This ETF invests in the 15 largest energy companies listed on North American exchanges and writes covered calls against the portfolio.

Alberta-based Peyto is a major Canadian gas producer and processor. Fourth-quarter production for the period ended Dec. 31, 2025 was 140,794 barrels of oil equivalent/day (BoE/d), a 6% increase from the same quarter in 2024. Annual BoE/d production was 134,055, up 7% from 2024. It generated net earnings of $125.9 million ($0.61 per share) for the quarter and $418.6 million ($2.06 per share) for calendar 2025, up 49%.

Peyto’s hedging program meant it received $3.32 per GigaJoule ($3.82 McF) against $1.76 average for the market and has hedged 490 MMcF at $4.14 McF for 2026, and 248 MMcF at $3.53 McF for 2027. Peyto expects to spend $450 to $500 million in capital expenditures in 2026, with flexibility to take advantage of price movements.

Duke Energy is based in Charlotte, North Carolina. Its electric utilities serve 8.2 million customers in the south and Midwest, from Florida to Ohio. It also provides natural gas services to 1.6 million clients. The company employs 28,000 people.

Montreal-headquartered National Bank has been the best performing amongst the group, doubling over the last five years and up 56% over the last year. Having grown by taking over Canadian Western Bank (CWB), the eighth-largest bank in Canada, for $5 billion, it subsequently bought the retail business of Quebec-based Laurentian Bank with its $10.9 billion in assets and $1.4 billion in small- and medium-sized enterprise loans.

Scotiabank has been the worst-performing of the Big Six Canadian chartered banks, as investors were unenthusiastic about its exposure to what were regarded as higher risk Latin American markets, such as Mexico, Peru, and Chile. That resulted in write downs when it exited certain markets. Those included $379 million for the sale of its stake in Bank of Xian in 2024 and $1.36 billion in the first quarter of 2025 for the sale of operations in Colombia, Panama, and Costa Rica, receiving a 20% stake in Colombia-based Bank Davivienda in return.

New CEO Scott Thomson, appointed in 2023, has refocused Scotiabank’s business on North America, with spectacular results. Up only 20% before dividends over the last five years, the share price has climbed 40% in the last year, helped by the acquisition of a 15% stake in Cleveland based Keycorp (NYSE: KEY). The civil unrest in Mexico after the death of a notorious criminal drug lord in March is not expected to affect Scotiabank’s operations.