The fund provides exposure to an index of preferred shares issued in Canada. Eligible securities must be TSX listed, be denominated in CAD, have an effective time to maturity up to 6 years, have an investment-grade rating, and meet a minimum issue size of 100 million CAD. In order to maintain a continuous laddered maturity portfolio, the selected securities are placed into five maturity buckets wherein bonds that are closest to the buckets are given priority during adjustments. Each security is market-cap weighted and each bucket will be maintained and adjusted to have a fixed weighting of 20%. Issuer weights are also limited to 12.5% only. The fund is designed for investors seeking short-term exposure from a portfolio of investment-grade preferred shares domiciled in Canada. The index is rebalanced monthly.