This exchange-traded fund (ETF) seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of a specific market index. This index is designed to measure the performance of Canadian dollar denominated government and corporate bonds with a remaining term to maturity of less than one year. In essence, the fund provides investors with exposure to a diversified portfolio of very short-term, high-quality fixed-income securities issued within Canada. These securities are typically considered to be less sensitive to changes in interest rates compared to longer-term bonds, offering a comparatively stable investment option. By focusing on short-term maturities, the fund aims to minimize potential price volatility caused by interest rate fluctuations. The types of securities included are primarily government bonds (issued by the federal and provincial governments of Canada) and corporate bonds from highly-rated issuers. The fund's investment strategy emphasizes a passive approach, meaning that it does not actively try to outperform the index; rather, it seeks to closely mirror its returns. It accomplishes this by holding a portfolio of bonds that largely mirrors the composition of the benchmark index. This means that the fund’s performance is tied directly to the overall behavior of the Canadian ultra short-term bond market, making it a low-cost and efficient way for investors to gain exposure to this segment of the bond market. Because of the short maturity profile of the bonds held, this fund is often considered a cash-like alternative within a diversified investment portfolio, especially during times of uncertainty when investors seek safer, less volatile assets. It's a suitable option for those seeking a balance between preserving capital and generating a modest yield, while also benefiting from the liquidity associated with an ETF.