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Annual Financial Statements 2020

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Annual Financial Statements 2020 ANNUAL FINANCIAL STATEMENTS 2020 CI FIRST ASSET EXCHANGE-TRADED FUNDS DECEMBER 31, 2020 Table of Contents Independent Auditor’s Report .............................................................................................. 1 CI First Asset 1-5 Year Laddered Government Strip Bond Index ETF .......................................... 4 CI First Asset Active Canadian Dividend ETF............................................................................... 12 CI First Asset Active Credit ETF ................................................................................................... 22 CI First Asset Active Utility & Infrastructure ETF ....................................................................... 36 CI First Asset Canadian Buyback Index ETF ................................................................................. 46 CI First Asset Canadian Convertible Bond ETF ............................................................................ 55 CI First Asset Canadian REIT ETF ................................................................................................. 66 CI First Asset CanBanc Income Class ETF.................................................................................... 76 CI First Asset Core Canadian Equity Income Class ETF ............................................................... 84 CI First Asset Energy Giants Covered Call ETF ............................................................................ 93 CI First Asset Enhanced Government Bond ETF........................................................................... 104 CI First Asset Enhanced Short Duration Bond Fund (formerly CI First Asset Enhanced Short Duration Bond ETF) ...................................................... 117 CI First Asset European Bank ETF ................................................................................................ 135 CI First Asset Global Financial Sector ETF ................................................................................... 146 CI First Asset Gold+ Giants Covered Call ETF .............................................................................. 158 CI First Asset Health Care Giants Covered Call ETF .................................................................... 167 CI First Asset High Interest Savings ETF...................................................................................... 178 CI First Asset Investment Grade Bond ETF .................................................................................. 186 CI First Asset Long Duration Fixed Income ETF ........................................................................... 203 CI First Asset Morningstar Canada Dividend Target 30 Index ETF .............................................. 214 CI First Asset Morningstar Canada Momentum Index ETF.......................................................... 222 CI First Asset Morningstar Canada Value Index ETF ................................................................... 231 CI First Asset Morningstar International Momentum Index ETF ................................................. 240 CI First Asset Morningstar International Value Index ETF ........................................................... 256 CI First Asset Morningstar National Bank Québec Index ETF ..................................................... 272 CI First Asset Morningstar US Dividend Target 50 Index ETF ..................................................... 281 CI First Asset Morningstar US Momentum Index ETF ................................................................. 292 CI First Asset Morningstar US Value Index ETF ........................................................................... 303 CI First Asset MSCI Canada Low Risk Weighted ETF .................................................................. 314 CI First Asset MSCI Canada Quality Index Class ETF .................................................................. 324 CI First Asset MSCI Europe Low Risk Weighted ETF ................................................................... 332 CI First Asset MSCI International Low Risk Weighted ETF ......................................................... 344 CI First Asset MSCI USA Low Risk Weighted ETF ....................................................................... 358 CI First Asset MSCI World ESG Impact ETF ................................................................................. 371 CI First Asset MSCI World Low Risk Weighted ETF .................................................................... 383 CI First Asset Preferred Share ETF ............................................................................................... 397 CI First Asset Short Term Government Bond Index Class ETF ..................................................... 409 CI First Asset Tech Giants Covered Call ETF ................................................................................ 418 CI First Asset U.S. & Canada Lifeco Income ETF ......................................................................... 429 CI First Asset U.S. Buyback Index ETF ......................................................................................... 439 CI First Asset U.S. TrendLeaders Index ETF ................................................................................. 449 Notes to the Financial Statements ...................................................................................... 459 Legal Notice ............................................................................................................................. 473 To request an alternate format of this document, please contact us at [email protected] or 1-800-792-9355. Annual Financial Statements - December 31, 2020 INDEPENDENT AUDITOR’S REPORT To the Unitholders/Shareholders of CI First Asset 1-5 Year Laddered Government Strip Bond Index ETF CI First Asset Morningstar Canada Momentum Index ETF CI First Asset Active Canadian Dividend ETF CI First Asset Morningstar Canada Value Index ETF CI First Asset Active Credit ETF CI First Asset Morningstar International Momentum Index ETF CI First Asset Active Utility & Infrastructure ETF CI First Asset Morningstar International Value Index ETF CI First Asset Canadian Buyback Index ETF CI First Asset Morningstar National Bank Québec Index ETF CI First Asset Canadian Convertible Bond ETF CI First Asset Morningstar US Dividend Target 50 Index ETF CI First Asset Canadian REIT ETF CI First Asset Morningstar US Momentum Index ETF CI First Asset CanBanc Income Class ETF CI First Asset Morningstar US Value Index ETF CI First Asset Core Canadian Equity Income Class ETF CI First Asset MSCI Canada Low Risk Weighted ETF CI First Asset Energy Giants Covered Call ETF CI First Asset MSCI Canada Quality Index Class ETF CI First Asset Enhanced Government Bond ETF CI First Asset MSCI Europe Low Risk Weighted ETF CI First Asset Enhanced Short Duration Bond Fund (formerly CI First CI First Asset MSCI International Low Risk Weighted ETF Asset Enhanced Short Duration Bond ETF) CI First Asset MSCI USA Low Risk Weighted ETF CI First Asset European Bank ETF CI First Asset MSCI World ESG Impact ETF CI First Asset Global Financial Sector ETF CI First Asset MSCI World Low Risk Weighted ETF CI First Asset Gold+ Giants Covered Call ETF CI First Asset Preferred Share ETF CI First Asset Health Care Giants Covered Call ETF CI First Asset Short Term Government Bond Index Class ETF CI First Asset High Interest Savings ETF CI First Asset Tech Giants Covered Call ETF CI First Asset Investment Grade Bond ETF CI First Asset U.S. & Canada Lifeco Income ETF CI First Asset Long Duration Fixed Income ETF CI First Asset U.S. Buyback Index ETF CI First Asset Morningstar Canada Dividend Target 30 Index ETF CI First Asset U.S. TrendLeaders Index ETF (collectively, the “Funds”) Oinion We have audited the financial statements of the Funds, which comprise the statements of financial position as at December 31, 2020 and 2019, and the statements of comprehensive income, statements of changes in net assets attributable to holders of redeemable units/shares and statements of cash flows for the periods then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Funds as at December 31, 2020 and 2019, and their financial performance and their cash flows for the periods then ended in accordance with International Financial Reporting Standards (IFRSs). Basis or Oinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Funds in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Oher Iformation Management is responsible for the other information. The other information comprises the Management Report of Fund Performance of the Funds. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Annual Financial Statements - December 31, 2020
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