Three Stocks Are 75% of Canada’s Tech ETF. One Supplied Nearly Half Its Last Run
Microsoft was up 3.76% at 516.64 USD on Friday afternoon while Meta was down 3.26% at 752.24 USD, a gap of 7.02 percentage points between two of the largest names in artificial intelligence on a day the NASDAQ Composite moved 0.42%. Shopify went the way Meta went, down 1.46% at 202.30 CAD in Toronto and down 1.46% at 143.04 USD in New York. Shopify is also one of three companies that account for 75.41% of a Canadian technology sector ETF, which is the part of Friday worth keeping.
All prices here are live intraday quotes taken at 15:03 ET on Friday with the market still open, sourced from Yahoo Finance. The spread between Microsoft and Meta is our arithmetic on those two quotes.
Three names are 75.41% of XIT
BlackRock Canada publishes the holdings of the iShares S&P/TSX Capped Information Technology Index ETF, which trades on the TSX as XIT. As of September 24, 2026, Celestica, a contract electronics manufacturer, sat at 25.31% of the fund, Shopify at 25.08% and Constellation Software at 25.02%. Add those three published weights and the total is 75.41%.
The next eight holdings are CGI Class A at 8.43%, Descartes at 4.64%, Open Text at 3.71%, BlackBerry at 3.44%, Kinaxis at 2.30%, Lightspeed at 0.79%, Enghouse at 0.35% and Tecsys at 0.24%. Those eight add to 23.90%, which with the top three is 99.31% of the fund. Past them nothing reaches a quarter of a percentage point, and the entire remainder including cash is 0.69%.
Notice where the top three land. Constellation Software sits 0.02 of a percentage point above 25%, Shopify 0.08 above and Celestica 0.31 above, so all three are within 0.29 of a point of one another end to end, in a fund that tracks the S&P/TSX Capped Information Technology Index.
They are also three unrelated businesses: contract manufacturing, e-commerce and a software roll-up. On Friday they printed three different numbers. Constellation Software was up 1.23% at 2,881.26, Celestica was down 1.12% at 522.04, Shopify was down 1.46%, and XIT itself was down 0.66% at 79.20.
Four sessions moved the fund 7.90%, and Shopify did about half of it
XIT closed at 73.89 on September 18 and at 79.73 on September 24, a gain of 7.90% in four sessions. Friday’s live quote of 79.20 is still 7.19% above that September 18 close.
Over the same four sessions, Shopify’s TSX line went from 179.34 to 205.30, a gain of 14.48%. Applying Shopify’s published September 24 weight of 25.08% to that run, our arithmetic puts roughly 3.6 of the fund’s 7.9 points on Shopify alone, a little under half the move. The weight drifts across a period like that, so treat the split as the shape of the contribution rather than a decimal.
The reason a Toronto-listed commerce company had those four sessions runs through an American product launch. Meta’s Muse agent makes Shopify merchants discoverable and purchasable inside the agent, with product data flowing through Shopify Catalog and settling over the Universal Commerce Protocol. We set that mechanism out on Monday, and it is why Shopify has a Meta-shaped share price at all.
The repricing is four sessions old, not a month, and it started by running the other way. Meta introduced Muse on September 8, and Shopify fell 7.84% that day on the TSX, from 200.76 to 185.03, while Meta itself fell 0.53%. The next session Meta rose 6.55%, from 613.48 to 653.69, while Shopify fell a further 5.35%, from 185.03 to 175.13. Across the two sessions Shopify was down 12.77%, and that September 9 close is the lowest of the whole stretch. The first reading of Muse took the product into Meta’s price as good news and into Shopify’s as a threat. By September 18 Shopify was still at 179.34, below its September 2 close of 196.51. The upward repricing did not arrive until September 21, eight sessions after September 9, when the same product was read as a channel into Shopify’s merchant base rather than a competitor to it. That session was a 7.83% move to 193.38, and the run peaked at a 207.69 close on September 22, up 15.81% from September 18. From that peak close the live quote is down 2.60%. From September 18 it is up 12.80%.
Microsoft moved on the day of its own product announcement
Microsoft published a Copilot rebuild on Friday. In the company’s framing, Home is “your new starting point, where Chat and Cowork come together in one place”, with Office applications sitting inside it so a user can draft a brief, model a budget or build a deck without leaving Copilot. Code lets people who are not developers describe what they need in plain language, after which the system “chooses an approach and builds it”, covering everything from desktop widgets to cloud-hosted internal apps. Autopilot, previously called Scout, is an agent that runs a task on its own, the example given being a full supplier review that continues “while you sleep or your attention is elsewhere”.
Home and Code roll out through the Frontier program now, with broader availability “in the coming weeks”, and Autopilot goes to private preview “at the end of the month”. The post positions all of it as enterprise-grade, with tenant security, IT governance and Microsoft 365 integration.
The detail a shareholder should pull out of that post is not a feature. Microsoft also announced FinOps for AI spend management, with usage-based billing for agentic work. That is a revenue model in which the software charges by what the agent does rather than by how many people are licensed to open it, which is a different economic shape from a seat.
Friday is also most of what the stock has done this month. Microsoft closed at 496.82 on September 2 and at 497.93 on September 24, a gain of 0.22% across 15 sessions. Measured from the September 18 close of 493.78, the live quote is up 4.63%.
Meta made no announcement on Friday
Connect 2026, Meta’s own hardware event, ran on September 23 and 24. The company’s own recap of the event listed Muse coming to its AI glasses, Meta VR Glasses at roughly 100 grams, Ray-Ban Meta Audio glasses, more than 100 AI-glasses styles across Ray-Ban, Oakley and Meta Glasses by year end, and an FDA-cleared hearing enhancement feature.
There was no Meta announcement on Friday. What there was is a run that had already happened. Meta closed at 613.48 on September 8, the close on the day Muse launched, and at 777.59 on September 24, the final day of Connect and the highest close of the run. That is 26.75%, including 11.34% on September 21 alone and 16.80% across the four sessions from September 18. The stock gave back 3.26% the day after the event finished. Against the September 8 close, the live quote is still 22.62% higher.
What the concentration leaves a Canadian holder deciding
A Canadian who owns XIT owns three roughly equal positions and a tail. The sector decision and the stock decision are the same decision here, and for four sessions a quarter of the fund was being repriced on another company’s product cycle. The fund charges 0.60%, the figure we put beside the rest of the Canadian market in our ETF ranking.
The choice that follows has three shapes. Hold the sector fund and accept that it is three bets held at roughly equal size. Own the names directly, in the proportions you actually want rather than the ones the index hands you. Or take technology exposure through a broad Canadian index fund, where the sector is a sleeve inside the position instead of the whole of it. Our ranking of the best ETFs in Canada covers those broad funds and where XIT lands against them.
If the answer is to choose the exposure by name, our ranking of Canadian AI stocks by measured AI exposure is where to start. And if the names in question are Microsoft or Meta, buying them outright from a Canadian account brings the US dollar along with the shares. Both have a CIBC Canadian depositary receipt listed on the TSX, under MSFT and META, and both of those receipts are currency hedged. Our explainer on how Canadian depositary receipts work covers what that hedge does and what it costs.
Friday itself shows sequence rather than cause. Microsoft rose on the day it published, Meta fell the day after its event ended, and the indexes recorded a rounding error either way: the S&P 500 up 0.41% at 7,735.64, the NASDAQ Composite up 0.42% at 27,051.26 and the S&P/TSX Composite up 0.11% at 35,745.61. The durable number is the other one. Three companies are 75.41% of the iShares Canadian technology fund, and for four sessions one of them did nearly half the work.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Share prices, index levels and the daily closes in this article are Yahoo Finance data. The September 25 figures are live intraday bars taken at 3:03 p.m. ET with the market still open, not closes. The Muse launch date and the Connect 2026 announcements come from Meta’s own newsroom posts of September 8 and September 24, 2026. The Copilot Home, Code and Autopilot details and the availability timing come from Microsoft’s own blog post of September 25, 2026. The fund weights are BlackRock Canada’s published holdings for the iShares S&P/TSX Capped Information Technology Index ETF as of September 24, 2026. The gap between Microsoft and Meta and the share of the fund’s move attributed to Shopify are our arithmetic on those published figures.
