CI First Asset Morningstar International Value Index ETF (Unhedged)

Investment Objectives

The Fund has been designed to replicate, to the extent possible, the performance of the Morningstar® Developed Markets ex-North America Target Value Index^TM (the "Index"), net of expenses.

The Index is comprised of the largest and most liquid equity securities from countries classified by Morningstar as developed markets, excluding North America, based on proprietary research generated by Morningstar. The Index is designed to provide diversified exposure to the top 200 issuers from these markets which are considered to be "good value" based on characteristics like low price to earnings and low price to cash flow ratios.

The investment strategy of the Fund is to invest in and hold the constituent securities of the Index. Foreign currency assets held by the Fund attributable to the Units will not be hedged back to the Canadian dollar.

The indicated rates of return are the historical annual compounded total returns, including changes in unit value and do not take into account sales, redemption or optional charges or income taxes payable by a security holder that would have reduced returns.

The MSCI EAFE Index (Europe, Australasia and the Far East) is an equity index which captures large and mid cap representation across Developed Markets countries in Europe, Australasia and the Far East. With 901 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. The Index is used as a benchmark to help you understand the Fund`s performance relative to the general performance of certain Eastern and European Developed Markets.