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Close Edition. Monday, July 20, 2026

Curated market context for passive investors.

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$44.39
-0.20%

Headline

Canadian financials pull XEQT into negative territory after a brief morning advance

XEQT closed down 0.20%, having briefly held positive ground earlier in the session before fading through the afternoon as Canadian equities accelerated their decline. Canada was the primary drag, contributing roughly 0.21 percentage points of negative pressure, driven almost entirely by a sharp retreat in financial stocks. The U.S. sleeve finished just barely positive, while international developed markets also closed lower. Emerging markets were the one meaningful offset, finishing up 0.73% on the strength of Chinese equities.

How large is today's move?

Typical day · Today's -0.20% move is 0.4× 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

    25.54% of XEQT

    • XIC.TO
    -0.83% -0.21 pts from XEQT

    Canadian financials fell 1.88% and, as the largest tracked segment of the sleeve at roughly 37% of its weight, were responsible for most of the sleeve's 0.83% decline. Industrials added a smaller negative contribution. Energy and materials both posted modest gains, supported by firmer commodity prices, but those offsets were not nearly large enough to counterbalance the financial-sector pressure. A softer-than-expected domestic inflation reading and unease over U.S.-Iran tensions were cited as factors weighing on investor sentiment across the TSX.

    Canada market region icon

  • United States

    45.33% of XEQT

    • XTOT.TO
    • ITOT
    +0.16% +0.07 pts to XEQT

    The U.S. sleeve finished up 0.16%, a narrow but positive result that reflected a mixed session on Wall Street. Health care declined 1.14% and industrials fell 0.72% among tracked sectors, while technology was effectively flat after trimming earlier gains. A weakening Canadian dollar added roughly 0.37 percentage points to the CAD-translated return of U.S. dollar assets, which meaningfully cushioned what was a slightly negative day in USD terms.

    United States market region icon

  • Intl Developed

    24.32% of XEQT

    • XEF.TO
    -0.31% -0.08 pts from XEQT

    International developed markets closed down 0.31%, contributing about 0.08 percentage points of drag to XEQT. Within tracked exposures, the UK fell 1.17% and Switzerland declined 1.35%, with U.S.-Iran tensions cited as a headwind for markets sensitive to oil-price moves and shipping-route risk. France and Germany also posted moderate declines. European markets were broadly cautious ahead of a week featuring central bank signals, though moves were mixed and relatively contained across the region.

    Intl Developed market region icon

  • Emerging Mrkts

    4.66% of XEQT

    • XEC.TO
    +0.73% +0.03 pts to XEQT

    Emerging markets rose 0.73%, providing a modest but genuine offset to losses elsewhere. China-related equities gained 2.13% among tracked markets and were the dominant positive force, more than offsetting declines in Taiwan-related equities, which fell 1.43%, and weakness in India and South Africa. South Korea-related equities were roughly flat. The net positive from the sleeve, while small at about 0.03 percentage points of contribution to XEQT, reflected a meaningful dispersion of outcomes within the region.

    Emerging Markets market region icon

Colored bars represent biggest contributors to XEQT's move today (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

Canadian financials account for more than a third of the Canadian sleeve by weight, and their 1.88% decline today left a mark disproportionate to XEQT's modest overall move. What cushioned the fund was the U.S. sleeve's small but positive contribution and a meaningful offset from China-related equities in emerging markets. The session is a reminder that single-sleeve concentration risk can shape daily outcomes even when the headline loss looks contained at the fund level.

Signals

  • 01

    Financials outsized drag on XEQT

    Canadian financials fell 1.88% and supplied the majority of XEQT's total decline, despite representing only about 9% of the fund's overall weight when scaled through the Canadian sleeve. For a long-term holder, this illustrates how a single sector inside one sleeve can dominate a day's outcome even when three of four sleeves hold near flat or positive.

  • 02

    Rising yields pressure rate-sensitive sectors

    The 10-year U.S. Treasury yield, a benchmark rate that shapes borrowing costs and discount rates across equity markets, rose 1.26% today to 4.598%, while rate-sensitive sectors including U.S. health care and consumer staples posted notable declines. The move is worth watching for its potential to weigh on valuation-sensitive parts of the U.S. sleeve if yields remain elevated.

  • 03

    CAD weakness cushions U.S. sleeve return

    The Canadian dollar weakened 0.36% against the U.S. dollar, adding approximately 0.37 percentage points to the CAD-translated return of U.S. assets, turning a slightly negative USD-denominated day into a small positive contribution for XEQT's U.S. sleeve. Currency moves of this size can quietly shape sleeve-level outcomes, and today they were the difference between the U.S. sleeve detracting from or supporting the fund.

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Jun 22 to Jul 20 · $45.46 → $44.39

-2.34%