So give us an overview of that and what you do on our team here at BMO.

Yes.

So I am a senior associate with the specialized sales team.

I cover different types of products, nonlinear solutions, and of course, CDRs.

And I think that's a great first question to start.

So a CDR or a Canadian Depository Receipt is simply a financial instrument that represents a piece of a foreign company, but designed to make global investing easier and more accessible.

Now, CDRs are just a simple way for Canadians to invest in well-known global companies like the Japanese or Spanish stocks right here in Canada.

So let's talk a little bit more about how that hedging works inside the CDR.

So let's talk a little bit more about how that hedging works inside the CDR.

Yes, that is the biggest question that I get because currency is truly the biggest feature that makes CDRs so accessible for Canadian investors.

Now, at a high level, each CDR includes a built-in currency hedge that's managed on a daily basis.

So instead of being exposed to fluctuations between, let's say, the Canadian dollar and the euros, that FX risk is largely, largely neutralized.

So practically speaking, that means when you own a CDR, your returns are driven primarily by the performance of the underlying stock, not so much by the currency movements.

So if the stock goes up, you participate in that growth without worrying too much about whether the Canadian dollar strengthened or weakened along the way.

We want our clients to own the company, not the currency.

Talk about the liquidity of the CDR and then maybe about the underlying security.