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/compiler/phases/3-transform/client/visitors/shared/component.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js
index d08b8c0664..fde88877dc 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/shared/component.js
@@ -176,14 +176,15 @@ export function build_component(node, component_name, context, anchor = context.
 					// When we have a non-simple computation, anything other than an Identifier or Member expression,
 					// then there's a good chance it needs to be memoized to avoid over-firing when read within the
 					// child component (e.g. `active={i === index}`)
-					const should_wrap_in_derived = get_attribute_chunks(attribute.value).some((n) => {
-						return (
-							n.type === 'ExpressionTag' &&
-							n.expression.type !== 'Identifier' &&
-							(n.expression.type !== 'MemberExpression' ||
-								n.expression.object.type === 'AwaitExpression')
-						);
-					});
+					const should_wrap_in_derived =
+						metadata.is_async ||
+						get_attribute_chunks(attribute.value).some((n) => {
+							return (
+								n.type === 'ExpressionTag' &&
+								n.expression.type !== 'Identifier' &&
+								n.expression.type !== 'MemberExpression'
+							);
+						});
 
 					return should_wrap_in_derived
 						? b.call(
diff --git a/packages/svelte/src/compiler/phases/3-transform/server/visitors/AwaitExpression.js b/packages/svelte/src/compiler/phases/3-transform/server/visitors/AwaitExpression.js
index f78aa98185..9135892dbd 100644
--- a/packages/svelte/src/compiler/phases/3-transform/server/visitors/AwaitExpression.js
+++ b/packages/svelte/src/compiler/phases/3-transform/server/visitors/AwaitExpression.js
@@ -7,7 +7,17 @@ import * as b from '../../../../utils/builders.js';
  * @param {Context} context
  */
 export function AwaitExpression(node, context) {
-	if (context.state.scope.function_depth > 1) {
+	// if `await` is inside a function, or inside `<script module>`,
+	// allow it, otherwise error
+	if (
+		context.state.scope.function_depth === 0 ||
+		context.path.some(
+			(node) =>
+				node.type === 'ArrowFunctionExpression' ||
+				node.type === 'FunctionDeclaration' ||
+				node.type === 'FunctionExpression'
+		)
+	) {
 		return context.next();
 	}
 
diff --git a/packages/svelte/src/internal/client/dom/blocks/each.js b/packages/svelte/src/internal/client/dom/blocks/each.js
index 0df4e4b0d4..c72cc54270 100644
--- a/packages/svelte/src/internal/client/dom/blocks/each.js
+++ b/packages/svelte/src/internal/client/dom/blocks/each.js
@@ -142,7 +142,7 @@ export function each(node, flags, get_collection, get_key, render_fn, fallback_f
 	var boundary = find_boundary(active_effect);
 
 	/** @type {Map<any, EachItem>} */
-	var pending_items = new Map();
+	var offscreen_items = new Map();
 
 	// TODO: ideally we could use derived for runes mode but because of the ability
 	// to use a store which can be mutated, we can't do that here as mutating a store
@@ -164,7 +164,7 @@ export function each(node, flags, get_collection, get_key, render_fn, fallback_f
 			each_effect,
 			array,
 			state,
-			pending_items,
+			offscreen_items,
 			anchor,
 			render_fn,
 			flags,
@@ -275,7 +275,7 @@ export function each(node, flags, get_collection, get_key, render_fn, fallback_f
 					value = array[i];
 					key = get_key(value, i);
 
-					var existing = state.items.get(key) ?? pending_items.get(key);
+					var existing = state.items.get(key) ?? offscreen_items.get(key);
 
 					if (existing) {
 						// update before reconciliation, to trigger any async updates
@@ -297,7 +297,7 @@ export function each(node, flags, get_collection, get_key, render_fn, fallback_f
 							true
 						);
 
-						pending_items.set(key, item);
+						offscreen_items.set(key, item);
 					}
 				}
 
@@ -332,7 +332,7 @@ export function each(node, flags, get_collection, get_key, render_fn, fallback_f
  * @param {Effect} each_effect
  * @param {Array<V>} array
  * @param {EachState} state
- * @param {Map<any, EachItem>} pending_items
+ * @param {Map<any, EachItem>} offscreen_items
  * @param {Element | Comment | Text} anchor
  * @param {(anchor: Node, item: MaybeSource<V>, index: number | Source<number>, collection: () => V[]) => void} render_fn
  * @param {number} flags
@@ -344,7 +344,7 @@ function reconcile(
 	each_effect,
 	array,
 	state,
-	pending_items,
+	offscreen_items,
 	anchor,
 	render_fn,
 	flags,
@@ -406,10 +406,10 @@ function reconcile(
 		item = items.get(key);
 
 		if (item === undefined) {
-			var pending = pending_items.get(key);
+			var pending = offscreen_items.get(key);
 
 			if (pending !== undefined) {
-				pending_items.delete(key);
+				offscreen_items.delete(key);
 				items.set(key, pending);
 
 				var next = prev && prev.next;
@@ -566,18 +566,14 @@ function reconcile(
 		});
 	}
 
-	// TODO this seems super weird... should be `each_effect`, but that doesn't seem to work?
-	// if (active_effect !== null) {
-	// 	active_effect.first = state.first && state.first.e;
-	// 	active_effect.last = prev && prev.e;
-	// }
-
 	each_effect.first = state.first && state.first.e;
 	each_effect.last = prev && prev.e;
 
-	for (var unused of pending_items.values()) {
+	for (var unused of offscreen_items.values()) {
 		destroy_effect(unused.e);
 	}
+
+	offscreen_items.clear();
 }
 
 /**
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);