The Walt Disney Company Canadian Depositary Receipt (CAD Hedged)

The Walt Disney Company Canadian Depositary Receipt (CAD Hedged) is a Canadian dollar-denominated security that offers Canadian investors exposure to the common shares of The Walt Disney Company through a depositary receipt structure. Each receipt provides a fractional economic interest in the underlying U.S. shares, maintained via a variable CDR ratio to ensure an accessible trading price in Canadian dollars. As a CAD-hedged instrument, it features a built-in notional currency hedge that minimizes the effects of USD/CAD exchange rate fluctuations on returns, allowing investors to trade and receive dividends in Canadian dollars without direct foreign exchange involvement. This product enables access to The Walt Disney Company's diversified global media and entertainment operations, including film studios, streaming services, television networks, consumer products, and theme parks. The Walt Disney Company operates through key segments such as Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products, engaging in television and radio production, distribution, broadcasting, direct-to-consumer services, amusement parks, and hotels. Headquartered in Burbank, California, this CDR facilitates hedged participation in the entertainment industry for Canadian market participants.