April 30, 2026
This fund aims to provide exposure to large- and mid-cap international equity securities, by investing in one or more ETFs. The Fund uses an actively managed call option writing program, which aims to generate cash flow and reduce negative returns by collecting premiums from selling (writing) call options.
Is this fund right for you?
- Investors looking to generate a steady monthly cash flow.
- Conservative equity investors seeking to reduce the impact of negative returns.
- Investors seeking modest growth potential from international equities through a combination of income and some capital appreciation.
RISK RATING
How is the fund invested? (as of February 28, 2026)
| Name | Percent |
|---|---|
| International Equity | 89.0 |
| Cash and Equivalents | 9.6 |
| Income Trust Units | 0.7 |
| US Equity | 0.7 |
| Name | Percent |
|---|---|
| Japan | 20.8 |
| United Kingdom | 11.9 |
| Canada | 9.0 |
| Switzerland | 8.9 |
| France | 8.5 |
| Germany | 8.2 |
| Australia | 5.9 |
| Netherlands | 5.4 |
| Spain | 3.3 |
| Other | 18.1 |
| Name | Percent |
|---|---|
| Financial Services | 22.1 |
| Consumer Goods | 11.2 |
| Industrial Goods | 10.9 |
| Cash and Cash Equivalent | 9.6 |
| Healthcare | 9.3 |
| Technology | 8.0 |
| Industrial Services | 4.8 |
| Basic Materials | 4.7 |
| Energy | 4.0 |
| Other | 15.4 |
Growth of $10,000 (since inception)
Data not available based on date of inception
Fund details (as of February 28, 2026)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 9.0 |
| ASML Holding NV | 2.3 |
| Roche Holding AG - Partcptn | 1.3 |
| HSBC Holdings PLC | 1.3 |
| AstraZeneca PLC | 1.3 |
| Novartis AG Cl N | 1.3 |
| Nestle SA Cl N | 1.1 |
| Shell PLC | 1.0 |
| Toyota Motor Corp | 0.9 |
| Siemens AG Cl N | 0.9 |
| Total allocation in top holdings | 20.4 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 2.8% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $166,557.5 |
Understanding returns
Annual compound returns (%)
| 1 MO | 3 MO | YTD | 1 YR |
|---|---|---|---|
| Data not available based on date of inception | |||
| 3 YR | 5 YR | 10 YR | INCEPTION |
|---|---|---|---|
| Data not available based on date of inception | |||
Calendar year returns (%)
| 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|
| Data not available based on date of inception | |||
| 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|
| Data not available based on date of inception | |||
Range of returns over five years
| Best return | Best period end date | Worst return | Worst period end date |
|---|---|---|---|
| Data not available based on date of inception | |||
| Average return | % of periods with positive returns | Number of positive periods | Number of negative periods |
|---|---|---|---|
| Data not available based on date of inception | |||
Q1 2026 Fund Commentary
Commentary and opinions are provided by Keyridge Asset Management.
Market commentary
The first quarter of 2026 was a turbulent period for international markets, marked by a geopolitically driven energy shock, elevated volatility and a rotation away from crowded technology trades. Markets began with optimism based on fourth-quarter 2025 earnings but quickly became volatile following the escalation of conflict in the Middle East, which sent energy prices surging. International equities peaked before the conflict broadened in late February, but they finished the quarter with positive returns. The weakness of the U.S. dollar relative to the Canadian dollar provided a favourable currency effect for Canadian investors in international markets.
Performance
The Fund holds an exchange-traded fund for international equity market exposure and uses a systematic call option overlay to generate income. The Fund doesn’t hold individual equities, so security-level attribution isn’t applicable.
A lag in the pricing of the equity exchange-traded fund relative to the underlying index at quarter-end resulted in a temporary pricing difference, compounded by sharp market moves on the last day of March.
The Fund’s call option overlay detracted from performance during the quarter. The Fund sells a portion of its upside equity exposure to generate income from option premiums. Because international equity markets posted positive returns over the quarter, the upside exposure the Fund sold exceeded the premium income generated. The Fund targets 5% annual income from a combination of option premiums and dividends from the underlying equity.
Portfolio activity
Each week, the sub-advisor trades one-month call options systematically on behalf of the Fund. This involves closing expired option contracts and selling new ones to maintain the income generation target. The sub-advisor can also adjust option notional amounts to maintain upside exposure within a target range, managing the balance between premium income and equity participation.
Outlook
There hasn’t been a change to the strategic position of the Fund. The Fund continues to target 5% annual income from option premiums and dividends from the underlying equity.
Data not available based on date of inception
