Four of the Worst Falls on the Toronto Exchange This Week Were Funds, and Three Held One Stock

Four of the ten largest declines on the Toronto exchange on September 9, 2026 were not companies. They were exchange-traded funds, and three of the four held nothing except shares in the same Canadian technology company.

Those three fell by 27.83 per cent, 14.97 per cent and 14.90 per cent that day, according to market data read after the close, which is secondary data and not verified against filings. The company they all hold fell once. The gap between one underlying move and three different printed declines is the whole subject here, because each of those funds is built to do something specific to the thing it owns.

Two funds, the same company, the same quoted price, different days

Two of them closed September 9, 2026 at exactly the same quote, C$7.78. One was the SavvyLong (2X) Shopify ETF, listed on the Toronto exchange as SHPU and managed by LongPoint ETFs. The other was the Harvest Shopify Enhanced High Income Shares ETF, SHPE. The first was down 27.83 per cent on the day; the second was down 14.97 per cent. The Ninepoint Shopify HighShares ETF, SHHI, quoted at C$6.51, was down 14.90 per cent.

An identical quote is a coincidence. The different declines are not. The three funds have different objectives, different amounts of borrowed money and different option overlays, and the daily percentage each one prints is a product of its own construction before it is a statement about Shopify.

A leveraged fund promises a day, not a year

LongPoint states that SHPU "seeks daily investment results that endeavour to correspond, before fees, expenses, distributions, brokerage commissions and other transaction" costs to twice the daily return of Shopify Inc. Class A stock. The exposure is plus 200 per cent and, critically, it is reset every day. The fund listed on October 21, 2025, charges a management fee of 1.25 per cent, and reported net assets of C$1.79 million and a net asset value of C$10.2043 per unit as of September 3, 2026.

The manager's own risk language is the clearest description of the product available anywhere: "If you hold this ETF for more than one day, your return could vary considerably from the ETF's daily target return. For example, you could lose your entire investment in one day if the stock of the ETF experiences a single-day price movement that is greater than 50%."

Daily resetting has an arithmetic consequence that surprises people who have only read the word "twice". The table below uses assumed inputs to show the method, not any real sequence of prices.

The stock ends exactly where it began. The fund is down 2.2 per cent, because the second day's gain is applied to a smaller base. That erosion grows with volatility and with time held, and it is a feature of the design rather than a fault in it. A product that promises twice today keeps that promise today and makes no promise at all about the month.

An income fund is paid to give away the upside

The two funds that fell about 15 per cent are a different animal, and reading them as mild versions of the leveraged one gets the risk backwards.

Harvest states that SHPE "seeks to provide unitholders with long-term capital appreciation through purchasing and holding common stock of SHOP, while generating high monthly cash distributions through an active covered call writing strategy." It writes covered calls on up to 50 per cent of the portfolio and applies approximately 25 per cent leverage. The management fee is 0.40 per cent. It listed on August 21, 2025, paid a distribution of C$0.21 per unit on September 4, 2026 with an ex-dividend date of August 31, 2026, and reported net assets of C$29.26 million and a net asset value of C$7.91 per unit as of September 11, 2026.

Ninepoint describes SHHI in nearly the same terms: a fund that "exclusively holds shares of Shopify Inc. and uses a covered call strategy and modest leverage to produce higher monthly income than holding the traditional shares", with calls on up to 50 per cent of net asset value, leverage of up to 25 per cent and a management fee of 0.29 per cent. It listed on August 22, 2025, pays twice monthly, and reported a net asset value of C$6.62 per unit as of September 11, 2026 and net assets of C$38.06 million as of August 31, 2026.

A covered call is a contract sold to someone else that gives them the right to buy a share from the fund at a set price. The fund keeps the premium and gives up any gain above that price. On a falling day the premium is worth a few cents of cushion and no more, while the 25 per cent leverage is working at full strength in the wrong direction. That is why a fund marketed for income can fall further than the stock it holds: the borrowing is permanent and the option protection is partial and capped.

The distributions matter to the arithmetic as well. A fund that has paid out C$0.21 a unit has C$0.21 less in it, and a quoted price that steps down on an ex-dividend date has not lost anything for someone who received the cash. Both dates are published by the manager.

A fund built with an expiry date

The fourth fund in that day's list holds no equities at all. RUQO is the RBC Target 2026 U.S. Corporate Bond ETF, managed by RBC Global Asset Management, and it is a target-maturity fund: it holds corporate bonds maturing in a single year, tracking the FTSE Canada 2026 Maturity Corporate Bond Index, and it is designed to end rather than to run indefinitely. RBC Global Asset Management has announced final details on the maturity of that fund and two sister funds, RBC Target 2026 Canadian Government Bond ETF and RBC Target 2026 Canadian Corporate Bond Index ETF.

Its recent quoted prices are the cleanest warning in this week's data. Market data read after the close showed RUQO quoted at C$29.02 on September 4, 2026, a gain of 38.59 per cent on volume of 2,000 units against a 30-day average of 537, and back at C$20.96 on September 9, 2026, a decline of 27.77 per cent on 2,522 units against an average of 955. The fund went up 38.59 per cent and down 27.77 per cent and finished exactly where it started, which is the signature of a thin order book rather than of anything happening to a portfolio of bonds maturing next year.

Those percentages went into a daily ranking of the largest gains and the largest falls on the exchange, which is how a quoting artefact becomes a headline. Both figures are secondary market data and neither is a statement about the fund's assets.

Where the number that is not a quote is published

Every one of these funds publishes a daily net asset value per unit, which is the value of what the fund actually owns divided by the units outstanding. That figure is on each manager's product page, and the prospectus setting out the objective, the leverage and the option strategy is filed on SEDAR+. The exchange publishes the trades. The manager publishes the holdings, the distributions and their dates.

For a Canadian investor the practical consequence is narrow and worth being exact about. These products are listed on the Toronto exchange in Canadian dollars and are eligible for registered accounts, which puts a 2X single-stock fund one click away from a bond fund in the same screener, sorted by the same percentage column. Three numbers taken from that column on September 9, 2026 described one company, one borrowing ratio and one option overlay in three different proportions, and the column does not say which is which.

Each manager publishes a daily net asset value for exactly this reason. A quote records what the last two people agreed on. On September 9, 2026 the Toronto exchange recorded four separate agreements about one company, and not one of them was the company.

Transparency note. This is an independent big-picture analysis and editorial opinion piece produced by The Maple Markets editorial desk. It is not sponsored, promoted or commissioned, and no compensation of any kind has been received from any issuer, government body or organisation named in this article, or any party acting on their behalf. The analysis is based on public data available as of the publish date; every figure is attributed to its primary source, and the two-day leverage table is an illustrative worked example with assumed inputs, not a forecast. Nothing here is a recommendation to buy, sell or hold any security, and readers should not treat it as investment advice. Past prices do not guarantee future results. Policies: Editorial Standards · Financial Disclaimer.