The investment seeks to replicate, net of expenses, the performance of the S&P/TSX North American Preferred Stock Canadian Dollar Hedged Index. The fund will invest in a regularly rebalanced portfolio of preferred shares, selected by BlackRock Canada from time to time, as well as one or more iShares ETFs, that in aggregate closely match the characteristics of the Preferred Index, and to hedge any resulting U.S. dollar exposure back to Canadian dollars.