diff --git a/.changeset/long-moles-join.md b/.changeset/long-moles-join.md
new file mode 100644
index 000000000000..92c3d7bf9d7e
--- /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 eab6c767f868..9d7b5e9de624 100644
--- a/packages/svelte/src/internal/client/reactivity/effects.js
+++ b/packages/svelte/src/internal/client/reactivity/effects.js
@@ -164,13 +164,7 @@ 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 000000000000..749b9997c2c5
--- /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 000000000000..3c16e3c0366c
--- /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>