**Alpha:** A measure of performance, commonly considered the active return on an investment. It gauges the performance of an investment compared to a market index or benchmark which is considered to be representative the market's movement as a whole. The excess return of an investment relative to the return of a benchmark index is the investment's alpha.

**Beta:** This measures the tendency of fund returns and benchmark returns to move together. If beta is greater than one, movements in fund returns tend to be more pronounced relative to benchmark returns. If beta is one, they tend to be the same, and if beta is less than one, they tend to be dampened. If such movements tend to be in opposite directions, beta is negative. For example, an ETF with a beta of 1.1 tends to rise (or fall) by 1.1% for every 1% rise (or fall) in the benchmark.

**Credit Spread:** The difference in yield between a corporate bond and a government bond of the same maturity, indicating the amount of compensation an investor receives for assuming greater risk.

**Down Capture Ratio:** This measures a fund's performance in down markets. A down-market is defined as those periods (months or quarters) in which market return is less than 0. In essence, it tells you what percentage of the down-market was captured by the fund. For example, if the ratio is 110%, the manager has captured 110% of the down-market and therefore underperformed the market on the downside.

**Distribution Yield:** The distribution yield (or 12 month trailing yield) is calculated on a Fund's actual distributions paid to investors over the past 12 months based on NAV. All distributions are paid in cash. To change the distribution type to be reinvested would require notice on the part of the investor. Any distributions made by the Fund that are in excess of the Fund's cumulative income generated since the date an investor first invested in the Fund represents a return of the investor's capital. Where applicable for a covered call fund, the Fund's distribution yield yield (or 12 month trailing yield) includes any income generate from its option writing program.

**Dividend Yield:** This represents the gross yield on the Fund`s underlying portfolio of securities. It is not the yield or the distribution investors will receive by virtue of an investment in the Fund.

**Duration:** A measure of the sensitivity of the price of a fixed-income investment to a change in interest rates, expressed as a number of years. For example, a bond with a duration of 5 years would likely decline in price by approximately 5% if interest rates rose 1%. Conversely, if interest rates fell 1%, that same bond would likely increase in price by 5%.

**Forward Dividend Yield:** This represents the expected dividend-per-share divided by the current share price. The estimate is determined by a Morningstar estimate of the growth rate.

**Hedging:** Hedging involves the concurrent use of more than one bet in opposite directions to limit risk of serious investment loss. Hedging against investment risk means strategically using instruments in the market to offset the risk of any adverse price movements. In other words, investors hedge one investment by making another.

**Max Drawdown:** The peak to trough decline during a specific period time of an investment or fund. It is usually quoted as the percentage between the peak to the trough. For example, many funds that have been in existence since before 2008 could have experienced their maximum drawdown sometime during the 2008-2009 financial crisis.

**P/B Ratio:** The weighted average of the price/book ratios of all the stocks in a portfolio. The P/B ratio of a company is calculated by dividing the market price of its stock by the company's per-share book value.

**P/C Ratio:** This represents the weighted average of the price/cash-flow ratios of the stocks in a portfolio. Price/cash-flow represents the amount an investor is willing to pay for a dollar generated from a particular company's operations. Price/cash-flow attempts to provide an internationally-standard measure of a firm's stock price relative to its financial performance.

**P/E Ratio:** The weighted average of the price/earnings ratios of the stocks in a portfolio. The P/E ratio of a stock is calculated by dividing the current price of the stock by its trailing 12 months' earnings per share.

**P/S Ratio:** This represents the weighted average of the price/sales ratios of the stocks in a portfolio. Price/sales represents the amount an investor is willing to pay for a dollar generated from a particular company's operations.

**Return of capital ("ROC")** ROC refers to principle payments back to "capital owners" (shareholders, partners, unitholders) that exceed the growth (net income/taxable income) of a business or investment.

**ROA %:** Return on assets is the percentage a company earns on its assets in a given year.

**ROE %:** Return on equity is the percentage a company earns on its shareholders' equity in a given year.

**Sortino Ratio:** The Sortino Ratio is similar to the Sharpe Ratio except it uses downside risk (Downside Deviation) in the denominator. It was developed in the early 1980's by Frank Sortino. Since upside variability is not necessary a bad thing, Sortino ratio is sometimes more preferable than Sharpe ratio.

**Standard Deviation:** A statistical measurement of dispersion about an average, which, for an ETF, depicts how widely the returns varied over a certain period of time. Investors use the standard deviation of historical performance to try to predict the range of returns that are most likely for a given fund. When a fund has a high standard deviation, the predicted range of performance is wide, implying greater volatility.

**Up Capture Ratio:** This measures a fund's performance in up markets. An up-market is defined as those periods (months or quarters) in which market return is greater than 0. In essence, it tells you what percentage of the up-market was captured by the fund. For example, if the ratio is 110%, the fund has captured 110% of the up-market and therefore outperformed the market on the upside.

**Volatility:** Volatility is a statistical measure of the dispersion of returns for a given security or market index. Volatility can either be measured by using the standard deviation or variance between returns from that same security or market index. Commonly, the higher the volatility, the riskier the security.

Important information about each CI First Asset ETF Fund is contained in its respective prospectus. Individuals should seek the advice of professionals, as appropriate, prior to investing. This investment may not be suitable for all investors. Some conditions apply. Copies of the prospectus may be obtained from your investment advisor, First Asset or at www.sedar.com. Commissions, management fees and expenses all may be associated with mutual fund investments. ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

The commentaries presented are prepared as a general source of information. They are not intended to provide specific individual advice including, without limitation, investment, financial, legal, accounting or tax. The opinions contained in this document are solely those of First Asset and are subject to change without notice. First Asset assumes no responsibility for any losses or damages, whether direct or indirect, which arise from the use of this information and expressly disclaims liability for any errors or omissions in this information. First Asset is under no obligation to update the information contained herein.