Semi-Annual Financial Statements - AGF · The accompanying financial statements of the Funds (as...

Semi-Annual Financial Statements

AGFiQ ETFs

March 31, 2020

Table of Contents

2 Management’s Responsibility for Financial Reporting

3 Notice to Unitholders

4 AGFiQ Canadian Equity ETF

11 AGFiQ Emerging Markets Equity ETF

20 AGFiQ Global Balanced ETF Portfolio

28 AGFiQ Global Equity ETF Portfolio

35 AGFiQ Global ESG Factors ETF

44 AGFiQ Global Income ETF Portfolio

51 AGFiQ Global Infrastructure ETF

59 AGFiQ Global Multi-Sector Bond ETF

69 AGFiQ International Equity ETF

77 AGFiQ US Equity ETF

84AGFiQ US Long/Short Dividend Income CAD-HedgedETF

91 AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF

99 Notes to Financial Statements

The next report on the funds will contain annual audited financial information as at September 30, 2020.

The accompanying financial statements of the Funds (as defined in Note 1(a)) have been prepared by AGF Investments Inc. (the“Manager”). The Manager of the Funds is responsible for the information and representations contained in these financialstatements.

The Manager maintains appropriate processes so that relevant and reliable financial information is produced. The financialstatements have been prepared in accordance with International Financial Reporting Standards and include certain amountsthat are based on estimates and judgments. The significant accounting policies which management believes are appropriatefor the Funds are described in Note 2 to the financial statements.

The Board of Directors of AGF Investments Inc., through oversight, is responsible for reviewing and approving the financialstatements of the Funds after reviewing management’s report of its financial reporting responsibilities.

Blake C. Goldring, C.M., M.S.M., CD, CFAExecutive ChairmanAGF Investments Inc.

Adrian Basaraba, CPA, CASenior Vice President &Chief Financial Officer

AGF Investments Inc.

Management’s Responsibility for Financial Reporting

May 15, 2020

2S E M I - A N N U A L R E P O R T 2020

The Auditor of the Funds has not reviewed these financial statements (except AGFiQ US Long/Short Dividend Income CAD-Hedged ETF and AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF).

AGF Investments Inc., the Manager of the Funds, appoints an independent auditor to audit the Funds’ annual financialstatements. Applicable securities laws require that if an auditor has not reviewed the Funds’ interim financial statements, thismust be disclosed in an accompanying notice.

Notice to Unitholders


STATEMENTS OF FINANCIAL POSITION (UNAUDITED)

As atMarch 31,

2020September 30,

2019

AssetsCurrent AssetsInvestments at fair value through profit or loss $ 75,493 $ 99,577

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign exchange forward contracts at fair value through profit or loss – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents 500 784. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash collateral received for securities on loan (Note 2) – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Receivable for units issued – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Receivable for investments sold – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Receivable for foreign exchange forward contracts – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dividends and interest receivable 227 298. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tax reclaims receivable – –76,220 100,659

LiabilitiesCurrent LiabilitiesBank overdraft – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Payable for cash collateral under securities lending (Note 2) – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accrued management fees (Note 7(a)) 6 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Accrued expenses (Note 7(b)) – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payable for units redeemed – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payable for distributions – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payable for investments purchased – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payable for foreign exchange forward contracts – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign taxes payable – –6 8

Net Assets Attributable to Holders of Redeemable Units (Note 2) $ 76,214 $ 100,651Investments at Cost (Note 2) $ 89,848 $ 93,716Net Assets Attributable to Holders of Redeemable Units per Unit (Note 6) $ 21.78 $ 27.77

Approved by the Board of Directors of AGF Investments Inc.

Blake C. Goldring, Director Adrian Basaraba, Director

AGFiQ Canadian Equity ETF (Note 1)

THOUSANDS OF DOLLARS EXCEPT PER UNIT AMOUNTS

The accompanying notes are an integral part of these financial statements.4

S E M I - A N N U A L R E P O R T 2020

STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

For the periods ended March 31, 2020 2019

IncomeDividends $ 1,622 $ 1,317

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest for distribution purposes (Note 2) 17 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized gain (loss) on investments 1,151 (770). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of investments (20,216) 2,788

Net gain (loss) on investments (17,426) 3,349Net realized gain (loss) on derivatives – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of derivatives – –

Net gain (loss) on derivatives – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Securities lending income (Note 2) 3 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net gain (loss) on foreign currencies and othernet assets 3 –

Total Income (Loss), Net (17,420) 3,357ExpensesManagement fees (Note 7(a)) 191 154

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Independent review committee fees 2 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Harmonized sales tax and other taxes 25 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign withholding taxes (Note 5) – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Commissions and other portfolio transaction costs(Note 2) 49 51

Total expenses 267 226. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less expenses waived/absorbed by Manager (Note 7(b)) – –Net expenses 267 226Increase (Decrease) in Net Assets Attributable

to Holders of Redeemable Unitsfrom Operations $ (17,687) $ 3,131

Increase (Decrease) in Net Assets Attributableto Holders of Redeemable Units fromOperations per Unit (Note 2) $ (4.98) $ 1.01

STATEMENTS OF CASH FLOWS (UNAUDITED)


Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to holders

of redeemable units from operations $ (17,687) $ 3,131. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjustments for:Exchange (gain) loss on foreign currencies – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives (1,151) 770

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciationin value of investments and derivatives 20,216 (2,788)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases of investments and derivatives† (27,278) (21,986). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale and maturity of investments andderivatives†† 28,712 22,620

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-cash dividends reinvested – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in dividends andinterest receivable 71 (135)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in accrued interest for short-term investments – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in tax reclaims receivable – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued management fees (2) 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued expenses – –Net Cash Generated (Used) by

Operating Activities 2,881 1,615

Cash Flows from Financing ActivitiesDistributions paid to holders of redeemable units, net

of reinvestments (3,116) (1,337). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from redeemable units issued† 20 231. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amounts paid on redemption of redeemable units†† (69) (10)Net Cash Generated (Used) by

Financing Activities (3,165) (1,116)Exchange gain (loss) on foreign currencies – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents (284) 499. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents (Bank overdraft)beginning of period 784 385

Cash and Cash Equivalents (Bank Overdraft)End of Period $ 500 $ 884

Interest received, net of withholding tax* $ 17 $ 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dividends received, net of withholding tax* $ 1,693 $ 1,182. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

† Excludes in-kind subscriptions of $4,872 (2019 - $30,644)†† Excludes in-kind redemptions of $8,457 (2019 - $1,303)

* Included as part of Cash Flows from Operating Activities





STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)


Net Assets Attributable to Holders ofRedeemable Units at Beginning of Period $ 100,651 $ 66,127

Increase (decrease) in net assets attributable to holdersof redeemable units from operations (17,687) 3,131

Redeemable unit transactions (Note 6):Proceeds from redeemable units issued 4,892 30,895

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinvestment of distributions to holders ofredeemable units – 256

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payments on redemption of redeemable units (8,526) (1,313)Net increase (decrease) from redeemable

unit transactions (3,634) 29,838


Distributions to holders of redeemable units (Note 6):Net investment income $ (3,116) $ (1,337)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains – (256). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Return of capital – –(3,116) (1,593)

Increase (decrease) in net assets attributable to holdersof redeemable units for the period (24,437) 31,376

Net Assets Attributable to Holders ofRedeemable Units at End of Period $ 76,214 $ 97,503


THOUSANDS OF DOLLARS



No. of SharesAverageCost ($)

FairValue ($)

Communication Services (5.2%)27,302 BCE Inc. 1,622,876 1,576,1443,829 Cogeco Communications Inc. 391,898 365,555

31,720 Quebecor Inc. 'B' 926,337 986,8099,163 Rogers Communications Inc. 'B' 522,199 538,235

21,004 TELUS Corporation 489,619 467,3393,952,929 3,934,082

Consumer Discretionary (3.6%)3,240 Canadian Tire Corporation

Limited 'A' 525,107 275,20623,076 Gildan Activewear Inc. 934,844 413,98420,924 Magna International Inc. 1,415,240 939,697

5,937 MTY Food Group Inc. 321,340 127,94216,740 Restaurant Brands

International Inc. 1,341,833 949,3254,538,364 2,706,154

Consumer Staples (2.3%)53,675 Alimentation Couche-Tard Inc. 'B' 1,856,059 1,779,326

Energy (15.0%)69,399 Canadian Natural Resources

Limited 2,852,263 1,335,93196,969 Enbridge Inc. 4,433,466 3,973,78916,180 Imperial Oil Limited 637,678 257,42433,760 Keyera Corporation 1,124,753 441,58132,692 Parex Resources Inc. 664,918 389,03516,613 Parkland Fuel Corporation 739,553 412,16815,519 Pason Systems Inc. 253,075 96,99413,998 Pembina Pipeline Corporation 632,639 369,54738,247 Suncor Energy Inc. 1,701,871 859,02852,298 TC Energy Corporation 3,111,452 3,271,240

16,151,668 11,406,737Financials (32.7%)

33,188 Bank of Montreal 3,316,494 2,358,33929,909 Brookfield Asset

Management Inc. 'A' 1,841,378 1,865,72310,857 Canadian Imperial Bank of

Commerce 1,222,636 890,27442,187 CI Financial Corporation 820,908 589,35216,551 Genworth MI Canada Inc. 740,173 517,550

12,806 iA Financial Corporation Inc. 675,912 566,5375,287 IGM Financial Inc. 196,528 123,452

107,846 Manulife Financial Corporation 2,553,638 1,905,63925,522 National Bank of Canada 1,601,261 1,388,142

9,188 Onex Corporation 693,890 473,27465,877 Royal Bank of Canada 6,611,420 5,742,49833,945 Sun Life Financial Inc. 1,792,108 1,536,69036,278 The Bank of Nova Scotia 2,795,259 2,084,89782,103 The Toronto-Dominion Bank 6,082,636 4,912,223

30,944,241 24,954,590Health Care (0.3%)

5,292 Bausch Health Companies Inc. 200,778 115,41815,523 Chartwell Retirement Residences 218,157 138,931

418,935 254,349Industrials (11.2%)

16,805 Air Canada 831,427 264,679


FairValue ($)

Industrials (continued)19,487 CAE Inc. 554,143 346,67421,433 Canadian National Railway

Company 2,318,694 2,358,2736,074 Canadian Pacific Railway Limited 2,035,267 1,886,281

14,533 Ritchie Bros. Auctioneers Inc. 790,963 700,49021,084 TFI International Inc. 877,656 654,658

4,957 Toromont Industries Limited 334,364 305,59918,267 Waste Connections Inc. 1,834,124 1,994,756

9,576,638 8,511,410Information Technology (9.5%)

17,349 CGI Inc. 1,779,731 1,321,8201,438 Constellation Software Inc. 1,300,067 1,839,2316,267 Enghouse Systems Limited 324,443 272,803

27,434 Open Text Corporation 1,426,563 1,350,0274,191 Shopify Inc. 'A' 2,014,020 2,471,097

6,844,824 7,254,978Materials (9.8%)

211,685 B2Gold Corporation 987,101 901,778105,490 Barrick Gold Corporation 2,331,490 2,727,971

17,763 CCL Industries Inc. 971,134 760,07911,836 Franco-Nevada Corporation 1,145,964 1,664,26011,742 Kirkland Lake Gold Limited 499,432 486,7063,799 Methanex Corporation 256,334 65,077

23,513 NOVAGOLD Resources Inc. 207,583 244,0656,482 Nutrien Limited 441,068 311,849

33,393 Silvercorp Metals Inc. 249,824 153,94214,474 Teck Resources Limited 'B' 369,260 154,437

7,459,190 7,470,164Real Estate (3.9%)

4,577 Boardwalk Real EstateInvestment Trust 215,297 104,859

2,951 Canadian Apartment PropertiesReal Estate Investment Trust 145,484 125,683

4,742 Colliers International Group Inc. 471,260 319,23248,435 CT Real Estate Investment Trust 785,746 566,69016,839 Granite Real Estate

Investment Trust 947,541 978,85123,810 Northview Apartment Real Estate

Investment Trust 741,794 779,5397,370 RioCan Real Estate

Investment Trust 198,828 118,8783,505,950 2,993,732

Utilities (5.6%)38,374 Algonquin Power & Utilities

Corporation 730,641 727,18717,233 ATCO Limited 'I' 882,941 671,570

13,688 Brookfield Infrastructure PartnersLimited Partnership 753,828 696,968

2,618 Brookfield Renewable PartnersLimited Partnership 154,693 154,959

14,382 Canadian Utilities Limited 'A' 544,175 483,811


SCHEDULE OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2020 (UNAUDITED)




FairValue ($)

Utilities (continued)16,824 Capital Power Corporation 512,459 456,77219,092 Fortis Inc. 1,075,935 1,036,123

4,654,672 4,227,390Commissions and other portfolio transaction

costs (Note 2) (55,685) –

Total Portfolio (99.1%) 89,847,785 75,492,912

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ Canadian Equity ETF(the "Fund").


SCHEDULE OF INVESTMENT PORTFOLIO AS AT MARCH 31, 2020 (UNAUDITED) CONTINUED



Investment ObjectiveThe Fund’s investment objective is to provide long-termcapital appreciation with reduced volatility, over a full marketcycle, by investing primarily in equity securities of issuers inCanada.

Summary of Investment PortfolioAs at March 31, 2020 and September 30, 2019, the Fund’smajor portfolio categories, as a percentage of Net Assets, areincluded in the following tables:

Portfolio by Country

March 31, 2020 (%)

Canada 96.5United States 2.6

September 30, 2019 (%)

Canada 96.6United States 2.3

Portfolio by Sector

March 31, 2020 (%)

Financials 32.7Energy 15.0Industrials 11.2Materials 9.8Information Technology 9.5Utilities 5.6Communication Services 5.2Real Estate 3.9Consumer Discretionary 3.6Consumer Staples 2.3Health Care 0.3


Financials 34.7Energy 18.4Industrials 10.1Materials 9.3Consumer Discretionary 5.7Information Technology 5.0Real Estate 4.5Communication Services 4.4Utilities 3.9Consumer Staples 2.4Health Care 0.5

Portfolio by Asset Mix

March 31, 2020 (%)

Canadian Equity 96.5United States Equity 2.6


Canadian Equity 96.6United States Equity 2.3

Interest in Unconsolidated Structured Entities (Note 2)As at March 31, 2020 and September 30, 2019, the Fund hadno investments in underlying funds or exchange traded funds.

DISCUSSION OF FINANCIAL INSTRUMENT RISKMANAGEMENT (Note 4)

Credit RiskAs at March 31, 2020 and September 30, 2019, the Fund hadno significant investments in debt instruments andderivatives. Accordingly, the Fund was not subject tosignificant credit risk.

Interest Rate RiskThe majority of the Fund’s financial assets and liabilities arenon-interest bearing. Accordingly, the Fund is not subject tosignificant amounts of risk due to fluctuations in theprevailing levels of market interest rates.

Other Price RiskThe Schedule of Investment Portfolio of the Fund classifiessecurities by market segment.

The impact on Net Assets of the Fund due to a 5 percentchange in benchmark (September 30, 2019 – 20 percent),using historical correlation between the return of the Fund'sUnits as compared to the return of the Fund's benchmark, asat March 31, 2020 and September 30, 2019, with all othervariables held constant, is included in the following table.Regression analysis has been utilized to estimate thehistorical correlation. The analysis uses 36 monthly datapoints, unless the inception of the Fund is less than threeyears, in which case since inception data has been used.

Impact on Net Assets ($'000)

BenchmarkMarch 31,

2020September 30,

2019

S&P/TSX Composite Index 3,790 18,762

The historical correlation may not be representative of thefuture correlation, and accordingly the impact on Net Assetscould be materially different.

Currency RiskThe amounts in the following tables are based on the fairvalue of the Fund’s financial instruments (including cash andcash equivalents) as well as the underlying principal amountsof foreign exchange forward contracts, as applicable. Otherfinancial assets (including cash collateral received forsecurities on loan, dividends and interest receivables andreceivables for investments sold) and financial liabilities(including payable for cash collateral under securities lendingand payable for investments purchased) that aredenominated in foreign currencies do not expose the Fund tosignificant currency risk.


NOTES TO FINANCIAL STATEMENTS — FUND SPECIFIC INFORMATION (UNAUDITED)



Currencies to which the Fund had exposure as at March 31,2020 and September 30, 2019, were as follows:

March 31, 2020

($'000)Financial

Instruments

ForeignExchange

ForwardContracts Total**

Percentage ofNet Assets (%)

United States Dollar 78 – 78 0.1

September 30, 2019

($'000)Financial

Instruments

ForeignExchange




** Includes both monetary and non-monetary instruments, asapplicable

As at March 31, 2020 and September 30, 2019, if theCanadian dollar had strengthened or weakened by 2 percent,in relation to all currencies, with all other variables heldconstant, Net Assets would have decreased or increased,respectively, by approximately $2,000 (September 30, 2019 –$720).

In practice, the actual trading results may differ from thissensitivity analysis and the difference could be material.

FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS(Note 4)

The following tables illustrate the classifications of the Fund’sfinancial instruments within the fair value hierarchy as atMarch 31, 2020 and September 30, 2019.

March 31, 2020

($'000) Level 1 Level 2 Level 3 Total

Equities 75,493 – – 75,493Debt Instruments – – – –Short-Term Investments – – – –Investments in Underlying Funds – – – –Total Investments 75,493 – – 75,493Derivative Assets – – – –Derivative Liabilities – – – –

September 30, 2019



There were no significant transfers between levels 1 and 2during the periods ended March 31, 2020 and September 30,2019.

Reconciliation of Level 3 Fair Value Measurement (Note 4)For the periods ended March 31, 2020 and September 30,2019, the Fund did not hold financial instruments withinlevel 3 of the fair value hierarchy.

SECURITIES LENDING TRANSACTIONS (Note 2)

A reconciliation of the gross amount generated fromsecurities lending transactions to the securities lendingincome earned by the Fund for the periods ended March 31,2020 and 2019 is as follows:

March 31, 2020 March 31, 2019

($'000)% of Gross

Income ($'000)% of Gross

Income

Gross Securities Lending Income 4 100.0 11 100.0Interest Paid on Cash Collateral – – – –Withholding Taxes – – – –Agent Fees - The Bank of New York

Mellon Corp. (1) (30.0) (3) (30.0)Net Securities Lending Income 3 70.0 8 70.0

The value of securities loaned and collateral received fromsecurities lending as at March 31, 2020 and September 30,2019 were as follows:

($'000)March 31,

2020September 30,

2019

Fair Value of Securities on Loan 2,554 6,007Fair Value of Cash Collateral Received – –Fair Value of Securities Collateral Received 2,691 6,309


NOTES TO FINANCIAL STATEMENTS — FUND SPECIFIC INFORMATION (UNAUDITED) CONTINUED




As atMarch 31,

2020September 30,

2019


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Cash and cash equivalents 1,717 1,034. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .






Tax reclaims receivable 19 769,489 85,135


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



Accrued management fees (Note 7(a)) – 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .






Foreign taxes payable – –– 6




AGFiQ Emerging Markets Equity ETF (Note 1)






IncomeDividends $ 451 $ 492

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Net realized gain (loss) on investments (718) (1,005). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




Net gain (loss) on foreign currencies and othernet assets (8) 5


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



Foreign withholding taxes (Note 5) 149 68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Total expenses 463 223. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less expenses waived/absorbed by Manager (Note 7(b)) (6) –Net expenses 457 223Increase (Decrease) in Net Assets Attributable







Adjustments for:Exchange (gain) loss on foreign currencies (7) –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives 718 1,005

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases of investments and derivatives (31,450) (22,381). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale and maturity of investmentsand derivatives 39,844 18,150

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


(Increase) decrease in dividends andinterest receivable (75) (100)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in tax reclaims receivable (12) 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued management fees (6) 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Operating Activities 8,287 (4,029)



Proceeds from redeemable units issued 8,078 6,353. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amounts paid on redemption of redeemable units (13,922) (1,341)Net Cash Generated (Used) by

Financing Activities (7,611) 3,787Exchange gain (loss) on foreign currencies 7 –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents 676 (242). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents (Bank overdraft)beginning of period 1,034 815

Cash and Cash Equivalents (Bank Overdraft)End of Period $ 1,717 $ 573


Dividends received, net of withholding tax* $ 274 $ 324. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .











. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


unit transactions (5,844) 3,473



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains – (631). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .









FairValue ($)

Brazil (4.6%)67,455 Banco Bradesco SA 759,894 379,45545,227 Banco do Brasil SA 674,370 341,62952,215 CCR SA 191,812 165,88310,975 Cosan SA 205,721 159,79931,369 Engie Brasil Energia SA 506,678 330,661

23,500 Hypera SA 223,450 181,96654,200 Itau Unibanco Holding SA 577,151 338,947

181,650 Itausa – Investimentos Itau SA 758,326 431,46426,600 Multiplan Empreendimentos

Imobiliarios SA 201,341 137,45889,200 Petroleo Brasileiro SA 837,290 337,981

6,585 Raia Drogasil SA 191,312 181,64642,285 Rumo SA 329,450 225,039

5,456,795 3,211,928Chile (1.3%)

3,715,316 Banco Santander Chile 359,423 201,592138,752 Cencosud SA 297,928 203,07098,694 Empresas CMPC SA 412,883 296,803

1,354,606 Enel Americas SA 308,562 232,9751,378,796 934,440

No. of Shares/Units

AverageCost ($)

FairValue ($)

China (40.2%)1,815 51job Inc. ADR 187,154 156,8054,644 58.com Inc. ADR 366,484 318,410

196,635 Air China Limited 221,741 178,46919,200 Alibaba Group Holding Limited

ADR 4,594,269 5,254,88168,126 Anhui Conch Cement Company

Limited 'H' 477,203 665,93141,298 ANTA Sports Products Limited 302,357 426,9271,500 Autohome Inc. ADR 147,506 149,920

999,148 Bank of China Limited 'H' 548,969 538,663359,000 Bank of Communications

Company Limited 375,461 309,542590,595 China Construction Bank

Corporation 'H' 674,229 679,689255,340 China Hongqiao Group Limited 183,937 152,955

94,975 China Mobile Limited 1,182,419 993,893271,090 China National Building Material

Company Limited 316,361 416,80052,000 China Overseas Land &

Investment Limited 254,473 227,0121,133,042 China Petroleum & Chemical

Corporation 'H' 1,157,044 785,670183,162 China Shenhua Energy Company

Limited 588,457 490,74180,945 China Taiping Insurance

Holdings Company Limited 234,625 186,606384,000 China Telecom Corporation

Limited 'H' 254,555 163,806807,902 China Tower Corporation

Limited 256,945 255,175456,654 CNOOC Limited 1,091,279 673,921197,000 Country Garden Holdings

Company Limited 411,079 335,428242,455 Guangdong Investment Limited 538,333 657,526

No. of Shares/Units

AverageCost ($)

FairValue ($)

China (continued)34,365 Haidilao International Holding

Limited 205,429 188,38816,000 Hengan International Group

Company Limited 152,332 169,4701,266,680 Industrial and Commercial Bank

of China Limited 'H' 1,286,124 1,220,9347,730 JD.com Inc. ADR 292,816 440,576

46,295 Li Ning Company Limited 201,376 190,341108,820 Logan Property Holdings

Company Limited 223,399 236,2491,700 NetEase Inc. ADR 784,813 767,8682,300 New Oriental Education &

Technology Group Inc. ADR 400,461 350,350423,820 PICC Property & Casualty

Company Limited 676,735 576,99750,009 Ping An Insurance (Group)

Company of China Limited 'H' 705,057 691,272373,000 Postal Savings Bank of China

Company Limited 332,591 319,58283,715 Shanghai Pharmaceuticals

Holding Company Limited 201,409 200,28661,090 Sinopharm Group Company

Limited 'H' 273,124 193,396166,090 SSY Group Limited 189,553 182,704

41,045 Sunac China Holdings Limited 229,276 267,47667,900 Tencent Holdings Limited 4,304,763 4,686,113

60,000 TravelSky Technology Limited 165,460 148,99466,200 Xtrackers Harvest CSI 300

China A-Shares ETF 2,481,086 2,411,9971,009,910 Yuexiu Property Company

Limited 298,010 256,650162,750 Zhaojin Mining Industry

Company Limited 223,922 229,8435,345 ZTO Express Cayman Inc. ADR 148,860 199,183

28,141,476 27,947,439Czech Republic (0.8%)

8,490 Komercni banka AS 458,685 226,973112,763 Moneta Money Bank AS 526,187 328,149

984,872 555,122Greece (0.9%)

16,182 Hellenic TelecommunicationsOrganization SA 278,840 275,777

33,657 OPAP SA 471,655 362,019750,495 637,796

Hungary (0.7%)11,665 Gedeon Richter PLC 333,920 309,9114,185 OTP Bank Nyrt 280,312 171,055

614,232 480,966No. of Shares

AverageCost ($)

FairValue ($)

India (5.6%)9,310 Asian Paints Limited 327,792 288,6198,564 Bajaj Finance Limited 502,713 353,00331,769 HCL Technologies Limited 301,602 257,90444,779 HDFC Life Insurance Company

Limited 515,090 367,64510,594 Hindustan Unilever Limited 304,637 452,976






FairValue ($)

India (continued)20,419 Housing Development Finance

Corporation Limited 754,186 620,32316,124 Reliance Industries Limited 426,015 334,06511,673 SBI Life Insurance Company

Limited 215,177 139,19122,480 Tata Consultancy Services

Limited 739,210 763,64516,334 Titan Company Limited 308,778 283,707

4,395,200 3,861,078Indonesia (2.1%)

288,900 PT Bank Central Asia Tbk 789,350 688,625482,045 PT Bank Negara Indonesia

(Persero) Tbk 306,625 158,885582,900 PT Unilever Indonesia Tbk 475,259 364,641162,560 PT United Tractors Tbk 448,703 237,046

2,019,937 1,449,197Malaysia (2.7%)

522,334 Dialog Group Berhad 577,238 517,27952,300 Hong Leong Bank Berhad 295,281 229,324

106,442 Malayan Banking Berhad 312,641 258,32975,790 MISC Berhad 201,013 183,6914,800 Nestle Malaysia Berhad 218,823 213,753

28,900 Public Bank Berhad 199,204 149,692211,600 RHB Bank Berhad 396,958 323,289

2,201,158 1,875,357Mexico (2.9%)

83,800 Arca Continental SAB de CV 598,015 475,30626,250 Coca-Cola Femsa SAB de CV 201,368 148,95021,100 Fomento Economico Mexicano

SAB de CV 268,008 179,27210,165 Grupo Aeroportuario del

Sureste SAB de CV 240,459 134,69141,235 Grupo Financiero Banorte SAB

de CV 'O' 280,540 159,003114,100 Grupo Mexico SAB de CV 319,573 296,06863,095 Grupo Televisa SAB 189,093 102,184

227,200 Kimberly-Clark de Mexico SABde CV 'A' 631,310 484,140

2,728,366 1,979,614Peru (1.0%)

20,810 Compania de MinasBuenaventura SAA ADR 396,275 213,494

2,310 Credicorp Limited 648,320 465,1011,044,595 678,595

Poland (1.4%)31,838 Cyfrowy Polsat SA 298,139 258,01011,681 Grupa LOTOS SA 370,402 206,092

28,851 PKO Bank Polski SA 406,671 222,02526,601 Powszechny Zaklad

Ubezpieczen SA 410,638 283,5351,485,850 969,662

Russia (2.1%)2,387,000 Inter RAO UES PJSC 199,662 210,540

2,881 LUKOIL PJSC ADR 264,431 243,266


FairValue ($)

Russia (continued)9,812 MMC Norilsk Nickel PJSC 271,966 344,106

105,115 Moscow Exchange PJSC 232,987 183,16830,683 Rosneft Oil Company PJSC 265,289 175,70032,215 Tatneft PJSC 499,909 318,981

1,734,244 1,475,761Singapore (0.3%)

22,500 BOC Aviation Limited 283,525 202,579South Africa (2.7%)

8,637 Clicks Group Limited 184,643 175,13112,552 Impala Platinum Holdings

Limited 157,242 74,80489,116 Investec Limited 684,148 238,3375,712 Kumba Iron Ore Limited 194,650 125,871

149,955 Life Healthcare Group HoldingsLimited 338,652 217,810

4,515 Naspers Limited 'N' 1,301,737 907,22534,585 Pick n Pay Stores Limited 159,239 164,910

3,020,311 1,904,088South Korea (10.0%)

11,340 GS Holdings Corporation 615,194 482,4289,364 Hanwha Solutions Corporation 199,047 145,0571,882 Kakao Corporation 269,911 338,315

15,315 KB Financial Group Inc. 873,605 611,6975,574 LG Electronics Inc. 522,242 310,588

286 LG Household & Health CareLimited 399,653 370,301

650 NCSoft Corporation 319,667 489,92854,277 Samsung Electronics Company

Limited 3,020,252 2,996,12817,166 Samsung Engineering Company

Limited 372,236 201,4225,849 Samsung Life Insurance

Company Limited 685,441 290,7517,398 SK Hynix Inc. 688,941 712,411

7,966,189 6,949,026Taiwan (13.1%)

25,000 Advantech Company Limited 341,754 290,264123,135 Asia Cement Corporation 229,490 225,76745,570 ASUSTeK Computer Inc. 485,347 433,666

120,739 Cathay Financial HoldingCompany Limited 242,836 198,338

60,135 Chunghwa Telecom CompanyLimited 279,435 300,829

805,000 CTBC Financial HoldingCompany Limited 778,059 670,552

159,000 Hon Hai Precision IndustryCompany Limited 601,421 517,199

1,000 Largan Precision CompanyLimited 200,529 178,231

262,500 Lite-On Technology Corporation 502,009 504,50251,545 Micro-Star International

Company Limited 186,078 212,76218,135 Phison Electronics Corporation 214,293 209,292

15,000 President Chain StoreCorporation 185,272 197,543

259,141 Quanta Computer Inc. 600,981 725,965






FairValue ($)

Taiwan (continued)21,000 Realtek Semiconductor

Corporation 205,966 213,528408,765 Taiwan Cooperative Financial

Holding Company Limited 303,271 349,05444,484 Taiwan Mobile Company Limited 221,915 206,801

273,955 Taiwan SemiconductorManufacturing CompanyLimited 2,873,675 3,493,117

69,680 Vanguard InternationalSemiconductor Corporation 233,472 192,285

8,685,803 9,119,695Thailand (3.0%)

55,700 Advanced Info Service PublicCompany Limited 457,929 480,101

140,700 Airports of Thailand PublicCompany Limited 450,281 306,204

65,400 Central Pattana PublicCompany Limited 195,962 119,893

205,130 Charoen Pokphand Foods PublicCompany Limited 230,090 213,755

33,600 Gulf Energy Development PublicCompany Limited 237,326 216,129

136,215 Muangthai Capital PublicCompany Limited 291,927 204,444

202,101 PTT Global Chemical PublicCompany Limited 611,193 264,332

183,266 PTT Public Company Limited 372,946 241,6622,847,654 2,046,520

The Philippines (1.0%)18,785 Ayala Corporation 440,884 242,946

559,388 SM Prime Holdings Inc. 568,652 439,5841,009,536 682,530

Turkey (0.8%)206,433 Akbank T.A.S. 350,988 246,00230,884 BIM Birlesik Magazalar AS 333,657 329,592

684,645 575,594Commissions and other portfolio transaction

costs (Note 2) (113,601) –

Total Portfolio (97.2%) 77,320,078 67,536,987

ADR – American Depository Receipt

ETF – Exchange Traded Fund

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ Emerging MarketsEquity ETF (the "Fund").





Investment ObjectiveThe Fund’s investment objective is to provide long-termcapital appreciation with reduced volatility, over a full marketcycle, by investing primarily in equity securities of emergingmarket issuers.



March 31, 2020 (%)

China 40.2Taiwan 13.1South Korea 10.0India 5.6Brazil 4.6Thailand 3.0Mexico 2.9South Africa 2.7Malaysia 2.7Russia 2.1Indonesia 2.1Poland 1.4Chile 1.3The Philippines 1.0Peru 1.0Greece 0.9Turkey 0.8Czech Republic 0.8Hungary 0.7Singapore 0.3


China 29.7Taiwan 13.9South Korea 12.9India 7.7Brazil 6.4Russia 3.8Thailand 3.7Indonesia 3.0Malaysia 2.9Poland 2.0South Africa 1.7The Philippines 1.7Chile 1.6Greece 1.6Peru 1.4Czech Republic 1.4Turkey 1.2Mexico 1.1Netherlands 0.5Hungary 0.4

Portfolio by Sector

March 31, 2020 (%)

Financials 20.7Information Technology 17.0Communication Services 14.1Consumer Discretionary 12.5Energy 7.5Consumer Staples 6.2Materials 5.4ETFs – International Equity 3.5Industrials 3.2Real Estate 2.9Utilities 2.4Health Care 1.8


Financials 27.2Information Technology 16.4Communication Services 13.8Consumer Discretionary 13.2Energy 8.5Materials 5.7Consumer Staples 5.1Utilities 3.1Health Care 2.4Industrials 1.7Real Estate 1.5


March 31, 2020 (%)

International Equity 97.2



Interest in Unconsolidated Structured Entities (Note 2)The Fund’s investment details in the exchange traded fundsas at March 31, 2020 are included in the following table. As atSeptember 30, 2019, the Fund had no investments inunderlying funds or exchange traded funds.

March 31, 2020

Fair Value ofFund’s

Investment($’000)

% of ETF'sNet Assets

Xtrackers Harvest CSI 300 China A-Shares ETF 2,412 0.1








Other Price RiskThe Schedule of Investment Portfolio of the Fund classifiessecurities by geographic region.



BenchmarkMarch 31,

2020September 30,

2019

MSCI Emerging Markets Index 3,063 18,312




March 31, 2020

($'000)Financial

Instruments

ForeignExchange



Hong Kong Dollar 18,100 – 18,100 26.0United States Dollar 13,096 – 13,096 18.8New Taiwanese Dollar 9,120 – 9,120 13.1South Korean Won 6,949 – 6,949 10.0Indian Rupee 3,861 – 3,861 5.6Brazilian Real 3,218 – 3,218 4.6Thai Baht 2,047 – 2,047 2.9South African Rand 2,024 – 2,024 2.9Mexican Peso 1,989 – 1,989 2.9Malaysian Ringgit 1,875 – 1,875 2.7Indonesian Rupiah 1,449 – 1,449 2.1Polish Zloty 970 – 970 1.4Chilean Peso 934 – 934 1.3Russian Ruble 713 – 713 1.0Philippine Peso 683 – 683 1.0Euro Currency 638 – 638 0.9New Turkish Lira 576 – 576 0.8Czech Koruna 555 – 555 0.8Hungarian Forint 481 – 481 0.7

September 30, 2019

($'000)Financial

Instruments

ForeignExchange



Hong Kong Dollar 19,577 – 19,577 23.0New Taiwanese Dollar 12,576 – 12,576 14.8South Korean Won 10,991 – 10,991 12.9United States Dollar 8,676 – 8,676 10.2Indian Rupee 6,585 – 6,585 7.7Brazilian Real 5,457 – 5,457 6.4Thai Baht 3,193 – 3,193 3.8Indonesian Rupiah 2,562 – 2,562 3.0Malaysian Ringgit 2,461 – 2,461 2.9Euro Currency 1,757 – 1,757 2.1South African Rand 1,726 – 1,726 2.0Polish Zloty 1,720 – 1,720 2.0Russian Ruble 1,548 – 1,548 1.8Philippine Peso 1,445 – 1,445 1.7Chilean Peso 1,344 – 1,344 1.5Czech Koruna 1,159 – 1,159 1.4New Turkish Lira 979 – 979 1.2Mexican Peso 937 – 937 1.1Hungarian Forint 322 – 322 0.4


As at March 31, 2020 and September 30, 2019, if theCanadian dollar had strengthened or weakened by 2 percent,in relation to all currencies, with all other variables heldconstant, Net Assets would have decreased or increased,respectively, by approximately $1,386,000 (September 30,2019 – $1,700,000).








March 31, 2020



September 30, 2019


Equities 83,937 16 – 83,953Debt Instruments – – – –Short-Term Investments – – – –Investments in Underlying Funds – – – –Total Investments 83,937 16 – 83,953Derivative Assets – – – –Derivative Liabilities – – – –





March 31, 2020 March 31, 2019

($'000)% of Gross


Income

Gross Securities Lending Income 3 100.0 1 100.0Interest Paid on Cash Collateral – – – –Withholding Taxes (0) (2.2) (0) (2.6)Agent Fees - The Bank of New York



($'000)March 31,

2020September 30,

2019







As atMarch 31,

2020September 30,

2019


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .







Dividends and interest receivable – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign exchange forward contracts at fair value through profit or loss 51 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .












AGFiQ Global Balanced ETF Portfolio (Note 1)







. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest for distribution purposes (Note 2) – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized gain (loss) on investments 81 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of investments (201) 1

Net gain (loss) on investments (71) 69Net realized gain (loss) on derivatives (16) (36)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of derivatives (49) 0

Net gain (loss) on derivatives (65) (36). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Net gain (loss) on foreign currencies and othernet assets 2 16

Total Income (Loss), Net (131) 54ExpensesManagement fees (Note 7(a)) 5 5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




Commissions and other portfolio transaction costs(Note 2) 1 –

Total expenses 12 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less expenses waived/absorbed by Manager (Note 7(b)) (5) (1)Net expenses 7 10Increase (Decrease) in Net Assets Attributable

to Holders of Redeemable Unitsfrom Operations $ (138) $ 44





of redeemable units from operations $ (138) $ 44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives (65) 16

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciationin value of investments and derivatives 250 (1)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases of investments and derivatives (983) (215). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale and maturity of investmentsand derivatives 1,032 200

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


(Increase) decrease in dividends andinterest receivable – 1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Increase (decrease) in accrued management fees – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Operating Activities 95 45


of reinvestments (71) (48). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from redeemable units issued – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amounts paid on redemption of redeemable units – –Net Cash Generated (Used) by

Financing Activities (71) (48)Exchange gain (loss) on foreign currencies 1 –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




Interest received, net of withholding tax* $ – $ –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .










Increase (decrease) in net assets attributable to holdersof redeemable units from operations (138) 44

Redeemable unit transactions (Note 6):Proceeds from redeemable units issued – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinvestment of distributions to holders ofredeemable units 27 131

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payments on redemption of redeemable units – –Net increase (decrease) from redeemable

unit transactions 27 131


Distributions to holders of redeemable units (Note 6):Net investment income $ (71) $ (48)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains (27) (131). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Return of capital – –(98) (179)

Increase (decrease) in net assets attributable to holdersof redeemable units for the period (209) (4)






No. of UnitsAverageCost ($)

FairValue ($)

ETFs – Domestic Equity (1.2%)1,455 AGFiQ Canadian Equity ETF† 39,563 31,475

ETFs – Domestic Fixed Income (1.4%)1,156 iShares Core Canadian Universe Bond

Index ETF 36,042 36,322ETFs – International Equity (18.6%)

5,140 AGFiQ Emerging Markets Equity ETF† 140,431 123,6175,199 AGFiQ International Equity ETF† 142,225 127,505

109 iShares MSCI Australia ETF 3,139 2,384646 iShares MSCI Brazil ETF 32,999 21,419189 iShares MSCI France ETF 6,896 6,235

1,699 iShares MSCI Germany ETF 67,265 51,359519 iShares MSCI Japan ETF 38,398 36,074

1,106 iShares MSCI Netherlands ETF 44,613 40,453121 iShares MSCI Poland Capped ETF 3,824 2,340

304 iShares MSCI Russia Capped ETF 13,368 11,868507 iShares MSCI South Korea Capped

ETF 42,543 33,577303 iShares MSCI Sweden Capped ETF 12,161 10,912257 iShares MSCI Taiwan Capped ETF 11,795 11,92448 iShares MSCI Thailand ETF 5,427 3,882141 iShares MSCI Turkey ETF 5,141 3,728

238 Xtrackers Harvest CSI 300 ChinaA-Shares ETF 8,871 8,671

579,096 495,948ETFs – International Fixed Income (32.6%)

8,639 AGFiQ Global Multi-Sector Bond ETF† 237,303 221,1583,559 iShares International

Aggregate Bond ETF 243,101 273,919591 iShares J.P. Morgan USD Emerging

Markets Bond ETF 84,036 80,410800 Vanguard Global ex-U.S.

Aggregate Bond Index ETF CAD-Hedged 22,400 21,624

3,443 Vanguard Total International BondETF 249,063 272,599

835,903 869,710


FairValue ($)

ETFs – United States Equity (34.6%)18,713 AGFiQ US Equity ETF† 561,130 542,590

639 iShares Core S&P 500 ETF 220,843 232,370949 iShares MBS ETF 136,357 147,496

918,330 922,456ETFs – United States Fixed Income (11.6%)

6,763 iShares U.S. High Yield Bond IndexETF (CAD-Hedged) 132,236 107,464

5,115 iShares U.S. Treasury Bond ETF 179,127 201,626311,363 309,090

Commissions and other portfolio transactioncosts (Note 2) (1,981) –

Total Investments (100.0%) 2,718,316 2,665,001

Foreign Exchange Forward Contracts (-1.9%)See Schedule A – (51,152)

Total Portfolio (98.1%) 2,718,316 2,613,849


† A fund managed by AGF Investments Inc.

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ Global Balanced ETFPortfolio (the "Fund").

Schedule AForeign Exchange Forward Contracts

Purchased Currency Sold Currency Forward Rate Maturity Date Fair Value ($) Counterparty Credit Rating

CAD 1,016,895 USD 759,000 1.3398 April 9, 2020 (51,152) National Bank of Canada A(51,152)





Investment ObjectiveThe Fund’s investment objective is to provide long-termcapital appreciation with reduced volatility by investing,directly or indirectly, including through ETFs, in global equityand fixed income securities including securities related tonon-traditional asset classes.



March 31, 2020 (%)

United States 46.2ETFs – International 42.0Canada 2.6Germany 1.9Netherlands 1.5Japan 1.4South Korea 1.3Brazil 0.8Taiwan 0.5Russia 0.4Sweden 0.4China 0.3France 0.2Thailand 0.2Turkey 0.1Australia 0.1Poland 0.1Foreign Exchange Forward Contracts (1.9)


United States 53.2ETFs – International 32.1Japan 2.3Netherlands 2.0Russia 1.6Germany 1.5Canada 1.5Brazil 1.3South Korea 0.7Spain 0.4Taiwan 0.4Sweden 0.4United Kingdom 0.3Israel 0.3China 0.3France 0.3Thailand 0.2Turkey 0.2Poland 0.1Australia 0.1Foreign Exchange Forward Contracts (0.1)

Portfolio by Sector

March 31, 2020 (%)

ETFs – United States Equity 34.6ETFs – International Fixed Income 32.6ETFs – International Equity 18.6ETFs – United States Fixed Income 11.6ETFs – Domestic Fixed Income 1.4ETFs – Domestic Equity 1.2Foreign Exchange Forward Contracts (1.9)


ETFs – United States Equity 35.9ETFs – International Equity 24.1ETFs – International Fixed Income 20.4ETFs – United States Fixed Income 17.3ETFs – Domestic Fixed Income 0.9ETFs – Domestic Equity 0.6Foreign Exchange Forward Contracts (0.1)


March 31, 2020 (%)

International Equity 51.2United States Equity 46.2Canadian Equity 2.6Foreign Exchange Forward Contracts (1.9)


United States Equity 53.2International Equity 44.5Canadian Equity 1.5Foreign Exchange Forward Contracts (0.1)





Interest in Unconsolidated Structured Entities (Note 2)The Fund’s investment details in the exchange traded fundsas at March 31, 2020 and September 30, 2019 are included inthe following tables:

March 31, 2020

Fair Value ofFund's

Investment($’000)


AGFiQ US Equity ETF 543 0.4AGFiQ International Equity ETF 128 0.2AGFiQ Emerging Markets Equity ETF 124 0.2AGFiQ Global Multi-Sector Bond ETF 221 0.1AGFiQ Canadian Equity ETF 31 0.0iShares U.S. High Yield Bond Index ETF (CAD-Hedged) 107 0.0iShares MSCI Netherlands ETF 40 0.0iShares International Aggregate Bond ETF 274 0.0Vanguard Global ex-U.S. Aggregate Bond Index ETF CAD-

Hedged 22 0.0iShares MSCI Sweden Capped ETF 11 0.0iShares MSCI Germany ETF 51 0.0iShares MSCI Russia Capped ETF 12 0.0iShares MSCI Turkey ETF 4 0.0iShares MSCI Thailand ETF 4 0.0iShares Core Canadian Universe Bond Index ETF 36 0.0iShares U.S. Treasury Bond ETF 202 0.0iShares MSCI Poland Capped ETF 2 0.0iShares MSCI France ETF 6 0.0Vanguard Total International Bond ETF 273 0.0iShares MSCI South Korea Capped ETF 34 0.0iShares J.P. Morgan USD Emerging Markets Bond ETF 80 0.0iShares MBS ETF 147 0.0Xtrackers Harvest CSI 300 China A-Shares ETF 9 0.0iShares MSCI Brazil ETF 21 0.0iShares MSCI Japan ETF 36 0.0iShares MSCI Taiwan Capped ETF 12 0.0iShares MSCI Australia ETF 2 0.0iShares Core S&P 500 ETF 233 0.0

September 30, 2019


Investment($’000)


AGFiQ Enhanced Core US Equity ETF 673 0.5AGFiQ Enhanced Core International Equity ETF 170 0.4AGFiQ Enhanced Core Emerging Markets Equity ETF 168 0.2Vanguard U.S. Aggregate Bond Index ETF (CAD-Hedged) 387 0.1iShares U.S. High Yield Bond Index ETF (CAD-Hedged) 111 0.0iShares MSCI Netherlands ETF 58 0.0AGFiQ Enhanced Core Canadian Equity ETF 16 0.0iShares International Aggregate Bond ETF 274 0.0iShares MSCI Russia Capped ETF 45 0.0iShares MSCI Israel ETF 8 0.0iShares MSCI Sweden Capped ETF 12 0.0iShares MSCI France ETF 8 0.0iShares MSCI Turkey ETF 5 0.0iShares MSCI Germany ETF 44 0.0iShares MSCI Spain Capped ETF 13 0.0Vanguard Total International Bond ETF 239 0.0iShares Core Canadian Universe Bond Index ETF 28 0.0iShares MSCI Thailand ETF 6 0.0iShares MSCI Poland Capped ETF 3 0.0iShares J.P. Morgan USD Emerging Markets Bond ETF 72 0.0iShares MSCI South Korea Capped ETF 21 0.0iShares MSCI Japan ETF 65 0.0iShares MSCI Brazil ETF 36 0.0iShares MSCI United Kingdom ETF 9 0.0iShares MSCI Taiwan Capped ETF 12 0.0iShares MSCI Australia ETF 3 0.0iShares Core S&P 500 ETF 357 0.0iShares MSCI China ETF 8 0.0





The impact on Net Assets of the Fund due to a 10 percentchange in benchmarks (September 30, 2019 – 30 percent),using historical correlation between the return of the Fund'sUnits as compared to the return of the Fund's benchmarks,as at March 31, 2020 and September 30, 2019, with all othervariables held constant, is included in the following table.





Regression analysis has been utilized to estimate thehistorical correlation. The analysis uses 36 monthly datapoints, unless the inception of the Fund is less than threeyears, in which case since inception data has been used.


BenchmarkMarch 31,

2020September 30,

2019

MSCI All Country World Index 164 526Blended Benchmark 272 880

The Blended Benchmark is composed of 60% MSCI AllCountry World Index and 40% Bloomberg Barclays MultiverseIndex (hedged to CAD).


The Fund is indirectly exposed to credit, interest rate andcurrency risks, as applicable, of the underlying ETFs as atMarch 31, 2020 and September 30, 2019.



March 31, 2020

($'000)Financial

Instruments

ForeignExchange



United States Dollar 1,492 (1,068) 424 15.9

September 30, 2019

($'000)Financial

Instruments

ForeignExchange



United States Dollar 1,322 (550) 772 26.9** Includes both monetary and non-monetary instruments, as

applicable

As at March 31, 2020 and September 30, 2019, if theCanadian dollar had strengthened or weakened by 2 percent,in relation to all currencies, with all other variables held

constant, Net Assets would have decreased or increased,respectively, by approximately $8,000 (September 30, 2019 –$15,000).




March 31, 2020


Equities 2,665 – – 2,665Debt Instruments – – – –Short-Term Investments – – – –Investments in Underlying Funds – – – –Total Investments 2,665 – – 2,665Derivative Assets – – – –Derivative Liabilities – (51) – (51)

September 30, 2019


Equities 2,850 – – 2,850Debt Instruments – – – –Short-Term Investments – – – –Investments in Underlying Funds – – – –Total Investments 2,850 – – 2,850Derivative Assets – – – –Derivative Liabilities – (2) – (2)





March 31, 2020 March 31, 2019

($'000)% of Gross


Income








($'000)March 31,

2020September 30,

2019

Fair Value of Securities on Loan 497 530Fair Value of Cash Collateral Received – –Fair Value of Securities Collateral Received 523 556






As atMarch 31,

2020September 30,

2019


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .







Receivable from Manager (Note 7(b)) – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .













AGFiQ Global Equity ETF Portfolio (Note 1)







. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest for distribution purposes (Note 2) – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized gain (loss) on investments 25 53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of investments (342) (106)

Net gain (loss) on investments (267) 3Net realized gain (loss) on derivatives – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




Net gain (loss) on foreign currencies and othernet assets 2 –


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




Commissions and other portfolio transaction costs(Note 2) 1 –

Total expenses 11 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .









. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives (25) (53)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciationin value of investments and derivatives 342 106

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases of investments and derivatives (263) (398). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale and maturity of investmentsand derivatives 276 410

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


(Increase) decrease in dividends andinterest receivable – 3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Increase (decrease) in accrued management fees 0 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Proceeds from redeemable units issued – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amounts paid on redemption of redeemable units – –Net Cash Generated (Used) by

Financing Activities (58) (70)Exchange gain (loss) on foreign currencies 1 –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents 4 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



Interest received, net of withholding tax* $ – $ –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .











Redeemable unit transactions (Note 6):Proceeds from redeemable units issued – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payments on redemption of redeemable units – –Net increase (decrease) from redeemable

unit transactions – 111



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains – (111). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .









FairValue ($)

ETFs – Domestic Equity (2.1%)2,500 AGFiQ Canadian Equity ETF† 68,001 54,525

ETFs – International Equity (36.2%)10,147 AGFiQ Emerging Markets Equity ETF† 270,640 244,035

10,263 AGFiQ International Equity ETF† 267,307 251,6901,400 iShares MSCI Brazil ETF 69,010 46,418

318 iShares MSCI France ETF 10,948 10,5003,351 iShares MSCI Germany ETF 134,426 101,297900 iShares MSCI Japan ETF 67,401 62,556

2,351 iShares MSCI Netherlands ETF 96,086 85,990600 iShares MSCI Russia Capped ETF 26,572 23,423878 iShares MSCI South Korea Capped

ETF 75,958 57,975518 iShares MSCI Sweden Capped ETF 20,790 18,655440 iShares MSCI Taiwan Capped ETF 20,240 20,415807 Xtrackers Harvest CSI 300 China

A-Shares ETF 31,046 29,4031,090,424 952,357

ETFs – United States Equity (60.6%)39,100 AGFiQ US Equity ETF† 1,140,257 1,133,409

1,261 iShares Core S&P 500 ETF 394,788 458,5581,535,045 1,591,967


Total Portfolio (98.9%) 2,691,224 2,598,849



Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ Global Equity ETFPortfolio (the "Fund").





Investment ObjectiveThe Fund’s investment objective is to provide long-termcapital appreciation by investing, directly or indirectly,including through ETFs, in global equity securities.



March 31, 2020 (%)

United States 60.6ETFs – International 18.9Germany 3.8Netherlands 3.3Japan 2.4South Korea 2.2Canada 2.1Brazil 1.7China 1.1Russia 0.9Taiwan 0.8Sweden 0.7France 0.4


United States 59.9ETFs – International 19.0Japan 3.8Netherlands 3.3Russia 2.6Germany 2.6Brazil 2.1South Korea 1.2Canada 0.9Spain 0.8Taiwan 0.7Sweden 0.7Israel 0.5China 0.4France 0.4United Kingdom 0.3

Portfolio by Sector

March 31, 2020 (%)

ETFs – United States Equity 60.6ETFs – International Equity 36.2ETFs – Domestic Equity 2.1


ETFs – United States Equity 59.9ETFs – International Equity 38.4ETFs – Domestic Equity 0.9


March 31, 2020 (%)

United States Equity 60.6International Equity 36.2Canadian Equity 2.1




March 31, 2020


Investment($’000)


AGFiQ US Equity ETF 1,133 0.9AGFiQ International Equity ETF 252 0.4AGFiQ Emerging Markets Equity ETF 244 0.3AGFiQ Canadian Equity ETF 55 0.1iShares MSCI Netherlands ETF 86 0.0iShares MSCI Sweden Capped ETF 19 0.0iShares MSCI Germany ETF 101 0.0iShares MSCI Russia Capped ETF 23 0.0iShares MSCI France ETF 11 0.0Xtrackers Harvest CSI 300 China A-Shares ETF 29 0.0iShares MSCI South Korea Capped ETF 58 0.0iShares MSCI Brazil ETF 46 0.0iShares MSCI Japan ETF 63 0.0iShares MSCI Taiwan Capped ETF 20 0.0iShares Core S&P 500 ETF 459 0.0

September 30, 2019


Investment($’000)


AGFiQ Enhanced Core US Equity ETF 1,159 0.8AGFiQ Enhanced Core International Equity ETF 283 0.6AGFiQ Enhanced Core Emerging Markets Equity ETF 277 0.3iShares MSCI Netherlands ETF 98 0.1AGFiQ Enhanced Core Canadian Equity ETF 28 0.0iShares MSCI Russia Capped ETF 76 0.0iShares MSCI Israel ETF 14 0.0iShares MSCI Sweden Capped ETF 20 0.0iShares MSCI France ETF 13 0.0iShares MSCI Germany ETF 76 0.0iShares MSCI Spain Capped ETF 22 0.0iShares MSCI South Korea Capped ETF 36 0.0iShares MSCI Japan ETF 112 0.0iShares MSCI Brazil ETF 63 0.0iShares MSCI Taiwan Capped ETF 21 0.0iShares MSCI United Kingdom ETF 9 0.0iShares Core S&P 500 ETF 610 0.0iShares MSCI China ETF 13 0.0











BenchmarkMarch 31,

2020September 30,

2019

MSCI All Country World Index 255 855





March 31, 2020

($'000)Financial

Instruments

ForeignExchange




September 30, 2019

($'000)Financial

Instruments

ForeignExchange



United States Dollar 1,201 – 1,201 40.7


As at March 31, 2020 and September 30, 2019, if theCanadian dollar had strengthened or weakened by 2 percent,in relation to all currencies, with all other variables heldconstant, Net Assets would have decreased or increased,respectively, by approximately $19,000 (September 30,2019 – $24,000).




March 31, 2020







September 30, 2019







March 31, 2020 March 31, 2019

($'000)% of Gross


Income




($'000)March 31,

2020September 30,

2019







As atMarch 31,

2020September 30,

2019


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .










. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .













AGFiQ Global ESG Factors ETF (Note 1)







. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Net realized gain (loss) on investments 91 (1,600). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of investments (6,579) (113)

Net gain (loss) on investments (5,868) (786)Net realized gain (loss) on derivatives – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Total Income (Loss), Net (5,862) (760)ExpensesManagement fees (Note 7(a)) 114 123

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Total expenses 281 280. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


to Holders of Redeemable Unitsfrom Operations $ (6,143) $ (1,040)

Increase (Decrease) in Net Assets Attributableto Holders of Redeemable Units fromOperations per Unit (Note 2) $ (2.94) $ (0.42)




of redeemable units from operations $ (6,143) $ (1,040). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjustments for:Exchange (gain) loss on foreign currencies 1 (2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives (91) 1,600

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciationin value of investments and derivatives 6,579 113

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


(Increase) decrease in dividends andinterest receivable (22) (20)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in tax reclaims receivable (7) (18). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued management fees 1 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Operating Activities (4,634) 3,402


of reinvestments (1,251) (692). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from redeemable units issued† 20,969 3,456. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amounts paid on redemption of redeemable units†† (15,121) (6,246)Net Cash Generated (Used) by

Financing Activities 4,597 (3,482)Exchange gain (loss) on foreign currencies (1) 2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents (37) (80). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





† Excludes in-kind subscriptions of nil (2019 - $365)†† Excludes in-kind redemptions of nil (2019 - $8,789)









Increase (decrease) in net assets attributable to holdersof redeemable units from operations (6,143) (1,040)


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinvestment of distributions to holders ofredeemable units – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


unit transactions 5,848 (11,214)


Distributions to holders of redeemable units (Note 6):Net investment income $ (1,251) $ (692)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Return of capital – –(1,251) (692)

Increase (decrease) in net assets attributable to holdersof redeemable units for the period (1,546) (12,946)







FairValue ($)

Australia (1.6%)20,390 Brambles Limited 192,100 186,38627,707 Coca-Cola Amatil Limited 255,659 212,019

123,225 Scentre Group 323,329 166,93433,047 The GPT Group 188,825 103,84224,614 Transurban Group 342,521 256,532

1,302,434 925,713Brazil (0.4%)

21,648 B3 SA – Brasil Bolsa Balcao 306,080 210,485Canada (3.8%)

2,500 Fortis Inc. 144,450 135,67510,210 Manulife Financial Corporation 247,826 180,411

3,148 Royal Bank of Canada 328,431 274,4114,165 Sun Life Financial Inc. 211,078 188,549

11,608 TELUS Corporation 276,387 258,27810,390 The Toronto-Dominion Bank 764,718 621,634

3,236 Thomson Reuters Corporation 305,155 310,2683,153 WSP Global Inc. 222,823 251,988

2,500,868 2,221,214Chile (0.2%)

1,100,843 Enel Chile SA 125,966 104,982China (2.2%)

459,732 China CITIC Bank CorporationLimited 342,031 319,620

251,000 China Construction BankCorporation 'H' 286,923 288,864

46,000 China Overseas Land &Investment Limited 215,225 200,819

112,060 CITIC Securities CompanyLimited 288,322 288,848

84,386 The Shanghai Commercial &Savings Bank Limited 206,137 154,525

1,338,638 1,252,676Denmark (1.0%)

1,260 DSV Panalpina AS 159,724 161,9404,727 Novo Nordisk AS 'B' 316,051 402,091

475,775 564,031France (4.2%)

1,272 Compagnie Generale desEtablissements Michelin SCA 202,376 160,036

3,793 Klepierre SA 151,537 103,4372,079 L'Oreal SA 731,598 770,8924,238 Sanofi 479,920 527,149

968 Sartorius Stedim Biotech 181,134 274,9471,946 Sodexo SA 261,093 186,1784,614 STMicroelectronics NV 165,916 142,3341,322 Unibail-Rodamco-Westfield 388,486 105,7962,166 Worldline SA 189,436 180,533

2,751,496 2,451,302Germany (2.7%)

10,963 Infineon Technologies AG 291,125 228,5224,887 SAP SE 875,782 779,7562,995 Siemens AG 526,804 360,125

59,988 Telefonica DeutschlandHolding AG 207,511 210,331

1,901,222 1,578,734


FairValue ($)

Hong Kong (1.5%)46,702 AIA Group Limited 615,359 594,69564,609 Swire Properties Limited 316,588 255,670

931,947 850,365Italy (0.3%)

23,164 CNH Industrial NV 332,646 187,531Japan (6.0%)

6,075 Hitachi Limited 295,691 249,9019,570 Honda Motor Company Limited 349,610 304,366

49,748 JXTG Holdings Inc. 476,969 241,0404,906 Kurita Water Industries Limited 184,089 160,397

24,098 Mazda Motor Corporation 289,397 180,4078,400 Mitsubishi Heavy Industries

Limited 327,568 300,41210,556 Nippon Telegraph & Telephone

Corporation 351,415 355,82630,400 Nomura Holdings Inc. 169,378 182,149

6,000 Sompo Holdings Inc. 306,386 262,5216,957 Sony Corporation 564,817 584,65811,551 Sumitomo Electric Industries

Limited 227,976 172,0448,194 Tokyo Gas Company Limited 281,895 274,1162,376 Toyota Motor Corporation 188,267 202,164

4,013,458 3,470,001Malaysia (0.4%)

98,192 Malayan Banking Berhad 270,172 238,306Netherlands (1.4%)

821 ASML Holding NV 271,499 308,9501,319 Koninklijke DSM NV 204,807 211,8894,971 Koninklijke Philips NV 273,529 284,820

749,835 805,659Norway (0.2%)

6,491 Telenor ASA 177,142 133,466Portugal (0.3%)

28,371 EDP-Energias de Portugal SA 141,117 161,080Singapore (0.5%)

9,630 DBS Group Holdings Limited 232,993 177,062178,220 Genting Singapore Limited 158,050 121,756

391,043 298,818South Africa (0.7%)

132,175 Growthpoint PropertiesLimited 265,839 133,849

23,300 Sanlam Limited 126,918 93,66512,359 The SPAR Group Limited 216,496 176,743

609,253 404,257South Korea (2.2%)

228 LG Household & Health CareLimited 320,116 295,205

5,128 Samsung Electronics CompanyLimited 274,086 283,069

1,141 SK Holdings Company Limited 274,571 220,9392,422 SK Hynix Inc. 232,686 233,233

29,498 Woori Financial Group Inc. 375,068 260,8711,476,527 1,293,317

Sweden (1.1%)3,405 Investor AB 'B' 248,543 221,415






FairValue ($)

Sweden (continued)4,515 Lundin Petroleum AB 193,527 122,358

51,763 Telia Company AB 322,264 262,885764,334 606,658

Switzerland (4.2%)5,275 Nestle SA 644,369 767,032

695 Roche Holding AG 260,895 319,131499 Swiss Life Holding AG 312,692 240,331

1,612 Swiss Re AG 238,061 175,735374 Swisscom AG 249,497 284,464

1,319 Zurich Insurance Group AG 613,933 662,2642,319,447 2,448,957

Taiwan (2.4%)294,833 First Financial Holding

Company Limited 282,674 269,601193,000 Mega Financial Holding

Company Limited 275,372 255,51967,624 Taiwan Semiconductor

Manufacturing CompanyLimited 730,402 862,253

1,288,448 1,387,373United Kingdom (5.1%)

2,257 AstraZeneca PLC 230,518 284,68914,710 Diageo PLC 735,651 665,07047,754 Direct Line Insurance

Group PLC 228,359 247,0002,248 Ferguson PLC 251,153 198,6765,370 Halma PLC 166,268 180,320

25,562 HSBC Holdings PLC 262,866 202,97020,914 Informa PLC 281,653 161,8054,392 Johnson Matthey PLC 217,997 138,0372,506 London Stock Exchange Group

PLC 328,973 318,90010,868 National Grid PLC 160,307 179,82838,391 Rentokil Initial PLC 255,051 260,24321,706 The British Land Company PLC 255,084 127,562

3,373,880 2,965,100United States (56.7%)

801 3M Company 201,195 153,8807,163 Abbott Laboratories 758,537 795,4511,521 AbbVie Inc. 162,922 163,085928 Adobe Inc. 296,468 415,613

7,481 Ally Financial Inc. 213,287 151,919457 Alphabet Inc. 'A' 674,635 747,292

77 Alphabet Inc. 'C' 120,484 126,004663 Amazon.com Inc. 1,582,871 1,819,167

3,066 Ameren Corporation 311,775 314,2461,589 Amgen Inc. 377,103 453,3452,514 Analog Devices Inc. 384,058 317,177

906 ANSYS Inc. 258,738 296,4021,623 Anthem Inc. 628,236 518,5705,472 Apple Inc. 1,521,945 1,958,2231,275 Autodesk Inc. 248,352 280,091

16,022 Bank of America Corporation 651,480 478,6893,264 Best Buy Company Inc. 332,063 261,8251,274 Biogen Inc. 493,472 567,238

760 BlackRock Inc. 'A' 499,727 470,5697,190 Chevron Corporation 1,095,789 733,186

5,028 Cisco Systems Inc. 325,029 278,1545,242 Citigroup Inc. 478,656 310,7221,048 DTE Energy Company 172,439 140,067


FairValue ($)

United States (continued)2,732 Eaton Corporation PLC 339,047 298,6981,323 Ecolab Inc. 248,929 290,1332,148 Entergy Corporation 338,482 284,060

2,804 Equity Residential 301,186 243,5122,086 Essential Utilities Inc. 114,819 119,4802,566 Facebook Inc. 'A' 606,356 602,3373,426 Fastenal Company 163,760 150,669

5,400 FirstEnergy Corporation 368,637 304,5091,168 Gartner Inc. 219,872 163,666

2,570 General Mills Inc. 162,492 190,8565,290 Gilead Sciences Inc. 489,674 556,5601,754 Globe Life Inc. 202,028 177,651

6,680 Healthpeak Properties Inc. 301,993 224,20810,303 HP Inc. 310,768 251,710

762 IDEXX Laboratories Inc. 259,874 259,7692,541 IHS Markit Limited 174,683 214,5574,624 Intel Corporation 328,608 352,1781,109 International Business

Machines Corporation 207,956 173,1285,231 Johnson Controls

International PLC 281,435 198,4681,781 JPMorgan Chase & Company 304,407 225,6517,738 Juniper Networks Inc. 247,466 208,4291,188 Laboratory Corporation of

America Holdings 261,981 211,308856 Lam Research Corporation 316,799 289,116

2,641 Lowe's Companies Inc. 318,956 319,820330 Mastercard Inc. 135,324 112,183

2,517 Maxim Integrated Products Inc. 200,964 172,1853,349 Merck & Company Inc. 265,730 362,6225,700 MGM Resorts International 254,501 94,65510,183 Microsoft Corporation 1,623,472 2,260,0692,150 Molson Coors Beverage

Company 178,438 118,0327,152 Morgan Stanley 488,023 342,210836 MSCI Inc. 'A' 253,229 339,962

2,149 Omnicom Group Inc. 232,785 166,0332,332 PayPal Holdings Inc. 277,403 314,202

2,800 PerkinElmer Inc. 358,207 296,6362,233 Phillips 66 332,167 168,5955,713 PPL Corporation 240,461 198,425

3,400 Regency Centers Corporation 280,905 183,8812,071 S&P Global Inc. 622,985 714,203

926 salesforce.com inc. 203,584 187,6291,261 Sempra Energy 202,686 200,513

976 ServiceNow Inc. 381,066 393,625905 SVB Financial Group 294,404 192,416964 T. Rowe Price Group Inc. 158,494 132,476

4,948 Texas Instruments Inc. 797,903 695,8452,890 The Bank of New York Mellon

Corporation 206,571 136,98012,712 The Coca-Cola Company 907,375 791,6151,207 The Home Depot Inc. 341,615 317,148

913 The Procter & GambleCompany 143,068 141,335

1,947 The Walt Disney Company 359,373 264,6858,129 The Williams Companies Inc. 260,487 161,8751,439 Thermo Fisher Scientific Inc. 546,320 574,320

2,058 Tiffany & Company 359,837 375,0615,293 United Parcel Service Inc. 'B' 795,921 695,8704,269 United Technologies

Corporation 820,236 566,712






FairValue ($)

United States (continued)2,516 UnitedHealth Group Inc. 885,543 882,9963,150 Ventas Inc. 226,002 118,8047,469 Verizon Communications Inc. 515,509 564,7632,949 Visa Inc. 'A' 685,943 668,6692,736 Walgreens Boots Alliance Inc. 217,591 176,155

752 Waters Corporation 208,938 192,6622,467 WEC Energy Group Inc. 202,331 305,9713,285 Welltower Inc. 355,599 211,640


costs (Note 2) (74,513) –

Total Portfolio (99.1%) 61,947,674 57,415,071

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ Global ESG FactorsETF (the "Fund").





Investment ObjectiveThe Fund’s investment objective is to provide long-termcapital appreciation with reduced volatility, over a full marketcycle, by investing primarily in global equity securities.



March 31, 2020 (%)

United States 56.7Japan 6.0United Kingdom 5.1France 4.2Switzerland 4.2Canada 3.8Germany 2.7Taiwan 2.4South Korea 2.2China 2.2Australia 1.6Hong Kong 1.5Netherlands 1.4Sweden 1.1Denmark 1.0South Africa 0.7Singapore 0.5Malaysia 0.4Brazil 0.4Italy 0.3Portugal 0.3Norway 0.2Chile 0.2


United States 52.4United Kingdom 7.0France 6.4Australia 4.2Japan 4.2Switzerland 3.8Canada 3.6Taiwan 2.7Germany 2.4Netherlands 1.9South Africa 1.6Hong Kong 1.2Ireland 1.1Sweden 1.0Singapore 0.8South Korea 0.8Denmark 0.8China 0.8Malaysia 0.6New Zealand 0.5Norway 0.4Portugal 0.3Brazil 0.2Turkey 0.2Indonesia 0.2

Portfolio by Sector

March 31, 2020 (%)

Information Technology 22.8Financials 18.3Health Care 13.7Industrials 8.9Consumer Discretionary 8.8Consumer Staples 7.4Communication Services 7.1Utilities 4.7Real Estate 3.8Energy 2.5Materials 1.1


Information Technology 18.5Financials 17.7Health Care 11.6Communication Services 9.8Consumer Discretionary 9.2Industrials 9.0Consumer Staples 8.7Real Estate 4.9Utilities 4.0Energy 3.5Materials 2.2






March 31, 2020 (%)











BenchmarkMarch 31,

2020September 30,

2019

MSCI All Country World Net Index 2,823 6,043


Currency RiskThe amounts in the following tables are based on the fairvalue of the Fund’s financial instruments (including cash andcash equivalents) as well as the underlying principal amounts

of foreign exchange forward contracts, as applicable. Otherfinancial assets (including cash collateral received forsecurities on loan, dividends and interest receivables andreceivables for investments sold) and financial liabilities(including payable for cash collateral under securities lendingand payable for investments purchased) that aredenominated in foreign currencies do not expose the Fund tosignificant currency risk.


March 31, 2020

($'000)Financial

Instruments

ForeignExchange



United States Dollar 33,120 – 33,120 57.1Euro Currency 5,185 – 5,185 8.9Japanese Yen 3,470 – 3,470 6.0Pound Sterling 2,971 – 2,971 5.1Swiss Franc 2,449 – 2,449 4.2Hong Kong Dollar 1,949 – 1,949 3.4New Taiwanese Dollar 1,542 – 1,542 2.7South Korean Won 1,306 – 1,306 2.3Australian Dollar 941 – 941 1.6Swedish Krona 607 – 607 1.0Danish Krone 568 – 568 1.0South African Rand 404 – 404 0.7Singapore Dollar 299 – 299 0.5Malaysian Ringgit 238 – 238 0.4Brazilian Real 210 – 210 0.4Norwegian Krone 133 – 133 0.2Chilean Peso 105 – 105 0.2

September 30, 2019

($'000)Financial

Instruments

ForeignExchange



United States Dollar 31,345 – 31,345 52.7Euro Currency 7,146 – 7,146 12.0Pound Sterling 4,185 – 4,185 7.0Australian Dollar 2,510 – 2,510 4.2Japanese Yen 2,493 – 2,493 4.2Swiss Franc 2,226 – 2,226 3.8New Taiwanese Dollar 1,867 – 1,867 3.1South African Rand 960 – 960 1.6Hong Kong Dollar 925 – 925 1.6Swedish Krona 610 – 610 1.0Singapore Dollar 491 – 491 0.8South Korean Won 475 – 475 0.8Danish Krone 463 – 463 0.8Malaysian Ringgit 373 – 373 0.6New Zealand Dollar 314 – 314 0.5Norwegian Krone 222 – 222 0.4Brazilian Real 126 – 126 0.2New Turkish Lira 123 – 123 0.2Indonesian Rupiah 114 – 114 0.2










March 31, 2020



September 30, 2019


Equities 58,945 6 – 58,951Debt Instruments – – – –Short-Term Investments – – – –Investments in Underlying Funds – – – –Total Investments 58,945 6 – 58,951Derivative Assets – – – –Derivative Liabilities – – – –





March 31, 2020 March 31, 2019

($'000)% of Gross


Income

Gross Securities Lending Income 2 100.0 9 100.0Interest Paid on Cash Collateral – – – –Withholding Taxes (0) (3.5) – –Agent Fees - The Bank of New York



($'000)March 31,

2020September 30,

2019







As atMarch 31,

2020September 30,

2019


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .







Receivable from Manager (Note 7(b)) –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .













AGFiQ Global Income ETF Portfolio (Note 1)







. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Net realized gain (loss) on investments 36 (25). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of investments (343) 53

Net gain (loss) on investments (259) 76Net realized gain (loss) on derivatives – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




Net gain (loss) on foreign currencies and othernet assets – 1


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



Foreign withholding taxes (Note 5) – 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Commissions and other portfolio transaction costs(Note 2) – 1

Total expenses 7 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .








Adjustments for:Exchange (gain) loss on foreign currencies – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives (36) 25

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciationin value of investments and derivatives 343 (53)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases of investments and derivatives† (135) (533). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale and maturity of investments andderivatives†† 160 545

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


(Increase) decrease in dividends andinterest receivable – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Increase (decrease) in accrued management fees 1 (1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Proceeds from redeemable units issued† 3 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Financing Activities (47) (45)Exchange gain (loss) on foreign currencies – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents 28 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





† Excludes in-kind subscriptions of $659 (2019 - nil)†† Excludes in-kind redemptions of $659 (2019 - $623)










Redeemable unit transactions (Note 6):Proceeds from redeemable units issued 662 –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinvestment of distributions to holders ofredeemable units 29 32

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payments on redemption of redeemable units (662) (627)Net increase (decrease) from redeemable

unit transactions 29 (595)



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains (29) (32). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .









FairValue ($)

ETFs – Domestic Equity (13.0%)5,256 iShares Canadian Select Dividend

Index ETF 132,549 105,44015,260 iShares S&P/TSX Canadian Preferred

Share Index ETF 200,176 142,9864,068 iShares S&P/TSX Capped REIT Index

ETF 71,262 57,603403,987 306,029

ETFs – Domestic Fixed Income (31.3%)24,778 iShares Canadian Corporate Bond

Index ETF 526,663 504,97612,686 iShares Canadian HYBrid

Corporate Bond Index ETF 260,227 230,758786,890 735,734

ETFs – International Equity (20.1%)7,165 AGFiQ Global ESG Factors ETF† 195,366 180,845

11,140 AGFiQ Global Infrastructure ETF† 308,898 291,422504,264 472,267

ETFs – International Fixed Income (17.0%)15,671 AGFiQ Global Multi-Sector Bond ETF† 430,110 401,178

ETFs – United States Equity (7.7%)4,050 iShares Preferred and Income

Securities ETF 196,955 181,574ETFs – United States Fixed Income (9.3%)

13,776 iShares U.S. High Yield Bond IndexETF (CAD-Hedged) 267,455 218,901


Total Portfolio (98.4%) 2,588,002 2,315,683



Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ Global Income ETFPortfolio (the "Fund").





Investment ObjectiveThe Fund’s investment objective is to generate capital growthand regular income by investing, directly or indirectly,including through ETFs, in global equity and fixed incomesecurities including securities related to non-traditional assetclasses.



March 31, 2020 (%)

Canada 44.3ETFs – International 37.1United States 17.0


Canada 51.3ETFs – International 33.5United States 14.8

Portfolio by Sector

March 31, 2020 (%)

ETFs – Domestic Fixed Income 31.3ETFs – International Equity 20.1ETFs – International Fixed Income 17.0ETFs – Domestic Equity 13.0ETFs – United States Fixed Income 9.3ETFs – United States Equity 7.7


ETFs – Domestic Fixed Income 31.3ETFs – Domestic Equity 20.0ETFs – International Equity 17.6ETFs – International Fixed Income 15.9ETFs – United States Equity 7.6ETFs – United States Fixed Income 7.2


March 31, 2020 (%)

Canadian Equity 44.3International Equity 37.1United States Equity 17.0


Canadian Equity 51.3International Equity 33.5United States Equity 14.8


March 31, 2020


Investment($’000)


AGFiQ Global ESG Factors ETF 182 0.3AGFiQ Global Multi-Sector Bond ETF 401 0.2AGFiQ Global Infrastructure ETF 291 0.1iShares U.S. High Yield Bond Index ETF (CAD-Hedged) 219 0.1iShares Canadian HYBrid Corporate Bond Index ETF 231 0.1iShares Canadian Corporate Bond Index ETF 505 0.0iShares S&P/TSX Canadian Preferred Share Index ETF 143 0.0iShares Canadian Select Dividend Index ETF 105 0.0iShares S&P/TSX Capped REIT Index ETF 58 0.0iShares Preferred and Income Securities ETF 181 0.0

September 30, 2019


Investment($’000)


AGFiQ Enhanced Core Global Multi-Sector Bond ETF 423 0.2AGFiQ Enhanced Global ESG Factors ETF 138 0.2AGFiQ Enhanced Global Infrastructure ETF 330 0.1iShares Canadian HYBrid Corporate Bond Index ETF 266 0.1iShares U.S. High Yield Bond Index ETF (CAD-Hedged) 192 0.1iShares Canadian Corporate Bond Index ETF 566 0.0iShares S&P/TSX Capped REIT Index ETF 214 0.0iShares S&P/TSX Canadian Preferred Share Index ETF 183 0.0iShares Canadian Select Dividend Index ETF 134 0.0iShares Preferred and Income Securities ETF 201 0.0





The impact on Net Assets of the Fund due to a 15 percentchange in benchmark (September 30, 2019 – 10 percent),using historical correlation between the return of the Fund'sUnits as compared to the return of the Fund's benchmark, as





at March 31, 2020 and September 30, 2019, with all othervariables held constant, is included in the following table.Regression analysis has been utilized to estimate thehistorical correlation. The analysis uses 36 monthly datapoints, unless the inception of the Fund is less than threeyears, in which case since inception data has been used.


BenchmarkMarch 31,

2020September 30,

2019

Bloomberg Barclays Global Aggregate Index(hedged to CAD) 521 212





March 31, 2020

($'000)Financial

Instruments

ForeignExchange




September 30, 2019

($'000)Financial

Instruments

ForeignExchange





As at March 31, 2020 and September 30, 2019, if theCanadian dollar had strengthened or weakened by 2 percent,in relation to all currencies, with all other variables held

constant, Net Assets would have decreased or increased,respectively, by approximately $4,000 (September 30, 2019 –$4,000).




March 31, 2020



September 30, 2019







March 31, 2020 March 31, 2019

($'000)% of Gross


Income

Gross Securities Lending Income 3 100.0 3 100.0Interest Paid on Cash Collateral – – – –Withholding Taxes – – – –Agent Fees - The Bank of New York







($'000)March 31,

2020September 30,

2019







As atMarch 31,

2020September 30,

2019


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .










. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .













AGFiQ Global Infrastructure ETF (Note 1)







. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Net realized gain (loss) on investments (675) (1,054). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .






. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Total expenses 1,095 1,316. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less expenses waived/absorbed by Manager (Note 7(b)) – –Net expenses 1,095 1,316Increase (Decrease) in Net Assets Attributable







Adjustments for:Exchange (gain) loss on foreign currencies (117) (7)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives 675 1,054

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


(Increase) decrease in dividends andinterest receivable 127 345

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in tax reclaims receivable (27) 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued management fees – 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Proceeds from redeemable units issued† 6,725 8,616. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amounts paid on redemption of redeemable units†† (9,956) (11,806)Net Cash Generated (Used) by

Financing Activities (6,622) (8,300)Exchange gain (loss) on foreign currencies 117 7

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents 1,546 (112). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents (Bank overdraft)beginning of period 1,897 1,076

Cash and Cash Equivalents (Bank Overdraft)End of Period $ 3,560 $ 971



† Excludes in-kind subscriptions of nil (2019 - $14,223)†† Excludes in-kind redemptions of nil (2019 - $21,236)











. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinvestment of distributions to holders ofredeemable units – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


unit transactions (3,231) (10,203)



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains – –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .









FairValue ($)

Australia (3.2%)46,075 AGL Energy Limited 959,003 685,605

711,046 AusNet Services 1,140,555 1,052,511375,489 Sydney Airport 2,467,386 1,816,946465,934 Transurban Group 6,139,148 4,856,058

10,706,092 8,411,120Belgium (0.4%)

8,103 Elia Group SA 672,103 1,120,590Brazil (1.1%)

361,200 Energias do Brasil SA 2,509,752 1,592,617120,115 Engie Brasil Energia SA 1,284,764 1,266,133

3,794,516 2,858,750Canada (16.2%)

7,523 Canadian National RailwayCompany 908,751 827,756

50,619 Capital Power Corporation 1,317,395 1,374,306449,328 Enbridge Inc. 19,846,738 18,413,461126,412 Fortis Inc. 5,406,804 6,860,379129,554 Pembina Pipeline Corporation 5,851,407 3,420,226187,195 TC Energy Corporation 10,620,539 11,709,047

43,951,634 42,605,175China (7.2%)

3,587,243 CGN Power CompanyLimited 'H' 1,232,157 1,159,075

222,762 China Resources Gas GroupLimited 1,061,473 1,577,018

32,550,886 China Tower CorporationLimited 8,596,134 10,281,180

1,028,714 COSCO SHIPPING Ports Limited 1,229,342 698,3891,016,000 Guangdong Investment Limited 2,850,993 2,755,340

665,892 Jiangsu Expressway CompanyLimited 'H' 1,173,093 1,045,564

1,012,604 Shenzhen Expressway CompanyLimited 'H' 1,340,793 1,452,104

17,483,985 18,968,670Finland (0.1%)

11,564 Cargotec Corporation 622,155 303,870France (5.1%)

39,469 Veolia Environnement SA 1,196,052 1,193,044104,097 VINCI SA 13,850,522 12,182,394

15,046,574 13,375,438Germany (0.9%)

156,744 E.ON SE 2,155,778 2,296,846Hong Kong (1.3%)

261,375 Power Assets Holdings Limited 2,493,019 2,199,099561,516 The Hong Kong and China Gas

Company Limited 1,282,988 1,302,6383,776,007 3,501,737

Italy (2.5%)560,336 A2A SpA 1,339,284 985,375

50,702 ASTM SpA 1,927,647 1,257,54934,775 Atlantia SpA 1,213,317 616,931


FairValue ($)

Italy (continued)113,809 Infrastrutture Wireless

Italiane SpA 1,499,123 1,745,246234,837 Terna SpA 1,738,323 2,103,126

7,717,694 6,708,227Japan (0.6%)

38,444 Kyushu Railway Company 1,499,705 1,559,795Mexico (0.6%)

22,222 Grupo Aeroportuario delPacifico SAB de CV 2,865,452 1,686,867

New Zealand (0.8%)203,442 Auckland International

Airport Limited 1,244,425 852,481352,786 Mercury NZ Limited 1,040,809 1,250,166

2,285,234 2,102,647Portugal (0.5%)

335,014 Redes Energeticas NacionaisSGPS SA 1,295,054 1,206,352

Singapore (0.5%)467,656 Ascendas Real Estate

Investment Trust 1,393,592 1,310,384Spain (3.3%)

27,715 Aena SME SA 6,988,607 4,281,03033,261 Cellnex Telecom SA 1,838,847 2,139,84846,939 Enagas SA 1,719,913 1,318,30427,383 Endesa SA 819,377 827,504

11,366,744 8,566,686Switzerland (0.5%)

7,445 Flughafen Zuerich AG 1,825,562 1,186,526Thailand (0.4%)

2,712,900 BTS Group Holdings PublicCompany Limited 1,584,047 1,058,660

United Kingdom (6.3%)642,335 National Grid PLC 9,336,050 10,628,46090,503 SSE PLC 2,099,659 2,064,504241,113 United Utilities Group PLC 3,124,019 3,804,998

14,559,728 16,497,962United States (47.0%)

88,310 American Tower Corporation 17,145,791 27,061,67926,279 American Water Works

Company Inc. 4,178,696 4,421,62023,312 Atmos Energy Corporation 2,732,694 3,255,43647,196 Consolidated Edison Inc. 5,710,629 5,180,677

102,909 Crown Castle InternationalCorporation 14,353,318 20,912,562

13,446 Digital Realty Trust Inc. 2,055,706 2,628,53222,302 DTE Energy Company 3,069,079 2,980,69126,303 Duke Energy Corporation 2,714,872 2,993,87140,731 Edison International 3,504,831 3,140,603

139,413 Energy Transfer LimitedPartnership 2,992,003 902,501

37,012 Eversource Energy 4,206,627 4,073,723364,179 Kinder Morgan Inc. 8,594,093 7,134,12720,307 NorthWestern Corporation 1,495,400 1,709,824






FairValue ($)

United States (continued)49,430 OGE Energy Corporation 2,298,107 2,137,66649,641 ONEOK Inc. 4,358,329 1,523,64213,045 SBA Communications

Corporation 'A' 4,182,384 4,956,17153,846 Sempra Energy 8,125,106 8,562,09710,999 Spire Inc. 1,072,065 1,152,86873,983 STAG Industrial Inc. 2,557,865 2,344,69946,932 The Southern Company 2,832,072 3,575,806

206,605 The Williams Companies Inc. 7,368,007 4,114,18614,456 Union Pacific Corporation 2,733,646 2,869,30823,947 WEC Energy Group Inc. 2,013,843 2,970,03535,637 Xcel Energy Inc. 2,153,143 3,024,163


costs (Note 2) (248,868) –

Total Portfolio (98.5%) 256,801,094 258,952,789

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ Global InfrastructureETF (the "Fund").





Investment ObjectiveThe Fund’s investment objective is to provide long-termcapital appreciation with reduced volatility and a high level ofincome, over a full market cycle, by investing primarily inglobal equity securities in the infrastructure industry.



March 31, 2020 (%)

United States 47.0Canada 16.2China 7.2United Kingdom 6.3France 5.1Spain 3.3Australia 3.2Italy 2.5Hong Kong 1.3Brazil 1.1Germany 0.9New Zealand 0.8Mexico 0.6Japan 0.6Singapore 0.5Portugal 0.5Switzerland 0.5Belgium 0.4Thailand 0.4Finland 0.1


United States 49.0Canada 16.4France 6.3China 6.0United Kingdom 4.6Spain 3.5Italy 2.7Australia 2.3Hong Kong 1.7Brazil 1.6New Zealand 1.0Mexico 0.9Germany 0.7Switzerland 0.6Japan 0.5Thailand 0.5Portugal 0.4Belgium 0.3Finland 0.2

Portfolio by Sector

March 31, 2020 (%)

Utilities 37.9Real Estate 22.5Energy 18.0Industrials 14.7Communication Services 5.4


Utilities 36.5Energy 23.5Real Estate 17.6Industrials 16.4Communication Services 5.2


March 31, 2020 (%)









The impact on Net Assets of the Fund due to a 5 percentchange in benchmark (September 30, 2019 – 10 percent),using historical correlation between the return of the Fund'sUnits as compared to the return of the Fund's benchmark, asat March 31, 2020 and September 30, 2019, with all othervariables held constant, is included in the following table.Regression analysis has been utilized to estimate the





historical correlation. The analysis uses 36 monthly datapoints, unless the inception of the Fund is less than threeyears, in which case since inception data has been used.


BenchmarkMarch 31,

2020September 30,

2019

Dow Jones Brookfield Global InfrastructureNet Index 12,424 30,442




March 31, 2020

($'000)Financial

Instruments

ForeignExchange



United States Dollar 128,781 – 128,781 49.0Euro Currency 33,580 – 33,580 12.8Hong Kong Dollar 22,470 – 22,470 8.5Pound Sterling 16,498 – 16,498 6.3Australian Dollar 8,411 – 8,411 3.2Brazilian Real 2,877 – 2,877 1.1New Zealand Dollar 2,103 – 2,103 0.8Japanese Yen 1,560 – 1,560 0.6Singapore Dollar 1,316 – 1,316 0.5Swiss Franc 1,187 – 1,187 0.5Thai Baht 1,059 – 1,059 0.4

September 30, 2019

($'000)Financial

Instruments

ForeignExchange



United States Dollar 152,313 – 152,313 50.5Euro Currency 42,131 – 42,131 14.0Hong Kong Dollar 23,490 – 23,490 7.8Pound Sterling 14,032 – 14,032 4.7Australian Dollar 6,934 – 6,934 2.3Brazilian Real 4,980 – 4,980 1.7New Zealand Dollar 2,953 – 2,953 1.0Swiss Franc 1,791 – 1,791 0.6Japanese Yen 1,592 – 1,592 0.5Thai Baht 1,403 – 1,403 0.5






March 31, 2020



September 30, 2019











March 31, 2020 March 31, 2019

($'000)% of Gross


Income




($'000)March 31,

2020September 30,

2019







As atMarch 31,

2020September 30,

2019


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign exchange forward contracts at fair value through profit or loss 426 576. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .






Dividends and interest receivable 1,884 1,762. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign exchange forward contracts at fair value through profit or loss 15,835 2,519. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .








Foreign taxes payable – –15,859 2,538




AGFiQ Global Multi-Sector Bond ETF (Note 1)






IncomeDividends $ – $ 38

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest for distribution purposes (Note 2) 3,489 1,098. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized gain (loss) on investments 2,080 281. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of investments 5,132 4,087

Net gain (loss) on investments 10,701 5,504Net realized gain (loss) on derivatives 452 (319)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of derivatives (13,466) (512)

Net gain (loss) on derivatives (13,014) (831). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Net gain (loss) on foreign currencies and othernet assets 160 (49)


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .




Commissions and other portfolio transaction costs(Note 2) – 15

Total expenses 491 187. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less expenses waived/absorbed by Manager (Note 7(b)) – (12)Net expenses 491 175Increase (Decrease) in Net Assets Attributable







Adjustments for:Exchange (gain) loss on foreign currencies (4) 2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives (2,532) 38

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Proceeds from sale and maturity of investmentsand derivatives 52,357 22,386

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


(Increase) decrease in dividends andinterest receivable (122) (1,370)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in tax reclaims receivable – (19). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued management fees 5 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Operating Activities 4,740 (153,093)


of reinvestments (2,942) (740). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Amounts paid on redemption of redeemable units (10,940) –Net Cash Generated (Used) by

Financing Activities (5,765) 155,538Exchange gain (loss) on foreign currencies 4 (2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents (1,025) 2,445. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents (Bank overdraft)beginning of period 3,431 1

Cash and Cash Equivalents (Bank Overdraft)End of Period $ 2,410 $ 2,444

Interest received, net of withholding tax* $ 3,354 $ –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dividends received, net of withholding tax* $ – $ 35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .








Net Assets Attributable to Holders ofRedeemable Units at Beginning of Period $ 211,986 $ 1



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinvestment of distributions to holders ofredeemable units 2,810 145

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payments on redemption of redeemable units (10,940) –Net increase (decrease) from redeemable

unit transactions (13) 156,423


Distributions to holders of redeemable units (Note 6):Net investment income $ (2,942) $ (740)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains (2,810) (145). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Return of capital – –(5,752) (885)







Face ValueAverageCost ($)

FairValue ($)

Corporate Bonds (50.4%)USD 560,000 Alexandria Real Estate

Equities Inc.3.450% April 30, 2025 730,357 802,598

USD 800,000 Allegion US HoldingCompany Inc.3.200% October 1, 2024 1,084,197 1,069,077

USD 325,000 American Express Company2.500% August 1, 2022 421,937 460,338

USD 1,745,000 Amgen Inc.4.663% June 15, 2051 2,553,593 3,088,014

USD 895,000 Aon PLC3.875%December 15, 2025 1,207,269 1,312,910

USD 1,755,000 Apple Inc.3.000%November 13, 2027 2,437,734 2,648,616

USD 690,000 Arch Capital Group(U.S.) Inc.5.144% November 1, 2043 996,446 1,195,805

USD 1,980,000 Ares Capital Corporation3.500% February 10, 2023 2,590,912 2,490,255

USD 800,000 Athene Holding Limited4.125% January 12, 2028 1,084,789 1,016,750

USD 770,000 Autodesk Inc.3.500% June 15, 2027 978,482 1,114,187

USD 535,000 AutoZone Inc.3.750% June 1, 2027 700,085 754,693

USD 1,400,000 AXIS Specialty Finance PLC4.000%December 6, 2027 1,933,819 2,065,032

USD 265,000 BB&T Corporation2.750% April 1, 2022 355,445 375,398

USD 1,620,000 Biogen Inc.5.200%September 15, 2045 2,498,505 2,942,741

USD 515,000 BlackRock Inc.3.200% March 15, 2027 704,559 745,275

USD 540,000 BroadcomCorporation/CaymanFinance Limited3.875% January 15, 2027 686,266 726,025

USD 715,000 Brown & Brown Inc.4.200%September 15, 2024 956,729 1,061,216

USD 455,000 Church & DwightCompany Inc.3.150% August 1, 2027 575,947 644,322

USD 700,000 Cintas Corporation No. 23.700% April 1, 2027 1,009,691 1,011,730

USD 2,420,000 Citrix Systems Inc.4.500% December 1, 2027 3,133,101 3,515,964

USD 2,435,000 Corning Inc.4.375%November 15, 2057 2,879,084 3,537,555

USD 630,000 Costco WholesaleCorporation2.750% May 18, 2024 824,085 929,487

USD 1,520,000 Cummins Inc.4.875% October 1, 2043 2,355,274 2,525,979

USD 555,000 Darden Restaurants Inc.3.850% May 1, 2027 750,819 712,799


FairValue ($)

Corporate Bonds (continued)USD 295,000 eBay Inc.

2.600% July 15, 2022 387,653 416,029USD 450,000 EPR Properties

4.500% June 1, 2027 609,030 572,514USD 640,000 Essex Portfolio Limited

Partnership3.625% May 1, 2027 828,816 914,311

USD 2,260,000 Globe Life Inc.4.550%September 15, 2028 3,322,595 3,291,286

USD 580,000 HP Inc.6.000%September 15, 2041 814,458 878,862

USD 885,000 Hubbell Inc.3.500% February 15, 2028 1,218,012 1,351,194

USD 2,255,000 Intesa Sanpaolo SpA5.250% January 12, 2024 2,986,972 3,240,412

USD 755,000 Johnson & Johnson3.625% March 3, 2037 1,024,726 1,195,826

USD 2,220,000 Keysight Technologies Inc.4.600% April 6, 2027 3,160,860 3,202,586

USD 710,000 KLA-Tencor Corporation4.650% November 1, 2024 987,125 1,054,205

USD 1,555,000 Lazard Group LLC4.500%September 19, 2028 2,294,774 2,194,023

USD 540,000 McDonald's Corporation4.450% March 1, 2047 713,230 821,957

USD 960,000 MDC Holdings Inc.6.000% January 15, 2043 1,091,289 1,277,378

USD 800,000 Mercury GeneralCorporation4.400% March 15, 2027 1,067,348 1,219,965

USD 2,375,000 Microsoft Corporation3.300% February 6, 2027 3,288,228 3,708,903

USD 1,100,000 Mitsubishi UFJ FinancialGroup Inc.3.761% July 26, 2023 1,515,089 1,599,991

USD 1,760,000 Mizuho Financial Group Inc.2.953% February 28, 2022 2,300,707 2,485,417

USD 800,000 Newell Brands Inc.4.200% April 1, 2026 1,094,325 1,105,347

USD 570,000 NIKE Inc.3.875% November 1, 2045 751,200 947,071

USD 560,000 Nordstrom Inc.4.000% March 15, 2027 709,940 649,525

USD 1,025,000 Northern States PowerCompany of Minnesota3.600%September 15, 2047 1,307,063 1,537,779

USD 1,620,000 NorthWestern Corporation4.176%November 15, 2044 2,185,218 2,502,921

USD 410,000 Old Republic InternationalCorporation3.875% August 26, 2026 524,864 592,171

USD 740,000 Omega HealthcareInvestors Inc.4.750% January 15, 2028 994,241 1,043,933

USD 510,000 ONE Gas Inc.4.658% February 1, 2044 718,289 850,858






FairValue ($)

Corporate Bonds (continued)USD 400,000 O'Reilly Automotive Inc.

3.600%September 1, 2027 514,354 540,405

USD 650,000 Principal FinancialGroup Inc.6.050% October 15, 2036 1,060,856 1,122,019

USD 800,000 QUALCOMM Inc.3.000% May 20, 2022 1,084,873 1,148,664

USD 2,765,000 RPM International Inc.3.750% March 15, 2027 3,532,656 3,824,416

USD 1,005,000 S&P Global Inc.4.500% May 15, 2048 1,560,334 1,682,867

USD 860,000 STORE Capital Corporation4.500% March 15, 2028 1,236,726 1,206,991

USD 1,685,000 Synchrony Financial3.950% December 1, 2027 2,116,865 2,107,099

USD 595,000 TC PipeLines LimitedPartnership3.900% May 25, 2027 802,034 790,450

USD 490,000 Telefonaktiebolaget LMEricsson4.125% May 15, 2022 648,045 682,708

USD 1,215,000 The Bank of New YorkMellon Corporation2.600% February 7, 2022 1,602,082 1,724,086

USD 890,000 The Charles SchwabCorporation3.850% May 21, 2025 1,270,072 1,324,811

USD 2,089,000 The Estee LauderCompanies Inc.4.150% March 15, 2047 2,975,990 3,165,248

USD 2,575,000 The Procter & GambleCompany2.150% August 11, 2022 3,346,205 3,698,801

USD 445,000 U.S. Bancorp3.150% April 27, 2027 580,172 644,044

USD 845,000 Vector Group Limited6.125% February 1, 2025 1,012,580 1,082,143

USD 400,000 Ventas Realty LimitedPartnership4.400% January 15, 2029 587,735 561,898

USD 745,000 Willis North America Inc.3.600% May 15, 2024 980,899 1,081,937

USD 605,000 WP Carey Inc.4.600% April 1, 2024 824,049 853,546

95,081,704 102,643,363Emerging Markets Bonds (6.1%)USD 2,430,000 Enel Americas SA

4.000% October 25, 2026 3,193,396 3,194,925MYR 4,545,000 Government of Malaysia

3.899%November 16, 2027 1,453,980 1,526,138

THB 12,980,000 Kingdom of Thailand2.875%December 17, 2028 575,689 620,157

THB 12,450,000 Kingdom of Thailand3.650% June 20, 2031 585,126 632,203

IDR 17,823,000,000 Republic of Indonesia6.625% May 15, 2033 1,497,962 1,319,628


FairValue ($)

Emerging Markets Bonds (continued)KRW 1,335,400,000 Republic of Korea

1.250%December 10, 2022 1,498,572 1,550,238

KRW 2,367,500,000 Republic of Korea2.250%December 10, 2025 2,840,551 2,870,204

KRW 592,600,000 Republic of Korea1.875% June 10, 2029 675,605 702,453

12,320,881 12,415,946Government Bonds (44.1%)EUR 1,005,000 Federal Republic of

Germany6.250% January 4, 2030 2,520,667 2,611,227

EUR 100,000 Federal Republic ofGermany2.500% July 4, 2044 216,369 252,354

EUR 590,000 French Republic3.750% April 25, 2021 961,786 957,402

EUR 1,365,000 French Republic5.500% April 25, 2029 3,081,309 3,190,759

EUR 155,000 French Republic4.500% April 25, 2041 386,936 429,528

AUD 2,135,000 Government of Australia3.250% April 21, 2025 2,190,679 2,108,912

CAD 665,000 Government of Canada2.500% June 1, 2024 689,115 717,175

JPY 233,700,000 Japan Government0.100% January 1, 2021 2,832,600 3,064,994

JPY 115,900,000 Japan Government0.100% April 1, 2021 1,416,854 1,520,827

JPY 80,200,000 Japan Government0.800%September 20, 2022 975,261 1,074,030

JPY 159,000,000 Japan Government0.100% June 20, 2026 1,968,439 2,109,292

JPY 173,800,000 Japan Government0.100% March 20, 2028 2,147,107 2,311,429

JPY 289,450,000 Japan Government1.700% June 20, 2033 4,275,023 4,518,865

JPY 381,950,000 Japan Government1.600%December 20, 2033 5,600,044 5,915,225

JPY 173,750,000 Japan Government1.900%September 20, 2042 2,819,435 3,034,120

EUR 900,000 Kingdom of Belgium5.000% March 28, 2035 2,192,061 2,338,537

EUR 885,000 Kingdom of Spain4.650% July 30, 2025 1,674,730 1,691,370

EUR 970,000 Kingdom of Spain1.950% April 30, 2026 1,609,950 1,652,072

EUR 1,700,000 Kingdom of Spain1.850% July 30, 2035 2,816,097 2,937,495

EUR 300,000 Kingdom of Spain2.700% October 31, 2048 571,298 591,645

EUR 335,000 Republic of Ireland5.400% March 13, 2025 662,082 662,987

EUR 400,000 Republic of Italy0.050% April 15, 2021 585,721 619,692






FairValue ($)

Government Bonds (continued)EUR 1,780,000 Republic of Italy

4.500% March 1, 2024 3,054,341 3,157,862EUR 445,000 Republic of Italy

5.250% November 1, 2029 844,105 921,622EUR 1,195,000 Republic of Italy

2.450%September 1, 2033 1,859,419 2,000,719

EUR 345,000 Republic of Italy4.000% February 1, 2037 593,157 680,110

EUR 825,000 Republic of Portugal3.875% February 15, 2030 1,551,468 1,645,986

USD 5,950,000 U.S. Treasury Notes3.625% February 15, 2021 8,032,811 8,634,451

USD 3,305,000 U.S. Treasury Notes2.375% August 15, 2024 4,354,499 5,057,555

USD 3,580,000 U.S. Treasury Notes6.250% May 15, 2030 6,402,687 7,772,306

USD 3,515,000 U.S. Treasury Notes5.375% February 15, 2031 5,982,504 7,348,494

USD 1,185,000 U.S. Treasury Notes3.000% August 15, 2048 1,593,966 2,316,471

USD 785,000 U.S. Treasury Notes2.250% August 15, 2049 1,047,276 1,345,829

GBP 715,000 United Kingdom Notes1.000% April 22, 2024 1,240,268 1,292,290

GBP 645,000 United Kingdom Notes4.250% June 7, 2032 1,498,848 1,625,158

GBP 600,000 United Kingdom Notes4.250% March 7, 2036 1,459,038 1,617,850

81,707,950 89,726,640High Yield Bonds (4.9%)USD 310,000 Ahold Finance USA LLC

6.875% May 1, 2029 496,035 604,555USD 600,000 Alliance Resource Operating

Partners LimitedPartnership/Corporation7.500% May 1, 2025 822,947 506,628

USD 750,000 Cimpress PLC7.000% June 15, 2026 1,044,628 928,818


FairValue ($)

High Yield Bonds (continued)USD 800,000 CNX Midstream Partners

LimitedPartnership/FinanceCorporation6.500% March 15, 2026 1,008,668 776,830

USD 515,000 IAMGOLD Corporation7.000% April 15, 2025 707,793 674,026

USD 1,225,000 Koninklijke Philips NV6.875% March 11, 2038 2,266,292 2,428,123

USD 480,000 Meritor Inc.6.250% February 15, 2024 637,395 641,803

USD 730,000 NRG Energy Inc.6.625% January 15, 2027 1,020,023 1,068,422

USD 460,000 Sally HoldingsLLC/Capital Inc.5.625% December 1, 2025 584,572 528,406

USD 720,000 United States CellularCorporation6.700%December 15, 2033 1,001,366 983,041

USD 655,000 Wyndham Destinations Inc.5.750% April 1, 2027 839,356 769,687


costs (Note 2) – –Total Investments (105.5%) 199,539,610 214,696,288

Foreign Exchange Forward Contracts (-7.6%)See Schedule A – (15,409,093)

Total Portfolio (97.9%) 199,539,610 199,287,195

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ Global Multi-SectorBond ETF (the "Fund").







CAD 2,167,294 AUD 2,400,000 0.9030 April 9, 2020 89,875 The Bank of Nova Scotia AJPY 132,345,116 CAD 1,700,744 77.8160 April 9, 2020 31,910 The Bank of Nova Scotia AUSD 1,510,000 CAD 1,972,875 0.7654 April 9, 2020 151,961 The Bank of Nova Scotia AUSD 4,000,000 CAD 5,700,960 0.7016 April 9, 2020 (72,255) The Bank of Nova Scotia ACAD 21,459,235 EUR 14,700,000 1.4598 April 9, 2020 (1,361,390) The Bank of Nova Scotia ACAD 4,514,131 EUR 3,100,000 1.4562 April 9, 2020 (298,382) The Bank of Nova Scotia ACAD 3,930,230 GBP 2,300,000 1.7088 April 9, 2020 (90,489) The Bank of Nova Scotia ACAD 426,180 GBP 250,000 1.7047 April 9, 2020 (10,855) The Bank of Nova Scotia ACAD 1,590,289 IDR 16,806,600,000 0.0001 April 9, 2020 141,263 The Bank of Nova Scotia ACAD 22,356,211 JPY 1,865,800,000 0.0120 April 9, 2020 (2,070,726) The Bank of Nova Scotia ACAD 982,343 JPY 82,430,834 0.0119 April 9, 2020 (96,836) The Bank of Nova Scotia ACAD 2,777,551 KRW 2,457,500,000 0.0011 April 9, 2020 (63,809) The Bank of Nova Scotia ACAD 2,174,684 KRW 1,932,438,760 0.0011 April 9, 2020 (59,600) The Bank of Nova Scotia ACAD 1,538,905 MYR 4,800,000 0.3206 April 9, 2020 (24,371) The Bank of Nova Scotia ACAD 1,292,731 THB 29,900,000 0.0432 April 9, 2020 10,620 The Bank of Nova Scotia ACAD 151,053,935 USD 115,650,000 1.3061 April 9, 2020 (11,686,009) The Bank of Nova Scotia A

(15,409,093)





Investment ObjectiveThe Fund’s investment objective is to provide interest incomeand capital appreciation by investing primarily in fixed incomesecurities of issuers from around the world.



March 31, 2020 (%)

United States 62.9Japan 13.6Italy 5.2United Kingdom 3.9Spain 3.4South Korea 2.5France 2.2Chile 1.6Netherlands 1.5Germany 1.4Belgium 1.2Australia 1.0Portugal 0.8Ireland 0.8Malaysia 0.8Canada 0.7Indonesia 0.6Thailand 0.6Bermuda 0.5Sweden 0.3Foreign Exchange Forward Contracts (7.6)


United States 58.6Japan 13.1Italy 4.5United Kingdom 4.5Canada 2.2Spain 2.1France 2.0Australia 1.9Germany 1.6Chile 1.3Netherlands 1.3South Korea 1.3Indonesia 0.7Portugal 0.7Malaysia 0.7Mexico 0.7Thailand 0.6Sweden 0.3Ireland 0.3Belgium 0.1Foreign Exchange Forward Contracts (1.0)

Portfolio by Sector

March 31, 2020 (%)

Corporate Bonds 50.4Government Bonds 44.1Emerging Markets Bonds 6.1High Yield Bonds 4.9Foreign Exchange Forward Contracts (7.6)


Corporate Bonds 49.5Government Bonds 39.6Emerging Markets Bonds 5.3High Yield Bonds 4.1Foreign Exchange Forward Contracts (1.0)


March 31, 2020 (%)

United States Fixed Income 62.9International Fixed Income 41.9Canadian Fixed Income 0.7Foreign Exchange Forward Contracts (7.6)


United States Fixed Income 58.6International Fixed Income 37.7Canadian Fixed Income 2.2Foreign Exchange Forward Contracts (1.0)



Credit RiskAs at March 31, 2020 and September 30, 2019, the Fundinvested in debt instruments, foreign exchange forwardcontracts, preferred shares, short-term investments and cashand cash equivalents, as applicable, with the following creditratings:

Percentage of Net Assets (%)

Credit RatingMarch 31,

2020September 30,

2019

AAA 25.6 25.8AA 5.1 3.3A 27.3 29.8BBB 30.1 28.8BB 4.6 4.9B 0.8 0.3Not Rated 5.6 6.2





Interest Rate RiskAs at March 31, 2020 and September 30, 2019, the Fund’sexposure to debt instruments by maturity was as follows:

($'000)Debt Instruments*by Maturity Date

March 31,2020

September 30,2019

Less than 1 year 11,699 –1-3 years 19,204 32,2473-5 years 23,502 29,147Greater than 5 years 160,291 147,340* Excludes cash and cash equivalents and preferred shares but

includes short-term investments, as applicable

As at March 31, 2020 and September 30, 2019, if the yieldcurve had shifted in parallel by 25 basis points, with all othervariables held constant, Net Assets would have increased ordecreased, respectively, by approximately $4,272,000(September 30, 2019 – $4,080,000).





BenchmarkMarch 31,

2020September 30,

2019

Blended Benchmark 32,377 19,032

The Blended Benchmark is composed of 50% BloombergBarclays Global Treasury Index (hedged to CAD) and 50%Bloomberg Barclays US Corporate Investment Grade Index(hedged to CAD).


Currency RiskThe amounts in the following tables are based on the fairvalue of the Fund’s financial instruments (including cash andcash equivalents) as well as the underlying principal amountsof foreign exchange forward contracts, as applicable. Otherfinancial assets (including cash collateral received for

securities on loan, dividends and interest receivables andreceivables for investments sold) and financial liabilities(including payable for cash collateral under securities lendingand payable for investments purchased) that aredenominated in foreign currencies do not expose the Fund tosignificant currency risk.


March 31, 2020

($'000)Financial

Instruments

ForeignExchange



Pound Sterling 4,536 (4,458) 78 0.0South Korean Won 5,122 (5,075) 47 0.0Australian Dollar 2,108 (2,077) 31 0.0Thai Baht 1,252 (1,282) (30) 0.0Malaysian Ringgit 1,526 (1,563) (37) 0.0Indonesian Rupiah 1,320 (1,449) (129) (0.1)Japanese Yen 23,548 (23,773) (225) (0.1)Euro Currency 26,928 (27,634) (706) (0.3)United States Dollar 149,450 (154,986) (5,536) (2.7)

September 30, 2019

($'000)Financial

Instruments

ForeignExchange



United States Dollar 147,558 (145,478) 2,080 1.0Pound Sterling 3,862 (3,748) 114 0.1Thai Baht 1,291 (1,239) 52 0.0Euro Currency 20,647 (20,599) 48 0.0Malaysian Ringgit 1,479 (1,455) 24 0.0Mexican Peso 1,446 (1,425) 21 0.0Australian Dollar 3,920 (3,914) 6 0.0Indonesian Rupiah 1,513 (1,559) (46) 0.0South Korean Won 2,749 (2,862) (113) (0.1)Japanese Yen 23,198 (23,493) (295) (0.1)


As at March 31, 2020 and September 30, 2019, if theCanadian dollar had strengthened or weakened by 2 percent,in relation to all currencies, with all other variables heldconstant, Net Assets would have increased or decreased,respectively, by approximately $130,000 (September 30,2019 – $38,000).








March 31, 2020


Equities – – – –Debt Instruments – 214,696 – 214,696Short-Term Investments – – – –Investments in Underlying Funds – – – –Total Investments – 214,696 – 214,696Derivative Assets – 426 – 426Derivative Liabilities – (15,835) – (15,835)

September 30, 2019


Equities – – – –Debt Instruments – 208,734 – 208,734Short-Term Investments – – – –Investments in Underlying Funds – – – –Total Investments – 208,734 – 208,734Derivative Assets – 576 – 576Derivative Liabilities – (2,519) – (2,519)





March 31, 2020 March 31, 2019

($'000)% of Gross


Income




($'000)March 31,

2020September 30,

2019







As atMarch 31,

2020September 30,

2019


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .










. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .













AGFiQ International Equity ETF (Note 1)







. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Net realized gain (loss) on investments (1,396) (2,805). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of investments (7,102) (392)

Net gain (loss) on investments (7,655) (2,752)Net realized gain (loss) on derivatives – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Total Income (Loss), Net (7,616) (2,725)ExpensesManagement fees (Note 7(a)) 114 64

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Total expenses 343 157. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less expenses waived/absorbed by Manager (Note 7(b)) – (2)Net expenses 343 155Increase (Decrease) in Net Assets Attributable







Adjustments for:Exchange (gain) loss on foreign currencies 1 (2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives 1,396 2,805

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciationin value of investments and derivatives 7,102 392

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Proceeds from sale and maturity of investments andderivatives† 19,102 29,266

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


(Increase) decrease in dividends andinterest receivable (177) 226

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Increase (decrease) in accrued management fees 3 (6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Operating Activities (23,769) 21,116




Amounts paid on redemption of redeemable units† (5,315) (21,763)Net Cash Generated (Used) by

Financing Activities 23,917 (21,524)Exchange gain (loss) on foreign currencies (1) 2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .






† Excludes in-kind redemptions of nil (2019 - $43,830)











. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


unit transactions 25,003 (63,476)



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains – (29). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Increase (decrease) in net assets attributable to holdersof redeemable units for the period 15,958 (68,234)







FairValue ($)

Australia (5.0%)30,546 AGL Energy Limited 632,812 454,531

5,245 ASX Limited 380,153 350,007142,046 AusNet Services 204,739 210,261

14,047 Caltex Australia Limited 410,756 271,40019,766 Computershare Limited 323,095 166,1391,432 CSL Limited 332,175 367,760

10,700 Newcrest Mining Limited 254,304 213,4958,003 Rio Tinto Limited 718,792 585,87147,432 Transurban Group 614,356 494,346

5,157 Woodside Petroleum Limited 173,232 81,2904,044,414 3,195,100

Austria (0.9%)7,672 Erste Group Bank AG 378,759 201,063

13,713 Voestalpine AG 587,242 394,501966,001 595,564

Belgium (1.1%)2,058 KBC Group NV 207,469 134,222

9,611 Telenet Group Holding NV 471,203 409,3321,256 UCB SA 136,354 154,007

815,026 697,561Colombia (0.6%)

8,992 Millicom International Cellular SA 461,646 357,661Denmark (2.4%)

2,182 Coloplast AS 341,329 447,56012,934 Novo Nordisk AS 'B' 901,633 1,100,199

1,242,962 1,547,759Finland (1.9%)

8,040 Metso Oyj 381,837 271,04310,679 Sampo Oyj 643,717 441,22712,864 UPM-Kymmene Oyj 541,575 500,956

1,567,129 1,213,226France (7.2%)

2,143 Aeroports de Paris 524,899 290,8744,430 Airbus SE 868,103 408,013

16,288 Carrefour SA 357,306 364,4231,784 Compagnie Generale des

Etablissements Michelin SCA 310,508 224,452631 Hermes International 566,395 615,836

1,094 L'Oreal SA 414,159 405,65512,150 STMicroelectronics NV 333,939 374,8063,818 Thales SA 576,108 452,625

15,762 TOTAL SA 1,068,433 865,7955,255 VINCI SA 715,603 614,989

5,735,453 4,617,468Germany (7.2%)

1,316 adidas AG 486,886 420,5673,088 Allianz SE 966,288 751,91411,226 Deutsche Post AG 517,712 431,68011,292 Deutsche Wohnen AG 640,662 608,3435,767 Fresenius Medical Care AG &

Company KGaA 574,336 538,8524,363 Henkel AG & Company KGaA 563,104 456,0851,842 Munchener Ruckversicherungs-

Gesellschaft AG 623,840 526,3402,513 SAP SE 414,272 400,9676,778 Vonovia SE 450,459 471,937

5,237,559 4,606,685


FairValue ($)

Hong Kong (5.5%)26,800 AIA Group Limited 350,949 341,26618,500 CK Hutchison Holdings Limited 230,906 175,63257,000 CK Infrastructure Holdings Limited 541,867 426,288

266,000 HKT Trust and HKT Limited 525,146 509,8905,900 Jardine Matheson Holdings

Limited 462,669 415,154664,000 PCCW Limited 525,515 514,668

52,500 Power Assets Holdings Limited 530,353 441,71379,600 Sands China Limited 534,278 410,357

128,000 The Hong Kong and China GasCompany Limited 328,499 296,942

4,030,182 3,531,910Israel (0.9%)

3,900 Check Point Software TechnologiesLimited 610,446 551,811

Italy (0.4%)33,963 Mediobanca Banca di Credito

Finanziario SpA 478,594 265,048Japan (26.9%)

4,900 ABC-MART Inc. 411,386 346,95329,200 Astellas Pharma Inc. 655,377 638,61111,800 Bridgestone Corporation 604,120 513,203

20,000 Casio Computer Company Limited 533,535 397,0942,400 Hoya Corporation 292,597 288,986

43,200 Japan Post Bank Company Limited 605,774 563,71164 Japan Real Estate Investment

Corporation 497,742 530,22686,500 JXTG Holdings Inc. 549,971 419,112

1,000 Keyence Corporation 428,253 455,85920,100 Komatsu Limited 639,193 467,8724,800 Lawson Inc. 348,179 372,540

35,100 Marubeni Corporation 331,211 247,61314,300 Mitsubishi Estate Company

Limited 336,270 298,52013,200 Mitsubishi Materials Corporation 458,026 382,670

90,400 Mizuho Financial Group Inc. 189,917 146,23910,000 Nippon Telegraph & Telephone

Corporation 298,081 337,08416,800 Nomura Real Estate Holdings Inc. 537,387 385,890

246 Nomura Real Estate MasterFund Inc. 487,870 439,808

19,400 Nomura Research Institute Limited 555,680 580,94511,000 NTT DOCOMO Inc. 350,319 486,1843,000 OBIC Company Limited 561,946 555,9834,925 OMRON Corporation 342,447 362,904

26,600 ORIX Corporation 566,466 452,7613,400 Recruit Holdings Company Limited 171,984 124,4214,100 Rinnai Corporation 416,364 410,509

27,600 Seiko Epson Corporation 524,747 422,6424,900 Shin-Etsu Chemical Company

Limited 644,545 688,13435,500 Softbank Corporation 626,853 638,631

7,400 Sompo Holdings Inc. 385,030 323,7778,400 Sony Corporation 622,601 705,926

83,700 Sumitomo Chemical CompanyLimited 501,341 351,648

12,100 Sumitomo Heavy IndustriesLimited 471,045 308,973

11,000 Sumitomo Metal Mining CompanyLimited 458,040 319,324

4,100 Sundrug Company Limited 195,547 185,668






FairValue ($)

Japan (continued)9,200 Takeda Pharmaceutical Company

Limited 484,509 398,3191,196 Tokyo Electron Limited 325,852 318,625

26,800 Tosoh Corporation 560,844 431,43712,100 Toyota Motor Corporation 1,047,670 1,029,5398,000 Trend Micro Inc. 537,960 559,124

70,900 Yamada Denki Company Limited 464,107 399,94519,020,786 17,287,410

Macau (0.5%)140,000 Wynn Macau Limited 420,101 299,367

Netherlands (3.4%)2,927 ASML Holding NV 918,864 1,101,458

47,238 ING Groep NV 807,636 350,573145,411 Koninklijke KPN NV 570,083 491,111

4,391 Randstad NV 307,733 219,2492,604,316 2,162,391

New Zealand (1.4%)69,701 Auckland International Airport

Limited 493,726 292,06712,139 Fisher & Paykel Healthcare

Corporation Limited 183,049 309,68136,108 Meridian Energy Limited 155,486 122,49818,404 Ryman Healthcare Limited 191,038 159,182

1,023,299 883,428Norway (0.8%)

43,861 Orkla ASA 'A' 511,820 528,528Singapore (2.0%)

60,400 Oversea-Chinese BankingCorporation Limited 671,831 516,698

37,100 SATS Limited 183,572 116,07722,755 Singapore Exchange Limited 165,336 207,051

24,600 United Overseas Bank Limited 631,285 473,7401,652,024 1,313,566

Spain (2.2%)1,751 Aena SME SA 427,736 270,470

56,396 Bankinter SA 606,396 292,71063,452 Iberdrola SA 828,901 884,786

1,863,033 1,447,966Sweden (1.0%)

5,454 ICA Gruppen AB 317,747 324,23917,372 SKF AB 'B' 437,825 337,829

755,572 662,068Switzerland (13.8%)

23,428 ABB Limited 657,934 582,502929 Baloise Holding AG 226,565 172,371

57 Chocoladefabriken Lindt& Spruengli AG 985,910 1,125,569

549 EMS-Chemie Holding AG 452,192 488,449839 Geberit AG 525,735 522,586

1,187 Lonza Group AG 503,781 698,0379,686 Nestle SA 1,300,664 1,408,430

10,928 Novartis AG 1,272,935 1,275,856489 Partners Group Holding AG 499,841 478,752

2,709 Roche Holding AG 1,179,602 1,243,924327 Straumann Holding AG 383,975 344,913

3,640 Swiss Prime Site AG 522,211 504,2748,511,345 8,845,663


FairValue ($)

United Kingdom (13.4%)5,454 AstraZeneca PLC 542,585 687,9452,930 British American Tobacco PLC 152,466 141,306

18,243 Diageo PLC 957,484 824,80551,641 Direct Line Insurance Group PLC 301,511 267,105

38,427 GlaxoSmithKline PLC 1,076,587 1,017,36563,473 HSBC Holdings PLC 703,799 503,99515,935 Imperial Brands PLC 663,103 416,925

104,718 J Sainsbury PLC 365,226 385,13225,930 Kingfisher PLC 86,658 65,224114,126 Legal and General Group PLC 363,323 386,716

721,436 Lloyds Banking Group PLC 761,720 403,5434,542 NEXT PLC 460,129 323,294

22,910 RELX PLC 685,239 693,61022,966 Royal Dutch Shell PLC 'A' 962,914 569,65313,920 SSE PLC 289,561 317,535132,171 Tesco PLC 548,301 528,60911,224 Unilever PLC 837,000 799,596

84,608 Wm Morrison Supermarkets PLC 264,955 263,25310,022,561 8,595,611


Total Portfolio (98.5%) 71,459,583 63,205,791

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ International EquityETF (the "Fund").





Investment ObjectiveThe Fund’s investment objective is to provide long-termcapital appreciation with reduced volatility, over a full marketcycle, by investing primarily in equity securities of issuers inEurope, Australasia and the Far East.



March 31, 2020 (%)

Japan 26.9Switzerland 13.8United Kingdom 13.4France 7.2Germany 7.2Hong Kong 5.5Australia 5.0Netherlands 3.4Denmark 2.4Spain 2.2Singapore 2.0Finland 1.9New Zealand 1.4Belgium 1.1Sweden 1.0Austria 0.9Israel 0.9Norway 0.8Colombia 0.6Macau 0.5Italy 0.4


Japan 22.9United Kingdom 18.1Switzerland 11.3Germany 9.2Australia 9.1France 7.5Netherlands 4.1New Zealand 2.3Singapore 2.3Hong Kong 2.1Finland 1.8Spain 1.6Denmark 1.5Belgium 1.4Austria 1.4Israel 0.8Italy 0.7Norway 0.5

Portfolio by Sector

March 31, 2020 (%)

Health Care 15.1Financials 13.3Consumer Staples 13.3Industrials 12.1Consumer Discretionary 9.6Information Technology 9.1Materials 6.8Communication Services 5.8Real Estate 5.1Utilities 4.9Energy 3.4


Financials 19.0Health Care 13.0Consumer Staples 13.0Industrials 12.5Consumer Discretionary 10.5Information Technology 7.4Materials 7.3Energy 6.0Communication Services 3.8Real Estate 3.6Utilities 2.5


March 31, 2020 (%)















BenchmarkMarch 31,

2020September 30,

2019

MSCI EAFE Net Index 2,735 8,298




March 31, 2020

($'000)Financial

Instruments

ForeignExchange



Japanese Yen 17,287 – 17,287 26.9Euro Currency 15,606 – 15,606 24.3Swiss Franc 8,846 – 8,846 13.8Pound Sterling 8,630 – 8,630 13.4Hong Kong Dollar 3,416 – 3,416 5.3Australian Dollar 3,195 – 3,195 5.0Danish Krone 1,558 – 1,558 2.4United States Dollar 1,327 – 1,327 2.1Singapore Dollar 1,314 – 1,314 2.0Swedish Krona 1,020 – 1,020 1.6New Zealand Dollar 883 – 883 1.4Norwegian Krone 529 – 529 0.8

September 30, 2019

($'000)Financial

Instruments

ForeignExchange



Euro Currency 13,377 – 13,377 27.7Japanese Yen 11,042 – 11,042 22.9Pound Sterling 8,729 – 8,729 18.1Swiss Franc 5,449 – 5,449 11.3Australian Dollar 4,401 – 4,401 9.1New Zealand Dollar 1,128 – 1,128 2.3Singapore Dollar 1,094 – 1,094 2.3United States Dollar 1,011 – 1,011 2.1Danish Krone 729 – 729 1.5Hong Kong Dollar 707 – 707 1.5Norwegian Krone 253 – 253 0.5** Includes both monetary and non-monetary instruments, as

applicable

As at March 31, 2020 and September 30, 2019, if theCanadian dollar had strengthened or weakened by 2 percent,in relation to all currencies, with all other variables heldconstant, Net Assets would have decreased or increased,respectively, by approximately $1,272,000 (September 30,2019 – $958,000).




March 31, 2020



September 30, 2019











March 31, 2020 March 31, 2019

($'000)% of Gross


Income

Gross Securities Lending Income 4 100.0 7 100.0Interest Paid on Cash Collateral – – – –Withholding Taxes (0) (1.1) – –Agent Fees - The Bank of New York



($'000)March 31,

2020September 30,

2019







As atMarch 31,

2020September 30,

2019


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .










. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .













AGFiQ US Equity ETF (Note 1)







. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Net realized gain (loss) on investments 5,243 3,560. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) invalue of investments (15,088) (6,647)

Net gain (loss) on investments (8,290) (873)Net realized gain (loss) on derivatives – –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Total Income (Loss), Net (8,196) (777)ExpensesManagement fees (Note 7(a)) 298 347

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Total expenses 590 736. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .








Adjustments for:Exchange (gain) loss on foreign currencies (23) (10)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investmentsand derivatives (5,243) (3,560)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciationin value of investments and derivatives 15,088 6,647

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


(Increase) decrease in dividends andinterest receivable 13 21

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Increase (decrease) in accrued management fees – (1). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Proceeds from redeemable units issued† 55 222. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Financing Activities (2,541) (2,536)Exchange gain (loss) on foreign currencies 23 10

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents (721) (90). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents (Bank overdraft)beginning of period 1,845 1,401

Cash and Cash Equivalents (Bank Overdraft)End of Period $ 1,147 $ 1,321



† Excludes in-kind subscriptions of $7,187 (2019 - $26,726)†† Excludes in-kind redemptions of $18,198 (2019 - $59,565)











. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinvestment of distributions to holders ofredeemable units – 6,380

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


unit transactions (11,162) (26,753)



. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains – (6,380). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Increase (decrease) in net assets attributable to holdersof redeemable units for the period (22,338) (36,894)







FairValue ($)

Communication Services (9.5%)2,035 Alphabet Inc. 'A' 2,887,349 3,327,6576,090 AT&T Inc. 301,363 249,829

1,811 Charter Communications Inc. 1,143,108 1,111,98920,811 Comcast Corporation 'A' 973,243 1,006,89810,233 Facebook Inc. 'A' 2,263,082 2,402,07011,109 Fox Corporation 'A' 518,844 369,424

10,490 Omnicom Group Inc. 1,052,183 810,46612,187 The Interpublic Group of

Companies Inc. 327,710 277,6711,713 The Walt Disney Company 337,485 232,874

29,986 Verizon Communications Inc. 2,286,240 2,267,36812,090,607 12,056,246

Consumer Discretionary (9.6%)2,187 Amazon.com Inc. 4,705,744 6,000,780400 AutoZone Inc. 365,590 476,230120 Booking Holdings Inc. 299,878 227,192

4,256 Expedia Group Inc. 657,802 337,0274,150 Lennar Corporation 'A' 326,337 223,0996,520 LKQ Corporation 307,562 188,1915,616 Lowe's Companies Inc. 655,945 680,087

61 NVR Inc. 308,584 220,5461,314 O'Reilly Automotive Inc. 578,045 556,6999,499 PulteGroup Inc. 412,725 298,3732,272 PVH Corporation 271,037 120,3503,587 Royal Caribbean Cruises Limited 620,844 162,3944,686 Starbucks Corporation 448,679 433,5302,195 Target Corporation 197,770 287,1877,643 The Home Depot Inc. 2,291,170 2,008,252

12,447,712 12,219,937Consumer Staples (6.9%)

15,541 Altria Group Inc. 1,260,509 845,74611,644 General Mills Inc. 700,133 864,721

7,877 Kimberly-Clark Corporation 1,208,260 1,417,4786,241 Molson Coors Beverage Company 447,416 342,623

9,408 PepsiCo Inc. 1,381,493 1,590,1099,479 Philip Morris International Inc. 1,061,245 973,2712,375 The Clorox Company 552,892 579,0604,102 The JM Smucker Company 564,773 640,775

12,439 The Kraft Heinz Company 480,326 433,0846,607 The Procter & Gamble Company 953,409 1,022,783

8,610,456 8,709,650Energy (2.5%)

15,227 Chevron Corporation 2,362,321 1,552,7425,965 ConocoPhillips 468,289 258,552

20,924 Exxon Mobil Corporation 2,174,303 1,118,07823,246 Halliburton Company 615,301 224,091

5,620,214 3,153,463Financials (9.3%)

22,777 Aflac Inc. 1,453,123 1,097,5319,196 American Express Company 1,153,218 1,107,924

56,251 Bank of America Corporation 2,172,310 1,680,61010,718 Capital One Financial Corporation 1,323,556 760,507

1,103 Everest Re Group Limited 420,591 298,6844,946 Fidelity National Financial Inc. 302,284 173,177


FairValue ($)

Financials (continued)9,346 Fifth Third Bancorp 347,046 195,317

21,389 JPMorgan Chase & Company 2,885,093 2,709,9705,792 MetLife Inc. 343,735 249,1793,517 State Street Corporation 362,775 263,6591,534 SVB Financial Group 448,889 326,151

10,841 Synchrony Financial 375,152 245,47810,481 The Allstate Corporation 1,264,631 1,353,009

7,694 The Charles Schwab Corporation 433,846 364,0305,570 The Progressive Corporation 568,193 578,8079,585 Wells Fargo & Company 564,717 387,133

14,419,159 11,791,166Health Care (17.2%)

6,311 AbbVie Inc. 678,804 676,6791,412 Allergan PLC 295,888 351,917

5,442 Amgen Inc. 1,384,648 1,552,6139,033 Baxter International Inc. 969,137 1,032,0993,282 Becton Dickinson and Company 1,075,498 1,061,2521,970 Biogen Inc. 750,590 877,126

6,602 Bristol-Myers Squibb Company 501,017 517,8805,985 Cerner Corporation 562,315 530,5452,261 Cigna Corporation 579,629 563,770

10,325 CVS Health Corporation 972,544 862,08715,103 Gilead Sciences Inc. 1,256,794 1,588,9833,780 HCA Healthcare Inc. 542,816 477,965

14,019 Hologic Inc. 872,546 692,4862,885 Humana Inc. 1,301,180 1,274,9402,584 Jazz Pharmaceuticals PLC 465,327 362,70115,417 Johnson & Johnson 2,782,252 2,845,04212,644 Medtronic PLC 1,848,431 1,604,65415,813 Pfizer Inc. 791,754 726,3591,662 Regeneron Pharmaceuticals Inc. 625,172 1,142,0773,792 STERIS PLC 705,981 746,9476,630 UnitedHealth Group Inc. 1,846,481 2,326,815

20,808,804 21,814,937Industrials (9.1%)

6,376 AMETEK Inc. 860,306 646,2321,660 Caterpillar Inc. 315,178 271,083

415 CoStar Group Inc. 407,088 342,9485,572 Cummins Inc. 1,082,483 1,061,10817,951 Delta Air Lines Inc. 1,317,074 720,7374,270 Dover Corporation 549,200 504,4108,718 Honeywell International Inc. 1,681,555 1,641,4484,452 IHS Markit Limited 414,817 375,9184,818 Jacobs Engineering Group Inc. 634,060 537,480

16,199 Johnson Controls International PLC 898,029 614,6031,244 L3Harris Technologies Inc. 325,701 315,3333,677 Lockheed Martin Corporation 1,727,222 1,753,9451,286 Northrop Grumman Corporation 548,291 547,5512,397 Raytheon Company 580,987 442,4082,766 Snap-on Inc. 573,205 423,5922,459 The Boeing Company 1,125,385 516,1078,211 United Airlines Holdings Inc. 907,118 364,571

3,207 United Technologies Corporation 511,233 425,73114,458,932 11,505,205






FairValue ($)

Information Technology (24.2%)5,426 Accenture PLC 'A' 1,016,828 1,246,655

17,669 Apple Inc. 4,060,817 6,323,0691,080 Arista Networks Inc. 300,748 307,8523,353 Autodesk Inc. 834,836 736,5852,473 Broadcom Inc. 859,338 825,1686,175 Citrix Systems Inc. 853,155 1,230,0809,996 Cognizant Technology Solutions

Corporation 807,087 653,7113,937 F5 Networks Inc. 699,402 590,7884,297 Gartner Inc. 814,885 602,117

22,863 Intel Corporation 1,535,047 1,741,3162,268 International Business Machines

Corporation 438,507 354,062795 Intuit Inc. 264,312 257,325

1,121 Lam Research Corporation 405,069 378,6203,563 Mastercard Inc. 913,744 1,211,233

34,423 Microsoft Corporation 5,409,712 7,640,0221,469 NVIDIA Corporation 497,537 544,947

23,754 Oracle Corporation 1,514,896 1,615,6241,057 Palo Alto Networks Inc. 332,008 243,8932,926 QUALCOMM Inc. 291,092 278,5663,910 Skyworks Solutions Inc. 433,783 491,8172,698 Texas Instruments Inc. 454,829 379,4243,167 VeriSign Inc. 777,972 802,647

10,403 Visa Inc. 'A' 1,678,181 2,358,82025,193,785 30,814,341

Materials (1.9%)10,780 CF Industries Holdings Inc. 746,458 412,643

5,074 DuPont de Nemours Inc. 430,130 243,4964,272 Eastman Chemical Company 428,702 280,038

915 Martin Marietta Materials Inc. 328,288 243,66715,206 Newmont Corporation 770,040 968,965

2,196 Vulcan Materials Company 400,259 333,9833,103,877 2,482,792

Real Estate (4.0%)5,538 American Tower Corporation 1,129,529 1,697,0633,341 Crown Castle International

Corporation 464,439 678,9383,503 Equity Residential 393,831 304,2166,332 Extra Space Storage Inc. 708,691 853,3201,952 Public Storage 529,671 545,5924,676 Simon Property Group Inc. 1,033,770 361,0083,606 Sun Communities Inc. 794,944 633,579

5,054,875 5,073,716Utilities (4.8%)

10,637 American Electric PowerCompany Inc. 1,104,015 1,197,257

21,590 CenterPoint Energy Inc. 769,522 469,4276,416 NextEra Energy Inc. 1,720,159 2,172,615


FairValue ($)

Utilities (continued)17,281 The Southern Company 1,210,005 1,316,6608,122 WEC Energy Group Inc. 774,384 1,007,334


costs (Note 2) (38,768) –

Total Portfolio (99.0%) 127,347,738 125,784,746

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ US Equity ETF (the"Fund").





Investment ObjectiveThe Fund’s investment objective is to provide long-termcapital appreciation with reduced volatility, over a full marketcycle, by investing primarily in equity securities of issuers inthe United States.



March 31, 2020 (%)

United States 99.0


United States 98.7

Portfolio by Sector

March 31, 2020 (%)

Information Technology 24.2Health Care 17.2Consumer Discretionary 9.6Communication Services 9.5Financials 9.3Industrials 9.1Consumer Staples 6.9Utilities 4.8Real Estate 4.0Energy 2.5Materials 1.9


Information Technology 21.4Financials 13.3Health Care 13.2Industrials 10.1Consumer Discretionary 9.7Communication Services 9.2Consumer Staples 7.4Energy 4.9Utilities 4.4Real Estate 4.1Materials 1.0


March 31, 2020 (%)

United States Equity 99.0


United States Equity 98.7








BenchmarkMarch 31,

2020September 30,

2019

S&P 500 Net Index 31,697 58,535








March 31, 2020

($'000)Financial

Instruments

ForeignExchange




September 30, 2019

($'000)Financial

Instruments

ForeignExchange









March 31, 2020



September 30, 2019







March 31, 2020 March 31, 2019

($'000)% of Gross


Income




($'000)March 31,

2020September 30,

2019







As atMarch 31,

2020September 30,

2019

AssetsCurrent AssetsInvestments at fair value through profit or loss $ 61,394 $ –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Swaps at fair value through profit or loss 15,862 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents 22,607 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Dividends and interest receivable 102 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tax reclaims receivable – –99,965 1


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign exchange forward contracts at fair value through profit or loss 4,291 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



Accrued management fees (Note 7(a)) 9 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .






Foreign taxes payable – –22,255 –

Net Assets Attributable to Holders of Redeemable Units (Note 2) $ 77,710 $ 1Investments at Cost (Note 2) $ 75,216 $ –Net Assets Attributable to Holders of Redeemable Units per Unit (Note 6) $ 20.18 $ 25.00



AGFiQ US Long/Short Dividend Income CAD-Hedged ETF (Note 1)




STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

For the period ended March 31, 2020

IncomeDividends $ 1,143

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest for distribution purposes (Note 2) 239. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivative income (loss) (155). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized gain (loss) on investments 2,354. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) in value of investments (13,822)Net gain (loss) on investments (10,241)Net realized gain (loss) on derivatives (3,336)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) in value of derivatives (6,384)Net gain (loss) on derivatives (9,720)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Securities lending income (Note 2) –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net gain (loss) on foreign currencies and other net assets 1,650Total Income (Loss), Net (18,311)ExpensesManagement fees (Note 7(a)) 185

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Independent review committee fees 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Harmonized sales tax and other taxes 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign withholding taxes (Note 5) 337. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Commissions and other portfolio transaction costs (Note 2) 78Total expenses 629

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less expenses waived/absorbed by Manager (Note 7(b)) –Net expenses 629Increase (Decrease) in Net Assets Attributable to Holders of

Redeemable Units from Operations $ (18,940)Increase (Decrease) in Net Assets Attributable to Holders of

Redeemable Units from Operations per Unit (Note 2) $ (5.79)

STATEMENT OF CASH FLOWS (UNAUDITED)


Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to holders of redeemable units

from operations $ (18,940). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjustments for:Exchange (gain) loss on foreign currencies (69)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investments and derivatives 982. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciation in value of investmentsand derivatives 20,206

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases of investments and derivatives† (125,899). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale and maturity of investments and derivatives 60,109. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-cash dividends reinvested –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in dividends and interest receivable (102). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in accrued interest for short-term investments –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in tax reclaims receivable –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued management fees 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued expenses –Net Cash Generated (Used) by Operating Activities (63,704)

Cash Flows from Financing ActivitiesDistributions paid to holders of redeemable units, net of reinvestments (212)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from redeemable units issued† 86,453. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amounts paid on redemption of redeemable units –Net Cash Generated (Used) by Financing Activities 86,241Exchange gain (loss) on foreign currencies 69

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents 22,537. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents (Bank overdraft) beginning of period 1Cash and Cash Equivalents (Bank Overdraft) End of Period $ 22,607

Interest received, net of withholding tax* $ 239. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dividends received, net of withholding tax* $ 704. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

† Excludes in-kind subscriptions of $10,408






STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)


Net Assets Attributable to Holders of Redeemable Units atBeginning of Period $ 1

Increase (decrease) in net assets attributable to holders of redeemable unitsfrom operations (18,940)

Redeemable unit transactions (Note 6):Proceeds from redeemable units issued 96,861

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinvestment of distributions to holders of redeemable units –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payments on redemption of redeemable units –Net increase (decrease) from redeemable unit transactions 96,861


Distributions to holders of redeemable units (Note 6):Net investment income $ (212)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Return of capital –(212)

Increase (decrease) in net assets attributable to holders of redeemable units forthe period 77,709

Net Assets Attributable to Holders of Redeemable Units atEnd of Period $ 77,710






FairValue ($)

Communication Services (2.2%)9,471 AT&T Inc. 477,076 388,527

10,934 Cinemark Holdings Inc. 472,308 156,7984,620 Omnicom Group Inc. 458,207 356,945

16,093 The Interpublic Group ofCompanies Inc. 481,518 366,666

6,083 Verizon Communications Inc. 485,109 459,9612,374,218 1,728,897

Consumer Discretionary (3.7%)9,471 Foot Locker Inc. 532,231 293,894

10,087 General Motors Company 473,284 294,98115,785 H&R Block Inc. 480,654 312,77624,871 Hanesbrands Inc. 488,823 275,458

9,933 Harley-Davidson Inc. 470,336 264,6175,390 Las Vegas Sands Corporation 415,307 322,150

19,250 Newell Brands Inc. 486,162 359,7629,086 Nordstrom Inc. 479,175 196,148

13,783 Tapestry Inc. 480,999 251,1892,541 Whirlpool Corporation 523,451 306,817


7,469 Altria Group Inc. 439,523 406,4658,008 Archer-Daniels-Midland

Company 421,820 396,46717,094 Flowers Foods Inc. 483,944 493,6376,930 General Mills Inc. 479,197 514,6445,390 Kellogg Company 483,220 455,0456,853 Molson Coors Beverage

Company 505,130 376,2214,389 Philip Morris International Inc. 467,945 450,6486,699 The Coca-Cola Company 481,895 417,1673,542 The JM Smucker Company 480,696 553,297

4,243,370 4,063,591Energy (5.6%)

14,553 Baker Hughes Company 417,886 215,0459,394 Cheniere Energy Partners

Limited Partnership 525,618 357,0773,080 Chevron Corporation 461,670 314,077

9,163 CVR Energy Inc. 515,084 213,15629,106 Energy Transfer Limited

Partnership 482,962 188,42013,321 Enterprise Products Partners

Limited Partnership 479,559 268,0775,313 Exxon Mobil Corporation 468,509 283,901

17,556 Kinder Morgan Inc. 463,304 343,9156,006 Magellan Midstream Partners

Limited Partnership 504,958 308,4226,160 Marathon Petroleum

Corporation 512,722 204,76113,937 Murphy Oil Corporation 478,077 120,2314,928 ONEOK Inc. 448,047 151,256

11,858 PBF Energy Inc. 'A' 477,767 118,14918,403 Shell Midstream Partners

Limited Partnership 499,738 258,46716,786 Tallgrass Energy GP Limited

Partnership 425,337 388,8349,163 Targa Resources Corporation 466,297 89,105


FairValue ($)

Energy (continued)15,862 The Williams Companies Inc. 474,769 315,865

3,927 Valero Energy Corporation 465,895 250,6818,568,199 4,389,439

Financials (5.5%)7,777 Apollo Global Management Inc. 417,722 366,6439,933 Blackstone Mortgage Trust Inc. 471,547 260,283

18,018 Chimera InvestmentCorporation 478,364 230,746

8,239 CNA Financial Corporation 478,752 359,90148,356 MFA Financial Inc. 475,948 105,480

27,181 Navient Corporation 479,820 289,94923,023 New Residential Investment

Corporation 468,101 162,32531,031 New York Community

Bancorp Inc. 521,052 410,06116,555 Old Republic International

Corporation 479,682 355,2929,702 PacWest Bancorp 462,843 244,673

22,022 People's United Financial Inc. 472,627 342,4573,927 Prudential Financial Inc. 461,213 288,150

14,938 Starwood Property Trust Inc. 480,709 215,4782,695 The Hanover Insurance

Group Inc. 476,688 343,54020,944 Umpqua Holdings Corporation 439,900 321,272

7,064,968 4,296,250Health Care (2.6%)

4,235 AbbVie Inc. 433,840 454,0867,315 Cardinal Health Inc. 494,142 493,514

5,698 Gilead Sciences Inc. 488,805 599,4859,548 Pfizer Inc. 460,045 438,580

1,876,832 1,985,665Industrials (3.5%)

2,079 3M Company 447,559 399,3986,006 Icahn Enterprises Limited

Partnership 527,372 409,2583,773 ManpowerGroup Inc. 472,679 281,3634,697 MSC Industrial Direct

Company Inc. 442,549 363,3564,697 PACCAR Inc. 480,180 404,0753,157 United Parcel Service Inc. 'B' 477,887 415,051

2,079 Watsco Inc. 473,217 462,3603,321,443 2,734,861

Information Technology (2.6%)1,155 Broadcom Inc. 437,006 385,390

18,095 HP Inc. 414,596 442,0742,772 International Business Machines

Corporation 489,159 432,74215,092 Juniper Networks Inc. 481,055 406,5145,852 Western Digital Corporation 450,232 342,762

2,272,048 2,009,482Materials (1.6%)

8,085 International Paper Company 448,585 354,198






FairValue ($)

Materials (continued)8,547 Newmont Corporation 484,631 544,6368,624 WestRock Company 419,531 342,979

1,352,747 1,241,813Real Estate (3.6%)

7,238 Apartment Investment andManagement Company 484,101 358,039

22,792 Apple Hospitality REIT Inc. 481,508 294,1295,236 EPR Properties 521,243 178,4688,547 Gaming and Leisure

Properties Inc. 441,276 333,30111,627 Iron Mountain Inc. 504,720 389,4328,778 Omega Healthcare

Investors Inc. 510,846 327,85613,860 OUTFRONT Media Inc. 482,767 262,93017,479 Sabra Health Care REIT Inc. 481,912 268,61215,169 Service Properties Trust 492,218 115,27611,858 Weingarten Realty Investors 455,666 240,805

4,856,257 2,768,848No. of Shares/Face Value

AverageCost ($)

FairValue ($)

Utilities (7.5%)13,629 CenterPoint Energy Inc. 500,362 296,3324,081 Consolidated Edison Inc. 486,949 447,9694,466 Dominion Energy Inc. 480,785 453,7144,081 Duke Energy Corporation 506,809 464,5094,928 Edison International 459,774 379,9788,162 Exelon Corporation 483,999 422,8147,623 FirstEnergy Corporation 480,321 429,865

8,008 National Fuel Gas Company 468,104 420,246

No. of Shares/Face Value

AverageCost ($)

FairValue ($)

Utilities (continued)7,084 NextEra Energy Partners

Limited Partnership 486,011 428,6815,159 NorthWestern Corporation 480,881 434,3818,316 OGE Energy Corporation 467,786 359,6374,158 Pinnacle West Capital

Corporation 487,437 443,48910,395 PPL Corporation 440,974 361,0415,852 The Southern Company 472,981 445,871

6,703,173 5,788,527Short-Term Investment (35.4%)USD 19,550,000 U.S. Treasury Bills June 25, 2020 27,767,398 27,508,395Commissions and other portfolio transaction

costs (Note 2) (15,503) –Total Investments (79.0%) 75,215,572 61,393,560


Investments – Swaps (-2.7%)See Schedule B – (2,092,709)

Total Portfolio (70.8%) 75,215,572 55,009,500

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ US Long/ShortDividend Income CAD-Hedged ETF (the "Fund").



CAD 87,213,752 USD 64,980,000 1.3422 April 1, 2020 (4,232,601) The Toronto-Dominion Bank AACAD 1,207,820 USD 900,000 1.3420 April 1, 2020 (58,750) The Toronto-Dominion Bank AA

(4,291,351)

Schedule BTotal Return Swap Contracts

No. of Contracts Underlying Instrument Interest Rate (%) Maturity Date Notional Amount Fair Value ($) Counterparty Credit Rating

5,903INDXX Hedged Dividend

Income Index 2.0034 October 8, 2021 USD 37,711,947 (17,954,501) The Bank of Nova Scotia A

(6,475)INDXX Hedged Dividend

Income Index 1.2534 October 8, 2021 USD (37,367,037) 15,861,792 The Bank of Nova Scotia A(2,092,709)





Investment ObjectiveThe Fund’s investment objective is to seek performanceresults that correspond to the price and yield performance,before fees and expenses, of the Indxx Hedged DividendIncome Currency-Hedged CAD Index, an index that isdesigned to capture the spread between the long positions onhigh dividend-paying companies and short positions on no orlow dividend-paying companies.

Summary of Investment PortfolioAs at March 31, 2020, the Fund’s major portfolio categories,as a percentage of Net Assets, are included in the followingtables. As at September 30, 2019, all assets of the Fund wereinvested in cash and cash equivalents.

The Fund holds long and short positions in total return swapsto obtain exposure to the INDXX Hedged Dividend IncomeIndex. The Portfolio by Sector table below includes a look-through of the swaps as the Fund has indirect exposure tothe sectors of the index through the use of these derivatives.


March 31, 2020 (%)

United States – Long 55.9United States – Short 20.4Foreign Exchange Forward Contracts (5.5)

Portfolio by Sector

March 31, 2020 (%)

Long ShortShort-Term Investments 35.4 -Energy 13.8 (8.5)Financials 12.3 (10.2)Utilities 12.0 (4.7)Consumer Discretionary 9.6 (6.1)Consumer Staples 8.4 (3.3)Real Estate 8.1 (1.7)Industrials 5.8 (2.4)Information Technology 5.7 (3.3)Communication Services 4.5 (2.4)Health Care 4.3 (1.9)Materials 4.3 (2.8)Foreign Exchange Forward Contracts (5.5) -Cash Leg of Swap (0.6) -


March 31, 2020 (%)

United States Equity – Long 43.6Short-Term Investments 35.4Swaps – Long (23.1)Swaps – Short 20.4Foreign Exchange Forward Contracts (5.5)



Credit RiskAs at March 31, 2020, the Fund invested in debt instruments,foreign exchange forward contracts, preferred shares, short-term investments and cash and cash equivalents, asapplicable, with the credit ratings included in the followingtable. As at September 30, 2019, the Fund had not yetcommenced operations. Accordingly, the Fund was notsubject to significant credit risk.



2020September 30,

2019

AAA 35.4 -AA (5.5) -A 26.4 -

Interest Rate RiskAs at March 31, 2020, the Fund’s exposure to debtinstruments by maturity is included in the following table. Asat September 30, 2019, the Fund had not yet commencedoperations. Accordingly, the Fund was not subject tosignificant amounts of risk due to fluctuations in theprevailing levels of market interest rates.


March 31,2020

September 30,2019

Less than 1 year 27,508 –1-3 years – –3-5 years – –Greater than 5 years – –* Excludes cash and cash equivalents and preferred shares but


As at March 31, 2020, if the yield curve had shifted in parallelby 25 basis points, with all other variables held constant, NetAssets would have increased or decreased, respectively, byapproximately $16,000.

As at March 31, 2020, the Fund held cash and cashequivalents which were subject to fluctuations in theprevailing levels of market interest rates. If market interestrates had changed by 25 basis points, with all other variablesheld constant, interest income would have changed byapproximately $57,000. As at September 30, 2019, the Funddid not hold any significant cash and cash equivalents.



The impact on Net Assets of the Fund due to a 20 percentchange in benchmark, using historical correlation betweenthe return of the Fund's Units as compared to the return of





the Fund's benchmark, as at March 31, 2020, with all othervariables held constant, is included in the following table.Regression analysis has been utilized to estimate thehistorical correlation. The analysis uses 36 monthly datapoints, unless the inception of the Fund is less than threeyears, in which case since inception data has been used.

As at September 30, 2019, the Fund had not yet commencedoperations. Accordingly, the Fund had no exposure to otherprice risk as all assets were invested in cash and cashequivalents.


BenchmarkMarch 31,

2020September 30,

2019

Indxx Hedged Dividend Income Currency-HedgedCAD Index (Net Return) 14,601 N/A


Currency RiskThe amounts in the following table are based on the fair valueof the Fund’s financial instruments (including cash and cashequivalents) as well as the underlying principal amounts offoreign exchange forward contracts, as applicable. Otherfinancial assets (including cash collateral received forsecurities on loan, dividends and interest receivables andreceivables for investments sold) and financial liabilities(including payable for cash collateral under securities lendingand payable for investments purchased) that aredenominated in foreign currencies do not expose the Fund tosignificant currency risk.

Currencies to which the Fund had exposure as at March 31,2020, were as follows:

March 31, 2020

($'000)Financial

Instruments

ForeignExchange



United States Dollar 80,720 (92,713) (11,993) (15.4)


As at March 31, 2020, if the Canadian dollar hadstrengthened or weakened by 2 percent, in relation to allcurrencies, with all other variables held constant, Net Assetswould have increased or decreased, respectively, byapproximately $240,000. As at September 30, 2019, theFund did not have significant exposure to currency risk.



The following table illustrates the classifications of the Fund’sfinancial instruments within the fair value hierarchy as atMarch 31, 2020. As at September 30, 2019, all assets of theFund were invested in cash and cash equivalents.

March 31, 2020


Equities 33,885 – – 33,885Debt Instruments – – – –Short-Term Investments – 27,509 – 27,509Investments in Underlying Funds – – – –Total Investments 33,885 27,509 – 61,394Derivative Assets – 15,862 – 15,862Derivative Liabilities – (22,246) – (22,246)

There were no significant transfers between levels 1 and 2during the period ended March 31, 2020.


OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES(Note 2)The following table presents offsetting of financial assetsand liabilities and collateral amounts that would occur iffuture events, such as bankruptcy or termination ofcontracts, were to arise. No amounts were offset in thefinancial statements; therefore, the Gross Amount representsthe amounts shown in the Statements of Financial Position.Financial instruments eligible for offset include non-cashcollateral pledged by the Fund.

March 31, 2020Amounts Eligible for Offset

($'000)Gross

AmountFinancial

Instruments CashNet

Amount

Financial AssetsSwaps 15,862 – – 15,862Total 15,862 – – 15,862

Financial LiabilitiesSwaps (17,955) 17,659 – (296)Total (17,955) 17,659 – (296)






As atMarch 31,

2020September 30,

2019

AssetsCurrent AssetsInvestments at fair value through profit or loss $ 78,707 $ –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign exchange forward contracts at fair value through profit or loss 62 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Cash and cash equivalents 42,792 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





Dividends and interest receivable 127 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Tax reclaims receivable 3 –159,823 1


. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign exchange forward contracts at fair value through profit or loss 12,977 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .



Accrued management fees (Note 7(a)) 16 –. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .






Foreign taxes payable – –23,575 –

Net Assets Attributable to Holders of Redeemable Units (Note 2) $ 136,248 $ 1Investments at Cost (Note 2) $ 91,481 $ –Net Assets Attributable to Holders of Redeemable Units per Unit (Note 6) $ 26.98 $ 25.00



AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF (Note 1)




STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)


IncomeDividends $ 1,053

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest for distribution purposes (Note 2) 460. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Derivative income (loss) 368. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized gain (loss) on investments (5,513). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) in value of investments (12,774)Net gain (loss) on investments (16,406)Net realized gain (loss) on derivatives 30,794

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized appreciation (depreciation) in value of derivatives 14,635Net gain (loss) on derivatives 45,429

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Securities lending income (Note 2) –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net gain (loss) on foreign currencies and other net assets (62)Total Income (Loss), Net 28,961ExpensesManagement fees (Note 7(a)) 377

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Independent review committee fees 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Harmonized sales tax and other taxes 49. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Foreign withholding taxes (Note 5) 249. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Commissions and other portfolio transaction costs (Note 2) 280Total expenses 957

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Less expenses waived/absorbed by Manager (Note 7(b)) –Net expenses 957Increase (Decrease) in Net Assets Attributable to Holders of

Redeemable Units from Operations $ 28,004Increase (Decrease) in Net Assets Attributable to Holders of

Redeemable Units from Operations per Unit (Note 2) $ 4.22

STATEMENT OF CASH FLOWS (UNAUDITED)


Cash Flows from Operating ActivitiesIncrease (decrease) in net assets attributable to holders of redeemable units

from operations $ 28,004. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Adjustments for:Exchange (gain) loss on foreign currencies 601

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net realized (gain) loss on investments and derivatives (25,281). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net change in unrealized (appreciation) depreciation in value of investmentsand derivatives (1,861)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Purchases of investments and derivatives† (245,130). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from sale and maturity of investments and derivatives†† 245,114. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Non-cash dividends reinvested –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in dividends and interest receivable (127). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in accrued interest for short-term investments –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Increase) decrease in tax reclaims receivable (3). . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued management fees 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Increase (decrease) in accrued expenses –Net Cash Generated (Used) by Operating Activities 1,333

Cash Flows from Financing ActivitiesDistributions paid to holders of redeemable units, net of reinvestments –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceeds from redeemable units issued† 116,710. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amounts paid on redemption of redeemable units†† (74,651)Net Cash Generated (Used) by Financing Activities 42,059Exchange gain (loss) on foreign currencies (601)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Net increase (decrease) in cash and cash equivalents 43,392. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Cash and cash equivalents (Bank overdraft) beginning of period 1Cash and Cash Equivalents (Bank Overdraft) End of Period $ 42,792

Interest received, net of withholding tax* $ 460. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dividends received, net of withholding tax* $ 677. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

† Excludes in-kind subscriptions of $144,638†† Excludes in-kind redemptions of $78,454* Included as part of Cash Flows from Operating Activities





STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE UNITS (UNAUDITED)


Net Assets Attributable to Holders of Redeemable Units atBeginning of Period $ 1

Increase (decrease) in net assets attributable to holders of redeemable unitsfrom operations 28,004

Redeemable unit transactions (Note 6):Proceeds from redeemable units issued 261,348

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reinvestment of distributions to holders of redeemable units –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Payments on redemption of redeemable units (153,105)Net increase (decrease) from redeemable unit transactions 108,243


Distributions to holders of redeemable units (Note 6):Net investment income $ –

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Capital gains –. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Return of capital ––

Increase (decrease) in net assets attributable to holders of redeemable units forthe period 136,247

Net Assets Attributable to Holders of Redeemable Units atEnd of Period $ 136,248






FairValue ($)

Communication Services (2.1%)202 Cable One Inc. 421,814 467,350

10,605 Cinemark Holdings Inc. 434,256 152,0802,828 Electronic Arts Inc. 377,719 398,6611,414 IAC/InterActiveCorporation 421,400 356,654

4,343 Match Group Inc. 419,552 403,6302,626 Take-Two Interactive

Software Inc. 415,616 438,3321,010 The Madison Square Garden

Company 359,624 300,4925,252 Verizon Communications Inc. 407,886 397,126

3,257,867 2,914,325Consumer Discretionary (5.2%)

7,979 Aramark 363,677 224,2403,434 Columbia Sportswear Company 413,524 337,1755,252 D.R. Horton Inc. 368,383 251,2992,828 Darden Restaurants Inc. 392,046 216,7423,434 Dollar Tree Inc. 447,837 355,0564,141 Dunkin' Brands Group Inc. 400,680 309,447

6,565 frontdoor Inc. 387,175 321,330606 Graham Holdings Company 459,924 290,958

13,534 H&R Block Inc. 405,292 268,1731,616 Helen of Troy Limited 343,900 327,553

4,545 Lennar Corporation 'A' 364,279 244,3341,414 McDonald's Corporation 374,515 329,0347,777 Norwegian Cruise Line Holdings

Limited 364,968 119,953101 NVR Inc. 494,091 365,166

5,656 Ollie's Bargain OutletHoldings Inc. 380,423 368,852

808 O'Reilly Automotive Inc. 431,851 342,3236,868 PulteGroup Inc. 353,987 215,7305,959 Service Corporation

International 380,307 327,9807,676 ServiceMaster Global

Holdings Inc. 421,774 291,6662,727 Target Corporation 417,847 356,792

14,544 The Wendy's Company 395,918 304,5601,111 Ulta Beauty Inc. 377,156 274,709

4,444 Williams-Sonoma Inc. 396,596 265,9223,131 Yum Brands Inc. 417,726 301,961


4,040 Church & Dwight Company Inc. 375,629 364,89513,029 Flowers Foods Inc. 371,916 376,2496,666 Hormel Foods Corporation 376,593 437,5334,646 Kellogg Company 377,455 392,2343,232 Lamb Weston Holdings Inc. 344,483 259,7131,919 Lancaster Colony Corporation 382,656 390,6161,919 McCormick & Company Inc. 374,706 381,353

17,473 Sprouts Farmers Market Inc. 405,985 457,1231,919 The Hershey Company 375,578 357,8312,727 The JM Smucker Company 383,060 425,985

3,768,061 3,843,532Energy (1.6%)

20,402 Cabot Oil & Gas Corporation 445,777 493,555


FairValue ($)

Energy (continued)5,656 Cheniere Energy Inc. 429,561 266,6493,030 Chevron Corporation 374,897 308,9785,858 ConocoPhillips 411,334 253,914

14,847 Kinder Morgan Inc. 386,734 290,8478,787 Occidental Petroleum

Corporation 432,250 143,1984,242 ONEOK Inc. 377,534 130,201

14,948 The Williams Companies Inc. 419,792 297,6643,277,879 2,185,006

Financials (6.2%)16,362 AGNC Investment Corporation 362,005 243,618

404 Alleghany Corporation 397,529 314,03831,411 Annaly Capital

Management Inc. 370,955 224,1186,868 Arch Capital Group Limited 377,384 275,0752,828 Arthur J. Gallagher & Company 343,403 324,3974,949 AXIS Capital Holdings Limited 387,951 269,1877,777 Blackstone Mortgage Trust Inc. 370,185 203,788

6,464 Brown & Brown Inc. 326,542 329,4862,424 Cboe Global Markets Inc. 367,916 304,458

14,140 Chimera InvestmentCorporation 374,072 181,083

1,919 Chubb Limited 376,461 301,6311,414 CME Group Inc. 'A' 381,187 344,077

2,020 Erie Indemnity Company 'A' 444,082 421,4091,111 Everest Re Group Limited 375,869 300,851

9,797 Federated Hermes Inc. 399,751 262,6487,272 Fidelity National Financial Inc. 419,787 254,619

4,848 First American FinancialCorporation 382,809 289,346

3,131 Intercontinental Exchange Inc. 371,644 355,805808 MarketAxess Holdings Inc. 375,469 378,165

38,582 MFA Financial Inc. 382,072 84,16017,877 New Residential Investment

Corporation 368,709 126,04313,938 Old Republic International

Corporation 405,467 299,1281,616 RenaissanceRe Holdings Limited 390,227 339,583

3,434 RLI Corporation 412,355 424,93712,625 Starwood Property Trust Inc. 396,763 182,1132,323 The Hanover Insurance

Group Inc. 396,124 296,1205,555 The Hartford Financial Services

Group Inc. 406,753 275,49120,503 Two Harbors Investment

Corporation 372,176 109,9334,141 W. R. Berkley Corporation 374,678 304,027303 White Mountains Insurance

Group Limited 417,985 388,03511,528,310 8,407,369

Health Care (5.8%)3,333 Baxter International Inc. 374,635 380,8241,212 Becton Dickinson and Company 385,854 391,907808 Bio-Rad Laboratories Inc. 'A' 380,378 398,621

4,848 Bristol-Myers Squibb Company 372,110 380,291707 Chemed Corporation 401,632 431,017






FairValue ($)

Health Care (continued)5,656 DENTSPLY SIRONA Inc. 405,214 309,0751,010 DexCom Inc. 372,136 382,7332,222 Eli Lilly & Company 355,774 433,7806,161 Globus Medical Inc. 'A' 406,217 368,7511,515 Insulet Corporation 373,639 353,240

5,454 Ionis Pharmaceuticals Inc. 369,381 362,8942,121 Johnson & Johnson 377,694 391,4081,616 Laboratory Corporation of

America Holdings 368,406 287,4364,040 LivaNova PLC 407,512 257,2682,828 Medtronic PLC 403,407 358,9023,737 Merck & Company Inc. 412,494 404,634

3,030 Neurocrine Biosciences Inc. 393,670 369,0594,343 NuVasive Inc. 390,962 309,6292,626 Quest Diagnostics Inc. 359,181 296,7541,818 ResMed Inc. 351,829 376,837

909 The Cooper Companies Inc. 392,919 352,6472,727 United Therapeutics

Corporation 316,415 363,9118,371,459 7,961,618

Industrials (6.7%)909 AMERCO 441,949 371,682

4,141 CH Robinson Worldwide Inc. 423,361 385,7892,424 Cimpress PLC 368,048 181,4811,010 Cintas Corporation 351,022 246,2103,333 Copart Inc. 378,182 321,3952,424 FTI Consulting Inc. 362,252 408,5715,656 Graco Inc. 358,957 387,8767,373 HD Supply Holdings Inc. 379,873 294,9902,626 HEICO Corporation 414,763 275,7263,939 IHS Markit Limited 371,006 332,6013,030 JB Hunt Transport Services Inc. 435,844 393,2807,575 Johnson Controls International

PLC 405,281 287,4021,414 L3Harris Technologies Inc. 374,340 358,4251,212 Lennox International Inc. 390,681 310,070808 Lockheed Martin Corporation 405,614 385,4197,171 Macquarie Infrastructure

Corporation 369,544 254,8175,757 MasTec Inc. 365,474 265,1733,636 Mercury Systems Inc. 354,798 365,043

808 Northrop Grumman Corporation 370,537 344,0293,131 Republic Services Inc. 368,195 330,7337,474 Rollins Inc. 374,809 380,126808 Roper Technologies Inc. 369,995 354,559

5,252 Spirit AeroSystems Holdings Inc. 362,116 176,8701,010 The Boeing Company 360,210 211,9833,939 The Toro Company 376,937 360,8171,818 Verisk Analytics Inc. 'A' 365,884 356,6002,525 Waste Management Inc. 381,299 328,9061,818 Watsco Inc. 410,379 404,315

10,691,350 9,074,888Information Technology (7.8%)

1,515 Accenture PLC 'A' 363,673 348,0803,232 Akamai Technologies Inc. 380,485 416,133


FairValue ($)

Information Technology (continued)2,020 Alteryx Inc. 'A' 369,394 270,5444,444 Amdocs Limited 393,458 343,7856,262 Anaplan Inc. 372,201 266,6671,818 Automatic Data Processing Inc. 402,724 349,6923,434 Avalara Inc. 385,064 360,5174,242 Black Knight Inc. 355,810 346,6054,141 Blackbaud Inc. 371,886 323,725

3,939 Booz Allen Hamilton HoldingCorporation 'A' 377,701 380,496

2,626 Broadridge FinancialSolutions Inc. ADR 412,398 350,451

1,111 CACI International Inc. 346,844 330,1353,939 Ceridian HCM Holding Inc. 365,310 277,5562,727 Citrix Systems Inc. 390,429 543,2276,161 CoreLogic Inc. 348,850 264,793

4,242 Dolby Laboratories Inc. 'A' 366,668 323,6212,323 Euronet Worldwide Inc. 428,972 280,2322,020 Fidelity National Information

Services Inc. 360,088 345,7922,626 Fiserv Inc. 381,131 351,0421,010 FleetCor Technologies Inc. 394,649 265,1437,272 Genpact Limited 391,342 298,829

3,636 Itron Inc. 363,918 285,6794,141 Manhattan Associates Inc. 370,049 290,332

4,444 MAXIMUS Inc. 419,186 363,9851,717 Motorola Solutions Inc. 382,954 321,179

3,636 Paychex Inc. 397,800 321,9581,010 Paycom Software Inc. 373,892 287,1322,222 Paylocity Holding Corporation 379,139 276,1781,212 RingCentral Inc. 376,798 361,444

12,625 The Western Union Company 412,110 322,119909 Tyler Technologies Inc. 337,717 379,370

5,252 Verint Systems Inc. 378,192 317,81912,150,832 10,564,260

Materials (2.5%)3,939 Ball Corporation 353,431 358,4336,565 DuPont de Nemours Inc. 472,880 315,0471,212 Martin Marietta Materials Inc. 365,609 322,760

707 NewMarket Corporation 411,898 380,9416,262 Newmont Corporation 336,087 399,0312,828 Royal Gold Inc. 407,895 349,0728,989 Sealed Air Corporation 435,849 312,5872,626 The Scotts Miracle-Gro

Company 'A' 371,286 378,42614,342 Valvoline Inc. 394,802 264,2025,050 W. R. Grace & Company 421,872 253,004

3,971,609 3,333,503Real Estate (4.2%)

1,212 American Tower Corporation 354,827 371,4052,727 CoreSite Realty Corporation 379,355 444,7909,292 CubeSmart 392,050 350,3234,646 CyrusOne Inc. 373,575 403,741

505 Equinix Inc. 389,416 443,8734,040 Equity LifeStyle Properties Inc. 371,505 326,8022,727 Extra Space Storage Inc. 391,747 367,499






FairValue ($)

Real Estate (continued)8,989 Healthcare Trust of America Inc. 362,684 307,1478,787 Healthpeak Properties Inc. 404,466 294,9289,797 Invitation Homes Inc. 375,418 294,6355,454 National Retail Properties Inc. 395,634 247,0721,313 Public Storage 387,296 366,988

3,838 Realty Income Corporation 390,879 269,3058,484 Store Capital Corporation 407,244 216,3441,818 Sun Communities Inc. 374,892 319,4255,151 Ventas Inc. 406,591 194,2733,737 Welltower Inc. 406,020 240,7613,535 WP Carey Inc. 399,143 288,937

6,962,742 5,748,248No. of Shares/Face Value

AverageCost ($)

FairValue ($)

Utilities (2.6%)5,353 Alliant Energy Corporation 373,611 363,7822,222 American Water Works

Company Inc. 369,119 373,8674,646 CMS Energy Corporation 377,631 384,1263,030 Duke Energy Corporation 372,966 344,8824,343 Evergy Inc. 369,155 336,4602,828 IDACORP Inc. 388,798 349,391

1,111 NextEra Energy Inc. 372,822 376,2123,131 Pinnacle West Capital

Corporation 379,838 333,950

No. of Shares/Face Value

AverageCost ($)

FairValue ($)

Utilities (continued)4,646 The Southern Company 373,596 353,9843,030 WEC Energy Group Inc. 375,335 375,797

3,752,871 3,592,451Short-Term Investment (10.3%)USD 10,000,000 U.S. Treasury Bills June 25, 2020 14,204,658 14,070,790Commissions and other portfolio transaction

costs (Note 2) (10,533) –Total Investments (57.8%) 91,480,981 78,706,945


Investments – Swaps (20.2%)See Schedule B – 27,550,469

Total Portfolio (68.5%) 91,480,981 93,342,074

ADR – American Depository Receipt

Note: Percentages shown relate investments at fair value to totalNet Assets Attributable to Holders of Redeemable Units ("NetAssets") as at March 31, 2020 of AGFiQ US Market NeutralAnti-Beta CAD-Hedged ETF (the "Fund").



USD 909,000 CAD 1,217,689 0.7465 April 1, 2020 61,547 The Toronto-Dominion Bank AAUSD 89,800,000 CAD 127,639,026 0.7035 April 1, 2020 (1,263,516) The Toronto-Dominion Bank AAUSD 6,516,169 CAD 9,374,513 0.6951 April 1, 2020 (204,308) The Toronto-Dominion Bank AACAD 19,033,684 USD 13,700,000 1.3893 April 1, 2020 (246,326) The Toronto-Dominion Bank AACAD 1,280,367 USD 925,000 1.3842 April 1, 2020 (21,386) The Toronto-Dominion Bank AACAD 209,805,578 USD 156,319,000 1.3422 April 1, 2020 (10,182,151) The Toronto-Dominion Bank AACAD 21,457,600 USD 16,000,000 1.3411 April 1, 2020 (1,059,200) The Toronto-Dominion Bank AA

(12,915,340)

Schedule BTotal Return Swap Contracts

No. of Contracts Underlying Instrument Interest Rate (%) Maturity Date Notional Amount Fair Value ($) Counterparty Credit Rating

12,282

Dow Jones U.S. ThematicMarket Neutral Anti-

Beta Index 2.0034 October 8, 2021 USD 33,855,505 (10,581,613) The Bank of Nova Scotia A

(50,085)

Dow Jones U.S. ThematicMarket Neutral Anti-

Beta Index 1.2534 October 8, 2021 USD (91,735,116) 38,132,082 The Bank of Nova Scotia A27,550,469





Investment ObjectiveThe Fund’s investment objective is to seek performanceresults that correspond to the price and yield performance,before fees and expenses, of the Dow Jones U.S. ThematicMarket Neutral Anti-Beta (CAD-Hedged) Index, a market andsector-neutral index that is designed to capture the spreadbetween the long positions on low-beta companies and shortpositions on high-beta companies.

Summary of Investment PortfolioAs at March 31, 2020, the Fund’s major portfolio categories,as a percentage of Net Assets, are included in the followingtables. As at September 30, 2019, all assets of the Fund wereinvested in cash and cash equivalents.

The Fund holds long and short positions in total return swapsto obtain exposure to the Dow Jones U.S. Thematic MarketNeutral Anti-Beta Index. The Portfolio by Sector table belowincludes a look-through of the swaps as the Fund has indirectexposure to the sectors of the index through the use of thesederivatives.


March 31, 2020 (%)

United States – Long 49.7United States – Short 28.0United Kingdom 0.2Ireland 0.1Foreign Exchange Forward Contracts (9.5)

Portfolio by Sector

March 31, 2020 (%)

Long ShortCash Leg of Swap 59.8 -Information Technology 12.2 (12.5)Industrials 10.5 (9.1)Short-Term Investments 10.3 -Financials 9.7 (9.2)Health Care 9.2 (8.6)Consumer Discretionary 8.1 (7.0)Real Estate 6.7 (4.9)Consumer Staples 4.4 (3.8)Utilities 4.2 (4.0)Materials 3.9 (3.1)Communication Services 3.3 (2.9)Energy 2.5 (1.7)Foreign Exchange Forward Contracts (9.5) -


March 31, 2020 (%)

United States Equity – Long 47.2Swaps – Short 28.0Short-Term Investments 10.3Swaps – Long (7.8)International Equity – Long 0.3Foreign Exchange Forward Contracts (9.5)



Credit RiskAs at March 31, 2020, the Fund invested in debt instruments,foreign exchange forward contracts, preferred shares, short-term investments and cash and cash equivalents, asapplicable, with the credit ratings included in the followingtable. As at September 30, 2019, the Fund had not yetcommenced operations. Accordingly, the Fund was notsubject to significant credit risk.



2020September 30,

2019

AAA 10.3 –AA (9.5) –A 51.6 –

Interest Rate RiskAs at March 31, 2020, the Fund’s exposure to debtinstruments by maturity is included in the following table. Asat September 30, 2019, the Fund had not yet commencedoperations. Accordingly, the Fund was not subject tosignificant amounts of risk due to fluctuations in theprevailing levels of market interest rates.


March 31,2020

September 30,2019

Less than 1 year 14,071 –1-3 years – –3-5 years – –Greater than 5 years – –* Excludes cash and cash equivalents and preferred shares but


As at March 31, 2020, if the yield curve had shifted in parallelby 25 basis points, with all other variables held constant, NetAssets would have increased or decreased, respectively, byapproximately $8,000.

As at March 31, 2020, the Fund held cash and cashequivalents which were subject to fluctuations in theprevailing levels of market interest rates. If market interestrates had changed by 25 basis points, with all other variablesheld constant, interest income would have changed byapproximately $107,000. As at September 30, 2019, the Funddid not hold any significant cash and cash equivalents.







The impact on Net Assets of the Fund due to a 10 percentchange in benchmark, using historical correlation betweenthe return of the Fund's Units as compared to the return ofthe Fund's benchmark, as at March 31, 2020, with all othervariables held constant, is included in the following table.Regression analysis has been utilized to estimate thehistorical correlation. The analysis uses 36 monthly datapoints, unless the inception of the Fund is less than threeyears, in which case since inception data has been used.

As at September 30, 2019, the Fund had not yet commencedoperations. Accordingly, the Fund had no exposure to otherprice risk as all assets were invested in cash and cashequivalents.


BenchmarkMarch 31,

2020September 30,

2019

Dow Jones U.S. Thematic Market Neutral Anti-BetaIndex (CAD-Hedged) (Net Return) 13,890 N/A


Currency RiskThe amounts in the following table are based on the fair valueof the Fund’s financial instruments (including cash and cashequivalents) as well as the underlying principal amounts offoreign exchange forward contracts, as applicable. Otherfinancial assets (including cash collateral received forsecurities on loan, dividends and interest receivables andreceivables for investments sold) and financial liabilities(including payable for cash collateral under securities lendingand payable for investments purchased) that aredenominated in foreign currencies do not expose the Fund tosignificant currency risk.

Currencies to which the Fund had exposure as at March 31,2020, were as follows:March 31, 2020

($'000)Financial

Instruments

ForeignExchange



United States Dollar 119,783 (126,261) (6,478) (4.8)** Includes both monetary and non-monetary instruments, as

applicable

As at March 31, 2020, if the Canadian dollar hadstrengthened or weakened by 2 percent, in relation to allcurrencies, with all other variables held constant, Net Assetswould have increased or decreased, respectively, byapproximately $130,000. As at September 30, 2019, the Funddid not have significant exposure to currency risk.



The following table illustrates the classifications of the Fund’sfinancial instruments within the fair value hierarchy as atMarch 31, 2020. As at September 30, 2019, all assets of theFund were invested in cash and cash equivalents.

March 31, 2020


Equities 64,636 – – 64,636Debt Instruments – – – –Short-Term Investments – 14,071 – 14,071Investments in Underlying Funds – – – –Total Investments 64,636 14,071 – 78,707Derivative Assets – 38,194 – 38,194Derivative Liabilities – (23,559) – (23,559)

There were no significant transfers between levels 1 and 2during the period ended March 31, 2020.


OFFSETTING OF FINANCIAL ASSETS AND LIABILITIES(Note 2)The following table presents offsetting of financial assetsand liabilities and collateral amounts that would occur iffuture events, such as bankruptcy or termination ofcontracts, were to arise. No amounts were offset in thefinancial statements; therefore, the Gross Amount representsthe amounts shown in the Statements of Financial Position.Financial instruments eligible for offset include non-cashcollateral pledged by the Fund.

March 31, 2020Amounts Eligible for Offset

($'000)Gross

AmountFinancial

Instruments CashNet

Amount

Financial AssetsSwaps 38,132 – – 38,132Total 38,132 – – 38,132

Financial LiabilitiesSwaps (10,582) – – (10,582)Total (10,582) – – (10,582)





1. THE FUNDS:(a) The following AGFiQ exchange traded funds (“ETFs”)

(the “Funds”) are exchange traded mutual fundsestablished on the dates noted below as investmenttrusts under the laws of the Province of Ontariopursuant to an Amended and Restated MasterDeclaration of Trust dated August 26, 2019(“Declaration of Trust”), as amended from time totime. The units of the Funds are listed on either theToronto Stock Exchange (the “TSX”) or the AequitasNEO Exchange Inc. (the “NEO”). Either of TSX orNEO, as applicable, is referred to as the “Exchange”.AGFiQ US Long/Short Dividend Income CAD-HedgedETF and AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF are “alternative mutual funds” within themeaning of National Instrument 81-102, and arepermitted to use strategies generally prohibited byconventional mutual funds, such as the ability toborrow cash, to short sell beyond the limits prescribedfor conventional mutual funds and to generallyemploy leverage.

Name of FundExchange

Ticker SymbolDate of

EstablishmentDate of

Commencement

AGFiQ Canadian Equity ETF(formerly AGFiQ EnhancedCore Canadian Equity ETF) QCD January 3, 2017 January 30, 2017

AGFiQ Emerging Markets EquityETF (formerly, AGFiQEnhanced CoreEmerging Markets EquityETF) QEM October 5, 2016 January 30, 2017

AGFiQ Global Balanced ETFPortfolio (formerly, AGFiQMultiAsset Allocation ETF) QMA January 3, 2017 January 30, 2017

AGFiQ Global Equity ETFPortfolio (formerly, AGFiQGlobal Equity Rotation ETF) QGL January 3, 2017 January 30, 2017

AGFiQ Global ESG Factors ETF(formerly, AGFiQ EnhancedGlobal ESG Factors ETF) QEF January 31, 2018 February 12, 2018

AGFiQ Global Income ETFPortfolio (formerly, AGFiQMultiAsset IncomeAllocation ETF) QMY January 3, 2017 January 30, 2017

AGFiQ Global Infrastructure ETF(formerly, AGFiQ EnhancedGlobal Infrastructure ETF) QIF January 31, 2018 February 12, 2018

AGFiQ Global Multi-Sector BondETF (formerly, AGFiQEnhanced Core GlobalMulti-Sector Bond ETF) QGB January 31, 2018 October 22, 2018

AGFiQ International Equity ETF(formerly, AGFiQ EnhancedCore International EquityETF) QIE January 3, 2017 January 30, 2017

AGFiQ US Equity ETF (formerly,AGFiQ Enhanced Core USEquity ETF) QUS January 3, 2017 January 30, 2017

Name of FundExchange

Ticker SymbolDate of

EstablishmentDate of

Commencement

AGFiQ US Long/Short DividendIncome CAD-Hedged ETF QUDV August 26, 2019 October 7, 2019

AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF QBTL August 26, 2019 October 7, 2019

AGF Investments Inc. (“AGFI”) is the manager(“Manager”), trustee and promoter of the Funds. Theaddress of the Funds’ registered office is 31st Floor,66 Wellington Street West, Toronto, Ontario. Theinvestment objectives for each fund are provided inthe respective fund’s Notes to Financial Statements –Fund Specific Information.These financial statements were authorized for issueon May 15, 2020 by the Board of Directors of AGFI, astrustee of the Funds.

(b) Fiscal periods:Except as indicated below, the financial statementsof each of the Funds comprise the Statements ofFinancial Position as at March 31, 2020 andSeptember 30, 2019, and the Statements ofComprehensive Income, Changes in Net AssetsAttributable to Holders of Redeemable Units andCash Flows for the six month periods ended March 31,2020 and 2019. The Schedule of Investment Portfoliois as at March 31, 2020.The Statements of Comprehensive Income, Changesin Net Assets Attributable to Holders of RedeemableUnits and Cash Flows of AGFiQ US Long/ShortDividend Income CAD-Hedged ETF and AGFiQ USMarket Neutral Anti-Beta CAD-Hedged ETF areprepared for the period from October 7, 2019 (date ofcommencement) to March 31, 2020. The funds wereestablished on August 26, 2019, but did notcommence operations until October 7, 2019.The Statements of Comprehensive Income, Changesin Net Assets Attributable to Holders of RedeemableUnits and Cash Flows of AGFiQ Global Multi-SectorBond ETF are prepared for the six month periodended March 31, 2020 and for the period fromOctober 22, 2018 (date of commencement) toMarch 31, 2019.

(c) Name changes:Certain funds were renamed (see the table inNote 1(a)) effective January 31, 2020.

2. SUMMARY OF ACCOUNTING POLICIES:

Basis of presentationThese financial statements have been prepared incompliance with International Financial ReportingStandards (“IFRS”) applicable to the preparation offinancial statements, including International AccountingStandard (“IAS”) 34, Interim Financial Reporting. The

Notes to Financial Statements (UNAUDITED)

MARCH 31, 2020


Funds have consistently applied the accounting policiesused in the preparation of the most recent auditedannual financial statements for the year endedSeptember 30, 2019. The financial statements areprepared under the historical cost convention, except forfinancial assets and financial liabilities that have beenmeasured at fair value.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe following summarizes the significant accountingpolicies of the Funds.

Financial instrumentsFinancial instruments include financial assets andliabilities, such as investments, derivatives, cash and cashequivalents, and other receivables and payables. TheFunds classify and measure financial instruments inaccordance with IFRS 9, Financial Instruments. Uponinitial recognition, financial instruments are classified asfair value through profit or loss (“FVTPL”). All financialassets and liabilities are recognized in the Statements ofFinancial Position when the fund becomes a party to thecontractual requirements of the instrument. Financialinstruments are derecognized when the right to receivecash flows from the instrument has expired or the fundhas transferred substantially all risks and rewards ofownership. As such, investment purchase and saletransactions are recorded as of the trade date.

Financial assets and financial liabilities are subsequentlymeasured at FVTPL with changes in fair value recognizedin the Statements of Comprehensive Income.

The accounting policies for measuring the fair value ofinvestments and derivatives are substantially similar tothose used in measuring the Funds’ net asset value (“NetAsset Value”) for the purpose of processing unitholdertransactions in accordance with Section 14.2 of NationalInstrument 81-106. As at all dates presented, there wereno differences between the Funds’ Net Asset Value perunit and net assets attributable to holders of redeemableunits per unit.

Valuation of investments and derivativesFair value is the price that would be received to sell anasset or paid to transfer a liability in an orderlytransaction between market participants at themeasurement date. The fair value of investments andderivatives is determined as follows:

(a) Investments that are traded in an active marketthrough recognized public stock exchanges, over-the-counter markets, or through recognizedinvestment dealers, are valued based on quotedmarket prices at the close of trading on the reportingdate. The Funds use the last traded market price forboth financial assets and financial liabilities wherethe last traded price falls within that day’s closingbid-ask spread. In circumstances where the lasttraded price is not within the bid-ask spread, the

Manager determines the point within the bid-askspread that is most representative of fair value basedon the specific facts and circumstances.

(b) Investments that are not traded in an active marketare valued using valuation techniques. The Funds usea variety of methods and make assumptions that arebased on market conditions existing at eachreporting date. Valuation techniques include the useof comparable recent arm’s length transactions,reference to other instruments that are substantiallythe same, discounted cash flow analysis, optionpricing models and other techniques commonly usedby market participants and which make themaximum use of observable inputs. The fair value ofcertain securities may be estimated using valuationtechniques based on assumptions that are notsupported by observable market inputs.

(c) Foreign exchange forward contracts are valued basedon the difference between the contractual forwardrates and the mid forward rates for currency heldlong or sold short at the measurement date.

(d) Swap contracts are valued at the amount that wouldbe received or paid to terminate the swap, based onthe current value of the underlying interest on themeasurement date.

Cash and cash equivalentsCash and cash equivalents are comprised of depositswith financial institutions with an original maturity dateof 90 days or less at the date of purchase. Cash and cashequivalents are reported at fair value which closelyapproximates their amortized cost due to their nature ofbeing highly liquid and having short terms to maturity.Where cash and cash equivalents are in net bankoverdraft positions, these are presented as currentliabilities in the Statements of Financial Position.

Commissions and other portfolio transaction costsCommissions and other portfolio transaction costs areincremental costs that are directly attributable to theacquisition, issue or disposal of an investment, whichinclude fees and commissions paid to agents, advisors,brokers and dealers, levies by regulatory agencies andsecurities exchanges, and transfer taxes and duties. Suchcosts are expensed and are included in “Commissions andother portfolio transaction costs” in the Statements ofComprehensive Income.

Cost of investmentsThe cost of investments represents the amount paid foreach security, and is determined on an average cost basisexcluding commissions and other portfolio transactioncosts, where applicable.

Investment transactions and incomeInvestment transactions are accounted for on the tradedate. Realized gains and losses on sale of investmentsand unrealized appreciation and depreciation ofinvestments are calculated on an average cost basis.

Notes to Financial Statements (UNAUDITED) CONTINUED

MARCH 31, 2020


Interest for distribution purposes shown in theStatements of Comprehensive Income represents couponinterest on debt instruments accounted for on an accrualbasis. Interest receivable is included in “Dividends andinterest receivable” in the Statements of FinancialPosition based on the debt instruments’ stated rates ofinterest. The Funds do not amortize premiums paid ordiscounts received on the purchase of fixed incomesecurities except for zero-coupon bonds, which areamortized on an effective yield basis.

Dividend income and distributions from ETFs arerecognized on ex-dividend date. Securities lending incomeis recognized on a cash basis.

Foreign exchange forward contractsThe Funds may enter into foreign exchange forwardcontracts for economic hedging purposes or to establishan exposure to a particular currency. Unrealized gainsand losses on foreign exchange forward contracts areincluded in “Net change in unrealized appreciation(depreciation) in value of derivatives” in the Statementsof Comprehensive Income. Upon closing of a contract,the gain or loss is included in “Net realized gain (loss) onderivatives”. Outstanding settlement amounts on theclose out of foreign exchange forward contracts areincluded in “Receivable for foreign exchange forwardcontracts” or “Payable for foreign exchange forwardcontracts” in the Statements of Financial Position.

Total return swapsIn order to achieve the investment objective, certainfunds may enter into total return swap agreements(each a “Swap Agreement”) with one or morecounterparties as a substitute for investing directly insecurities, or to gain exposure to an underlying referenceasset. Under the terms of each Swap Agreement, thefund pays the counterparty a variable amount basedupon prevailing short-term market interest ratescomputed upon an agreed notional amount and anequity amount based upon any decline in value of anotional investment in a notional number of units thevalue of each of which will equal the value of theunderlying reference asset. In return, the counterpartywill pay the fund an equity amount based upon anyincrease in value of the underlying reference asset. Thetotal return will be comprised of notional income whichwould be earned on a notional investment in thereference asset plus any notional appreciation in thevalue of the underlying reference asset or, as the casemay be, minus any reduction in the value of theunderlying reference asset. The terms of each SwapAgreement require the funds to pledge short-term debtobligations to the counterparty to secure the payment ofthe fund’s payment obligations under the SwapAgreement.

The interest payments to the counterparty are accrueddaily by the Funds, payable monthly, and are included in“Derivative income (loss)” in the Statements ofComprehensive Income.

Unrealized gains and losses on total return swaps areincluded in “Net change in unrealized appreciation(depreciation) in value of derivatives” in the Statementsof Comprehensive Income. Upon closing of a contract,the gain or loss is included in “Net realized gain (loss) onderivatives”.

Investments in associates and subsidiariesThe Funds have determined that they meet the definitionof “investment entities”. An investment entity is an entitythat (i) obtains funds from one or more investors for thepurpose of providing them with investment managementservices; (ii) commits to its investors that its businesspurpose is to invest funds solely for returns from capitalappreciation, investment income, or both; and (iii)measures and evaluates the performance ofsubstantially all of its investments on a fair value basis.The most significant judgment that the Funds have madein determining that they meet this definition is that fairvalue is used as the primary measurement attribute tomeasure and evaluate the performance of substantiallyall of their investments.

Subsidiaries are entities over which the Funds havecontrol through their exposure or rights to variablereturns and have the ability to affect those returnsthrough their power over the entities. As the Funds meetthe definition of an investment entity, subsidiaries, if any,are measured at FVTPL. The Funds’ investments mayalso include associates over which the Funds havesignificant influence and these are also measured atFVTPL.

Interest in unconsolidated structured entitiesA structured entity is an entity that has been designed sothat voting or similar rights are not the dominant factorin deciding who controls the entity, such as when anyvoting rights relate to administrative tasks only and therelevant activities are directed by means of contractualarrangements. The Funds may invest in ETFs to helpachieve their respective investment objectives. The Fundshave determined that holdings in ETFs meet thedefinition of structured entities and as a result, suchinvestments are accounted for at FVTPL. The ETFs heldby the Funds are concluded to be structured entities as (i)the voting rights in these entities are not dominantfactors in deciding who controls them; (ii) their activitiesare restricted by the prospectus; and (iii) the entitieshave narrow and well-defined objectives to provideinvestment opportunities for investors while passing onthe associated risks and rewards.

Certain ETFs held by the Funds may employ leverage in amanner consistent with their respective investmentobjectives or as permitted by Canadian securitiesregulatory authorities. The ETFs finance their operationsby issuing redeemable units, which are puttable at theholder’s option and entitles the holder to a proportionatestake in the respective net assets. A fund has the right to


MARCH 31, 2020


request redemption of its investments in ETFs on eachvaluation date. Additional information on the Funds’interest in ETFs, as applicable, is provided in therespective fund’s Notes to Financial Statements – FundSpecific Information.

The Funds’ holdings in ETFs, as applicable, are included inthe Schedule of Investment Portfolio and represent theFunds’ maximum exposure to these investments. Thechange in fair value of these investments is included in“Net change in unrealized appreciation (depreciation) invalue of investments” in the Statements ofComprehensive Income.

Offsetting of financial assets and liabilitiesFinancial assets and liabilities are offset and the netamount is reported in the Statements of FinancialPosition when there is a legally enforceable right to offsetthe recognized amounts and there is an intention tosettle on a net basis, or to realize the asset and settle theliability simultaneously. In the normal course of business,the Funds enter into various master nettingarrangements or other similar agreements that do notmeet the criteria for offsetting in the Statements ofFinancial Position, but still allow for the related amountsto be set off in certain circumstances, such as bankruptcyor termination of the contracts.

The disclosures set out in the Offsetting of FinancialAssets and Liabilities tables in the respective fund’sNotes to Financial Statements – Fund SpecificInformation, as applicable, include assets and liabilities ofthe Swap Agreements that are subject to an enforceablemaster netting arrangement. Transactions withindividual counterparties are governed by separatemaster netting agreements. Each agreement allows fornet settlement of certain open contracts where a fundand its respective counterparty both elect to settle on anet basis. In the absence of such an election, contractswill be settled on a gross basis. However, each party tothe master netting agreement will have the option tosettle all open contracts on a net basis in the event ofdefault of the other party.

International Swaps and Derivatives Association Inc.Master Agreements (“ISDA Master Agreements”) governthe Swap Agreements entered into by certain funds andselect counterparties. The ISDA Master Agreementsmaintain provisions for general obligations,representations, agreements, collateral and events ofdefault or termination. Events of termination includeconditions that may entitle counterparties to elect toterminate early and cause settlement of all outstandingtransactions under the applicable ISDA MasterAgreement. Any election to terminate early could bematerial to the financial statements. The fair value ofSwap Agreements net of collateral received in or pledgedby the counterparty is disclosed in the respective fund’sNotes to Financial Statements – Fund SpecificInformation.

The Funds may be subject to various master agreementsor netting arrangements with select counterparties. Asthe master agreements are specific to unique operationsof different asset types, they allow the Funds to close outand net their total exposure to a counterparty in theevent of a default with respect to the transactionsgoverned under a single agreement with a counterparty.

Securities lending transactions are also subject to masternetting arrangements as discussed below (refer toSecurities lending transactions). Information on otherfinancial assets and liabilities that are subject to masternetting or similar arrangements, as applicable, isdisclosed in the respective fund’s Notes to FinancialStatements – Fund Specific Information.

Impairment of financial assetsAt each reporting date, the Funds assess whether there isobjective evidence that a financial asset at amortizedcost is impaired. If such evidence exists, the Fundsrecognize an impairment loss as the difference betweenthe amortized cost of the financial asset and the presentvalue of the estimated future cash flows, discountedusing the instrument’s original effective interest rate.Impairment losses on financial assets at amortized costare reversed in subsequent periods if the amount of theloss decreases and the decrease can be relatedobjectively to an event occurring after the impairmentwas recognized.

Redeemable unitsThe outstanding redeemable units of the Funds may beredeemed by unitholders for cash at a redemptiondiscount to the closing price on the Exchange on anytrading day. Refer to Note 6 for further details. Due tothis difference in redemption attribute, the Funds’outstanding redeemable units are classified as financialliabilities in accordance with the requirements of IAS 32,Financial Instruments: Presentation. The Funds’obligations for net assets attributable to holders ofredeemable units are measured at redemption amounts.

Foreign currency translationThe financial statements are expressed in Canadiandollars, which is the Funds’ functional and presentationcurrency. Foreign currency transactions and balances aretranslated into the functional currency as follows:

(a) Assets, including fair value of investments, andliabilities denominated in foreign currencies areconverted into Canadian dollars at the exchangerates prevailing at the valuation date.

(b) Purchases and sales of investments, dividends andinterest income denominated in foreign currencies areconverted into Canadian dollars at the exchangerates prevailing on the respective dates of suchtransactions.

(c) Foreign exchange gains and losses on investments


MARCH 31, 2020


are included in “Net realized gain (loss) oninvestments” and “Net change in unrealizedappreciation (depreciation) in value of investments”in the Statements of Comprehensive Income.

(d) Foreign exchange gains and losses on other financialassets (other than investments) and liabilitiesdenominated in foreign currencies are included in“Net gain (loss) on foreign currencies and other netassets” in the Statements of Comprehensive Income.

Increase (decrease) in net assets attributable to holdersof redeemable units from operations per unitIncrease (decrease) in net assets attributable to holdersof redeemable units from operations per unit is based onthe increase (decrease) in net assets attributable toholders of redeemable units from operations divided bythe weighted average number of units outstandingduring the period. The Funds’ weighted average numberof units outstanding during the periods ended March 31,2020 and 2019 is disclosed in Note 6.

Securities lending transactionsThe Funds may enter into securities lendingarrangements. These transactions involve the temporaryexchange of securities for collateral with a commitmentto deliver the same securities on demand. Income isearned from these transactions in the form of fees paidby the counterparty (“lending fees”) and, in certaincircumstances, interest paid on cash or securities held ascollateral (“lending interest income”). Income earnedfrom these transactions is included in “Securities lendingincome” in the Statements of Comprehensive Income. Areconciliation of the gross amount generated fromsecurities lending transactions to the amounts of lendingfees and lending interest income earned by each fund forthe periods ended March 31, 2020 and 2019 is disclosed inthe respective fund’s Notes to Financial Statements –Fund Specific Information.

The aggregate market value of all securities loaned by afund is not permitted to exceed 50% of the Net AssetValue of that fund. The minimum allowable collateral is102% of the current value of the loaned securities as perthe requirements of National Instrument 81–102.Collateral received is composed of cash (Canadian andU.S. Dollar) as well as debt obligations of theGovernment of Canada and other countries, Canadianprovincial governments and financial institutions, and isnot included in the Schedule of Investment Portfolio.Cash collateral is included in “Cash collateral received forsecurities on loan” and “Payable for cash collateral undersecurities lending” in the Statements of FinancialPosition.

The market value of the loaned securities is determinedon the close of any valuation date, and any additionalrequired collateral is delivered to the funds on the nextbusiness day. The securities on loan continue to beincluded in the Schedule of Investment Portfolio, and are

included in “Investments at fair value through profit orloss” in the Statements of Financial Position. All thecounterparties have an approved credit rating equivalentto a Standard & Poor’s credit rating of not less than A-1(low) on their short-term debt or A on their long-termdebt.

Securities lending transactions are subject to enforceablemaster netting arrangements that allow for relatedamounts to be set-off when certain conditions arise.Under such circumstances, the Funds have the right toretain and dispose of the collateral to the extentnecessary to satisfy their claims. The related amounts, asapplicable, are disclosed in the respective fund’s Notes toFinancial Statements – Fund Specific Information andare not offset in the Statements of Financial Position.The net of fair value of securities on loan and fair value ofcash collateral received represents the impact on therespective fund if the set-off right was exercised.

3. CRITICAL ACCOUNTING ESTIMATES ANDJUDGMENTS:The preparation of financial statements requiresmanagement to use judgment in applying its accountingpolicies and to make estimates and assumptions thatmay affect the reported amounts of assets, liabilities,income and expenses as at and during the period. Actualresults could differ from these estimates. The followingdiscusses the most significant accounting judgments andestimates that the Funds have made in preparing thefinancial statements:

Fair value measurement of derivatives and securities notquoted in an active marketThe Funds may hold financial instruments that are notquoted in active markets, including derivatives. Fairvalues of such instruments are determined usingvaluation techniques and may be determined usingreputable pricing sources or indicative prices from marketmakers. Broker quotes as obtained from the pricingsources may be indicative and not executable or binding.Where no market data is available, the Manager mayvalue the Funds’ positions using its own models, whichare usually based on valuation methods and techniquesgenerally recognized as standard within the industry. Themodels used to determine fair values are validated andperiodically reviewed by experienced personnel of theManager. Private equity securities are valued primarilybased on valuation techniques as discussed in Note 2.These models use observable data, to the extentpracticable. However, due to inherent uncertainty ofvaluations of such investments, the fair values may differfrom the values that would have been used should anactive market existed.

Classification of financial instrumentsIn classifying financial instruments held by the Funds, theManager is required to make significant judgments indetermining the most appropriate classification in


MARCH 31, 2020


accordance with IFRS 9. The Manager has assessed theFunds’ business models, the manner in which all financialassets and financial liabilities are managed andperformance evaluated as a group on a fair value basis,and concluded that FVTPL in accordance with IFRS 9provides the most appropriate classification of theFunds’ financial instruments.

Investment entityIn determining whether the Funds are investmententities, the Manager may be required to makesignificant judgments on whether the Funds meet thecriteria and typical characteristics within IFRS 10,Consolidated Financial Statements. Certain funds mayhold only one investment, have only one investor, or haveinvestors that are related parties; however, the Fundsmeet the investment entity definition as discussed inNote 2 (refer to Investments in associates andsubsidiaries).

4. FINANCIAL INSTRUMENTS:

Fair value measurementThe fair value hierarchy framework provides informationto financial statement users about the relativeobservability of inputs to fair value measurements. Thehierarchy has the following levels:

● Level 1 – unadjusted quoted prices in active marketsfor identical assets or liabilities;

● Level 2 – inputs other than quoted prices included inLevel 1 that are observable for the asset or liability,either directly (i.e. as prices) or indirectly (i.e. derivedfrom prices); and

● Level 3 – inputs that are not based on observablemarket data (unobservable inputs).

The classification within the hierarchy is based on thelowest level input that is significant to the fair valuemeasurement. Refer to Notes to Financial Statements –Fund Specific Information of each fund for the fair valuemeasurement disclosure.

All fair value measurements are recurring. Fair values areclassified as Level 1 when the related security orderivative is actively traded and a quoted price isavailable. If an instrument classified as Level 1subsequently ceases to be actively traded, it istransferred out of Level 1. In such cases, the instrument isreclassified into Level 2, unless the measurement of itsfair value requires the use of significant unobservableinputs, in which case it is classified as Level 3. The Funds’policy is to recognize transfers into and out of the fairvalue hierarchy levels as of the date of the event orchange in circumstances giving rise to the transfer.

The Manager is responsible for performing the fair valuemeasurements included in the financial statements ofthe Funds, including Level 3 measurements. At each

reporting date, the Manager reviews and approves allLevel 3 fair value measurements. The Manager also has aValuation Committee which performs detailed reviews ofthe valuations of investments held by the Funds.

Management of financial instrument risksIn the normal course of business, each fund may beexposed to a variety of financial risks: credit risk, liquidityrisk, market risk (including interest rate risk, other pricerisk and currency risk), leverage risk and concentrationrisk. The fair value of investments within a fund’sportfolio can fluctuate on a daily basis as a result ofchanges in interest rates, economic conditions, marketand company news related to specific securities withinthe fund. Market prices may be impacted by financialmarkets and political conditions, war and occupation,terrorism and related geopolitical risks, natural disasters,and public health emergencies, including an epidemic orpandemic. The level of risk depends on the fund’sinvestment objectives and the type of securities it investsin.

Each fund’s exposure to financial risks, as applicable, isdisclosed in the respective fund’s Notes to FinancialStatements – Fund Specific Information.

AGFI maintains a risk management practice thatincludes regular monitoring of the returns based on therisk profile of the Funds. AGFI also monitors compliancewith investment restrictions to ensure that such fundsare being managed in accordance with their statedinvestment objectives, strategies and securitiesregulations.

Some funds specialize in a particular industry, or in asingle country or geographic region of the world. Thesefunds may therefore be more volatile than more broadlydiversified funds. The overall risk management programof such funds seeks to minimize the potentially adverseeffect of risk on each fund’s financial performance in amanner consistent with its investment objective.Constraints and/or controls designed to foster portfoliodiversification, liquidity and risk mitigation areincorporated in the portfolio models.

Credit riskCredit risk is the risk that the counterparty to a financialinstrument will fail to discharge an obligation orcommitment that it has entered into with a fund.

Where a fund invests in debt instruments and derivativesor participates in securities lending, this represents themain concentration of credit risk. The fair value of debtinstruments and derivatives includes consideration of thecreditworthiness of the issuer and/or counterparty, andin the case of securities lending, creditworthiness of theborrower. This represents the maximum credit riskexposure of the fund. The credit risk related to thesecurities lending program is limited as each fund holdscollateral of at least 102% of the fair value of the loaned


MARCH 31, 2020


securities. The collateral and loaned securities aremarked to market on each valuation date and each fundlends no more than 50% of its Net Asset Value.

Certain funds invest in ETFs and may be exposed toindirect credit risk in the event that the ETFs invest indebt instruments and derivatives. Each fund is alsoexposed to counterparty credit risk on cash and cashequivalents, amounts due from brokers and otherreceivable balances. All transactions executed by a fundin listed securities are settled/paid for upon delivery usingapproved brokers. The risk of default is consideredminimal, as delivery of securities sold is only made oncethe broker has received payment. Payment is made on apurchase once the securities have been received by thebroker. The trade will fail if either party fails to meet itsobligation.

References made to credit ratings are obtained fromStandard & Poor’s and/or Dominion Bond Rating Service.Where one or more rating is obtained for a security, thelowest rating has been used.

Liquidity riskLiquidity risk is defined as the risk that a fund may not beable to settle or meet its obligation on time or at areasonable price.

Each fund is exposed to daily cash redemptions ofredeemable units. The units of each fund are issued andredeemed on demand at the then current Net AssetValue per unit at the option of the unitholder. Liquidityrisk is managed by investing the majority of each fund’sassets in investments that are traded in an active marketand can be readily disposed. In accordance with securitiesregulations, each fund must invest at least 90% of assetsin liquid investments at the time of purchase (i.e.investments that are traded in an active market and canbe readily disposed of). In addition, each fund aims toretain sufficient cash and cash equivalent positions tomaintain liquidity, and has the ability to borrow up to 5%of its Net Asset Value for the purpose of fundingredemptions, except for AGFiQ US Long/Short DividendIncome CAD-Hedged ETF and AGFiQ US Market NeutralAnti-Beta CAD-Hedged ETF as discussed below (refer toLeverage risk).

Each fund may, from time to time, invest in securitiesthat are not traded in an active market and may beilliquid. Such investments include those that areidentified as private and/or restricted securities in theapplicable Schedule of Investment Portfolio. The Fundsmay also employ the use of derivatives to moderatecertain risk exposures. There is no guarantee that amarket will exist for some derivatives and it is possiblethat the exchanges may impose limits on trading ofderivatives.

As at March 31, 2020 and September 30, 2019, the Funds’redeemable units are redeemable on demand at the

option of the unitholder. All other financial liabilities ofthe Funds mature in one year or less.

Interest rate riskInterest rate risk arises from the possibility that changesin interest rates will affect future cash flows or fair valuesof financial instruments.

Interest rate risk arises when a fund invests in interest-bearing financial instruments. The fund is exposed to therisk that the value of such financial instruments willfluctuate due to changes in the prevailing levels ofmarket interest rates. There is minimal fair valuesensitivity to interest rate fluctuations on any cash andcash equivalents invested at short-term market interestrates.

Certain funds invest in ETFs and may be exposed toindirect interest rate risk in the event that the ETFs investin interest-bearing financial instruments.

Other price riskOther price risk is the risk that the fair value or futurecash flows of financial instruments will fluctuate becauseof changes in market prices (other than those arisingfrom interest rate risk or currency risk). The methodologyused to calculate the sensitivity impact on net assetsattributable to holders of redeemable units may result ina figure that exceeds the net assets attributable toholders of redeemable units of the fund; however, themaximum loss that can be sustained by the holders ofredeemable units of the fund in aggregate may notexceed the net assets attributable to holders ofredeemable units.

The portfolio management team of the Funds aims tomoderate this risk through the use of a proprietary,multi-factor and quantitative investment process toconstruct portfolios within the limits of the respectivefund’s investment objectives and strategy. The maximumrisk resulting from financial instruments is determined bythe fair value of the financial instruments. Each fund’soverall market position is monitored regularly by theportfolio management team. Financial instruments heldby each fund are susceptible to market price risk arisingfrom uncertainties about future prices of theinstruments.

The portfolio asset allocations of the Funds are alsoreconstituted and rebalanced on a monthly or quarterlybasis, but have the latitude to rebalance on an ad hocbasis should market conditions dictate.

Currency riskCurrency risk is the risk that the value of a financialinstrument will fluctuate due to changes in foreignexchange rates.

Currency risk arises from financial instruments(including cash and cash equivalents) that aredenominated in a currency other than Canadian dollars,


MARCH 31, 2020


which represents the functional currency of the Funds.Each fund may enter into foreign exchange forwardcontracts for hedging purposes to reduce its foreigncurrency exposure, or to establish exposure to foreigncurrencies.

Certain funds invest in ETFs and may be exposed toindirect currency risk in the event that the ETFs invest infinancial instruments that are denominated in a currencyother than Canadian dollars.

Leverage riskLeverage occurs when a fund’s notional exposure tounderlying assets is greater than the amount investedand is an investment technique that can magnify gainsand losses. Consequently, any adverse change in thevalue or level of the underlying asset, rate or index mayamplify losses compared to those that would have beenincurred if the underlying asset had been held directly bythe fund, and may result in losses greater than theamount invested in the derivative itself. Leverage mayincrease volatility, impair a fund’s liquidity or cause a fundto liquidate positions at unfavourable times. Leveragecan be created through the use of cash borrowings, shortsales and/or derivatives.

Under National Instrument 81-102, AGFiQ US Long/ShortDividend Income CAD-Hedged ETF and AGFiQ USMarket Neutral Anti-Beta CAD-Hedged ETF may borrowup to a maximum of 50% of its Net Asset Value and maysell securities short whereby the aggregate market valueof the securities sold short will be limited to 50% of itsNet Asset Value. The combined use of short-selling andcash borrowing by each of these funds is subject to anoverall limit of 50% of its Net Asset Value. The funds havereceived exemptive relief from National Instrument81-102 in order to (i) permit the aggregate market valueof all securities sold short by the funds to be limited to100% of its Net Asset Value, and (ii) permit theaggregate market value of any securities sold short bysuch funds combined with the aggregate value of cashborrowing, if any, to be subject to an overall limit of 100%of its Net Asset Value.

Leverage of AGFiQ US Long/Short Dividend IncomeCAD-Hedged ETF and AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF is calculated as the sum of thefollowing: (i) the aggregate market value of cashborrowing; (ii) the aggregate market value of securitiessold short; and (iii) the aggregate notional value ofspecified derivatives positions excluding any specifiedderivatives used for hedging purposes. The fund’saggregate gross exposure must not exceed 300% of itsNet Asset Value, calculated on a daily basis.

During the period ended March 31, 2020, the aggregateamount of leverage exercised by AGFiQ US Long/ShortDividend Income CAD-Hedged ETF and AGFiQ USMarket Neutral Anti-Beta CAD-Hedged ETF ranged from93.2% to 151.3% and 123.2% to 154.8% of Net Asset Value,respectively, through the use of derivatives.

Investments in U.S. treasury bills that have been pledgedto the counterparty as collateral against the swaps as atMarch 31, 2020 for AGFiQ US Long/Short DividendIncome CAD-Hedged ETF and AGFiQ US Market NeutralAnti-Beta CAD-Hedged ETF are set out in the Offsettingof Financial Assets and Liabilities tables in the respectivefund’s Notes to Financial Statements – Fund SpecificInformation, as applicable.

Concentration riskConcentration risk arises as a result of the concentrationof exposures within the same category, whether it isgeographical location, asset type, industry sector orcounterparty exposure. The disclosure of concentrationrisk is provided in the Notes to Financial Statements –Fund Specific Information of each fund.

5. TAXATION:(a) The Funds qualify as mutual fund trusts under the

Income Tax Act (Canada). In accordance with theterms of the Declaration of Trust, all of the netincome for tax purposes and sufficient net realizedcapital gains, determined in Canadian dollars, will bepaid or payable to unitholders in the taxation year sothat no income tax is payable by the funds(after taking into account capital gains tax refundsand prior year unutilized losses, as applicable). TheFunds elected to have their taxation years end onDecember 15 of each calendar year.All or substantially all of the Funds’ net income for taxpurposes and sufficient net capital gains realized inany period are required to be distributed tounitholders such that no income tax is payable by theFunds. As a result, the Funds have determined thatthey are in substance not taxable and therefore donot record income taxes in the Statements ofComprehensive Income. Consequently, the tax benefitof capital and non-capital losses and othertemporary differences have not been reflected in theStatements of Financial Position as deferred incometax assets or liabilities.

(b) As of the Funds’ most recent taxation year end ofDecember 15, 2019, the following funds had availablecapital and non-capital losses as follows:

Non-Capital Loss*

(thousands of dollars)Year ofExpiry ($)

CapitalLoss**

($)

AGFiQ Emerging Markets Equity ETF – 2,089

AGFiQ Global ESG Factors ETF – 1,379

AGFiQ Global Infrastructure ETF – 88

AGFiQ International Equity ETF – 1,743


MARCH 31, 2020


Non-Capital Loss*

(thousands of dollars)Year ofExpiry ($)

CapitalLoss**

($)

AGFiQ US Long/Short Dividend IncomeCAD-Hedged ETF – 720

AGFiQ US Market Neutral Anti-BetaCAD-Hedged ETF 4

2039 1,522

* Non-capital losses can be offset against income infuture years.

** Net capital losses can be carried forwardindefinitely for offset against capital gains in futureyears.

(c) The Funds may incur withholding taxes imposed bycertain countries on investment income and capitalgains. Such income and gains are recorded on a grossbasis and the related withholding taxes are includedin “Foreign withholding taxes”, which are shown as aseparate expense in the Statements ofComprehensive Income.

6. REDEEMABLE UNITS:Units issued and outstanding represent the capital of theFunds. Each fund is authorized to issue an unlimitednumber of redeemable and transferable units, whichrepresent an equal and undivided interest in the netassets attributable to holders of redeemable units. TheFunds are listed on the Exchange and investors may buyor sell units on the Exchange through a registered brokeror dealer in the province or territory where the investorresides. Investors may incur customary brokeragecommissions when buying or selling the units.

On any trading day, which is defined as a day on whichthe Exchange is opened for business, a designated brokeror dealer may place a subscription or exchange order forthe prescribed number of units (or an integral multiplethereof) of the Funds. If the subscription or exchangeorder is accepted, the applicable fund will issue orexchange units to/from the designated broker or dealerby no later than the second trading day (or third tradingday pursuant to exemptive relief the fund may haveobtained) after the date on which the subscription order

is accepted, provided that payment for such units hasbeen received. For each prescribed number of units issuedor redeemed, a designated broker or dealer must deliveror receive payment consisting of, in the Manager’sdiscretion, (i) a basket of applicable securities and cash;or (ii) cash in an amount equal to the Net Asset Value ofthe units exchanged.

On any trading day, unitholders may redeem units of theFunds for cash at a redemption price per unit equal to thelesser of (i) 95% of the closing price for the units on theExchange; and (ii) the Net Asset Value per unit on theeffective day of the redemption. In order for a cashredemption to be effective on a trading day, a cashredemption request in the form prescribed by theManager from time to time must be delivered to theapplicable fund at its registered office by the applicablecut-off time set out in the Funds’ prospectus. If a cashredemption request is not received by such time, the cashredemption request will be effective on the next tradingday. Payment of the redemption price will be made by nolater than the second trading day (or third trading daypursuant to exemptive relief the fund may have obtained)after the effective date of the redemption.

The Funds have no restrictions or specific capitalrequirements on the subscription and redemption ofunits, other than minimum subscription requirements.The Statements of Changes in Net Assets Attributable toHolders of Redeemable Units identifies changes in eachfund’s capital during the periods. AGFI manages thecapital of the Funds in accordance with the Funds’investment objectives, including managing their liquidityin order to be able to meet redemptions as discussed inNote 4.

Unitholders on record date are entitled to distributions, inthe form of cash or units, in accordance with thedistribution policy disclosed in the prospectus. Notional(i.e. non-cash) distributions are reinvested in additionalunits and these units will be immediately consolidatedsuch that the number of outstanding units following thedistribution will equal the number of outstanding unitsprior to the distribution and the Net Asset Value per unitremains unchanged. Such distributions increase theadjusted cost base of the unitholder.

The units issued and redeemed and the weighted average number of units outstanding during the periods indicated are asfollows:

(thousands of units)

Units Outstandingat Beginning of

Period Units Issued* Units RedeemedUnits Outstanding

at End of Period

Weighted AverageNumber of Units

Outstanding

Periods Ended March 31, 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019AGFiQ Canadian Equity ETF 3,625 2,525 175 1,200 (300) (50) 3,500 3,675 3,552 3,087AGFiQ Emerging Markets Equity ETF 3,125 1,625 275 150 (500) (50) 2,900 1,725 2,851 1,663AGFiQ Global Balanced ETF Portfolio 100 100 – – – – 100 100 100 100


MARCH 31, 2020


(thousands of units)

Units Outstandingat Beginning of

Period Units Issued* Units RedeemedUnits Outstanding

at End of Period

Weighted AverageNumber of Units

Outstanding

Periods Ended March 31, 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019AGFiQ Global Equity ETF Portfolio 100 125 – – – – 100 125 100 125AGFiQ Global ESG Factors ETF 2,175 2,625 725 150 (550) (600) 2,350 2,175 2,087 2,485AGFiQ Global Income ETF Portfolio 100 125 25 – (25) (25) 100 100 100 103AGFiQ Global Infrastructure ETF 10,175 10,350 225 900 (325) (1,200) 10,075 10,050 10,172 10,807AGFiQ Global Multi-Sector Bond ETF 7,850 1 300 6,199 (400) – 7,750 6,200 7,859 2,977AGFiQ International Equity ETF 1,750 2,900 1,050 75 (200) (2,400) 2,600 575 2,097 1,195AGFiQ US Equity ETF 4,700 6,150 225 925 (550) (2,100) 4,375 4,975 4,568 5,933AGFiQ US Long/Short Dividend Income

CAD-Hedged ETF 1 – 3,850 – (1) – 3,850 – 3,271 –AGFiQ US Market Neutral Anti-Beta

CAD-Hedged ETF 1 – 10,749 – (5,700) – 5,050 – 6,638 –

* Units issued also include reinvested distributions, which are immediately consolidated with the units held prior to thedistribution.

The following funds were held by a fund or group of fundsmanaged by the Manager with ownership exceeding 25%of net assets attributable to holders of redeemable unitsof the specified fund as at March 31, 2020 andSeptember 30, 2019. Where ownership exceeds 25% inone period only, the comparative amount shown may beless than 25%.

Percentage ofUnderlying Fund's

Net Assets (%)March 31,

2020September 30,

2019

AGFiQ Canadian Equity ETF 97% 96%AGFiQ Emerging Markets Equity ETF 93% 93%AGFiQ Global ESG Factors ETF 98% 92%AGFiQ Global Infrastructure ETF 95% 98%AGFiQ Global Multi-Sector Bond ETF 91% 95%AGFiQ International Equity ETF 93% 84%AGFiQ US Equity ETF 97% 97%AGFiQ US Long/Short Dividend Income CAD-Hedged ETF 98% –AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF 52% –

7. RELATED PARTY TRANSACTIONS:

Management of the Funds

(a) Pursuant to the management agreement betweenthe Funds and the Manager, the Manager isresponsible for the day-to-day business of the Funds,which includes providing key management personnel.The Manager also acts as the investment manager,managing the investment portfolios of the Fundseffective January 1, 2020. Prior to this date, AGFIentered into an investment management agreementwith Highstreet Asset Management Inc.(“Highstreet”), pursuant to which Highstreet wasresponsible for managing the investment portfoliosof the Funds.

In addition, AGFI (and Highstreet prior to January 1,2020) also entered into an investment sub-advisoryagreement with AGF Investments LLC. AGFInvestments LLC acts as a sub-advisor and providesinvestment sub-advisory services to AGFiQ GlobalBalanced ETF Portfolio, AGFiQ Global Equity ETFPortfolio, AGFiQ Global Income ETF Portfolio, AGFiQGlobal Multi-Sector Bond ETF, AGFiQ US Long/ShortDividend Income CAD-Hedged ETF and AGFiQ USMarket Neutral Anti-Beta CAD-Hedged ETF. AGFI,AGF Investments LLC and Highstreet are indirectwholly-owned subsidiaries of AGF ManagementLimited (“AGF”).Certain Funds may invest in ETFs in a mannerconsistent with the Funds’ investment objectives andpermitted by law. Funds with ETF exposure during thereporting period bear indirectly the management fees(which includes investment management fees) borneby the ETFs, after giving effect to rebates or waivers,as applicable.In accordance with the Declaration of Trust, theFunds agree to pay management fees, which arecalculated daily and payable monthly, based on theannual rates (see the following table) applicable tothe average Net Asset Value of each fund.Management fees are fees for various servicesincluding investment management and sub-advisoryservices. The Manager, at its discretion, may waivemanagement fees otherwise payable by the Funds(see Note 7(b)).The annual management fee rate, which includesapplicable taxes, for each fund, is as follows:


MARCH 31, 2020


AnnualManagement Fee

AGFiQ Canadian Equity ETF 0.45%AGFiQ Emerging Markets Equity ETF 0.45%AGFiQ Global Balanced ETF Portfolio 0.55%AGFiQ Global Equity ETF Portfolio 0.55%AGFiQ Global ESG Factors ETF 0.45%AGFiQ Global Income ETF Portfolio 0.55%AGFiQ Global Infrastructure ETF 0.45%AGFiQ Global Multi-Sector Bond ETF 0.45%AGFiQ International Equity ETF 0.45%AGFiQ US Equity ETF 0.45%AGFiQ US Long/Short Dividend Income CAD-Hedged ETF 0.55%AGFiQ US Market Neutral Anti-Beta CAD-Hedged ETF 0.55%

(b) In addition to management fees, the Funds are alsoresponsible for brokerage expenses and commissions,costs incurred in connection with the short selling ofsecurities (if applicable), costs incurred in connectionwith cash borrowings (if applicable), costs associatedwith the use of derivatives (if applicable), income andwithholding taxes as well as other applicable taxes,costs of complying with any new governmental orregulatory requirement introduced after the Fundswere established, costs associated with theestablishment and on-going operation of theIndependent Review Committee, and extraordinaryexpenses. The Manager is responsible for all othercosts and expenses of the Funds, including feespayable to the custodian, valuation agent, registrarand transfer agent and fees payable to other serviceproviders retained by the Manager.During the periods ended March 31, 2020 and 2019,the Manager waived a portion of management feesor absorbed certain expenses otherwise payable bythe Funds. The Manager may, at its discretion,terminate the waiver or absorption at any time.

Independent Review Committee (“IRC”)In accordance with National Instrument 81-107, theManager has established an IRC for the Funds. Themandate of the IRC is to review and make

recommendations with respect to, or in certaincircumstances, approve, conflicts of interest matters butonly if such matters are brought to it by the Manager.Remuneration paid to members of the IRC are charged tothe Funds and the amounts are included in “Independentreview committee fees” in the Statements ofComprehensive Income.

8. SOFT DOLLAR COMMISSIONS:In addition to covering brokerage services on securitytransactions, commissions paid to certain brokers mayalso cover research services provided to the investmentmanager. The values of the research services included inthe commissions paid by each fund to those brokers areas follows:Periods Ended March 31,(thousands of dollars)

2020($)

2019($)

AGFiQ Canadian Equity ETF 9 12AGFiQ Emerging Markets Equity ETF – 1AGFiQ US Equity ETF 7 –

9. CLOSING PRICES OF REDEEMABLE UNITS:As at March 31, 2020 and September 30, 2019, the closingprices of the Funds’ redeemable units as reported on theExchange were as follows:

March 31,2020*

September 30,2019*

AGFiQ Canadian Equity ETF 21.77 27.77AGFiQ Emerging Markets Equity ETF 24.05 27.28AGFiQ Global Balanced ETF Portfolio 26.71 28.74AGFiQ Global Equity ETF Portfolio 26.29 29.53AGFiQ Global ESG Factors ETF 25.24 27.36AGFiQ Global Income ETF Portfolio 23.55 26.59AGFiQ Global Infrastructure ETF 26.16 29.60AGFiQ Global Multi-Sector Bond ETF 25.60 27.02AGFiQ International Equity ETF 24.53 27.57AGFiQ US Equity ETF 28.99 31.77AGFiQ US Long/Short Dividend Income

CAD-Hedged ETF 20.18 N/AAGFiQ US Market Neutral Anti-Beta

CAD-Hedged ETF 27.10 N/A

* Mid price is disclosed if no transaction took place onthe last business day of the reporting period.

Currency Code Description

AUD Australian DollarCAD Canadian DollarEUR Euro CurrencyGBP Pound SterlingIDR Indonesian RupiahJPY Japanese YenKRW South Korean wonMXN Mexican PesoMYR Malaysian RinggitTHB Thai BahtUSD United States Dollar


MARCH 31, 2020


For more information contact your investment advisor or:

AGF Investments Inc.Toronto-Dominion Bank Tower66 Wellington Street West, 31st FloorToronto, Ontario M5K 1E9Toll Free: (800) 387-2563Web: AGF.com

There is no guarantee that AGFiQ ETFs will achieve their stated objectives and there is risk involved in investing in the ETFs. The risksassociated with each AGFiQ ETF are detailed in the prospectus. Before investing you should carefully consider each ETF’s investmentobjectives, risks, charges and expenses. This and other information is in the ETF’s prospectus, which is available on our website at AGF.com.

TM The “AGFiQ” logo, “AGF” logo and all associated trademarks are registered trademarks of AGF Management Limited and used under licence.

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