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Open Edition. Thursday, April 23, 2026

Market context for passive investors.

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$42.30
-0.09%

Headline

Emerging markets weigh on XEQT at the open, three sleeves nearly flat.

XEQT is trading at $42.30, down 0.09% in early going on Thursday. Three of the four sleeves are nearly unchanged, with contributions ranging from -0.01 to -0.03 percentage points. The emerging markets sleeve is doing most of the early work, contributing -0.058 pp to the fund's decline as broad weakness across Asia drives the sleeve down 1.08% so far.

How large is this morning's move?

Typical day · This morning's -0.09% move is 0.1× the 20-day average move.

This scale measures size, not what to do. Larger moves are a normal part of holding a global all-equity fund.

The Regions

  • Canada

    25.91% of XEQT

    • XIC.TO
    -0.06% -0.01 pts from XEQT

    XIC is off 0.06% early, a net result of sharply diverging sector moves. Energy and utilities are both firmer among the sectors tracked, rising 0.87% and 1.19% respectively. Canadian information technology is the offset, falling 2.60% and pulling enough weight within the sleeve to leave the Canadian contribution modestly negative at -0.014 pp.

    Canada market region icon

  • United States

    43.81% of XEQT

    • XTOT.TO
    • ITOT
    -0.02% -0.01 pts from XEQT

    The U.S. sleeve is essentially flat at -0.02%, with countervailing forces nearly cancelling out. Industrials and consumer staples are the early bright spots among covered sectors, up 1.45% and 1.42% respectively. Technology is the drag, down 0.89%, which offsets those gains and keeps the sleeve's contribution to -0.011 pp.

    United States market region icon

  • Intl Developed

    24.75% of XEQT

    • XEF.TO
    -0.12% -0.03 pts from XEQT

    XEF is down 0.12%, contributing -0.030 pp. Among the markets tracked, Switzerland stands out as a positive, up 0.61%, while Germany, the Netherlands, and Spain are each lower by more than 0.50%. Japan and the UK, the two largest covered exposures, are both modestly in the red early.

    Intl Developed market region icon

  • Emerging Mrkts

    5.31% of XEQT

    • XEC.TO
    -1.08% -0.06 pts from XEQT

    XEC is the session's main source of pressure, down 1.08% and accounting for roughly two-thirds of XEQT's early decline despite representing only 5.31% of the fund. Among the markets tracked, Taiwan-related equities, China, and South Korea are all lower by more than 1.3%, with South Africa and Thailand each off close to 1.9%. Brazil and Malaysia are the only areas in positive territory among covered exposures.

    Emerging Markets market region icon

Colored bars represent biggest contributors to XEQT's move this morning (threshold = ±0.1 percentage points). Returns are daily ETF price moves for tracked regional or sector categories and may differ slightly from raw index movements.

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The Hold Line

A move of 0.09% is roughly one-tenth of XEQT's recent 20-day average daily swing of 0.75%, placing this firmly in the category of routine early noise. The fund sits 1.3% below its 52-week high with a year-to-date return of +5.33%, context that makes a second consecutive modest down day unremarkable. The emerging markets sleeve is worth watching given the breadth of weakness across covered exposures, but at 5.31% of the fund its capacity to materially shift outcomes for a long-term holder is limited.

Signals

  • 01

    EM weakness broad across Asia

    Among the emerging market exposures tracked, every major Asian market is lower in early trading, with Taiwan, South Korea, China, and South Africa all down more than 1.3%. For an XEQT holder, the sleeve's small weight caps the impact, but the breadth of the move across geographies is worth noting as the session develops.

  • 02

    Canadian tech drags otherwise mixed sleeve

    Canadian information technology is down 2.60% at the open, a move large enough to overcome gains in energy, utilities, and financials and push the Canada sleeve into negative territory. The sector represents 7.9% of the Canadian sleeve, so its influence on XEQT as a whole remains small, but the divergence within the sleeve is notable early.

  • 03

    U.S. sector rotation visible early

    Within the U.S. coverage, industrials and consumer staples are both up more than 1.4% while technology and consumer discretionary are each lower by roughly 0.85%, suggesting a rotation toward defensive and cyclical industrials and away from growth-oriented sectors in early trading. For XEQT holders, this internal churn is currently net-neutral at the sleeve level.

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