XESG vs. QXM ETF Comparison

Comparison of Ishares ESG MSCI Cda Index ETF (XESG) to First Asset Morningstar National Bank Quebec Index ETF (QXM)

XESG

Ishares ESG MSCI Cda Index ETF

XESG Description

Each iShares ESG Equity Fund seeks to provide long-term capital growth by replicating, to the extentpossible, the performance, net of expenses, of an environmental, social and governance (“ESG”)-oriented Index(defined below) selected at the discretion of BlackRock Canada. Each ESG-oriented Index will generally emphasizeissuers that have positive environmental, social and governance characteristics, as identified by the Index Provider(defined below), chosen from the securities included in its respective reference parent index (each, a “Parent Index”).The current ESG Equity Fund Index for each iShares ESG Equity Fund is identified in this prospectus under“Investment Objectives – iShares ESG Equity Funds”.

Grade (RS Rating)

Last Trade

$27.37

Average Daily Volume

3,499

Number of Holdings ^*

7

* may have additional holdings in another (foreign) market

QXM

First Asset Morningstar National Bank Quebec Index ETF

QXM Description

The ETF has been designed to replicate, to the extent possible, the performance of the Morningstar® National Bank Québec Index™, net of expenses. The ETF invests in equity securities of issuers with a minimum float capitalization of $150 million and which are headquartered in the Province of Québec.

Grade (RS Rating)

Last Trade

$28.24

Average Daily Volume

1,325

Number of Holdings ^*

10

* may have additional holdings in another (foreign) market

Performance

Period	XESG	QXM
30 Days	3.38%	2.84%
60 Days	2.56%	2.15%
90 Days	6.29%	3.72%
12 Months	10.71%	7.76%

2 Overlapping Holdings

	Symbol	Grade	Weight in XESG	Weight in QXM	Overlap
	CNR	D	4.09%	4.8%	4.09%
	NA	A	3.3%	4.97%	3.3%

XESG Overweight 5 Positions Relative to QXM

	Symbol	Grade	Weight
	BNS	D	4.44%
	ENB	C	3.78%
	SLF	D	2.86%
	WPM	A	2.56%
	CNQ	B	2.5%

XESG Underweight 8 Positions Relative to QXM

	Symbol	Grade	Weight
	DOL	A	-5.81%
	ATD	F	-5.2%
	BCE	C	-5.14%
	WSP	D	-5.09%
	MRU	A	-5.03%
	POW	C	-4.96%
	GIB.A	D	-4.84%
	ATRL	D	-4.7%

XESG: Top Represented Industries & Keywords

Industries: Banks - Global Insurance - Diversified Oil & Gas E&P Oil & Gas Midstream Railroads Silver

Keywords: S&P/Tsx 60 Index Financial Services Bank Banking Commodity Crude Oil Economic History Of Italy Energy Energy Industry Financial ING Group Insurance Investment Banking Liquids Marketing Mining Natural Gas Natural Gas Liquids Oil Oil Sands

QXM: Top Represented Industries & Keywords

Industries: Engineering & Construction Banks - Global Discount Stores Grocery Stores Information Technology Services Insurance - Life Railroads Specialty Retail Telecom Services

Keywords: Retailers Energy Health Retailing S&P/Tsx 60 Index Service Companies Transportation Communications Consulting Environmental Financial Financial Services Food Infrastructure Insurance Internet Protocol Mining Oil Transport Alabama