North America tech software ETF plunges over 5.3%, set for biggest one-day drop since April 2025

The scale of the single-name moves — ServiceNow and Fortinet each down more than 25% intraday — points to company-specific shocks rather than broad software-sector repricing, even as the ETF tracks its worst session since April 2025. For holders of software exposure, the key question is whether those outsized declines reflect idiosyncratic events or signal a wider de-rating that could pull the index further. Whether the selloff stays contained to the two names or spreads across the ETF's other constituents is the open question to watch.