Description

The fund provides exposure to short-term bonds in the Canadian provincial sector, which includes Canadian provinces and provincial or territorial corporations, incorporated under their respective jurisdiction. The index holds CAD-denominated bonds with less than five years until maturity. These securities are generally guaranteed by the Canadian Provincial Governments and its agencies and have a credit rating of BBB or higher. The index undergoes daily rebalance. The fund aims to hold fixed income securities in the same proportions as they are reflected in the index. The Manager may also opt to use a sampling strategy that uses quant analysis in bond selection. Sibling fund ZMP provides the same exposure but with maturities of 5-10 years while ZPL caters to maturities of 10+ years.