Canada was the only sleeve in the red today
Seven of our fifteen ETFs rose and eight fell, but the two biggest Canadian holdings were heavy enough to hold REQT close to unchanged.
Régis Holstein and Anthony HolsteinFriday, July 31, 2026
REQT finished at +0.12%. Three of the four sleeves were positive and the fourth was Canada, which dropped −0.61% and pulled −0.12% out of today's performance.
ZCN, the broad Canadian market fund, was down −0.71%, and FCCM (Canadian momentum ETF from Fidelity), was worse at −0.72%. Canadian value ETF held up better at −0.30%. Canada nearly cancelled everything the other regions produced. What kept us green was ZSP at +0.74%. It's our single largest holding, so that alone was +0.12% of contribution, slightly more than Canada took away.
| ETF | Weight | Move | Added |
|---|---|---|---|
| ZSP BMO S&P 500 | 16% | +0.74% | +0.12% |
| FINN Fidelity Global Innovators | 6% | +1.76% | +0.11% |
| FCIM Fidelity International Momentum | 5% | +1.20% | +0.06% |
| ZEM BMO MSCI Emerging Markets | 5% | +0.59% | +0.03% |
| FCUV Fidelity U.S. Value | 10% | +0.14% | +0.01% |
| ORBX Global X Space Economy | 3% | +0.25% | +0.01% |
| ZMID BMO S&P Mid Cap | 2% | +0.11% | +0.00% |
| ZSML BMO S&P Small Cap | 2% | −0.46% | −0.01% |
| FCIV Fidelity International Value | 5% | −0.29% | −0.01% |
| CIF CI Global Infrastructure | 6% | −0.24% | −0.01% |
| FCCV Fidelity Canada Value | 5% | −0.30% | −0.01% |
| FCMO Fidelity U.S. Momentum | 10% | −0.18% | −0.02% |
| ZEA BMO MSCI EAFE | 10% | −0.34% | −0.03% |
| FCCM Fidelity Canada Momentum | 5% | −0.72% | −0.04% |
| ZCN BMO S&P/TSX Capped | 10% | −0.71% | −0.07% |
FINN, Fidelity's Global Innovators ETF, made the biggest percentage move of the day at +1.76%. It's a small position, so it added +0.11%. The Innovation sleeve returned +0.66% on a weight of 15%, which is the sort of day where that basket earns its spot. The Innovation sleeve is what sets REQT apart.
International was the odd one. FCIM, Fidelity's international momentum ETF, jumped +1.20% while FCIV on the value side went the other way at −0.29%. In the U.S. and in Canada the gap ran the other direction, value ahead of momentum both times. We hold both legs at equal weight in every region, so on a day like this the factor story mostly washes out of our return anyway.
| Region | Value | Momentum | Gap |
|---|---|---|---|
| United States | +0.14% | −0.18% | +0.32% |
| Canada | −0.30% | −0.72% | +0.43% |
| International | −0.29% | +1.20% | −1.49% |
Against the eight real all-in-one ETFs we landed in the middle. TEQT led the group at +0.40% and FEQT trailed at −0.32%, a wide range for funds that all hold roughly the same thing. Our Innovation sleeve helped to compensate the loss caused by the momentum exposure.
| Fund | Today |
|---|---|
| REQT this model portfolio | +0.12% |
| TEQT TD All-Equity | +0.40% |
| ZEQT BMO All-Equity | +0.35% |
| HEQT Global X All-Equity | +0.23% |
| CAGE Avantis / CIBC All-Equity | +0.13% |
| VEQT Vanguard All-Equity | +0.10% |
| XEQT iShares Core Equity | +0.04% |
| GEQT iShares ESG Equity | −0.15% |
| FEQT Fidelity All-in-One Equity | −0.32% |
Year to date REQT is at +16.56% and the trailing year is +27.87%.
Thanks for reading, and we'll be back tomorrow.