The fund-of-funds invests in short-term debt securities, including government bonds and corporate bonds. The fund mainly invests in at least one iShares ETF that provides exposure to fixed income securities of any credit rating, denominated in any currency. The fund limits interest rate risk by maintaining an average portfolio duration of five years or less. Non-Canadian currency exposure is hedged to CAD. The fund uses a proprietary portfolio optimization process that estimates an efficient portfolio with consistent total volatility level and a targeted yield to maturity above the FTSE Canada Universe Bond Index. The process may change under the fund managers discretion based on market outlook and other factors. Individual sub-classes are also managed on an overall portfolio basis. Holdings, normally rebalanced on a quarterly basis, may be done so as frequently as deemed appropriate.