The fund offers exposure to the broad small-cap Canadian equity market. Companies listed on the Toronto Stock Exchange (TSX), and incorporated, formed or established in Canada are eligible for inclusion in the fund’s portfolio. In addition, firms must meet certain size and liquidity screens. The fund’s underlying index, just like any other S&P Dow Jones indices, provides a balance across 11 GICS major sectors, thus, avoiding any sector tilts. Holdings are weighted by market-cap and are reviewed semi-annually. Overall, XCS provides a plain-vanilla take on small-cap Canadian securities and can be used as a core holding or as a complement to XIU, which on the other hand targets Canadian large-caps.