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Open Edition. Tuesday, July 28, 2026

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$44.51
-0.63%

Headline

XEQT falls 0.63% early as a global chip selloff pressures all four sleeves

XEQT was trading at $44.51, down 0.63%, in early trading, with all four regional sleeves negative as a global semiconductor selloff rippled from Asia into U.S. pre-market activity. The sharpest pressure came from the emerging markets sleeve, which was falling 3.15% and contributing nearly as much to the overall loss as the much larger U.S. sleeve. South Korea's Kospi index plunged close to 11% on fears over China's expanding chip capabilities and questions about the sustainability of AI-driven spending, with Taiwan-listed equities also declining sharply. U.S. technology, the largest tracked sector within the U.S. sleeve, was the primary drag stateside, while most other U.S. sectors were holding positive.

How large is this morning's move?

Typical day · This morning's -0.63% move is 1.2× 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

    25.59% of XEQT

    • XIC.TO
    -0.44% -0.11 pts from XEQT

    The Canadian sleeve was off 0.44% in early trading, dragged lower primarily by materials, which were declining 3.08% among the sectors tracked, consistent with falling gold and copper prices. Financials, the largest tracked sector, were also softer. Information technology was a notable offset, rising 2.43% within the tracked exposures, limiting the sleeve's overall loss.

    Canada market region icon

  • United States

    45.10% of XEQT

    • XTOT.TO
    • ITOT
    -0.43% -0.20 pts from XEQT

    The U.S. sleeve was down 0.43%, masking significant internal dispersion. Technology, at roughly 35% of the sleeve among tracked sectors, was falling 3.35% and accounting for more than the sleeve's entire gross loss on its own. Health care, consumer staples, and communication services were all advancing, partly offsetting the semiconductor pressure and reflecting a rotation toward more defensive segments of the market.

    United States market region icon

  • Intl Developed

    24.47% of XEQT

    • XEF.TO
    -0.70% -0.17 pts from XEQT

    International developed markets fell 0.70%, with Japan the dominant drag, down 2.24% among tracked exposures and contributing more than half the sleeve's loss. Semiconductor and AI-related shares led the Nikkei lower following the overnight Wall Street tech decline. The picture was uneven across the region: the UK, Switzerland, and Australia were each up modestly, and Germany's market, with limited direct AI-chip exposure among tracked sectors, was holding closer to flat.

    Intl Developed market region icon

  • Emerging Mrkts

    4.69% of XEQT

    • XEC.TO
    -3.15% -0.15 pts from XEQT

    Emerging markets were the session's sharpest stress point, falling 3.15%. South Korea, at roughly 19% of the sleeve among tracked exposures, dropped 6.81%, as concerns over China's chipmaking ambitions and stretched AI valuations triggered heavy selling in memory semiconductor names including Samsung and SK Hynix. Taiwan-listed equities fell nearly 5%, amplifying the damage. India and Brazil were both modestly positive, but their gains were far too small to offset the losses from the two largest technology-exposed markets tracked here.

    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

The emerging markets sleeve, at under 5% of XEQT, delivered a loss that punched well above its weight this morning, yet the fund's overall early decline of 0.63% remains within the range of ordinary daily variation. The U.S. sleeve, nearly half of XEQT, is softening but not collapsing; most sectors outside technology are posting gains. Sharp, concentrated moves in semiconductor-heavy markets are a recurring feature of global equity investing, and a diversified fund absorbs them rather than amplifying them.

Signals

  • 01

    Korea chip selloff hits EM sleeve

    South Korea's Kospi fell close to 11% in Tuesday's session, driven by fears that China's rapid advance in memory chip production threatens the earnings outlook for major Korean semiconductor makers. For XEQT holders, the emerging markets sleeve is small at under 5% of the fund, but South Korea and Taiwan together represent roughly 45% of that sleeve, making chip-cycle risk a concentrated pocket of exposure when the sector sells off sharply.

  • 02

    U.S. sector rotation offsets tech drag

    U.S. technology was down 3.35% among the sectors tracked within the U.S. sleeve, yet the sleeve itself was off only 0.43%, because health care, consumer staples, and communication services were each rising more than 1%. This internal rotation, where defensive and non-tech sectors absorb selling pressure from a concentrated area, is reducing what would otherwise be a much larger U.S. sleeve contribution to today's loss.

  • 03

    VIX rises on semiconductor uncertainty

    The VIX, a measure of expected near-term volatility in U.S. equities derived from options pricing, was up 2.62% early in the session, reflecting elevated uncertainty tied to the global chip selloff rather than a broad risk-off signal across asset classes. With the move below the 10% threshold that typically signals a more decisive sentiment shift, the VIX reading so far is consistent with sector-specific stress rather than a wider market dislocation.

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Jun 30 to Jul 28 · $45.10 → $44.51

-1.31%