The two Innovation ETFs went opposite ways
Every one of the all-in-one funds finished the week green and we didn't. FINN had one of the best runs on the sheet and it still couldn't cover what ORBX took out.
Régis Holstein and Anthony Holsteinweek of 24 to 28 August 2026
Three of our holdings rose and eleven fell, REQT ended the week −0.24%, and every one of the all-in-one funds we track finished green. That last part is the bit worth explaining.
| ETF | Weight | Move | Added |
|---|---|---|---|
| FINN Fidelity Global Innovators | 10% | +2.36% | +0.25% |
| ZSP BMO S&P 500 | 16% | +1.45% | +0.24% |
| ZEA BMO MSCI EAFE | 5% | +0.47% | +0.02% |
| FCIM Fidelity International Momentum | 5% | −0.10% | −0.00% |
| ZEM ZEM | 5% | −0.03% | −0.00% |
| ZMID BMO S&P Mid Cap | 2% | −0.35% | −0.00% |
| FCIV Fidelity International Value | 5% | −0.03% | −0.00% |
| ZSML BMO S&P Small Cap | 2% | −0.24% | −0.01% |
| ZCN BMO S&P/TSX Capped | 10% | −0.18% | −0.02% |
| FCCM Fidelity Canada Momentum | 5% | −0.65% | −0.03% |
| FCUV Fidelity U.S. Value | 10% | −0.25% | −0.03% |
| FCMO Fidelity U.S. Momentum | 10% | −0.51% | −0.04% |
| FCCV Fidelity Canada Value | 5% | −1.19% | −0.06% |
| ORBX Global X Space Economy | 10% | −5.66% | −0.57% |
ORBX is where the week went. It fell −5.66% over the five sessions and took −0.57% out, which is more than twice our whole headline number from a single position. FINN did the opposite and did it well: up +2.36%, worth +0.25%, the best line on the sheet. Two funds in the same sleeve, one of the strongest weeks we've had from one of them, and the sleeve still came in at −1.71% and cost −0.31%. We've watched these two cancel each other before. This time they didn't cancel, space just overwhelmed the other side.
The U.S. holdings were the counterweight, and ZSP was basically all of it at +1.45%, worth +0.24%. The other three U.S. funds were red, FCMO the worst of them at −0.51%, and the sleeve still returned +0.36% and put +0.16% in. One big holding moving a little beats three small ones moving a little the other way. Canada was the weakest of the three regional sleeves at −0.55%, with FCCV down −1.19% and ZCN doing almost nothing at −0.18%. International barely showed up at all: +0.02% of contribution, and ZEA at +0.47% was the only green tile in that bucket.
Two sessions up, three down, and no single day was frightening until Friday took −0.65% on its own. Tuesday and Thursday were both decent, Tuesday the best of them at +0.38%, and Wednesday may as well not have happened. So we spent four days roughly level and then gave it away in the last one. A week that ends on its worst day always feels worse than the number says.
Value was the better side in the U.S. and International, momentum in Canada, and the average across the three came to −0.07%. Canada was the only wide one at −0.54%, enough on its own to drag the average negative even though the other two went the other way. We hold momentum and value at equal weight inside every region, no lean toward either, so a scattered split like this washes out of our number almost entirely. It tells you the market wasn't paying for one style over the other. Nothing more.
| Fund | This week |
|---|---|
| REQT this model portfolio | −0.24% |
| TEQT TD All-Equity | +0.84% |
| GEQT iShares ESG Equity | +0.82% |
| ZEQT BMO All-Equity | +0.76% |
| XEQT iShares Core Equity | +0.75% |
| VEQT Vanguard All-Equity | +0.74% |
| HEQT Global X All-Equity | +0.62% |
| CAGE Avantis / CIBC All-Equity | +0.35% |
| FEQT Fidelity All-in-One Equity | +0.32% |
We finished behind all eight, with TEQT out front at +0.84% and FEQT closest to us at +0.32%. Innovation is the answer, same as most weeks the gap opens: none of those funds hold global innovators or space technology, so when ORBX has a week like this one, we're the only ones carrying it. Total absolute contribution across the sheet was +1.29%, so there was real movement under a small headline. The down-week count is now two, and this one still ranks 2nd of the last four, which tells you how modest the recent range has been. Year to date REQT sits at +18.64% and the trailing year is +27.72%. Thanks for reading, and we'll see you after next Friday's close.