Fund Performance Report

EcologyFunds.com

(Q2 2021 Performance Update)

Green ETFs recovered from their performance in Q1 with a successful second quarter. Meanwhile, green Managed Funds stagnated after an impressive first quarter.

Ecology Managed Fund and ETF performance and fund information is recorded and published at:
http://www.EcologyFunds.com

Ecology, Clean Water, Clean Energy and Green Bond Managed Funds

Performance from January 1, 2021 - July 30, 2021

The top-performing Clean Energy managed fund was the TBF SMART POWER EUR I fund, managed by Peter Dreide out of Singen, Germany. The fund grew +22.9% since the beginning of the year and invests primarily in companies that are active globally in the development of intelligent power networks (“Smart Grid / Transmission and Distribution”) as well as in the areas of “Power Management / LNG Infrastructure” and “Energy Efficiency / Renewables”. This performance was followed by Blackrock's BGF FUTURE OF TRANSPORT A2 SEK fund, which provided a +19.1% return.

The leading Ecology Mandate managed fund for the first six months of 2021 was the C OVEA TERRA I fund, which returned +17.2% during the period. The fund's asset mix is primarily composed of industrials and basic materials, with their top holding being Tomra Systems ASA; a company that provides technology-led solutions that enable the circular economy, and advanced sorting systems that optimize scarce resource recovery and minimize waste in the food, recycling, mining, and other industries. The second-best performing fund in this sector was the SQUAD GREEN BALANCE I fund managed by Hans Berner out of Gravenmacher, Luxembourg. The fund gained +16.8% for the period January to June 2021.

Clean Water managed funds had an impressive second quarter, with the KBC ECO FUND WATER CAP leading the way in providing a +19.3% return for the period. The fund is managed by Jens Peers out of the Czech Republic and seeks to invest in a global selection of companies that contribute to sustainable water management. This performance was followed closely by the +19.1% return of the DWS GLOBAL WATER LD fund, managed by Nektarios Kessidis.

Source: www.ecologyfunds.com/

Ecology, Clean Water, Clean Energy and Green Bond Exchange-Traded Funds (ETFs)

Performance from January 1, 2021 - July 30, 2021

Green ETFs had a strong quarter. A change in investor sentiment contributed to the success of Clean Energy ETFs, while Ecology Mandate and Clean Water ETFs also continued their robust growth trajectories. The top-performing Clean Energy ETF was the First Trust NASDAQ Clean Edge Smart Grid Infra IDX (NASD: GRID), which provided a return over the period of +14.3%. The ETF tracks the performance of companies involved in electric grids, electric meters and devices, networks, and/or energy storage and management. All investments are required to meet the ‘Clean Edge’ criteria. This performance was followed by the SmartETFs Sustainable Energy II ETF(BTO: SULR); a relatively new fund that invests in companies poised to benefit from the shift to sustainable energy. The fund grew +7.4% in the first half of 2021.

The Desjardins RI USA Multifactor - Low CO2 ETF (TSE: DRFU) remained the Ecology Mandate ETF performance leader for the first half of 2021 with an impressive +32.7% return over the period. The ETF tracks an index composed of US equity securities that meet pre-determined ESG standards with low carbon intensity. Desjardins also holds the second spot for this category, with their Desjardins RI Canada- Low CO2 Index ETF (TSE: DRMC), which posted a +19.0% gain over the first six months of 2021.

The leading Clean Water ETF was the Legal & General Clean Water UCITS ETF (LSE: GLUG). The fund generated an +18.5% return over the first two quarters by tracking the Solactive Clean Water Index NTR. The index aims to track the performance of a basket of stocks of companies that are actively engaged in the international clean water industry through the provision of technological, digital, engineering, utility and/or other services.

Lastly, the iShares ESG Aware 1-5 Year USD Corporate Bond ETF (NASD: SUSB) remained the top-performing ETF for the Green Bond category, which posted a marginal loss of -0.5% for the first six months of 2021. The fund tracks the investment results of an index composed of U.S. dollar-denominated, investment-grade corporate bonds issued by companies that have positive environmental, social and governance characteristics. The fund declined -0.3% further in Q2 relative to Q1, which is consistent with the general decline in price and rise in yields across all fixed-income sectors since the beginning of the year.

Source: www.ecologyfunds.com/

Exchange-Traded Fund Performance 2Q21 Year-to-Date Update

$USD Market Cap.	Clean Energy ETFs	Ticker	Last Price	% Change	Exchange

$ 60,177,185	First Trust NASDAQ Clean Edge Smart Grid Infra IDX	GRID	$92.58	+14.3%	XNAS
$ 2,532,853	Smart ETFs Sustainable Energy II ETF	SULR	$32.50	+7.4%	XCBO
$ 21,846,807	VanEck Vectors Uranium+Nucelear Energy ETF	NLR	$52.44	+6.6%	XNYS

	Source: https://ecologyfunds.com/index.php/clean-energy-etfs/

	Ecology ETFs

$ 8,171,106	Desjardins RI USA Multifactor - Low CO2 ETF	DRFU	C$25.31	+32.7%	XTSE
$ 8,930,589	Desjardins RI Canada - Low CO2 Index ETF	DRMC	C$25.92	+19.0%	XTSE
$ 49,538,440	VanEck Vectors Environmental Services ETF	EVX	$141.54	+17.7%	XNYS

	Source: https://ecologyfunds.com/index.php/ecology-funds-etfs/

	Clean Water ETFs

$ 83,800,000	L&G Clean Water UCITS ETF	GLUG	$15.85	+18.5%	XLON
$ 777,015,167	First Trust Water ETF	FIW	$83.55	+15.8%	XNYS
$ 1,541,376,000	Invesco Water Resource ETF	PHO	$53.52	+15.2%	XNAS

	Source: https://ecologyfunds.com/index.php/clean-water-etfs/

	Green Bond ETFs

$ 595,242,500	iShares ESG Aware 1-5 Year USD Corporate Bond ETF	SUSB	$26.05	-0.5%	XNAS
$ 68,484,058	Lyxor ESG Euro Corporate Bond UCITS ETF	CRP	€156.89	-0.5%	XPAR
$ 168,440,000	Lyxor ESG USD Corporate Bond UCITS ETF	USIG	$111.54	-1.7%	XLON

	Source: https://ecologyfunds.com/index.php/green-bonds-etfs/

Justin Verdon, Investment Analyst
jverdon.hba2021@ivey.ca

Chris J. Berlet BSc, CFA
manager@mineralprices.com