January 31, 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 November 30, 2025)
| Name | Percent |
|---|---|
| International Equity | 87.0 |
| Cash and Equivalents | 12.3 |
| Income Trust Units | 0.7 |
| Name | Percent |
|---|---|
| Japan | 19.8 |
| United Kingdom | 12.4 |
| Canada | 11.7 |
| Switzerland | 8.7 |
| France | 8.6 |
| Germany | 8.4 |
| Australia | 5.4 |
| Netherlands | 5.3 |
| Spain | 3.1 |
| Other | 16.6 |
| Name | Percent |
|---|---|
| Financial Services | 21.3 |
| Consumer Goods | 13.0 |
| Cash and Cash Equivalent | 12.3 |
| Industrial Goods | 10.1 |
| Healthcare | 9.4 |
| Technology | 7.8 |
| Industrial Services | 4.7 |
| Consumer Services | 4.1 |
| Basic Materials | 4.1 |
| Other | 13.2 |
Growth of $10,000 (since inception)
Data not available based on date of inception
Fund details (as of November 30, 2025)
| Top holdings | Percent (%) |
|---|---|
| Cash and Cash Equivalents | 11.7 |
| ASML Holding NV | 1.8 |
| AstraZeneca PLC | 1.3 |
| Roche Holding AG - Partcptn | 1.2 |
| Nestle SA Cl N | 1.1 |
| Sap SE | 1.1 |
| Novartis AG Cl N | 1.1 |
| HSBC Holdings PLC | 1.1 |
| Shell PLC | 0.9 |
| Siemens AG Cl N | 0.9 |
| Total allocation in top holdings | 22.2 |
| Portfolio characteristics | Value |
|---|---|
| Standard deviation | - |
| Dividend yield | 2.8% |
| Yield to maturity | - |
| Duration (years) | - |
| Coupon | - |
| Average credit rating | Not rated |
| Average market cap (million) | $145,331.7 |
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 | |||
Q4 2025 Fund Commentary
Commentary and opinions are provided by Keyridge Asset Management.
Market commentary
Global equities had broadly positive performance in the fourth quarter of 2025. Canadian equities outperformed international and U.S. equities. Easing U.S.-China trade tensions, interest rate cuts from the U.S. Federal Reserve Board (Fed) and a strong earnings season helped push equities to new highs in October. There was a brief pullback in November, driven by concerns around the artificial intelligence (AI) theme and the scale of investment needed to support it. But worries faded quickly as earnings from AI-related companies remained strong. Equities recovered, reaching new highs before year-end.
The Fed cut the target range of its federal funds rate at its October and December meetings, bringing the range to 3.50%–3.75%, which reflected growing concerns about the U.S. labour market.
Performance
The Fund holds an MSCI EAFE ETF for equity exposure. The Fund’s option overlay systematically rolls between derivatives contracts every week. This call option overlay detracted from the Fund’s performance. The Fund does not have full equity exposure, and the option premiums were offset in part by mark-to-market moves in rising market conditions.
Portfolio activity
Each week, the sub-advisor trades one-month call options in a systematic manner. This involves closing expired option contracts and selling new ones. This call option overlay helps the Fund achieve its cash flow generation target. This sub-advisor may also increase or decrease the option holdings to maintain the Fund’s notional exposure within a target range. This is done to manage the amount of exposure that is exchanged for a premium.
Outlook
The sub-advisor made no change to the strategic positioning of the Fund. This Fund aims to target 5% annual cash flow, made up of option premiums and the dividends from the underlying equity. Full equity exposure was maintained daily, and option notionals were monitored and maintained within the sub-advisor’s target range.
Data not available based on date of inception
