An anonymous director reports

FIRST ASSET ETFS - REGULAR DISTRIBUTIONS FOR YEAR-END 2014

First Asset exchange-traded funds have declared the final regular distributions for the month and quarter ending Dec. 31, 2014. In all cases, the distribution will be paid on or before Jan. 6, 2015, to unitholders of record on Dec. 30, 2014. The ex dividend date in each case is Dec. 24, 2014. The actual taxable amounts of all distributions (cash and reinvested) for 2014, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc.) in early 2015.

                                                                    Trading  Distribution amount
                                                                     symbol            (per unit)

First Asset Can-60 Covered Call ETF                                     LXF              $0.1429
                                                                      LXF.A              $0.1264
First Asset Can-Financials Covered Call ETF                             FXF              $0.1446
                                                                      FXF.A              $0.1215
First Asset Can-Energy Covered Call ETF                                 OXF              $0.1351
                                                                      OXF.A              $0.1207
First Asset Can-Materials Covered Call ETF                              MXF              $0.1078
                                                                      MXF.A              $0.0971
First Asset Tech Giants Covered Call ETF                                TXF              $0.1779
                                                                      TXF.A              $0.1537
First Asset Canadian Convertible Bond ETF                               CXF              $0.0398
                                                                      CXF.A              $0.0328
First Asset Morningstar Canada Dividend Target 30 Index ETF             DXM              $0.0987
                                                                      DXM.A              $0.0781
First Asset Morningstar National Bank Quebec Index ETF                  QXM              $0.0568
                                                                      QXM.A              $0.0234
First Asset Morningstar U.S. Dividend Target 50 Index ETF               UXM              $0.0826
                                                                      UXM.A              $0.0561
                                                                      UXM.B              $0.0767
                                                                      UXM.D              $0.0522
First Asset Morningstar Canada Value Index ETF                          FXM              $0.0671
                                                                      FXM.A              $0.0374
First Asset Morningstar Canada Momentum Index ETF                       WXM              $0.0430
                                                                      WXM.A              $0.0119
 First Asset All Canada Bond Barbell Index ETF                          AXF              $0.0253
                                                                      AXF.A              $0.0207
First Asset Corporate Bond Barbell Index ETF                            KXF              $0.0312
                                                                      KXF.A              $0.0265
First Asset Government Bond Barbell Index ETF                           GXF              $0.0236
                                                                      GXF.A              $0.0193
First Asset Morningstar Emerging Markets Composite Bond Index ETF       EXM              $0.0374
                                                                      EXM.A              $0.0335
First Asset Provincial Bond Index ETF                                   PXF              $0.0308
                                                                      PXF.A              $0.0261
First Asset 1-5 Year Laddered Government Strip Bond Index ETF           BXF              $0.0441
                                                                      BXF.A              $0.0294
First Asset Morningstar U.S. Value Index ETF                            XXM              $0.0243
                                                                      XXM.A              $0.0000
                                                                      XXM.B              $0.0272
                                                                      XXM.D              $0.0000
First Asset MSCI Europe Low Risk Weighted ETF                           RWE              $0.1172
                                                                      RWE.A              $0.0706
                                                                      RWE.B              $0.1140
                                                                      RWE.D              $0.0686
First Asset MSCI USA Low Risk Weighted ETF                              RWU              $0.0431
                                                                      RWU.A              $0.0192
                                                                      RWU.B              $0.0437
                                                                      RWU.D              $0.0190
First Asset MSCI World Low Risk Weighted ETF                            RWW              $0.1154
                                                                      RWW.A              $0.0682
                                                                      RWW.B              $0.1172
                                                                      RWW.D              $0.0685
First Asset MSCI Canada Low Risk Weighted ETF                           RWC              $0.0717
                                                                      RWC.A              $0.0496
First Asset U.S. & Canada Lifeco Income ETF                             FLI              $0.1142
                                                                      FLI.A              $0.0945
First Asset Active Canadian REIT ETF                                    FRF              $0.0458
                                                                      FRF.A              $0.0387
First Asset Active Canadian Dividend ETF                                FDV              $0.0321
                                                                      FDV.A              $0.0252
First Asset Hamilton Capital European Bank ETF                          FHB             $0.00001
                                                                      FHB.A             $0.00001
First Asset Morningstar International Value Index ETF                   VXM             $0.03662
                                                                      VXM.A             $0.02002
                                                                      VXM.B             $0.03702
                                                                      VXM.D             $0.02022
First Asset Morningstar International Momentum Index ETF                ZXM             $0.02572
                                                                      ZXM.A             $0.01482
                                                                      ZXM.B             $0.02582
                                                                      ZXM.D             $0.01452

(1) No distributions since the exchange-traded funds' first day of trading (July 29, 2014) to Dec.
    31, 2014
(2) Includes a prorated amount for the period from the exchange-traded funds' first day of trading
   (Nov. 18, 2014) to Dec. 31, 2014

We seek Safe Harbor.