Amendment No. 1 dated July 7, 2015 to the prospectus dated June 22, 2015 (the Prospectus ).

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1 Amendment No. 1 dated July 7, 2015 to the prospectus dated June 22, 2015 (the Prospectus ). This Amendment No. 1 amends the Prospectus in respect of the exchange traded funds listed below (the First Asset ETFs ): First Asset Can-Financials Covered Call ETF First Asset Can-60 Covered Call ETF This Amendment No. 1 to the Prospectus provides certain additional information relating to the First Asset ETFs. The Prospectus should be read subject to this additional information. In all other respects, the disclosure in the Prospectus is not revised. All capitalized terms not defined herein have the respective meanings set out in the Prospectus. SUMMARY OF AMENDMENTS: Termination of the First Asset ETFs First Asset has determined to terminate each of the First Asset ETFs effective on or about August 31, 2015 (the Termination Date ). At such time, all references to each of the First Asset ETFs will be deemed to be removed from the Prospectus. First Asset expects that the Units of each of the First Asset ETFs will cease trading on the TSX and be delisted from the TSX on or about August 25, As soon as practicable following the Termination Date, the assets of each of the First Asset ETFs will be liquidated and the proceeds therefrom distributed, after paying or providing for all liabilities and obligations of such First Asset ETF, pro rata among unitholders of record of such First Asset ETF on the Termination Date. Following the termination and distributions described above with respect to a First Asset ETF, the First Asset ETF will be dissolved

2 CERTIFICATE OF FIRST ASSET CAN-FINANCIALS COVERED CALL ETF and FIRST ASSET CAN-60 COVERED CALL ETF (THE FIRST ASSET ETFs ) AND THE MANAGER, TRUSTEE AND PROMOTER Dated: July 7, 2015 The prospectus dated June 22, 2015 as amended by this Amendment No. 1 of the First Asset ETFs, together with the documents incorporated therein by reference, constitutes full, true and plain disclosure of all material facts relating to the securities offered by the prospectus dated June 22, 2015 as amended by this Amendment No. 1 as required by the securities legislation of all of the provinces and territories of Canada. (signed) Barry H. Gordon Chief Executive Officer of First Asset Investment Management Inc., the Manager, Trustee and Promoter of the First Asset ETFs, and on behalf of the First Asset ETFs (signed) Karen Wagman Chief Financial Officer of First Asset Investment Management Inc., the Manager, Trustee and Promoter of the First Asset ETFs, and on behalf of the First Asset ETFs On behalf of the Board of Directors of First Asset Investment Management Inc., the Manager, Trustee and Promoter of the First Asset ETFs, and on behalf of the First Asset ETFs (signed) Z. Edward Akkawi Director (signed) Paul V. Dinelle Director

3 No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and only by persons permitted to sell these securities. PROSPECTUS Continuous Offering June 22, 2015 First Asset Can-60 Covered Call ETF First Asset Can-Financials Covered Call ETF First Asset Can-Energy Covered Call ETF First Asset Can-Materials Covered Call ETF First Asset Tech Giants Covered Call ETF First Asset Energy Giants Covered Call ETF (individually, a First Asset ETF, and collectively, the First Asset ETFs ) The First Asset ETFs are actively managed exchange traded mutual fund trusts established under the laws of Ontario. Common units (the Common Units ) and advisor class units (the Advisor Units, and together with the Common Units, the Units ) of each First Asset ETF are being offered for sale on a continuous basis by this prospectus. In addition, First Asset Energy Giants Covered Call ETF is offering unhedged common units (the Unhedged Common Units ) and unhedged advisor class units (the Unhedged Advisor Units, and together with the Unhedged Common Units, the Unhedged Units ). Unless otherwise indicated: (i) the term Common Units includes Unhedged Common Units; (ii) the term Advisor Units includes the Unhedged Advisor Units; and the term Units includes the Unhedged Units. See Investment Objectives for the investment objectives of each of the First Asset ETFs. First Asset Investment Management Inc. (the Manager ), a registered portfolio manager and investment fund manager, is the trustee, manager and portfolio adviser of the First Asset ETFs. See Organization and Management Details of the First Asset ETFs. Listing of Units Units of the First Asset ETFs are currently listed on the Toronto Stock Exchange ( TSX ). Investors can buy or sell Units of a First Asset ETF on the TSX through registered brokers and dealers in the province or territory where the investor resides. Investors may incur customary brokerage commissions in buying or selling Units. No fees are paid by investors to the Manager or any First Asset ETF in connection with the buying or selling of Units on the TSX. Additional Considerations No underwriter or dealer has been involved in the preparation of the prospectus or has performed any review of the contents of the prospectus. The Canadian securities regulators have provided each of the First Asset ETFs with a decision exempting it from the requirement to include a certificate of an underwriter in this prospectus. The designated brokers and dealers are not underwriters of the First Asset ETFs in connection with the distribution of Units under this prospectus. While each of the First Asset ETFs is a mutual fund under the securities legislation of certain provinces and territories of Canada, each First Asset ETF has been granted exemptive relief from certain provisions of Canadian securities legislation applicable to conventional mutual funds. In the opinion of counsel, provided that a First Asset ETF qualifies as a mutual fund trust within the meaning of the Tax Act, or the Units of the First Asset ETF are listed on a designated stock exchange within the meaning of the Tax Act, the Units of that First Asset ETF, if issued on the date hereof, would on such date be qualified

4 - 2 - investments under the Tax Act for a trust governed by a registered retirement savings plan, a registered retirement income fund, a registered disability savings plan, a deferred profit sharing plan, a registered education savings plan or a tax-free savings account. For a discussion of the risks associated with an investment in Units, see Risk Factors. "Standard & Poor's " and "S&P " are registered trademarks of Standard & Poor s Financial Services LLC ( S&P ) and "TSX " is a registered trademark of the TSX Inc. The First Asset ETFs are not sponsored, endorsed, sold or promoted by S&P or by the TSX and its affiliates. S&P and TSX make no representation, condition or warranty, express or implied, to the owners of the First Asset ETFs or any member of the public regarding the advisability of investing in securities generally or in the First Asset ETFs particularly or the ability of the First Asset ETFs particularly to track general stock market performance. S&P and TSX have no relationship to the Manager or the First Asset ETFs. During the period in which the First Asset ETFs are in continuous distribution, additional information about the First Asset ETFs will be available in the most recently filed annual financial statements, any interim financial statements filed after those annual financial statements, the most recently filed annual management report of fund performance, any interim management report of fund performance filed after that annual management report of fund performance and the most recently filed ETF Summary Document, of each First Asset ETF. These documents will be incorporated by reference into this prospectus which means that they legally form part of this prospectus. For further details, see Documents Incorporated by Reference. You can get a copy of these documents at your request, and at no cost, by calling or (toll-free) or by at info@firstasset.com or from your dealer. These documents will also be available on the internet at These documents and other information about the First Asset ETFs will also be available on the website of SEDAR (the System for Electronic Document Analysis and Retrieval) at First Asset Investment Management Inc. Toll Free: Wellington Street West, Suite Toronto, Ontario M5J 2N7

5 TABLE OF CONTENTS GLOSSARY... i PROSPECTUS SUMMARY... vi OVERVIEW OF THE LEGAL STRUCTURE OF THE FIRST ASSET ETFs...1 INVESTMENT OBJECTIVES...1 INVESTMENT STRATEGIES...3 INVESTMENT RESTRICTIONS...7 FEES AND EXPENSES...7 Fees and Expenses Payable by the First Asset ETFs...7 Fees and Expenses Payable Directly by the Unitholders...9 ANNUAL RETURNS AND MANAGEMENT EXPENSE RATIO...9 RISK FACTORS No Assurances on Achieving Investment Objectives Stock Market Risk Specific Issuer Risk Equity Risk Regulatory Risk Reliance on Historical Data Risk Use of Options Risk Derivatives Risk Corresponding Net Asset Value Risk Designated Broker/Dealer Risk Cease Trading of Securities Risk Exchange Risk Early Closing Risk Investment Strategy Risk Concentration Risk Calculation and Termination of the Indices Tax Risk Tax Treatment of Options and Currency Hedging Risk Fund of Funds Investment Risk Exchange Traded Funds Risk Securities Lending, Repurchase and Reverse Repurchase Transaction Risk Income Trust Investment Risk Liability of Unitholders Reliance on Key Personnel Multi-Class Structure Risk Absence of an Active Market for the Units and Lack of Operating History DISTRIBUTION POLICY Year-End Distributions PURCHASES OF UNITS Initial Investment in the First Asset ETFs Issuance of Units of a First Asset ETF EXCHANGE AND REDEMPTION OF UNITS PRIOR SALES INCOME TAX CONSIDERATIONS Status of the First Asset ETFs Taxation of the First Asset ETFs Taxation of Holders Taxation of Registered Plans Tax Implications of the First Asset ETF s Distribution Policy ORGANIZATION AND MANAGEMENT DETAILS OF THE FIRST ASSET ETFs Manager and Portfolio Adviser Officers and Directors of the Manager Portfolio Management Team Designated Brokers Conflicts Of Interest Independent Review Committee The Trustee Custodian Valuation Agent Auditors Transfer Agent and Registrar Securities Lending Agent Promoter Accounting and Reporting CALCULATION OF NET ASSET VALUE Valuation Policies and Procedures of the First Asset ETFs Reporting of Net Asset Value ATTRIBUTES OF THE SECURITIES Description of the Securities Distributed Exchange of Units for Baskets of Securities Redemptions of Units for Cash Modification of Terms Voting Rights in the Portfolio Securities UNITHOLDER MATTERS Meetings of Unitholders Matters Requiring Unitholder Approval Amendments to the Declaration of Trust Reporting to Unitholders TERMINATION OF THE FIRST ASSET ETFs Procedure on Termination i

6 TABLE OF CONTENTS (continued) PLAN OF DISTRIBUTION Non-Resident Unitholders RELATIONSHIP BETWEEN THE FIRST ASSET ETFs AND THE DEALERS PRINCIPAL HOLDERS OF UNITS PROXY VOTING DISCLOSURE FOR PORTFOLIO SECURITIES HELD MATERIAL CONTRACTS LEGAL AND ADMINISTRATIVE PROCEEDINGS EXPERTS EXEMPTIONS AND APPROVALS OTHER MATERIAL FACTS PURCHASERS STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION DOCUMENTS INCORPORATED BY REFERENCE CERTIFICATE OF THE FIRST ASSET CAN-60 COVERED CALL ETF, FIRST ASSET CAN- FINANCIALS COVERED CALL ETF, FIRST ASSET CAN-ENERGY COVERED CALL ETF, FIRST ASSET CAN-MATERIALS COVERED CALL ETF, FIRST ASSET TECH GIANTS COVERED CALL ETF AND FIRST ASSET ENERGY GIANTS COVERED CALL ETF (THE FIRST ASSET ETFS ) AND THE MANAGER AND PROMOTER... C-1 ii

7 GLOSSARY Unless otherwise indicated, the references to dollar amounts in this prospectus are to Canadian dollars and all references to times in this prospectus are to Toronto time. The following terms have the following meaning: ADRs means American Depositary Receipts and other similar depository receipt or depository shares securities, which are a type of negotiable financial securities that are traded on a Canadian or U.S. stock exchange but represent a security that is issued by a non-north American publicly-listed company; Advisor Units means, in relation to a particular First Asset ETF, the advisor class of Units of that First Asset ETF, including in the case of First Asset Energy Giants Covered Call ETF, the Unhedged Advisor Units and Advisor Unit means any one of them; Basket of Securities means, in relation to a particular First Asset ETF, a group of securities and/or assets determined by the Manager from time to time representing the constituents of the First Asset ETF; Canadian securities legislation means the securities laws in force in each province and territory of Canada, all regulations, rules, orders and policies made thereunder and all multilateral and national instruments adopted by the securities regulatory authorities in such jurisdictions; Can-Energy ETF means First Asset Can-Energy Covered Call ETF; Can-Financials ETF means First Asset Can-Financials Covered Call ETF; Can-Materials ETF means First Asset Can-Materials Covered Call ETF; Can-60 ETF means First Asset Can-60 Covered Call ETF; Cash Creation Fee means the fee payable in connection with cash-only payments for subscriptions of a PNU of the First Asset ETF, representing, as applicable, brokerage expenses, commissions, transaction costs and other costs or expenses that the First Asset ETF incurs or expects to incur in purchasing securities on the market with such cash proceeds; Cash Exchange Fee means the fee payable in connection with cash-only payments for exchange of a PNU of the First Asset ETF, representing, as applicable, brokerage expenses, commissions, transaction costs and other costs or expenses that the First Asset ETF incurs or expects to incur in selling securities on the market to obtain the necessary cash for the exchange; CDS means CDS Clearing and Depositary Services Inc.; CDS Participant means a participant in CDS that holds security entitlements in Units on behalf of beneficial owners of those Units; Common Units means, in relation to a particular First Asset ETF, the common class of Units of that First Asset ETF, including in the case of First Asset Energy Giants Covered Call ETF, the Unhedged Common Units and Common Unit means any one of them; Converted Units has the meaning ascribed to such term under the heading Exchange and Redemption of Units Conversion of Units ; Converting Units has the meaning ascribed to such term under the heading Exchange and Redemption of Units Conversion of Units ; CRA means the Canada Revenue Agency;

8 - ii - Custodian means State Street Trust Company Canada, in its capacity as custodian of each First Asset ETF pursuant to the Custodian Agreement; Custodian Agreement means the master custodian agreement dated May 16, 2011 between the First Asset family of exchange traded funds, the Manager, in its capacity as trustee and manager of the First Asset family of exchange traded funds, and the Custodian, as acceded to by the First Asset ETFs, as may be further supplemented, amended or amended and restated from time to time; Dealer means a registered dealer (that may or may not be a Designated Broker) that has entered into a Dealer Agreement with the Manager, on behalf of one or more First Asset ETFs, pursuant to which the Dealer may subscribe for Units as described under Purchases of Units ; Dealer Agreement means an agreement between the Manager, on behalf of one or more of the First Asset ETFs, and a Dealer; Declaration of Trust means the amended and restated declaration of trust establishing the First Asset ETFs, as supplemented, amended or amended and restated from time to time; derivatives means an instrument, agreement or security, the market price, value or payment obligations of which is derived from, referenced to or based on an underlying interest; Designated Broker means a registered dealer that has entered into a Designated Broker Agreement with the Manager, on behalf of one or more First Asset ETFs pursuant to which the Designated Broker agrees to perform certain duties in relation to the First Asset ETFs; Designated Broker Agreement means an agreement between the Manager, on behalf of one or more First Asset ETFs, and a Designated Broker; DFA Rules has the meaning ascribed to such term under the heading Income Tax Considerations Taxation of the First Asset ETFs ; Distribution Record Date means a date determined by the Manager as a record date for the determination of Unitholders of a First Asset ETF entitled to receive a distribution; DPSP means a deferred profit sharing plan within the meaning of the Tax Act; Energy Companies means issuers classified within either the Integrated Oil & Gas or Oil & Gas Exploration & Production Global Industry Classification Standard (GICS) sub-industry groups, or otherwise determined by the Manager to derive their revenue primarily from the exploration for and production of oil and natural gas, and Energy Company means any one of them; Energy Giants ETF means First Asset Energy Giants Covered Call ETF; ETF Summary Document means a summary document in respect of an exchange traded fund, which summarizes certain features of the exchange traded fund and which is publicly available at and provided or made available to registered dealers for delivery to purchasers of securities of an exchange traded fund; First Asset means First Asset Investment Management Inc., the Manager, Trustee and portfolio adviser of the First Asset ETFs; First Asset ETFs means, collectively, Can-60 ETF, Can-Financials ETF, Can-Energy ETF, Can-Materials ETF, Tech ETF and Energy Giants ETF and First Asset ETF means any one of them, as applicable; forward contracts means agreements between two parties to buy or sell an asset at a specified point of time in the future at a predetermined price;

9 - iii - futures contracts means standardized contracts entered into on domestic or foreign exchanges which call for the future delivery of specified quantities of various assets such as stocks, bonds, agricultural commodities, industrial commodities, currencies, financial instruments, energy products or metals at a specified time and place. The terms and conditions of futures contracts of a particular commodity are standardized and as such are not subject to any negotiation between the buyer and seller. The contractual obligations, depending upon whether one is a buyer or a seller, may be satisfied either by taking or making, as the case may be, physical delivery of an approved grade of commodity or by making an offsetting sale or purchase of an equivalent but opposite futures contract on the same exchange prior to the designated date of delivery. The difference between the price at which the futures contract is sold or purchased and the price paid for brokerage commissions, constitutes the profit or loss to the trader. In market terminology, a trader who purchases a futures contract is long in the market and a trader who sells a futures contract is short in the market. Before a trader closes out his or her long or short position by an offsetting sale or purchase, his or her outstanding contracts are known as open trades or open positions. The aggregate amount of open long or short positions held by traders in a particular contract is referred to as the open interest in such contract; GST/HST means taxes exigible under Part IX of the Excise Tax Act (Canada) and the regulations made thereunder; IFRS means the International Financial Reporting Standards; IRC means the independent review committee of a First Asset ETF established under NI ; Management Fees has the meaning ascribed to such term under the heading Fees and Expenses Fees and Expenses Payable by the First Asset ETFs ; Management Fee Distribution, as described under Fees and Expenses, means an amount equal to the difference between the Management Fee otherwise chargeable by the Manager and a reduced fee determined by the Manager, at its discretion, from time to time, and that is distributed quarterly in cash, at the discretion of the Manager, to the applicable Unitholders who hold large investments in a First Asset ETF; Manager means First Asset, in its capacity as investment fund manager of the First Asset ETFs pursuant to the Declaration of Trust; Monthly Conversion Date has the meaning ascribed thereto under Exchange and Redemption of Units ; net asset value (of a class) means, in relation to a particular First Asset ETF, the net asset value of the First Asset ETF as calculated on each Valuation Day in accordance with the Declaration of Trust (that is attributable to a class of Units, as the case may be); NI means National Instrument Investment Funds; NI means National Instrument Independent Review Committee for Investment Funds; NYSE means the New York Stock Exchange; Non-Portfolio Income has the meaning ascribed to such term under the heading Income Tax Considerations- Taxation of the First Asset ETFs ; Other Securities means securities other than constituent securities included in the portfolio of a First Asset ETF, including securities of other investment funds or derivative instruments in each case as permitted by NI ; PACC has the meaning ascribed to such term under the heading Distribution Policy Distribution Reinvestment Plan ; Payment Date has the meaning ascribed to such term under the heading Distribution Policy Distribution Reinvestment Plan ;

10 - iv - Permitted Merger has the meaning ascribed to such term under the heading Unitholder Matters - Permitted Mergers Plan has the meaning ascribed to such term under the heading Income Tax Considerations Status of the First Asset ETFs ; Plan Agent means Computershare Trust Company of Canada, plan agent for the Reinvestment Plan; Plan Participant has the meaning ascribed to such term under the heading Distribution Policy Distribution Reinvestment Plan ; Plan Units has the meaning ascribed to such term under the heading Distribution Policy Distribution Reinvestment Plan ; PNU means, in relation to a particular First Asset ETF, the prescribed number of Units of the First Asset ETF determined by the Manager from time to time for the purpose of subscription orders, redemptions or for other purposes; Promoter means First Asset, in its capacity as promoter of the First Asset ETFs; Proxy Voting Policy has the meaning ascribed to such term under the heading Proxy Voting Disclosure for Portfolio Securities Held ; RDSP means a registered disability savings plan within the meaning of the Tax Act; Registrar and Transfer Agent means Computershare Trust Company of Canada; Reinvestment Plan means the distribution reinvestment plan for the First Asset ETFs, as described under the heading Distribution Policy Distribution Reinvestment Plan ; RESP means a registered education savings plan within the meaning of the Tax Act; RRIF means a registered retirement income fund within the meaning of the Tax Act; RRSP means a registered retirement savings plan within the meaning of the Tax Act; S&P means Standard & Poor s and its affiliates; Sales Tax means all applicable provincial and federal sales, value added or goods and services taxes, including GST/HST; Securities Lending Agreement has the meaning ascribed to such term under the heading Investment Strategies Securities Lending ; securities regulatory authorities means the securities commission or similar regulatory authority in each province and territory of Canada that is responsible for administering the Canadian securities legislation in force in such jurisdictions; SWP has the meaning ascribed to such term under the heading Distribution Policy Distribution Reinvestment Plan ; swap means a forward-type financial derivative contract in which two counterparties agree to exchange cash flows determined with reference to prices of currencies or interest rates, according to predetermined rules. At inception, this instrument typically has zero market value, but as market prices change the swap acquires value; Tax Act means the Income Tax Act (Canada) as amended from time to time, and the regulations thereunder;

11 - v - Tax Amendment means a proposed amendment to the Tax Act publicly announced by the Minister of Finance (Canada) prior to the date hereof; Technology Companies means the top 25 technology issuers measured by market capitalization whose common shares are listed on the NYSE and NASDAQ in the GICS Sector Information Technology, that are not in the GICS Sub Industry Data Processing & Outsourced Services; Tech ETF means First Asset Tech Giants Covered Call ETF; TFSA means a tax-free savings account within the meaning of the Tax Act; Trading Day means a day on which a session of the TSX is held; Trustee means First Asset, in its capacity as trustee of the First Asset ETFs pursuant to the Declaration of Trust; TSX means the Toronto Stock Exchange; Unhedged Advisor Units means the unhedged Advisor Units, and Unhedged Advisor Unit means any one of them; Unhedged Common Units means the unhedged Common Units, and Unhedged Common Unit means any one of them; Unhedged Units means the Unhedged Common Units and Unhedged Advisor Units, and Unhedged Unit means any one of them; Unitholder means a holder of Units of a First Asset ETF; Units means, in relation to a particular First Asset ETF, the Common Units and Advisor Units of the First Asset ETF, as applicable, each of which represents an undivided interest in the net assets of the First Asset ETF, and Unit means any one of them; Valuation Day means a day upon which a session of the TSX is held; and Valuation Time means, in relation to a First Asset ETF, 4:00 p.m. (EST) on a Valuation Day.

12 - vi - PROSPECTUS SUMMARY The following is a summary of the principal features of the Units of the First Asset ETFs and should be read together with the more detailed information, financial data and financial statements contained elsewhere in this prospectus or incorporated by reference in this prospectus. Capitalized terms not defined in this summary are defined in the Glossary. Issuers: Offerings: First Asset Can-60 Covered Call ETF First Asset Can-Financials Covered Call ETF First Asset Can-Energy Covered Call ETF First Asset Can-Materials Covered Call ETF First Asset Tech Giants Covered Call ETF First Asset Energy Giants Covered Call ETF The First Asset ETFs are exchange traded open-end mutual fund trusts established under the laws of Ontario. Each of the First Asset ETFs is offering two classes of units called Common Units and Advisor Units pursuant to this prospectus. In addition, Energy Giants ETF is offering unhedged Common Units (the Unhedged Common Units ) and unhedged Advisor Units (the Unhedged Advisor Units, and together with the Unhedged Common Units, the Unhedged Units ). Unless otherwise indicated: (i) the term Common Units includes Unhedged Common Units; (ii) the term Advisor Units includes the Unhedged Advisor Units; and the term Units includes the Unhedged Units. See Overview of the Legal Structure of the First Asset ETFs. It is intended that at all times at least 90% of the value of the foreign currency exposure, if any, attributable to the Common Units and the Advisor Units will be hedged back to the Canadian dollar. The foreign currency exposure attributable to the Unhedged Common Units and the Unhedged Units will not be hedged back to the Canadian dollar. See Investment Strategies Currency Hedging. The only difference between the Common Units (including the Unhedged Common Units) and the Advisor Units (including the Unhedged Advisor Units) is the Management Fee payable by the First Asset ETF due to the service fee payable by the Manager in respect of the Advisor Units and Unhedged Advisor Units (as described under Fees and Expenses ). Accordingly, the net asset value per Unit of each class will not be the same as a result of the different currency hedging strategy and the different fees allocable to each class of Units. See Distribution Policy. Continuous Distribution: Units of each First Asset ETF will be offered for sale on a continuous basis by this prospectus, and there is no maximum number of Units of a First Asset ETF that may be issued. The Units shall be offered for sale at a price equal to the net asset value of the Units next determined following the receipt of a subscription order. See Plan of Distribution. The Units of the First Asset ETFs are currently listed on the TSX. The First Asset ETFs issue Units directly to Designated Brokers and Dealers. From time-to-time and as may be agreed between a First Asset ETF and the Designated Brokers and Dealers, such Designated Brokers and Dealers may agree to accept a Basket of Securities as payment for Units from prospective purchasers. See Purchases of Units Issuance of Units of a First Asset ETF.

13 - vii - Investment Objectives: Can-60 ETF The investment objective of Can-60 ETF is to provide holders, through an actively managed portfolio, as described below, with (i) quarterly cash distributions, (ii) the opportunity for capital appreciation by investing on an equal weight basis in a portfolio of the securities of the issuers publicly disclosed as being included in the S&P/TSX 60 Index, from time to time, and (iii) lower overall volatility of returns on the portfolio than would be experienced by owning a portfolio of securities of such issuers directly. Can-Financials ETF The investment objective of the Can-Financials ETF is to provide holders, through an actively managed portfolio, as described below, with (i) quarterly cash distributions, (ii) the opportunity for capital appreciation by investing on an equal weight basis in a portfolio of securities of issuers publicly disclosed as being included in the S&P/TSX Capped Financials Sector Index and (iii) lower overall volatility of returns on the portfolio than would be experienced by owning a portfolio of securities of such issuers directly. Can-Energy ETF The investment objective of the Can-Energy ETF is to provide holders, through an actively managed portfolio, as described below, with (i) quarterly cash distributions, (ii) the opportunity for capital appreciation by investing on an equal weight basis in a portfolio of securities of the 25 largest issuers measured by market capitalization chosen from the S&P/TSX Capped Energy Index and (iii) lower overall volatility of returns on the portfolio than would be experienced by owning a portfolio of securities of such issuers directly. Can-Materials ETF The investment objective of the Can-Materials ETF is to provide holders, through an actively managed portfolio, as described below, with (i) quarterly cash distributions, (ii) the opportunity for capital appreciation by investing on an equal weight basis in a portfolio of securities of the 25 largest issuers measured by market capitalization chosen from the S&P/TSX Capped Materials Index and (iii) lower overall volatility of returns on the portfolio than would be experienced by owning a portfolio of securities of such issuers directly. Tech ETF The investment objective of the Tech ETF is to provide holders, through an actively managed portfolio, as described below, with (i) quarterly cash distributions, (ii) the opportunity for capital appreciation by investing on an equal weight basis in a portfolio of securities of the 25 largest Technology Companies (as defined herein) measured by market capitalization listed on a North American stock exchange and (iii) lower overall volatility of returns on the portfolio than would be experienced by owning a portfolio of securities of such issuers directly. Energy Giants ETF The investment objective of the Energy Giants ETF is to provide holders, through an actively managed portfolio, as described below, with (i) quarterly cash distributions, (ii) the opportunity for capital appreciation by investing on an equal weight basis in a portfolio of equity securities of the 15 largest non-

14 - viii - Canadian Energy Companies measured by US$ market capitalization with common stock or ADRs listed on a Canadian or U.S. stock exchange, and (iii) lower overall volatility of returns on the portfolio than would be experienced by owning a portfolio of securities of such issuers directly. Investment Strategies: See Investment Objectives. Each First Asset ETF invests in a portfolio of investments and the Manager actively manages the call option writing program, and rebalances the portfolios, as applicable. Each First Asset ETF will invest in a variety of portfolio securities and instruments which may include, but are not limited to, equity securities and Other Securities. The portfolios of the First Asset ETFs may, from time to time, also include a significant amount of cash and/or cash equivalents. In addition to having the ability to sell call options on individual securities or on a basket basis, the First Asset ETFs may, from time-to-time, sell index options, instead of individual stock options, to the extent available and deemed to be an appropriate substitute by the Manager, in its discretion. As an alternative to or in conjunction with investing in and holding the constituent securities, a First Asset ETF may invest in or use certain Other Securities to obtain exposure to the performance of the applicable portfolio securities. The portfolio of each First Asset ETF was initially approximately equal weighted, and each month the Manager employs a covered call option writing program on approximately, and not more than, 25% of the securities of each portfolio issuer, in order to seek to earn attractive tax effective income from dividends, distributions and call option premiums, lower the overall volatility of returns associated with owning a portfolio of these securities, and to generate capital appreciation. Call options may be sold on each individual portfolio security or may be sold on a basket basis, encompassing more than one portfolio security, in the discretion of the Manager. Call options sold by the First Asset ETFs may be either options traded on a North American stock exchange or over-the-counter options sold pursuant to an agreement with a counterparty with an approved credit rating as defined in NI , and the Manager intends that such options will be sold at a strike price which is at-the-money (that is at or close to the current market price of the applicable First Asset ETF portfolio securities). The Manager may decide, in its discretion, not to sell call options on any First Asset ETF portfolio issuer in any month if it determines that conditions render it impracticable to do so. Each First Asset ETF portfolio will be rebalanced as soon as practicable, in the determination of the Manager, at the end of each calendar quarter, so that immediately following such rebalancing, such First Asset ETF s portfolio issuers are approximately equally weighted. In order to facilitate distributions and/or pay expenses of a First Asset ETF, the Manager may sell portfolio securities of the First Asset ETF at its discretion in which case the weighting of the portfolio will be affected. It is intended that at all times at least 90% of the value of the foreign currency exposure, if any, attributable to the Common Units and the Advisor Units of each First Asset ETF will be hedged back to the Canadian dollar. All such currency forward agreements or other derivatives will be entered into in compliance with NI with financial institutions that have a designated rating as defined in NI Hedging currency exposure to reduce the

15 - ix - impact of fluctuations in exchange rates is intended to reduce the direct exposure to foreign currency risk for Unitholders. The foreign currency exposure attributable to the Unhedged Common Units of Energy Giants ETF and the Unhedged Units of Energy Giants ETF will not be hedged back to the Canadian dollar. See Investment Strategies. Use of Derivative Instruments The Manager may, on behalf of a First Asset ETF, invest in or use derivative instruments, including futures contracts and forward contracts, provided that the use of such derivative instruments is in compliance with NI or the appropriate regulatory exemptions have been obtained, and is consistent with the investment objective and strategy of the First Asset ETF. Securities Lending, Repurchase and Reverse Repurchase Transactions A First Asset ETF may enter into securities lending transactions, repurchase and reverse purchase transactions in compliance with NI to earn additional income for the First Asset ETF. Short Selling A First Asset ETF may engage in short selling in compliance with NI in an attempt to manage volatility or enhance the performance of the First Asset ETF in declining or volatile markets. The First Asset ETFs are subject to certain investment restrictions. See Investment Restrictions. Brokerage Arrangements: Special Considerations for Purchasers: The Manager is authorized to establish, maintain, change and close brokerage accounts on behalf of the First Asset ETFs. The provisions of the so-called early warning requirements set out in Canadian securities legislation do not apply in connection with the acquisition of Units of a First Asset ETF. In addition, each First Asset ETF is entitled to rely on exemptive relief from the securities regulatory authorities to permit a Unitholder of that First Asset ETF to acquire more than 20% of the Units of that First Asset ETF through purchases on the TSX without regard to the takeover bid requirements of applicable Canadian securities legislation, provided that such Unitholder, and any person acting jointly or in concert with such Unitholder, undertakes to the Manager not to vote more than 20% of the Units of that First Asset ETF at any meeting of Unitholders of that First Asset ETF. Distributions: Market participants are permitted to sell Units of a First Asset ETF short and at any price without regard to the restrictions of the Universal Market Integrity Rules that generally prohibit selling securities short on the TSX unless the price is at or above the last sale price. See Attributes of the Securities - Description of the Securities Distributed. Any cash distributions of income on the Units are expected to be made at least quarterly. Depending on the underlying investments of a First Asset ETF, distributions on Units may consist of ordinary income sourced from dividends or

16 - x - Distribution Reinvestment : Redemptions: Income Tax Considerations: distributions received by the First Asset ETF but may also include net realized capital gains, in any case, less the expenses of that First Asset ETF and may include returns of capital. As a result of the higher Management Fees (as defined herein) on the Advisor Units, any such cash distributions on the Advisor Units are generally expected to be less than the distributions payable on the Common Units. See Distribution Policy. At any time, a Unitholder may elect to participate in the Reinvestment Plan by contacting the CDS Participant through which the Unitholder holds its Units. Under the Reinvestment Plan, cash distributions (net of any required withholding tax) will be used to acquire additional Units in the market and will be credited to the account of the Unitholder through CDS. See Distributions Policy Distribution Reinvestment Plan for further details in this regard and for additional information relating to other aspects of the Reinvestment Plan including the pre-authorized cash contribution and systematic withdrawal provisions available to Unitholders. In addition to the ability to sell Units on the TSX, Unitholders may redeem Units for cash at a redemption price per Unit equal to 95% of the closing price for the Units on the TSX on the effective day of the redemption. The First Asset ETFs will also offer additional redemption or exchange options which are available where a Dealer, Designated Broker, or Unitholder redeems or exchanges a PNU. See Exchange and Redemption of Units. A Unitholder of a First Asset ETF who is resident in Canada will generally be required to include, in computing income for a taxation year, the amount of income (including any net realized taxable capital gains) that is paid or becomes payable to the Unitholder by that First Asset ETF in that year (including such income that is reinvested in additional Units of the First Asset ETF). A Unitholder of a First Asset ETF who disposes of a Unit of that First Asset ETF that is held as capital property, including on a redemption or otherwise, will generally realize a capital gain (or capital loss) to the extent that the proceeds of disposition (which do not include any amount of capital gains made payable by the First Asset ETF to the Unitholder which represents capital gains realized by the First Asset ETF in connection with dispositions to fund the redemption) net of costs of disposition, exceed (or are less than) the adjusted cost base of that Unit. Based on counsel s understanding of the current published administrative policies and assessing practices of the CRA, the conversion of the Advisor Units into whole Common Units or the Common Units into whole Advisor Units will not constitute a disposition of Units for purposes of the Tax Act. The redemption of any fraction of a Unit will generally result in a capital gain (or capital loss) for the redeeming Unitholder. A conversion of Unhedged Units into currency hedged Units or a conversion of currency hedged Units into Unhedged Units will likely constitute a disposition of the Units being converted. All foreign currency amounts relevant in computing any amount under the Tax Act with respect to the acquisition, holding or disposition of Units will be determined for purposes of the Tax Act in Canadian dollars at the appropriate exchange rate prevailing on the date of the transaction in accordance with the rules in the Tax Act. Unitholders of certain First Asset ETFs may realize gains and losses by virtue of the fluctuation in the value of any relevant foreign currency relative to Canadian dollar.

17 - xi - Eligibility for Investment: Documents Incorporated by Reference: Termination: Risk Factors: Each investor should satisfy himself or herself as to the federal and provincial tax consequences of an investment in Units of a First Asset ETF by obtaining advice from his or her tax advisor. See Income Tax Considerations. Provided that a First Asset ETF qualifies as a mutual fund trust within the meaning of the Tax Act, or the Units of the First Asset ETF are listed on a designated stock exchange within the meaning of the Tax Act, Units of that First Asset ETF, if issued on the date hereof, would on such date be qualified investments under the Tax Act for a trust governed by a RRSP, a RRIF, a RDSP, a DPSP, a RESP or a TFSA. See Income Tax Considerations Taxation of Registered Plans. During the period in which the First Asset ETFs are in continuous distribution, additional information about the First Asset ETFs will be available in the most recently filed annual financial statements, any interim financial statements filed after those annual financial statements, the most recently filed annual management report of fund performance, any interim management report of fund performance filed after that annual management report of fund performance and the most recently filed ETF Summary Document, of each First Asset ETF. These documents will be incorporated by reference into this prospectus. Documents incorporated by reference into this prospectus legally form part of this prospectus just as if they were printed as part of this prospectus. These documents will be publicly available on the website of the First Asset ETFs at and may be obtained upon request, at no cost, by calling or toll-free or by contacting your dealer. These documents and other information about the First Asset ETFs are also publicly available at See Documents Incorporated by Reference. The First Asset ETFs do not have a fixed termination date but may be terminated at the discretion of the Manager in accordance with the terms of the Declaration of Trust. See Termination of the First Asset ETFs. An investment in Units is subject to certain risk factors, including: (a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) No assurances on achieving investment objectives; Stock market risk; Specific issuer risk; Equity risk; Regulatory risk; Reliance on historical data risk; Use of options risk; Currency exposure risk; Derivatives risk; Corresponding net asset value risk; Fluctuations in NAV and market price of units risk; Potential conflicts of interest risk

18 - xii - (m) Short selling risk (n) Global financial developments risk; (o) Designated broker/dealer risk; (p) Cease trading of securities risk; (q) Exchange risk; (r) Early closing risk; (s) Investment strategy risk; (t) Concentration risk; (u) Oil and gas industry risk; (v) Calculation and termination of the indices; (w) Illiquid securities risk; (x) Tax risk; (y) Tax treatment of options and currency hedging risk; (z) Withholding tax risk; (aa) Fund of funds investment risk; (bb) Exchange traded funds risk; (cc) Securities lending, repurchase and reverse repurchase transaction risk; (dd) Income trust investment risk; (ee) Liability of unitholders; (ff) Reliance on key personnel; (gg) Multi-class structure risk; and (hh) Absence of active market and lack of operating history risk. See Risk Factors. Organization and Management of the First Asset ETFs The Manager, Portfolio Adviser and Trustee: Custodian: Valuation Agent: First Asset Investment Management Inc., a registered portfolio manager and investment fund manager, is the trustee, manager and portfolio adviser of the First Asset ETFs. The Manager will be responsible for providing or arranging for the provision of administrative services and management functions, including the day-to-day management of the First Asset ETFs, and will provide investment advisory and portfolio management services to the First Asset ETFs with respect to their respective portfolios. The principal office of the Manager is 95 Wellington Street West, Suite 1400, Toronto, Ontario M5J 2N7. See Organization and Management Details of the First Asset ETFs Manager and Portfolio Adviser. State Street Trust Company Canada is the custodian of the First Asset ETFs and is independent of the Manager. The Custodian will provide custodial services to the First Asset ETFs. The Custodian is located in Toronto, Ontario. See Organization and Management Details of the First Asset ETFs Custodian. State Street Fund Services Toronto Inc. has been retained to provide accounting services in respect of the First Asset ETFs. State Street Fund Services Toronto

19 - xiii - Auditors: Registrar and Transfer Agent: Inc. is located in Toronto, Ontario. See Organization and Management Details of the First Asset ETFs Valuation Agent. Ernst & Young LLP is responsible for auditing the annual financial statements of the First Asset ETFs. The auditors are independent with respect to the First Asset ETFs within the meaning of the Rules of Professional Conduct of the Chartered Professional Accountants of Ontario. The head office of Ernst & Young LLP is located in Toronto, Ontario. See Organization and Management Details of the First Asset ETFs Auditors. Computershare Trust Company of Canada, at its principal offices in Toronto, Ontario is the registrar and transfer agent for the Units pursuant to a registrar and transfer agency agreement. Computershare Trust Company of Canada is independent of the Manager. See Organization and Management Details of the First Asset ETFs Transfer Agent and Registrar. Securities Lending Agent: State Street Bank and Trust Company, acts as the lending agent for each of the First Asset ETFs pursuant to the Securities Lending Agreement. State Street Bank and Trust Company is located in Toronto, Ontario. See Organization and Management Details of the First Asset ETFs Securities Lending Agent. Promoter: First Asset is also the promoter of the First Asset ETFs. First Asset took the initiative in founding and organizing the First Asset ETFs and is, accordingly, the promoter of the First Asset ETFs within the meaning of securities legislation of certain provinces and territories of Canada. See Organization and Management Details of the First Asset ETFs Promoter. Summary of Fees and Expenses The following table lists the fees and expenses payable by the First Asset ETFs, and the fees and expenses that Unitholders may have to pay if they invest in the First Asset ETFs. Unitholders may have to pay some of these fees and expenses directly. Alternatively, each First Asset ETF may have to pay some of these fees and expenses, which will therefore reduce the value of an investment in that First Asset ETF. Fees and Expenses Payable by the First Asset ETFs Type of Charge Management Fee: Description Each class of a First Asset ETF will pay an annual management fee (the Management Fees ) to the Manager equal to: (i) an annual percentage of the net asset value of that class, calculated daily and payable monthly in arrears, and, (ii) in respect of the Advisor Units, an amount equal to the service fee, calculated daily and paid as soon as practicable after the end of each calendar quarter, based on the net asset value per Advisor Unit of the applicable First Asset ETF, plus applicable taxes. The Management Fees of each First Asset ETF are as follows: Annual Management Fee:

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