Preheat the Traeger Grill to 425F. Place a cast iron pan inside the grill.
Remove the filets from the refrigerator.
Drizzle each steak with vegetable oil and rub all over for an even coating.
Season the filets with fresh black pepper, smoked paprika, and garlic powder.
Once the Traeger has reached 425F, place each steak on the preheated cast iron and close the lid. Cook the filets for 6-7 minutes.
After 7 minutes, flip the steaks. Be sure to place the steaks on other sides of the grill pan for maximum heat. Cook for another 6-7 minutes.
Check the temperature of the filets with a meat thermometer by testing the center of the filet. For rare steak, the filet should reach an internal temperature of 125F and for a medium steak 140F.
Turn the Traeger off and top each steak with a teaspoon of butter.
Remove the filets to a plate and cover with aluminum foil. Let the steaks rest for 5 minutes before cutting.
Slice, serve, and enjoy.