CI First Asset Morningstar International Value Index ETF (Unhedged) - CAD Stock

The Fund has been designed to replicate, to the extent possible, the performance of the Morningstar Developed Markets ex-North America Target Value IndexTM (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.