Dynamic Active Innovation & Disruption ETF (DXID)

April was a strong month for Dynamic Active Innovation & Disruption ETF (DXID), as the Portfolio returned 17.6% and outperformed the MSCI World Index (CAD), which posted a return of 6.9%. Once again, the abatement of macro noise saw fundamentals reclaim the narrative. For those without process or discipline who sold just because a stock(s) went down, much like liberation week last year, it may not have been as joyous of a start to spring.

The most important message during the month was the confirmation from the biggest AI spenders that “agentic AI” is here and is significantly bigger and more meaningful than what’s come before. Agents run 24-7, if you choose, execute tasks, use tools, retain context, consume significantly more data and compute capacity. This creates new monetization models through consumption, commerce, ads, and yes, enterprise software.

Business models are shifting from seats to consumption, from e-commerce to agentic commerce, to blockchain payments networks and more. Thus far, most of the market returns have accrued to historically low growth commodity technology. These companies took massive price hikes and saw parabolic stock price returns. Perfect for the trend chasers whose entire investment philosophy is to buy what just went up. Until they don’t.

But the sands are shifting. On earnings call at the end of the month, the CEO of Amazon.com said their internally developed chips have better price/performance than comparable third-party chips. Amazon is trying to keep more of the AI inference economics for itself.

AI is not about just answering questions anymore; this is about taking action. This is the beginning of the escape velocity phase for AI adoption. This is phase of acceleration of enterprise adoption that sustains and compounds over time.

At Google I/O in May of 2025 Sergey Brin confirmed the rumors that he was back at Google in an active technical role around Gemini and AI model development. He said at Google I/O 2025 that he comes into Google “pretty much every day now” and is “pretty deep in the technical details” on the latest AI models.

Google’s stock was below 2024 levels and every self-important VC on every podcast was calling Google (I will never call them Alphabet) an AI loser. Stories swirled about large investors calling for the purging of management. The return of Sergey, after he all but departed in 2019, was all I needed to hear. The stock is now widely viewed as an AI winner a year later and has gone from $150 to near $400, and the entire narrative has completely shifted as they execute with Gemini and deliver accelerating growth at scale. As of March 31, 2026, Google was the second highest weighted stock in DXID.

People matter. Sergey really matters.

It also begs the question - What other consensus AI losers have that Google rerating potential? We think we know a few.

* Performance as of DXID inception date: January 22, 2025. Returns are in CAD.