By Ambrose O’Callaghan
Markets in the United States and across the globe have been rattled by heightening geopolitical tensions, namely the U.S.-led war on Iran that began in late February 2026. The knock-on effects of the war, including the Iranian closure of the Strait of Hormuz, sent energy prices soaring, disrupting the flow of global trade.
Energy firms and the defence industry both saw increased profits and investor attention through this period. However, the world’s top financial institutions have delivered strong earnings in the first half of 2026. The Iran-U.S. conflict has triggered sharp swings in oil, global currencies, and in bond markets. This has prompted investors to reposition their portfolios, bolstering trading activity. Volatility translated into higher fees and stronger trading revenues for the premier U.S. banks.
The S&P 500 Financials Index has climbed 8.22% since April 1, 2026, as of late morning trading on Friday, June 26, 2026. While the broader financials market has been resilient since the early spring, how have the largest U.S. banks performed on the ground?
First quarter in review | The five largest US banks
The Harvest US Bank Leaders Income ETF (TSX: HUBL) is a portfolio that holds the leaders in U.S. banking. Of course, that includes the five largest asset holders; JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs. Let’s take a quick snapshot ahead of their second quarter earnings release in July.
I | JPMorgan Chase
JPMorgan Chase is the largest bank in the U.S., boasting total assets of US$4.9 trillion as of March 31, 2026. The bank delivered its fifth straight record quarter for its business in Q1 2026. Its strong earnings were powered by increased deposits and higher fees.
II | Bank of America
Bank of America is the second-largest bank in the U.S. by total assets, reaching nearly US$3.5 trillion as of March 31, 2026. The bank topped earnings and revenue estimates in its first quarter 2026 report. BofA was bolstered by increased net interest income and robust trading activity. Indeed, equities sales and trading revenues surged 30% to US$2.83 billion.
III | Citigroup
The third-largest U.S. bank by total assets is Citigroup, with over US$2.7 trillion as of March 31, 2026. Citigroup hit an impressive milestone in its Q1 FY2026 report, delivering its highest quarterly revenues in a decade at US$24.6 billion. The bank posted strong net interest income growth, with strong upticks across its five interconnected business segments.
IV | Wells Fargo
Wells Fargo may be the fourth-largest U.S. bank, but it remains a titan by global standards with over $2.2 trillion in assets as of March 31, 2026. In Q1 2026, Wells Fargo posted earnings per share growth of 15% compared to the prior year. It delivered revenue growth across each operating segment. Period-end loans rose above US$1 trillion and average deposits increased by 6%.
V | Goldman Sachs
Goldman Sachs rounds out the top five at just over US$2 trillion in total assets. However, it stands out as the premier global investment bank. Goldman Sachs delivered a strong opening quarter in 2026, with its Global Banking & Markets segment delivering a 36% increase in financing revenues year over year.
An ETF that captures the power of U.S. financial titans
The Harvest US Bank Leaders Income ETF (TSX: HUBL) provides investors access to a core portfolio that is focused on the dominant bank and financial companies in the United States. HUBL offers consistent monthly cash distribution with opportunity for capital growth. It employs an active covered call strategy to generate an enhanced monthly distribution yield.
HUBL last paid out a monthly cash distribution of $0.10 per unit. That represents a current yield of 7.95% as at June 28, 2026.
Annual Performance
As at May 31, 2026
| Ticker | 1M | 3M | 6M | YTD | 1Y | 2Y | 3Y | 4Y | 5Y | 7Y | 8Y | SI |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| HUBL | (1.36) | 3.82 | 7.34 | 1.39 | 25.18 | 17.95 | 22.45 | 6.79 | 3.34 | 7.35 | 4.68 | 3.36 |
| HUBL.U | (1.21) | 4.39 | 8.41 | 2.16 | 27.72 | 20.06 | 24.44 | 8.37 | 4.80 | 9.18 | 6.32 | 4.86 |
Disclaimer
Commissions, management fees and expenses all may be associated with investing in Harvest Exchange Traded Funds (managed by Harvest Portfolios Group Inc.). Please read the relevant prospectus before investing.
The indicated rates of return are the historical annual compounded total returns (except for figures of one year or less, which are simple total returns) including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns.The funds are not guaranteed, their values change frequently and past performance may not be repeated.
Distributions are paid to you in cash. If the Fund earns less than the amount distributed, the difference is a return of capital. If the Fund earns less than the amounts distributed, the difference is a return of capital. Tax investment and all other decisions should be made with guidance from a qualified professional.
The current yield represents an annualized amount that is comprised of 12 unchanged monthly distributions (using the most recent month’s distribution figure multiplied by 12) as a percentage of the closing market price of the Fund. The current yield does not represent historical returns of the ETF but represents the distribution an investor would receive if the most recent distribution stayed the same going forward.
