S&P/TSX Composite Index

And generally speaking, the only offering out there are passive products, and passive ACWI ETFs in Canada are usually not even that cheap.

Like, they're actually a lot more expensive than, like, an S&P 500 or an S&P TSX ETF.

And so we were like, "Okay, how can we bring a product to market that is going to track the ACWI's country weights?" It's gonna have the same flavor as the ACWI-

Yeah

during certain circumstances.

You've already alluded to the AI boom largely driving the U.S. returns, okay? In Canada, Canada's, the Toronto Stock Exchange, our main, our S&P 500, if you will, the TSX Composite Index, our most followed index, maybe the TSX 60, but that's large caps, almost exclusively, but the TSX Composite Index, S&P TSX Composite Index.

Last year, that went up 32%.

Had a better year than the S&P.

32%.

Okay? Canada's a rock star.

Why? Well, mid-December last year, I went through, I downloaded every single component of the TSX composite index.

It was 212 or something like that at the time.

Okay, so earlier this week on Tuesday, Trulieve announced it had been added to the S&P Total Market Index and the S&P Completion Index, along with sector sub-indices for healthcare.

Then yesterday, Curaleaf, it announced it had joined the FTSE Canada All Cap Index, its second major Canadian benchmark after entering the S&P/TSX Composite last year.

And earlier this week as well, don't sleep on this one, Green Thumb Industries, they also authorized the continuation of its share repurchase program up to fifty million dollars, funded entirely by cash flow, no debt involved.

And that is why you're seeing some great price action with GTI this week.

Effective after close of trading last Friday.

It's second major Canadian benchmark after any S&P TSX composite back in September of last year.

CEO Boris Jordan, he put it simply.

And that was every index Curaleaf joins brings its shares in front of a set of new passive and active institutional funds.

We also have shareholder-friendly reforms, and there's sustained foreign investor demand for Japanese equities.

A benchmark may be a bit less in focus, but that also performed strongly is the Toronto benchmark.

There we have really good exposure to financials, energy and commodities, which have done well year to date.

And then lastly, the biggest one, S&P 500, of course, was also up double digits.

Energy companies going under will also, of course, hurt stock markets.

Energy only represents 3% of the S&P 500, but it's a sizable 13% chunk of the S&P/TSX Composite, meaning investors who use index funds have meaningful exposure to the industry.

And quite frankly, unless you invest in an ESG or green fund, many active ETFs and mutual funds provide some exposure to the area as well.

There are also a lot of companies with ties to oil that aren't in the energy sector explicitly, like railroad companies that transport crude.

Uh, last week, equities declined as oil surged, inflation in the US remained sticky, and bond yields rose sharply.

There was a, a, a rebound in equity markets on Friday, but still the S&P/TSX, the S&P five hundred, NASDAQ, the Dow all finished lower for the week.

Small cap in particular was, was out of favor, uh, while mega caps, you know, outperformed on a relative basis.

In the US, energy, due to strong oil prices, uh, as well as the tech-heavy communication services and technology sectors kind of buoyed the markets there.

Yeah.

To your point, in Canada, the healthcare, the value of the, or the weight of the healthcare in, uh, sector in the, uh, S&P/TSX Composite is less than 1%.

But if you see the S&P MidCap Index, it's almost 10%, and the opportunities there are varied and very exciting.

I mean, we have an investment in a company called Addis HomeCare that provides home-based care to senior citizens in the US.

Guys, that's eight months.

Would you believe that the Nasdaq, the Nasdaq, is up 12.44% in eight months? And for those of you in Toronto, would you believe that the TSX Composite Index is up 15.27%? What are we talking about? So I'm arguing, I don't wanna sound like a crazy tinfoil hat, right-wing-leaning American, but you know, the media.

You know that term? It's two words.

It starts with F.