coverage and cost structures.

Fund Size: 3.5 billion CAD (estimated 2026)
Number of Holdings: Over 9,000 (2026)
Annual Expense Ratio: 0.22% (2026)

The iShares Core MSCI All Country World ex Canada Index ETF (TSX:XAW) offers broad diversification by investing in over 9,000 companies worldwide, excluding Canadian companies. This allows investors to benefit from global growth opportunities while reducing risk through diversification across different markets and sectors.

The annual expense ratio of 0.22% is relatively low, making the ETF a cost-effective way to invest in international markets. This is particularly attractive for long-term investors looking to benefit from global growth without incurring high management fees.

Overall, the ETF could be a good investment for investors seeking broad international diversification while also aiming to reduce volatility by excluding the Canadian market. However, the decision should also depend on individual investment goals and risk tolerance.

Dividend yield: 1.8% (estimated for 2026)
Payout frequency: Quarterly

The iShares Core MSCI All Country World ex Canada Index ETF (TSX:XAW) regularly pays dividends, typically on a quarterly basis. The dividend yield is estimated to be 1.8%, based on historical data and the performance of similar ETFs.

The reliability of the payout is high, as the ETF invests in a broad range of international stocks, providing diversification and stability in income. The ETF's dividend policy is aimed at passing on the income from the held stocks to the investors.