What the Section 338 action on Canada actually hits

Most coverage of the new Section 338 tariffs on Canada gets the scope wrong. The action excludes goods already covered by Section 232 and excludes passenger vehicles. It does not touch aluminum or autos. It lands on wood, dairy, spirits and a broad list of consumer goods.

For ETRX that means one series should register it: Canada wood, ETRX-CA-44, which printed 4.60% in June 2026. Canada aluminum and Canada vehicles should not move because of this action. The action took effect on August 22, so the August data carries nine days of it; the first full month is September, printing on November 4.

Scope verified against the proclamations in the Federal Register.

Research and commentary. Not investment advice. The index itself: the current print.