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Open Edition. Thursday, June 25, 2026

Curated market context for passive investors.

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$44.58
+0.05%

Headline

International developed markets and Canada offset U.S. technology weakness in early trading

XEQT was trading at $44.58, up 0.05% in early trading, as gains in international developed markets and Canada are nearly offset by a declining U.S. sleeve. The Intl Developed sleeve is contributing the most ground-level support, up 0.41%, with a chip-driven rally following Micron Technology's blowout earnings lifting European and Japanese equities. Canada is also adding modestly, while the U.S. sleeve, dragged lower by technology and communication services, is the primary headwind at -0.28%. Today's move is roughly one-tenth of the recent 20-day average absolute move of 0.74%.

How large is this morning's move?

Typical day · This morning's +0.05% 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

    25.01% of XEQT

    • XIC.TO
    +0.38% +0.10 pts to XEQT

    The Canadian sleeve is up 0.38% early, contributing roughly +0.10 pp to XEQT. Financials, the largest tracked sector at 35.8% of the sleeve, are leading with a gain of 0.49%, while information technology is up 0.98% among the areas tracked. Energy is the notable drag, down 0.50%, consistent with WTI crude easing to $70.02.

    Canada market region icon

  • United States

    45.09% of XEQT

    • XTOT.TO
    • ITOT
    -0.28% -0.13 pts from XEQT

    The U.S. sleeve is down 0.28%, contributing -0.13 pp, driven by technology declining 0.95% and communication services falling 0.82% among the sectors tracked. Industrials and health care are meaningfully higher, up 2.05% and 1.49% respectively, partially offsetting tech's drag. The session captures a rotation dynamic: cyclical sectors gaining while megacap technology retreats.

    United States market region icon

  • Intl Developed

    24.61% of XEQT

    • XEF.TO
    +0.41% +0.10 pts to XEQT

    The Intl Developed sleeve is the strongest contributor this session, up 0.41% and adding +0.10 pp to XEQT. Japan is the largest driver among tracked markets, rising 0.63% after the Nikkei posted a record closing high on AI-related chip enthusiasm sparked by Micron's results. The UK, Germany, and Switzerland are each up more than 0.80% within covered exposures, with European markets also reflecting the tech tailwind, while Australia and Singapore are modestly lower.

    Intl Developed market region icon

  • Emerging Mrkts

    5.01% of XEQT

    • XEC.TO
    +0.29% +0.01 pts to XEQT

    Emerging markets are up 0.29% in early trading, though significant divergence is running beneath the surface. South Korea is the standout, rising 1.76% within the tracked portion, with the chip rally lifting semiconductor-heavy constituents. China is down 1.64% among tracked exposures, acting as the main offsetting drag, while Taiwan and India are modestly lower.

    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

Three of four sleeves are advancing in early trading, yet the fund is barely moved because U.S. technology, the largest concentration within XEQT's biggest sleeve, is pulling in the opposite direction of Europe and Canada. The session illustrates how Micron's blowout results can lift markets broadly while simultaneously crowding attention into the very sector that sold off hard in recent sessions. A fractional daily move, with this much cross-current beneath it, is a sign of balance rather than stagnation.

Signals

  • 01

    Korea-China divergence within EM

    South Korea rose 1.76% among tracked emerging market exposures while China fell 1.64%, a spread of more than 3 percentage points within the same sleeve. For a long-term XEQT holder, the chip cycle is creating sharp intra-sleeve divergence: semiconductor strength is concentrated in Korea while broader China-linked equities pull in the opposite direction.

  • 02

    U.S. sector rotation offsets tech drag

    U.S. industrials gained 2.05% and health care rose 1.49% among tracked sectors, even as technology fell 0.95%, producing a rotation that nearly cancels out the U.S. sleeve's net move. The breadth underneath XEQT's flat session is wider than the headline number suggests, with cyclical and defensive sectors absorbing pressure from megacap tech.

  • 03

    VIX drops sharply, risk appetite firms

    The VIX, a measure of expected near-term volatility in U.S. equity markets, is down 6.93% to 18.14, a meaningful single-session decline that is consistent with risk appetite stabilizing after recent technology-driven pullbacks. With sentiment settling and three of four sleeves advancing, the session's muted headline move reflects competing forces rather than broad hesitation.

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May 29 to Jun 25 · $44.50 → $44.58

+0.19%