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Open Edition. Tuesday, May 26, 2026

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$44.38
-0.84%

Headline

XEQT falls 0.84% early as renewed U.S. strikes on Iran weigh on risk sentiment.

In early trading, XEQT was down 0.84% at $44.38, pulling back from Monday's 52-week high of $45.00. U.S. strikes on southern Iran over the weekend disrupted hopes for a near-term peace deal, and renewed geopolitical uncertainty is visible across three of the four sleeves. The U.S. sleeve is the largest drag so far, contributing roughly 0.36 percentage points of the decline, though the sector picture beneath that headline number is more complicated than it first appears.

How large is this morning's move?

Typical day · This morning's -0.84% move is 1.1× 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

    25.28% of XEQT

    • XIC.TO
    -0.63% -0.16 pts from XEQT

    The Canadian sleeve is down 0.63% early, contributing roughly 0.16 pp to XEQT's decline. Materials and information technology are the sharpest drags among the sectors tracked, falling 1.55% and 1.53% respectively. Energy is the notable exception: it has risen 1.22% so far, consistent with WTI crude moving above $93, and its within-sleeve contribution is partially offsetting losses elsewhere.

    Canada market region icon

  • United States

    45.29% of XEQT

    • XTOT.TO
    • ITOT
    -0.79% -0.36 pts from XEQT

    The U.S. sleeve is down 0.79%, the session's largest drag at roughly 0.36 pp. A sharp divergence is visible within the sleeve's components: XTOT, the CAD-listed U.S. tracker, is down 1.82%, while the CAD-adjusted return on ITOT is positive at +0.75%, a gap of 2.57 percentage points. U.S. technology is sharply higher among the sectors tracked, rising 2.30%, consistent with semiconductor stocks rallying following overnight Asia gains in chip-related equities.

    United States market region icon

  • Intl Developed

    24.46% of XEQT

    • XEF.TO
    -0.60% -0.15 pts from XEQT

    XEF.TO is down 0.60% early, contributing about 0.15 pp to the decline. Among the markets tracked, Japan, Germany, France, and the United Kingdom are all posting gains, with Spain rising 2.46%. The sleeve's overall loss likely reflects areas not captured in the tracked breakdown. European uncertainty around renewed Iran conflict and the ECB's signaled upward revision to its inflation outlook are shaping sentiment across the region.

    Intl Developed market region icon

  • Emerging Mrkts

    4.86% of XEQT

    • XEC.TO
    +0.65% +0.03 pts to XEQT

    Emerging markets are the one sleeve adding to XEQT early, with XEC.TO up 0.65% and contributing +0.03 pp. South Korea has surged 9.17% and Taiwan is up 5.12% among the markets tracked, together accounting for the bulk of the sleeve's strength. Taiwan's chip-sector rally, linked to TSMC's continued ascent as Taiwan overtook India to become the world's fifth-largest stock market, is the clearest driver within the 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.

The Hold Line

A pullback of 0.84% is just above the recent 20-session average daily move of 0.74%, so the session's early losses are meaningful but not unusual in the context of a fund up more than 11% year to date. What is genuinely notable is the internal split: emerging markets are advancing sharply while the larger developed-market sleeves retreat, a pattern that illustrates why holding all four regions matters. Emerging markets are up 24.56% year to date against XEQT's 11.27%, and even a 4.86% sleeve weight has added meaningfully to the fund's total return over that stretch. The session remains early and the full picture will only resolve by the close.

Signals

  • 01

    XTOT versus ITOT gap is extreme

    XTOT, the CAD-listed U.S. equity tracker, is down 1.82% while the CAD-adjusted return on ITOT is positive at +0.75%, a gap of 2.57 percentage points that is well above the 0.35 pp threshold considered significant. For XEQT holders, the blended U.S. sleeve return of -0.79% is the authoritative number, but the gap is worth tracking as a signal of intraday pricing fragmentation between the two instruments.

  • 02

    Semiconductor rally splits global sleeves

    South Korea has risen 9.17% and Taiwan 5.12% among the markets tracked in emerging markets, while U.S. technology is up 2.30% among U.S. sectors, all consistent with a global semiconductor rally following Asia's overnight session. This means the day's biggest winners and the day's biggest sleeve-level drag are co-existing inside the same fund, a reminder that XEQT's geographic breadth distributes chip-sector exposure across multiple regions with different weights and currencies.

  • 03

    WTI crude rises, pressuring materials

    WTI crude, which measures the price of U.S. benchmark oil, is up sharply in the context of renewed Iran conflict, and Canadian materials are down 1.55% early while Canadian energy is up 1.22%, a clear sector split within the same sleeve. For XEQT holders, the net Canada effect is a modest drag of 0.16 pp, but the internal rotation between materials and energy is worth watching as the Iran situation develops through the session.

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Apr 28 to May 26 · $42.10 → $44.39

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