EWC(EWC)
AI Look-Through Summary
AI GeneratedThe iShares MSCI Canada ETF maintains a substantial asset base of $4.7 billion, reflecting significant market participation in the Canadian equity landscape. Its portfolio construction reveals a pronounced tilt toward domestic financial services, which account for 14.2% of total sector weightings. This exposure is driven heavily by top holdings such as RBC and TD Bank Group, each commanding over six percent of the fund's assets under management individually. The concentration in banking stocks suggests that the ETF's performance will be highly correlated with the broader health and profitability of Canada's major financial institutions, making this sector a dominant theme within its overall strategy.
Beyond the financial heavyweight, the portfolio incorporates notable positions in technology through Shopify Holdings, representing nearly five percent of total assets. While the provided data lists only two specific sectors by name, the remaining top ten holdings include energy and industrial companies like Canadian Natural Resources and Brookfield Asset Management, indicating a diversified approach across traditional value pillars despite the high weighting in finance. The geographic focus remains strictly domestic, as evidenced by the exclusive listing of Toronto Stock Exchange tickers among the primary constituents. This structural setup implies that returns will be closely tied to the specific economic cycles affecting Canada's resource sector and banking industry rather than providing broad global diversification or exposure to other regional markets.
Quantitatively, the fund exhibits a classic large-cap value profile given its heavy reliance on established blue-chip entities with substantial market capitalizations relative to their peer groups in emerging or small-cap segments. The top ten holdings collectively represent approximately 42 percent of total assets, highlighting a concentrated approach where individual stock selection plays a critical role in defining the fund's risk-return trajectory. Investors examining this vehicle should note that its volatility and growth potential may be more sensitive to shifts in interest rates and commodity prices compared to funds with broader sector allocations or international exposure. The data presents a clear picture of a specialized instrument designed for those seeking deep integration into Canada's core economic drivers rather than a balanced global portfolio solution.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-23 09:10:30.667435+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 85/100The investment theme implied by the ticker EWC, which historically tracks international developed markets excluding Canada and the United States, appears significantly misaligned with the provided holdings list. The top ten positions consist entirely of Canadian entities such as Royal Bank of Canada, Toronto-Dominion Bank, Shopify, and Enbridge, sectors that are fundamentally excluded from a standard non-Canadian/European portfolio strategy. While some funds utilize broad market names to stabilize returns, this specific composition suggests a fundamental disconnect between the fund's stated thematic objective and its actual asset allocation, as nearly all major weightings reside in domestic Canadian equities rather than international peers.
Sector coherence further highlights this divergence from an international development mandate. The sector breakdown shows Financial Services at 14.2% and Technology at 4.9%, with no representation from other global sectors like industrials or healthcare that would typically characterize a diversified developed market index. Although the top-ten concentration of 42.4% indicates a focus on large-cap stability, this reliance on mega-cap Canadian stocks creates a profile distinct from a true international exposure vehicle. The lack of diversification outside North America and the dominance of local financials suggest the fund operates more as a proxy for specific regional leaders than as a comprehensive global developed market instrument, raising questions about its ability to deliver on an implied non-domestic theme without significant structural deviation.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-24 01:16:24.212176+00
🏢 Sector Analysis
AI GeneratedThe sector allocation profile of this ETF reveals a distinct concentration in the Canadian financial services industry, which constitutes 14.2% of the portfolio despite representing only two holdings. This heavy weighting is further amplified by the top five positions, where RY and TD alone account for nearly half of that specific sector exposure, signaling an investment thesis heavily reliant on large-cap banking stability rather than broad industrial diversification. The relatively minor allocation to technology at 4.9%, driven primarily by a single holding in SHOP, suggests the fund is not seeking significant growth from emerging tech sectors but may be utilizing this position for currency hedging or specific market beta exposure within the Canadian context.
Concentration risk appears elevated given that the top ten holdings collectively represent 42.4% of total assets under management. This high degree of overlap means portfolio performance will correlate tightly with the fortunes of a few major issuers, specifically those in banking and energy infrastructure as indicated by ENB.TO and BMO.TO. Such structure implies limited diversification benefits across different economic cycles or industry shocks compared to more broadly diversified global equity vehicles. The lack of significant exposure outside these core financial pillars indicates that the fund's primary objective is likely capital preservation through established blue-chip names rather than capturing broad market beta or tilting toward high-growth factors like small-cap value or aggressive technology innovation.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-18 01:22:03.435997+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share EWC's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 76% of EWC's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VTVT | $80B | — | 3 | 19.0% |
| VXUSVXUS | $624B | — | 3 | 19.0% |
| SPDWSPDW | $36B | — | 3 | 19.0% |
| VEAVanguard FTSE Developed Markets Index Fund ETF Shares | $290B | — | 3 | 19.0% |
| VEUVEU | $86B | — | 3 | 19.0% |
19% of EWC's portfolio by weight is also held by VT, which commands 17× more assets under management. When VT receives inflows, it mechanically buys these shared stocks — dragging EWC's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 95% ofEWC's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Based on 42% of fund weight with Piotroski data.
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside EWC collectively pay out 76% of their Free Cash Flow to maintain the current yield. This is stretched — a prolonged earnings slump could force constituent companies to cut dividends. Based on 29% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryEWC is up 33.2% over the last 12 months. The underlying weighted earnings growth of its constituents is +54.5%. Despite earnings growth, valuations have contracted by 21.3% — the market is paying less per dollar of earnings than a year ago.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 34% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of EWC's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of EWC's analyzed weight, 48% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 52% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 13% of fund weight with available data. Not investment advice.
Concentration Risk Monitor
ELEVATEDEWC's top holding RY at 8.2% is above the 8% elevated-concentration threshold. The effective number of stocks is 49 vs. the actual count of 10.
Effective # of Stocks = 1 / HHI (Herfindahl-Hirschman Index). Variance share approximated as w² / Σw². Not investment advice.
Passive Crowding Score
LOWHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
EWC has a low Passive Crowding Score of 5/100. On average, 1.4% of the market capitalization of EWC's underlying holdings is structurally locked in passive ETF vehicles. This indicates relatively low passive crowding — the underlying stocks have ample active-market liquidity to absorb ETF-driven flows without significant price distortion.
Passive $ = Σ(ETF AUM × holding weight) across all 10 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 10 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | RY | Royal Bank of Canada Financial Services | 8.22% | 17.1x | 3/9 |
| 2 | TD | The Toronto-Dominion Bank Financial Services | 5.96% | 18.4x | 4/9 |
| 3 | SHOP | Shopify Inc Registered Shs -A- Subord Vtg Technology | 4.86% | 116.4x | 5/9 |
| 4 | ENB.TO | Enbridge Inc | 3.96% | 23.7x | 6/9 |
| 5 | BMO.TO | Bank of Montreal | 3.53% | 15.3x | 6/9 |
| 6 | CM.TO | Canadian Imperial Bank of Commerce | 3.39% | 13.5x | 6/9 |
| 7 | CNQ.TO | Canadian Natural Resources Ltd | 3.25% | 13.6x | 7/9 |
| 8 | BNS.TO | Bank of Nova Scotia | 3.15% | 14.0x | 5/9 |
| 9 | AEM.TO | Agnico Eagle Mines Ltd | 3.09% | 21.8x | 9/9 |
| 10 | BN.TO | Brookfield Corp Registered Shs -A- Limited Vtg | 3.05% | 80.9x | 6/9 |
Historical Holdings Snapshots
Browse how EWC’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
10 holdings · 42.4% tracked weight2026-05-23
10 holdings · 42.4% tracked weight2026-05-22
10 holdings · 42.4% tracked weight2026-05-21
10 holdings · 42.4% tracked weight2026-05-20
10 holdings · 42.4% tracked weightSource: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove EWC Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Technical Setup
AI GeneratedThe current price of $57.49 for EWC sits within a specific technical context that warrants observation regarding its relationship to moving average bands, though the exact position relative to the upper or lower envelope boundaries is not explicitly defined by the provided figures alone. Without knowing the precise values of the Short-Term and Long-Term Simple Moving Averages that construct this envelope, it remains difficult to determine if the asset is currently stretched toward an extreme mean-reversion zone or operating comfortably within its historical volatility range. In a typical relative-value analysis, prices trading near the outer edges of such envelopes often signal potential exhaustion in the current trend, while those nestled centrally suggest continued momentum along the prevailing direction. The implication for mean-reversion strategies hinges entirely on where this $57.49 figure falls against the calculated statistical bounds derived from recent price action. If the stock were significantly detached from its central tendency, one might hypothesize a higher probability of a corrective move back toward the average; conversely, proximity to the midline could indicate that any deviation is likely to be minor or short-lived. Since the specific envelope parameters are absent from the data set, no definitive conclusion can be drawn about immediate reversal potential or trend continuation strength based solely on this snapshot. Market participants must wait for further price action to clarify whether the current level represents a statistical outlier or a stable equilibrium point within the established moving average framework.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How EWC’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.