The fund had a decent year, gaining 20.5% compared with the S&P 500, which was up by 20.8%. This underperformance is not surprising, given it is designed to track the Canadian dollar return of the S&P 500, net of fees. I should emphasize that nearly 19% of the gain was the result of the falling Canadian dollar, something that is not likely to be repeated in the coming year. If you are looking to protect against an increase in the value of the Canadian dollar, there is a currency neutral version available. It tracks the U.S. dollar returns of the fund, net of fees, taking currency movement out of the equation. The fund code for that is TDB 655. I am expecting there to be more near term volatility in the currency, but expect it to stabilize once we see the price of oil gain a stronger footing.