diff --git a/.changeset/long-moles-join.md b/.changeset/long-moles-join.md
new file mode 100644
index 0000000000..92c3d7bf9d
--- /dev/null
+++ b/.changeset/long-moles-join.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: ensure tracking returns true, even if in unowned
diff --git a/packages/svelte/src/internal/client/reactivity/effects.js b/packages/svelte/src/internal/client/reactivity/effects.js
index 84d64faa0e..2ab2908c77 100644
--- a/packages/svelte/src/internal/client/reactivity/effects.js
+++ b/packages/svelte/src/internal/client/reactivity/effects.js
@@ -169,13 +169,7 @@ function create_effect(type, fn, sync, push = true) {
  * @returns {boolean}
  */
 export function effect_tracking() {
-	if (active_reaction === null || untracking) {
-		return false;
-	}
-
-	// If it's skipped, that's because we're inside an unowned
-	// that is not being tracked by another reaction
-	return !skip_reaction;
+	return active_reaction !== null && !untracking;
 }
 
 /**
diff --git a/packages/svelte/tests/runtime-runes/samples/effect-tracking-unowned/_config.js b/packages/svelte/tests/runtime-runes/samples/effect-tracking-unowned/_config.js
new file mode 100644
index 0000000000..749b9997c2
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/effect-tracking-unowned/_config.js
@@ -0,0 +1,16 @@
+import { flushSync } from 'svelte';
+import { test } from '../../test';
+
+export default test({
+	async test({ assert, target, logs }) {
+		const b1 = target.querySelector('button');
+
+		b1?.click();
+		flushSync();
+
+		assert.htmlEqual(
+			target.innerHTML,
+			`<o>Store: new</o><p>Text: new message</p><button>Change Store</button>`
+		);
+	}
+});
diff --git a/packages/svelte/tests/runtime-runes/samples/effect-tracking-unowned/main.svelte b/packages/svelte/tests/runtime-runes/samples/effect-tracking-unowned/main.svelte
new file mode 100644
index 0000000000..3c16e3c036
--- /dev/null
+++ b/packages/svelte/tests/runtime-runes/samples/effect-tracking-unowned/main.svelte
@@ -0,0 +1,12 @@
+<script>
+	import { writable, fromStore, toStore } from "svelte/store";
+
+	const store = writable("previous");
+	let text = $derived(fromStore(store).current + " message");
+
+	text; // read derived in a non-tracking context
+</script>
+
+<o>Store: {$store}</o>
+<p>Text: {text}</p>
+<button onclick={() => { store.set("new"); }}>Change Store</button>
diff --git a/playgrounds/sandbox/index.html b/playgrounds/sandbox/index.html
index 512b5426a9..845538abf0 100644
--- a/playgrounds/sandbox/index.html
+++ b/playgrounds/sandbox/index.html
@@ -12,7 +12,7 @@
 
 		<script type="module">
 			import { mount, hydrate, unmount } from 'svelte';
-			import App from '/src/main.svelte';
+			import App from '/src/App.svelte';
 
 			const root = document.getElementById('root');
 			const render = root.firstChild?.nextSibling ? hydrate : mount;
diff --git a/playgrounds/sandbox/package.json b/playgrounds/sandbox/package.json
index d9c490ba86..9a52fb4ad6 100644
--- a/playgrounds/sandbox/package.json
+++ b/playgrounds/sandbox/package.json
@@ -9,7 +9,9 @@
     "ssr": "node --conditions=development ./ssr-dev.js",
     "build": "vite build --outDir dist/client && vite build --outDir dist/server --ssr ssr-prod.js",
     "prod": "npm run build && node dist/server/ssr-prod",
-    "preview": "vite preview"
+    "preview": "vite preview",
+    "download": "node scripts/download.js",
+    "hash": "node scripts/hash.js | pbcopy && echo \"copied URL to clipboard\""
   },
   "devDependencies": {
     "@sveltejs/vite-plugin-svelte": "^4.0.0-next.6",
diff --git a/playgrounds/sandbox/scripts/download.js b/playgrounds/sandbox/scripts/download.js
new file mode 100644
index 0000000000..5678f69ee3
--- /dev/null
+++ b/playgrounds/sandbox/scripts/download.js
@@ -0,0 +1,52 @@
+import fs from 'node:fs';
+
+const arg = process.argv[2];
+
+/** @type {URL} */
+let url;
+
+try {
+	url = new URL(arg);
+} catch (e) {
+	console.error(`${arg} is not a URL`);
+	process.exit(1);
+}
+
+if (url.origin !== 'https://svelte.dev' || !url.pathname.startsWith('/playground/')) {
+	console.error(`${arg} is not a Svelte playground URL`);
+	process.exit(1);
+}
+
+let files;
+
+if (url.hash.length > 1) {
+	const decoded = atob(url.hash.slice(1).replaceAll('-', '+').replaceAll('_', '/'));
+	// putting it directly into the blob gives a corrupted file
+	const u8 = new Uint8Array(decoded.length);
+	for (let i = 0; i < decoded.length; i++) {
+		u8[i] = decoded.charCodeAt(i);
+	}
+	const stream = new Blob([u8]).stream().pipeThrough(new DecompressionStream('gzip'));
+	const json = await new Response(stream).text();
+
+	files = JSON.parse(json).files;
+} else {
+	const id = url.pathname.split('/')[2];
+	const response = await fetch(`https://svelte.dev/playground/api/${id}.json`);
+
+	files = (await response.json()).components.map((data) => {
+		const basename = `${data.name}.${data.type}`;
+
+		return {
+			type: 'file',
+			name: basename,
+			basename,
+			contents: data.source,
+			text: true
+		};
+	});
+}
+
+for (const file of files) {
+	fs.writeFileSync(`src/${file.name}`, file.contents);
+}
diff --git a/playgrounds/sandbox/scripts/hash.js b/playgrounds/sandbox/scripts/hash.js
new file mode 100644
index 0000000000..e70dfc471a
--- /dev/null
+++ b/playgrounds/sandbox/scripts/hash.js
@@ -0,0 +1,45 @@
+import fs from 'node:fs';
+
+const files = [];
+
+for (const basename of fs.readdirSync('src')) {
+	if (fs.statSync(`src/${basename}`).isDirectory()) continue;
+
+	files.push({
+		type: 'file',
+		name: basename,
+		basename,
+		contents: fs.readFileSync(`src/${basename}`, 'utf-8'),
+		text: true // TODO might not be
+	});
+}
+
+const payload = JSON.stringify({
+	name: 'sandbox',
+	files
+});
+
+async function compress(payload) {
+	const reader = new Blob([payload])
+		.stream()
+		.pipeThrough(new CompressionStream('gzip'))
+		.getReader();
+
+	let buffer = '';
+	for (;;) {
+		const { done, value } = await reader.read();
+
+		if (done) {
+			reader.releaseLock();
+			return btoa(buffer).replaceAll('+', '-').replaceAll('/', '_');
+		} else {
+			for (let i = 0; i < value.length; i++) {
+				// decoding as utf-8 will make btoa reject the string
+				buffer += String.fromCharCode(value[i]);
+			}
+		}
+	}
+}
+
+const hash = await compress(payload);
+console.log(`https://svelte.dev/playground/untitled#${hash}`);
diff --git a/playgrounds/sandbox/ssr-dev.js b/playgrounds/sandbox/ssr-dev.js
index 65390b70ca..01ce14e266 100644
--- a/playgrounds/sandbox/ssr-dev.js
+++ b/playgrounds/sandbox/ssr-dev.js
@@ -22,7 +22,7 @@ polka()
 	.use(async (req, res) => {
 		const template = fs.readFileSync(path.resolve(__dirname, 'index.html'), 'utf-8');
 		const transformed_template = await vite.transformIndexHtml(req.url, template);
-		const { default: App } = await vite.ssrLoadModule('/src/main.svelte');
+		const { default: App } = await vite.ssrLoadModule('/src/App.svelte');
 		const { head, body } = render(App);
 
 		const html = transformed_template
diff --git a/playgrounds/sandbox/ssr-prod.js b/playgrounds/sandbox/ssr-prod.js
index c268aac790..1ed9435249 100644
--- a/playgrounds/sandbox/ssr-prod.js
+++ b/playgrounds/sandbox/ssr-prod.js
@@ -2,7 +2,7 @@ import fs from 'node:fs';
 import path from 'node:path';
 import polka from 'polka';
 import { render } from 'svelte/server';
-import App from './src/main.svelte';
+import App from './src/App.svelte';
 
 const { head, body } = render(App);