Market Shares:

• Gold Mining Industry: 100%

TOP 3 Markets:

• Canada: about 45%
• USA: about 30%
• Australia: about 15%

The iShares S&P/TSX Global Gold Index ETF (TSX:XGD) mainly invests in companies in the gold mining industry. Therefore, the revenues come entirely from this sector. The geographical distribution of the markets shows that Canada has the largest share, followed by the USA and Australia. These markets are significant as they host some of the largest and most productive gold mines in the world.

iShares S&P/TSX Global Gold Index ETF (TSX:XGD) is an exchange-traded fund (ETF) and not a company that produces physical products.

This ETF invests in a variety of companies operating in the gold sector, including gold mining companies worldwide. Production is carried out by the individual companies in which the ETF invests, and not by the ETF itself.

The geographical distribution of production depends on the locations of the mines operated by the companies included in the ETF. These mines are typically located in gold-rich regions such as Canada, Australia, South Africa, and South America.

Current Strategy: Diversification and Risk Management

The iShares S&P/TSX Global Gold Index ETF (TSX:XGD) is an exchange-traded fund that aims to replicate the performance of the S&P/TSX Global Gold Index. Being an ETF, it does not pursue a company-specific growth strategy in the traditional sense but focuses on index replication.

The strategy for the ETF's future growth is to provide broad diversification across various gold mining companies worldwide. This allows investors to benefit from the overall growth of the gold sector while minimizing risk through diversification across multiple companies.

Additionally, the ETF could capitalize on the increasing demand for gold as a hedge against inflation and economic uncertainties. This could lead to heightened interest and investments in the ETF, subsequently boosting the fund's assets under management and liquidity.

Imported raw materials/materials: Gold

Main importing countries: Canada, USA, Australia, South Africa

The iShares S&P/TSX Global Gold Index ETF (TSX:XGD) is an exchange-traded fund that focuses on companies engaged in gold mining. The ETF itself does not import any raw materials, but invests in companies that mine and process gold. These companies source their gold from various countries, with Canada, the USA, Australia, and South Africa being among the leading gold producers.

As the ETF is globally oriented, it reflects the activities of mining companies operating in these and other countries. The performance of the ETF is therefore heavily dependent on the development of gold prices and production capacities in these regions.

Current Net Asset Value (NAV): CAD 25.30 (2026) Annual Return: 8.5% (2025) Management Fee: 0.61% (2026)

The iShares S&P/TSX Global Gold Index ETF (TSX:XGD) is not a company, but an exchange-traded fund (ETF) that invests in stocks of companies operating in the gold sector. Therefore, the ETF itself does not have a direct competitive advantage like a company. Instead, it reflects the performance of the underlying index, which consists of a selection of gold mining companies.

The competitive advantage of the ETF depends on the performance and market conditions of the companies included in the index. One advantage of XGD is its diversification, as it provides investors with access to a variety of gold mining companies worldwide. This reduces the risk compared to investing in individual stocks.

Additionally, the ETF benefits from the general market sentiment towards gold, which is often seen as a safe haven in economically uncertain times. The low management fee of 0.61% also makes it a cost-effective option for investors looking to invest in the gold sector.

Institutional Investor Share: Estimate: approx. 70% (2026)

Insider Buys/Sells: No significant transactions reported (2026)

The iShares S&P/TSX Global Gold Index ETF is mainly held by institutional investors, which is typical for ETFs investing in commodity sectors. These investors use the ETF to hedge their portfolios against market risks or to benefit from the performance of the gold market.

Insider buys or sells are less relevant for ETFs, as these funds consist of a variety of stocks and are not controlled by a single company or a small group of insiders. Therefore, there are usually no significant insider transactions that would need to be reported.

Market share of iShares S&P/TSX Global Gold Index ETF (TSX:XGD): Estimated around 5% (2026)

Top competitors and their market shares:

1. VanEck Vectors Gold Miners ETF (GDX): around 25%
2. SPDR Gold Shares (GLD): around 20%
3. iShares Gold Trust (IAU): around 15%
4. Invesco DB Gold Fund (DGL): around 10%
5. Aberdeen Standard Physical Gold Shares ETF (SGOL): around 8%
6. GraniteShares Gold Trust (BAR): around 7%
7. Sprott Physical Gold Trust (PHYS): around 5%

The iShares S&P/TSX Global Gold Index ETF (XGD) has a relatively small market share compared to the leading ETFs in the gold sector. The market is dominated by larger ETFs such as VanEck Vectors Gold Miners ETF and SPDR Gold Shares, which are preferred due to their size and liquidity.

The moat of XGD is limited as it is an index ETF that primarily depends on the performance of the underlying index. Larger ETFs like GDX and GLD may offer a stronger moat through their extensive diversification and greater liquidity, making them more attractive to institutional investors.

In summary, XGD operates in a highly competitive market where the largest ETFs have a significant advantage due to their size and liquidity. Therefore, the moat of XGD is less pronounced compared to the leading competitors.

Assets under Management (AUM): CAD 1.2 billion (2026) Annual Return (3 years): 7.8% (2026) Expense Ratio: 0.55% (2026)

The iShares S&P/TSX Global Gold Index ETF (TSX:XGD) provides investors with access to a diversified selection of gold mining companies worldwide. With assets under management of CAD 1.2 billion, the ETF demonstrates a stable base and attractiveness for investors looking to invest in the gold sector.

Over the past three years, the ETF has achieved an average annual return of 7.8%, indicating solid performance in a volatile market environment. This return reflects the overall strength of the gold market, which is often considered a safe haven in economically uncertain times.

The expense ratio of 0.55% is competitive compared to other ETFs in the commodity sector, making the iShares S&P/TSX Global Gold Index ETF a cost-effective way to invest in gold mining companies.

Overall, the ETF could be a good investment for investors interested in the long-term performance of the gold sector and looking to benefit from the diversification that an ETF offers. However, investors should also consider the volatility of the gold market and the specific risks associated with mining companies.

Dividend yield: 0.5% (estimated for 2026)
Dividend history: Irregular

The iShares S&P/TSX Global Gold Index ETF (TSX:XGD) typically pays a dividend, but the amount and frequency of payouts are irregular. This is because the ETF invests in gold mining companies, whose dividend policies are heavily dependent on gold prices and associated profits.

The reliability of dividend payments can therefore fluctuate, depending on market conditions and the performance of the companies included in the index. Investors should be aware that the dividend yield is relatively low compared to other asset classes and is primarily influenced by underlying commodity prices.