T+1 settlement means trades before a long weekend settle after
Don’t use market orders on thin days
Wider spreads can cause slippage
Verify US market status
Cross-listed stocks behave differently when one market is closed
Set limit orders
Protect against unexpected price gaps around holidays
What happens to your ETF price on a TSX holiday?
When the TSX is closed but a foreign market is open (e.g., Victoria Day in Canada), ETFs holding international assets show no price movement on the TSX — but their underlying holdings are trading. This creates minor tracking differences that resolve when the TSX reopens.
Practical implications:
A Canadian ETF holding S&P 500 stocks (like VFV) will not update its TSX price on Victoria Day, even though US markets are open and US stocks are moving
The next morning when the TSX reopens, the ETF price will gap to reflect the US market moves from the prior day
This is normal and does not represent a gain or loss opportunity — market makers price this in via ETF spread on reopening
Settlement dates and long weekends: T+1 settlement means if you sell on the Friday before a long weekend, your cash settles the next business day — which may be 2–3 calendar days later. For time-sensitive transactions (e.g., mortgage payments, RRSP deadlines), account for settlement timing.
TSX vs TSX Venture Exchange (TSXV)
The TSX (Toronto Stock Exchange) and the TSX Venture Exchange (TSXV) share the same holidays and trading hours. Both are operated by TMX Group. The primary difference:
Exchange
Listed companies
Market cap
TSX
~1,500 large/mid-cap
Primarily $300M+
TSXV
~1,700 small/micro-cap
Typically under $300M
Most Canadian ETFs listed on the TSX are liquid enough to trade throughout the regular session without spread concerns.