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Sustainable Investing 101

Find your answers by clicking on each block for more details.

Sustainable and/or ESG investing can generally be characterized as investing that takes into account a more holistic view of a company's performance, incorporating not only traditional financial metrics but, importantly, non-financial metrics and characteristics that may be indicators or drivers of risks and opportunities associated with a particular company or investment.

Taking into account non-financial metrics has become increasingly relevant as economies and companies have moved towards being knowledge-based, such that a firm's value is increasingly comprised of intangible assets that are not traditionally accounted for in financial statements (such as intellectual property, brand, a skilled workforce, etc.). ESG or sustainable investing therefore looks to identify and quantify these intangible, non-financial features as drivers of risk and/or return for a particular company or investment.

ESG can also include investing that is based on values. In this case, investors are seeking to align their investments with their personal or organizational values. Value-based investing can take two forms: investing in companies, asset classes or sectors that provide outcomes aligned with one's values (ranging from renewable energy and positive social impacts to environmental protection or restoration); or divesting from certain companies or asset classes or sectors. Typical examples include tobacco, arms manufacturing, alcohol, coal mining, etc.

"ESG" stands for Environmental, Social and Governance. These factors are used to evaluate companies and countries, based on how they comply with sustainability principles.

Environmental factors include the contribution a company makes to climate change through greenhouse gas emissions, along with waste management and energy efficiency.

Social factors include human rights, labour standards in the supply chain, any exposure to illegal child labour, and more routine issues such as adherence to workplace health and safety rules.

Governance factors refer to a set of rules defining rights, responsibilities and expectations among the various stakeholders in corporations. A well-defined corporate governance system can be used to support a company's long-term strategy.

Proper and transparent corporate governance can help avoid conflicts of interest between the company's stakeholders as well as potential litigation.

Environmental Conservation of the natural world
  • Climate change
  • Carbon emissions
  • Air and water pollution
  • Biodiversity
  • Deforestation
  • Energy efficiency
  • Waste management
  • Water scarcity
Social Consideration for people & relationships
  • Customer satisfaction
  • Data protection and privacy
  • Gender and diversity
  • Employee engagement
  • Community relations
  • Human rights
  • Labour standards
Governance Standards for running a company
  • Board composition
  • Audit committee structure
  • Bribery and corruption
  • Executive compensation
  • Lobbying
  • Political contributions
  • Whistleblower schemes

The following items detail some of the benefits from sustainable investing:

Financial performance: There is growing evidence that sustainable investing can lead to outperformance, particularly over the longer term, versus investments that do not specifically look at ESG factors. This is most evident when ESG indices are compared with non-ESG benchmark indices.

Improve risk management: Because financial statements do not traditionally capture intangible risk/reward factors, incorporating analyses of non-financial risk/reward considerations can help improve risk management.

Alignment with investing values: The ability to align investment objectives with values is another key feature of sustainable investing. While traditionally seen as important to millennial investors, this ability to create value and values alignment is now gaining traction with Generation X and Baby Boomer investors.

  • Requires a smaller initial outlay compared to buying the underlying stock (greater cost efficiency)
  • Offers buyers predefined maximum risks and returns
  • Enables investors to generate income on existing portfolios

An investor reads about ABC Inc. increasing R&D expenditures to help protect the environment and create a greener future. The company's actions align with the investor's beliefs, and he or she wishes to invest in ABC Inc. using call options.

The investor buys calls as a way to profit from a positive outlook on the underlying stock's price, without the risk and upfront capital outlay of outright stock ownership.

The smaller initial outlay also gives the buyer a chance to achieve larger percentage gains (i.e., greater leverage).

Maximum gain: The profit potential is theoretically unlimited. If the stock price rises as expected, the investor could either sell the option at a profit, or exercise it and purchase stock at the strike price.

Maximum loss: The maximum loss is limited and will be incurred if the investor is still holding the call at expiration and the stock is trading below the strike price. In this case the option will expire worthless, and the investor's loss will be the price paid for the call option.

Long Call

If an investor is holding a stock that is exposed to ESG risk, put options can be used to help offset that risk. To establish the hedge, one will need to calculate the magnitude of the impact of the ESG risk on the share price.

A put option added to a long stock position insures the stock's value. This strategy is called a "protective put." It establishes a "floor" price under which the value of the investor's stock cannot fall. If the stock price keeps rising, the investor benefits from the upside gains. Yet no matter how low the stock might fall, the investor can exercise the put to liquidate the stock at the strike price. If the stock falls below the strike, as originally feared, the investor has several choices:

  • Exercise the put, which triggers the sale of the stock. The strike price sets the minimum exit price. If the long-term outlook has turned bearish, this could be the most prudent move.
  • If the worst seems to be over, the investor can hold on to the stock and sell the put. The sale of the put option should recoup some of the original premium paid, and may even result in a profit. If so, it in effect lowers the stock's cost basis.

Maximum loss: The maximum loss is limited. The worst that can happen is for the stock to drop below the strike price. It does not matter how far it goes below; the put caps the loss at the strike price.

Maximum gain: In theory, the potential gains on this strategy are unlimited. The best that can happen to this position is for the stock price to rise to infinity. If the stock price rises sharply, it does not matter that the put expires worthless.

The put option can provide protection against a downturn during the term of the option. The drawback of this strategy is its cost, which raises the stock's cost basis.

Protective Put

This can be achieved by aligning your values with your investment decisions and improving your risk management.

The use of options can provide investors with a customizable and sustainable investment solution that aligns their financial goals with their environmental, social and governance values.

Company-specific ESG factors can be used in option pricing models.

By leveraging the benefits found in options, investors can now easily obtain or modify their exposure to a particular security or ETF that resonates with their ESG values. Or they can even purchase specific stocks or ETF insurance on the ESG factors that the investor believes the particular security is exposed to.

Regardless of whether an investor has a bullish or bearish outlook, there will be an option strategy that will allow them to integrate sustainable metrics into their investment objectives. To see all the options available and listed by the Exchange, click here.

The Montreal Exchange offers a wide range of educational content and trading tools on options. To learn more about options, visit: m-x.ca/education.

Sustainable Indices

Through our partnership with Standard & Poor's Index Services we administer, calculate or publish eight sustainable finance indices. The index may have more names, but the table will only display constituents that have options and futures available. Click on each block for more details.

Data is based on end-of-day values

Constituent Name Symbol Options Symbol Futures Symbol
Algonquin Power & Utilities Corp. AQN AQN FQN
Ballard Power Systems Inc. BLDP BLDP
Boralex Inc. Class A Shares BLX BLX
Brookfield Renewable Partners L.P. BEP.UN BEP
Cascades Inc. CAS CAS
DIRTT Environmental Solutions Ltd. DRT DRT
Innergex Renewable Energy Inc. INE INE
NFI Group Inc. NFI NFI
Northland Power Inc. NPI NPI
SunOpta Inc. SOY SOY
TransAlta Renewables Inc. RNW RNW
Village Farms International Inc. VFF VFF FFQ
Westport Fuel Systems Inc. WPRT WPRT

Data is based on end-of-day values.

Constituent Name Symbol Options Symbol Futures Symbol
Agnico Eagle Mines Limited AEM AEM FAE
Algonquin Power & Utilities Corp. AQN AQN FQN
BCE Inc. BCE BCE FBC
Bank of Montreal BMO BMO FBO
Bank of Nova Scotia (The) BNS BNS FNS
Barrick Gold Corporation ABX ABX FBA
Bausch Health Companies Inc. BHC BHC FBH
Brookfield Asset Management Inc. Class A Limited Voting Shares BAM.A BAM FBM
Brookfield Infrastructure Partners L.P. BIP.UN BIP FRQ
Brookfield Property Partners L.P. BPY.UN BPY FYP
CCL Industries Inc. Class B Non-Voting Shares CCL.B CCL FCI
CGI Inc. Class A Subordinate Voting Shares GIB.A GIB FGI
Cameco Corporation CCO CCO FOC
Canadian Apartment Properties Real Estate Investment Trust CAR.UN CAR
Canadian Imperial Bank of Commerce CM CM FCB
Canadian National Railway Company CNR CNR FCN
Canadian Natural Resources Limited CNQ CNQ FCQ
Canadian Pacific Railway Limited CP CP FCP
Canadian Tire Corporation Limited Class A Non-Voting Shares CTC.A CTC FCT
Canopy Growth Corporation WEED WEED FWD
Cenovus Energy Inc. CVE CVE FVE
Dollarama Inc. DOL DOL FDO
Emera Incorporated EMA EMA FMA
Enbridge Inc. ENB ENB FEB
First Quantum Minerals Ltd. FM FM FMQ
Fortis Inc. FTS FTS FFS
Franco-Nevada Corporation FNV FNV FFV
George Weston Limited WN WN FWN
Gildan Activewear Inc. GIL GIL FGW
Imperial Oil Limited IMO IMO FMO
Inter Pipeline Ltd. IPL IPL FPL
Kinross Gold Corporation K K FKK
Kirkland Lake Gold Ltd. KL KL FKJ
Loblaw Companies Limited L L FLL
Magna International Inc. MG MG FMI
Manulife Financial Corporation MFC MFC FMF
Metro Inc. MRU MRU FMU
National Bank of Canada NA NA FNB
Nutrien Ltd. NTR NTR FNU
Open Text Corporation OTEX OTEX FOP
Pembina Pipeline Corporation PPL PPL FPP
Power Corporation of Canada Subordinate Voting Shares POW POW FPW
Restaurant Brands International Inc. QSR QSR FQR
Rogers Communications Inc. Class B Non-Voting Shares RCI.B RCI FIR
Royal Bank of Canada RY RY FRY
SNC-Lavalin Group Inc. SNC SNC FCL
Saputo Inc. SAP SAP FSA
Shaw Communications Inc. Class B Non-Voting Shares SJR.B SJR FSJ
Shopify Inc. Class A Subordinate Voting Shares SHOP SHOP FSH
Sun Life Financial Inc. SLF SLF FLF
Suncor Energy Inc. SU SU FSU
TC Energy Corporation TRP TRP FRP
TELUS Corporation T T FTC
Teck Resources Limited Class B Subordinate Voting Shares TECK.B TECK FTK
Thomson Reuters Corporation TRI TRI FRT
Toronto-Dominion Bank (The) TD TD FTD
Waste Connections Inc. WCN WCN FWC
Wheaton Precious Metals Corp. WPM WPM FPM
Constituent Name Symbol Options Symbol Futures Symbol
Agnico Eagle Mines Limited AEM AEM FAE
Algonquin Power & Utilities Corp. AQN AQN FQN
Alimentation Couche-Tard Inc. Class B Subordinate Voting Shares ATD.B ATD FTA
BCE Inc. BCE BCE FBC
Bank of Montreal BMO BMO FBO
Bank of Nova Scotia (The) BNS BNS FNS
Barrick Gold Corporation ABX ABX FBA
Bausch Health Companies Inc. BHC BHC FBH
Brookfield Asset Management Inc. Class A Limited Voting Shares BAM.A BAM FBM
Brookfield Infrastructure Partners L.P. BIP.UN BIP FRQ
CCL Industries Inc. Class B Non-Voting Shares CCL.B CCL FCI
CGI Inc. Class A Subordinate Voting Shares GIB.A GIB FGI
Cameco Corporation CCO CCO FOC
Canadian Apartment Properties Real Estate Investment Trust CAR.UN CAR
Canadian Imperial Bank of Commerce CM CM FCB
Canadian National Railway Company CNR CNR FCN
Canadian Natural Resources Limited CNQ CNQ FCQ
Canadian Pacific Railway Limited CP CP FCP
Canadian Tire Corporation Limited Class A Non-Voting Shares CTC.A CTC FCT
Canopy Growth Corporation WEED WEED FWD
Cenovus Energy Inc. CVE CVE FVE
Dollarama Inc. DOL DOL FDO
Emera Incorporated EMA EMA FMA
Enbridge Inc. ENB ENB FEB
First Quantum Minerals Ltd. FM FM FMQ
Fortis Inc. FTS FTS FFS
Franco-Nevada Corporation FNV FNV FFV
George Weston Limited WN WN FWN
Gildan Activewear Inc. GIL GIL FGW
Imperial Oil Limited IMO IMO FMO
Inter Pipeline Ltd. IPL IPL FPL
Kinross Gold Corporation K K FKK
Kirkland Lake Gold Ltd. KL KL FKJ
Loblaw Companies Limited L L FLL
Magna International Inc. MG MG FMI
Manulife Financial Corporation MFC MFC FMF
Metro Inc. MRU MRU FMU
National Bank of Canada NA NA FNB
Nutrien Ltd. NTR NTR FNU
Open Text Corporation OTEX OTEX FOP
Pembina Pipeline Corporation PPL PPL FPP
Power Corporation of Canada Subordinate Voting Shares POW POW FPW
Restaurant Brands International Inc. QSR QSR FQR
Rogers Communications Inc. Class B Non-Voting Shares RCI.B RCI FIR
Royal Bank of Canada RY RY FRY
SNC-Lavalin Group Inc. SNC SNC FCL
Saputo Inc. SAP SAP FSA
Shaw Communications Inc. Class B Non-Voting Shares SJR.B SJR FSJ
Shopify Inc. Class A Subordinate Voting Shares SHOP SHOP FSH
Sun Life Financial Inc. SLF SLF FLF
Suncor Energy Inc. SU SU FSU
TC Energy Corporation TRP TRP FRP
TELUS Corporation T T FTC
Teck Resources Limited Class B Subordinate Voting Shares TECK.B TECK FTK
Thomson Reuters Corporation TRI TRI FRT
Toronto-Dominion Bank (The) TD TD FTD
Waste Connections Inc. WCN WCN FWC
Wheaton Precious Metals Corp. WPM WPM FPM

Data is based on end-of-day values.

Constituent Name Symbol Options Symbol Futures Symbol
Agnico Eagle Mines Limited AEM AEM FAE
Alimentation Couche-Tard Inc. Class B Subordinate Voting Shares ATD.B ATD FTA
BCE Inc. BCE BCE FBC
Bank of Montreal BMO BMO FBO
Bank of Nova Scotia (The) BNS BNS FNS
Barrick Gold Corporation ABX ABX FBA
Bausch Health Companies Inc. BHC BHC FBH
Brookfield Asset Management Inc. Class A Limited Voting Shares BAM.A BAM FBM
Brookfield Infrastructure Partners L.P. BIP.UN BIP FRQ
Brookfield Property Partners L.P. BPY.UN BPY FYP
CCL Industries Inc. Class B Non-Voting Shares CCL.B CCL FCI
CGI Inc. Class A Subordinate Voting Shares GIB.A GIB FGI
Cameco Corporation CCO CCO FOC
Canadian Apartment Properties Real Estate Investment Trust CAR.UN CAR
Canadian Imperial Bank of Commerce CM CM FCB
Canadian National Railway Company CNR CNR FCN
Canadian Pacific Railway Limited CP CP FCP
Canadian Tire Corporation Limited Class A Non-Voting Shares CTC.A CTC FCT
Canopy Growth Corporation WEED WEED FWD
Dollarama Inc. DOL DOL FDO
Emera Incorporated EMA EMA FMA
Enbridge Inc. ENB ENB FEB
First Quantum Minerals Ltd. FM FM FMQ
Fortis Inc. FTS FTS FFS
George Weston Limited WN WN FWN
Gildan Activewear Inc. GIL GIL FGW
Inter Pipeline Ltd. IPL IPL FPL
Kinross Gold Corporation K K FKK
Kirkland Lake Gold Ltd. KL KL FKJ
Loblaw Companies Limited L L FLL
Magna International Inc. MG MG FMI
Manulife Financial Corporation MFC MFC FMF
Metro Inc. MRU MRU FMU
National Bank of Canada NA NA FNB
Nutrien Ltd. NTR NTR FNU
Open Text Corporation OTEX OTEX FOP
Pembina Pipeline Corporation PPL PPL FPP
Power Corporation of Canada Subordinate Voting Shares POW POW FPW
Restaurant Brands International Inc. QSR QSR FQR
Rogers Communications Inc. Class B Non-Voting Shares RCI.B RCI FIR
Royal Bank of Canada RY RY FRY
SNC-Lavalin Group Inc. SNC SNC FCL
Saputo Inc. SAP SAP FSA
Shaw Communications Inc. Class B Non-Voting Shares SJR.B SJR FSJ
Shopify Inc. Class A Subordinate Voting Shares SHOP SHOP FSH
Sun Life Financial Inc. SLF SLF FLF
TC Energy Corporation TRP TRP FRP
TELUS Corporation T T FTC
Thomson Reuters Corporation TRI TRI FRT
Toronto-Dominion Bank TD TD FTD
Waste Connections, Inc. WCN WCN FWC
Wheaton Precious Metals Corp. WPM WPM FPM

Data is based on end-of-day values.

Constituent Name Symbol Options Symbol Futures Symbol
Agnico Eagle Mines Limited AEM AEM FAE
Alimentation Couche-Tard Inc. Class B Subordinate Voting Shares ATD.B ATD FTA
BCE Inc. BCE BCE FBC
Bank of Montreal BMO BMO FBO
Bank of Nova Scotia (The) BNS BNS FNS
Barrick Gold Corporation ABX ABX FBA
Bausch Health Companies Inc. BHC BHC FBH
Brookfield Asset Management Inc. Class A Limited Voting Shares BAM.A BAM FBM
Brookfield Infrastructure Partners L.P. BIP.UN BIP FRQ
Brookfield Property Partners L.P. BPY.UN BPY FYP
CCL Industries Inc. Class B Non-Voting Shares CCL.B CCL FCI
CGI Inc. Class A Subordinate Voting Shares GIB.A GIB FGI
Cameco Corporation CCO CCO FOC
Canadian Imperial Bank of Commerce CM CM FCB
Canadian National Railway Company CNR CNR FCN
Canadian Natural Resources Limited CNQ CNQ FCQ
Canadian Pacific Railway Limited CP CP FCP
Canadian Tire Corporation Limited Class A Non-Voting Shares CTC.A CTC FCT
Canopy Growth Corporation WEED WEED FWD
Cenovus Energy Inc. CVE CVE FVE
Dollarama Inc. DOL DOL FDO
Emera Incorporated EMA EMA FMA
Enbridge Inc. ENB ENB FEB
First Quantum Minerals Ltd. FM FM FMQ
Fortis Inc. FTS FTS FFS
Franco-Nevada Corporation FNV FNV FFV
George Weston Limited WN WN FWN
Gildan Activewear Inc. GIL GIL FGW
Imperial Oil Limited IMO IMO FMO
Inter Pipeline Ltd. IPL IPL FPL
Kinross Gold Corporation K K FKK
Kirkland Lake Gold Ltd. KL KL FKJ
Loblaw Companies Limited L L FLL
Magna International Inc. MG MG FMI
Manulife Financial Corporation MFC MFC FMF
Metro Inc. MRU MRU FMU
National Bank of Canada NA NA FNB
Nutrien Ltd. NTR NTR FNU
Open Text Corporation OTEX OTEX FOP
Pembina Pipeline Corporation PPL PPL FPP
Power Corporation of Canada Subordinate Voting Shares POW POW FPW
Restaurant Brands International Inc. QSR QSR FQR
Rogers Communications Inc. Class B Non-Voting Shares RCI.B RCI FIR
Royal Bank of Canada RY RY FRY
SNC-Lavalin Group Inc. SNC SNC FCL
Saputo Inc. SAP SAP FSA
Shaw Communications Inc. Class B Non-Voting Shares SJR.B SJR FSJ
Shopify Inc. Class A Subordinate Voting Shares SHOP SHOP FSH
Sun Life Financial Inc. SLF SLF FLF
Suncor Energy Inc. SU SU FSU
TC Energy Corporation TRP TRP FRP
TELUS Corporation T T FTC
Teck Resources Limited Class B Subordinate Voting Shares TECK.B TECK FTK
Thomson Reuters Corporation TRI TRI FRT
Toronto-Dominion Bank (The) TD TD FTD
Waste Connections Inc. WCN WCN FWC
Wheaton Precious Metals Corp. WPM WPM FPM

Data is based on end-of-day values.

Constituent Name Symbol Options Symbol Futures Symbol
Agnico Eagle Mines Limited AEM AEM FAE
Alacer Gold Corp. ASR ASR
Alamos Gold AGI AGI
Algonquin Power & Utilities Corp. AQN AQN FQN
AltaGas Ltd. ALA ALA FAL
Altus Group Limited AIF AIF
Atco Ltd. Non-Voting Shares ACO.X ACO FTL
B2Gold Corp. BTO BTO
Bank of Nova Scotia (The) BNS BNS FNS
Barrick Gold Corporation ABX ABX FBA
BCE Inc. BCE BCE FBC
BlackBerry Limited BB BB FBB
Boardwalk Real Estate Investment Trust BEI.UN BEI FEI
Brookfield Asset Management Inc. BAM.A BAM FBM
CAE Inc. CAE CAE
Cameco Corp. CCO CCO FOC
Canadian National Railway Company CNR CNR FCN
Canadian Tire Corporation Limited Class A Non-Voting Shares CTC.A CTC FCT
Canadian Utilities Ltd. Class A Non-Voting Shares CU CU FUE
Canfor Corp. CFP CFP
Capital Power Corp. CPX CPX
CCL Industries Inc. Class B Non-Voting Shares CCL.B CCL FCI
Celestica Inc. CLS CLS
Cenovus Energy Inc. CVE CVE FVE
Centerra Gold CG CG
CGI Inc. Class A Subordinate Voting Shares GIB.A GIB FGI
Chartwell Retirement Residences CSH.UN CSH FVH
CI Financial Corp. CIX CIX
Cogeco Communications Inc. CCA CCA FZC
Cominar REIT CUF.UN CUF
Crescent Point Energy Corp. CPG CPG FCG
Crombie REIT CRR.UN CRR
Descartes Systems Group Inc. DSG DSG
Dollarama Inc. DOL DOL FDO
Eldorado Gold Corp. ELD ELD FEL
Emera Inc. EMA EMA FMA
Empire Company Limited EMP.A EMP FEM
Enbridge Inc. ENB ENB FEB
Finning Intl Inc. FTT FTT FNN
First Capital REIT FCR.UN FCR FFR
First Quantum Minerals Ltd. FM FM FMQ
Fortis Inc. FTS FTS FFS
Franco-Nevada Corp. FNV FNV FFV
George Weston Ltd. WN WN FWN
Gildan Activewear Inc. GIL GIL FGW
Great-West Lifeco Inc. GWO GWO FWL
HudBay Minerals Inc. HBM HBM
Hydro One Limited H H FHO
IGM Financial Inc. IGM IGM FGN
Keyera Corp. KEY KEY FKY
Kinross Gold Corp. K K FKK
Loblaw Companies Ltd. L L FLL
Lundin Mining Corporation LUN LUN FLN
Magna International Inc. MG MG FMI
Manulife Financial Corporation MFC MFC FMF
Maple Leaf Foods Inc. MFI MFI
Methanex Corp. MX MX FMX
Metro Inc. MRU MRU FMU
NFI Group Inc. NFI NFI
Nutrien Ltd. NTR NTR FNU
OceanaGold Corp. OGC OGC
Open Text Corp. OTEX OTEX FOP
Pan American Silver Corp. PAAS PAAS
Power Corporation of Canada POW POW FPW
Restaurant Brands International Inc. QSR QSR FQR
RioCan REIT REI.UN REI FRW
Royal Bank of Canada RY RY FRY
Saputo Inc. SAP SAP FSA
Shaw Communications Inc. Class B Non-Voting Shares SJR.B SJR FSJ
Shopify Inc. SHOP SHOP FSH
Sienna Senior Living Inc. SIA SIA
SmartCentres REIT SRU.UN SRU
SNC - Lavalin Group Inc. SNC SNC FCL
SSR Mining Inc. SSRM SSRM
Stantec Inc. STN STN FNT
Sun Life Financial Inc. SLF SLF FLF
Suncor Energy Inc. SU SU FSU
TC Energy Corporation TRP TRP FRP
Teck Resources Limited Class B Subordinate Voting Shares TECK.B TECK FTK
TELUS Corp. T T FTC
Thomson Reuters Corporation TRI TRI FRT
Toronto-Dominion Bank TD TD FTD
Transcontinental Inc. Class A Subordinate Voting Shares TCL.A TCL
Vermilion Energy Inc. VET VET FVM
Waste Connections, Inc. WCN WCN FWC
West Fraser Timber Co. Ltd. WFT WFT FWT
WSP Global Inc. WSP WSP
Yamana Gold Inc. YRI YRI FYR

Data is based on end-of-day values.

Constituent Name Symbol Options Symbol Futures Symbol
ARC Resources Ltd. ARX ARX
ATS Automation Tooling Systems ATA ATA
Aecon Group ARE ARE FAA
Agnico Eagle Mines Limited AEM AEM FAE
Air Canada AC AC FWA
Alacer Gold Corp. ASR ASR
Alamos Gold AGI AGI
Algonquin Power & Utilities Corp. AQN AQN FQN
Alimentation Couche-Tard Inc. Class B Subordinate Voting Shares ATD.B ATD FTA
Allied Properties REIT AP.UN AP
AltaGas Ltd. ALA ALA FAL
Altus Group Limited AIF AIF
Aphria Inc. APHA APHA FPA
Aritzia Inc. ATZ ATZ
Artis Real Estate Investment Trust AX.UN AX
Atco Ltd. Non-Voting Shares ACO.X ACO FTL
Aurora Cannabis Inc. ACB ACB FOA
B2Gold Corp. BTO BTO
BCE Inc. BCE BCE FBC
BRP Inc. DOO DOO FOO
Badger Daylighting Ltd. BAD BAD
Bank of Montreal BMO BMO FBO
Bank of Nova Scotia (The) BNS BNS FNS
Barrick Gold Corp. ABX ABX FBA
Bausch Health Companies Inc. BHC BHC FBH
BlackBerry Limited BB BB FBB
Boardwalk Real Estate Investment Trust BEI.UN BEI FEI
Boralex Inc. Class A Shares BLX BLX
Boyd Group Services Inc. BYD BYD
Brookfield Asset Management Inc. BAM.A BAM FBM
Brookfield Business Partners LP BBU.UN BBU
Brookfield Infrastructure Partners L.P. BIP.UN BIP FRQ
Brookfield Property Partners L.P. BPY.UN BPY FYP
Brookfield Renewable Partners L.P. BEP.UN BEP
CAE Inc. CAE CAE
CCL Industries Inc. Class B Non-Voting Shares CCL.B CCL FCI
CGI Inc. Class A Subordinate Voting Shares GIB.A GIB FGI
CI Financial Corp. CIX CIX FCX
Cameco Corporation CCO CCO FOC
Canada Goose Holdings Inc. GOOS GOOS FSO
Canadian Apartment Properties REIT CAR.UN CAR
Canadian Imperial Bank of Commerce CM CM FCB
Canadian National Railway Company CNR CNR FCN
Canadian Natural Resources Limited CNQ CNQ FCQ
Canadian Pacific Railway Limited CP CP FCP
Canadian Tire Corporation Limited Class A Non-Voting Shares CTC.A CTC FCT
Canadian Utilities Ltd. Class A Non-Voting Shares CU CU FUE
Canadian Western Bank CWB CWB
Canfor Corp. CFP CFP
Canopy Growth Corporation WEED WEED FWD
Capital Power Corp. CPX CPX
Cenovus Energy Inc. CVE CVE FVE
Centerra Gold CG CG
Chartwell Retirement Residences CSH.UN CSH FVH
Cineplex Inc. CGX CGX
Cogeco Communications Inc. CCA CCA FZC
Colliers International Group Inc. CIGI CIGI
Cominar REIT CUF.UN CUF
Crescent Point Energy Corp. CPG CPG FCG
Cronos Group Inc. CRON CRON FNO
Descartes Systems Group Inc. DSG DSG
Dollarama Inc. DOL DOL FDO
Dream Industrial REIT DIR.UN DIR
Dream Office REIT D.UN D
Eldorado Gold Corp. ELD ELD FEL
Element Fleet Management Corp. EFN EFN FEF
Emera Incorporated EMA EMA FMA
Empire Company Limited EMP.A EMP FEM
Enbridge Inc. ENB ENB FEB
Endeavour Mining Corporation EDV EDV
Enerplus Corporation ERF ERF
Finning Intl Inc. FTT FTT FNN
First Capital REIT FCR.UN FCR FFR
First Majestic Silver Corp. FR FR
First Quantum Minerals Ltd. FM FM FMQ
Fortis Inc. FTS FTS FFS
Franco-Nevada Corporation FNV FNV FFV
Genworth MI Canada Inc. MIC MIC FCM
George Weston Limited WN WN FWN
Gibson Energy Inc. GEI GEI
Gildan Activewear Inc. GIL GIL FGW
Granite REIT GRT.UN GRT
Great Canadian Gaming Corp. GC GC
Great-West Lifeco Inc. GWO GWO FWL
H&R REIT HR.UN HR FKH
Home Capital Group Inc. HCG HCG
HudBay Minerals Inc. HBM HBM
Husky Energy Inc. HSE HSE
Hydro One Limited H H FHO
IAMGOLD Corp. IMG IMG
IGM Financial Inc. IGM IGM FGN
Imperial Oil Limited IMO IMO FMO
Innergex Renewable Energy Inc. INE INE
Intact Financial Corporation IFC IFC FIF
Inter Pipeline Ltd. IPL IPL FPL
Interfor Corporation IFP IFP
Keyera Corp. KEY KEY FKY
Kinaxis Inc. KXS KXS
Kinross Gold Corporation K K FKK
Kirkland Lake Gold Ltd. KL KL FKJ
Labrador Iron Ore Royalty Corporation LIF LIF
Laurentian Bank of Canada LB LB
Linamar Corp. LNR LNR
Loblaw Companies Limited L L FLL
Lundin Mining Corporation LUN LUN FLN
MEG Energy Corp. MEG MEG
Mag Silver Corp. MAG MAG
Magna International Inc. MG MG FMI
Manulife Financial Corporation MFC MFC FMF
Maple Leaf Foods Inc. MFI MFI
Methanex Corp. MX MX FMX
Metro Inc. MRU MRU FMU
NFI Group Inc. NFI NFI
National Bank of Canada NA NA FNB
Norbord Inc. OSB OSB
Northland Power Inc. NPI NPI
Northview Apartment REIT NVU.UN NVU
Nutrien Ltd. NTR NTR FNU
OceanaGold Corp. OGC OGC
Onex Corp. Subordinate Voting Shares ONEX ONEX FON
Open Text Corp. OTEX OTEX FOP
Osisko Gold Royalties Ltd. OSK OSK
Pan American Silver Corp. PAAS PAAS
Parex Resources Inc. PXT PXT
Parkland Corporation PKI PKI
Pembina Pipeline Corporation PPL PPL FPP
Power Corporation of Canada Subordinate Voting Shares POW POW FPW
PrairieSky Royalty Ltd. PSK PSK FPK
Premium Brands Holdings Corporation PBH PBH
Pretium Resources Inc. PVG PVG
Quebecor Inc. Class B Subordinate Voting Shares QBR.B QBR
Restaurant Brands International Inc. QSR QSR FQR
RioCan REIT REI.UN REI FRW
Ritchie Bros Auctioneers Inc. RBA RBA
Rogers Communications Inc. Class B Non-Voting Shares RCI.B RCI FIR
Royal Bank of Canada RY RY FRY
Russel Metals Inc. RUS RUS
SNC-Lavalin Group Inc. SNC SNC FCL
SSR Mining Inc. SSRM SSRM
Sandstorm Gold Ltd. SSL SSL
Saputo Inc. SAP SAP FSA
Seven Generations Energy Ltd. VII VII FSG
Shaw Communications Inc. Class B Non-Voting Shares SJR.B SJR FSJ
Shopify Inc. Class A Subordinate Voting Shares SHOP SHOP FSH
Silvercorp Metals Inc. SVM SVM
SmartCentres REIT SRU.UN SRU
Spin Master Corp. Subordinate Voting Shares TOY TOY
Stantec Inc. STN STN FNT
Stella-Jones Inc. SJ SJ FJS
Sun Life Financial Inc. SLF SLF FLF
Suncor Energy Inc. SU SU FSU
Superior Plus Corp. SPB SPB
TC Energy Corporation TRP TRP FRP
TELUS Corporation T T FTC
TFI International Inc. TFII TFII FTF
TMX Group Limited X X
Teck Resources Limited Class B Subordinate Voting Shares TECK.B TECK FTK
Thomson Reuters Corporation TRI TRI FRT
Torex Gold Resources Inc. TXG TXG
Toromont Industries Ltd. TIH TIH
Toronto-Dominion Bank (The) TD TD FTD
Tourmaline Oil Corp. TOU TOU FOU
TransAlta Corporation TA TA
TransAlta Renewables Inc. RNW RNW
Transcontinental Inc. Class A Subordinate Voting Shares TCL.A TCL
Tricon Residential Inc. TCN TCN
Vermilion Energy Inc. VET VET FVM
WSP Global Inc. WSP WSP
Waste Connections Inc. WCN WCN FWC
Wesdome Gold Mines Ltd. WDO WDO
West Fraser Timber Co. Ltd. WFT WFT FWT
Westshore Terminals Investment Corporation WTE WTE
Wheaton Precious Metals Corp. WPM WPM FPM
Whitecap Resources Inc. WCP WCP
Yamana Gold Inc. YRI YRI FYR
iA Financial Corporation Inc. IAG IAG FIA

Data is based on end-of-day values.

Constituent Name Symbol Options Symbol Futures Symbol
ARC Resources Ltd. ARX ARX
ATS Automation Tooling Systems ATA ATA
Aecon Group ARE ARE FAA
Agnico Eagle Mines Limited AEM AEM FAE
Air Canada AC AC FWA
Alacer Gold Corp. ASR ASR
Alamos Gold AGI AGI
Algonquin Power & Utilities Corp. AQN AQN FQN
Alimentation Couche-Tard Inc. Class B Subordinate Voting Shares ATD.B ATD FTA
Allied Properties REIT AP.UN AP
AltaGas Ltd. ALA ALA FAL
Altus Group Limited AIF AIF
Aphria Inc. APHA APHA FPA
Aritzia Inc. ATZ ATZ
Artis Real Estate Investment Trust AX.UN AX
Atco Ltd. Non-Voting Shares ACO.X ACO FTL
Aurora Cannabis Inc. ACB ACB FOA
B2Gold Corp. BTO BTO
Ballard Power Systems Inc. BLDP BLDP
BCE Inc. BCE BCE FBC
BRP Inc. DOO DOO FOO
Badger Daylighting Ltd. BAD BAD
Bank of Montreal BCE BCE FBC
Bank of Nova Scotia (The) BNS BNS FNS
Barrick Gold Corp. ABX ABX FBA
Bausch Health Companies Inc. BHC BHC FBH
BlackBerry Limited BB BB FBB
Boardwalk Real Estate Investment Trust BEI.UN BEI FEI
Boralex Inc. Class A Shares BLX BLX
Boyd Group Services Inc. BYD BYD
Brookfield Asset Management Inc. BAM.A BAM FBM
Brookfield Business Partners LP BBU.UN BBU
Brookfield Infrastructure Partners L.P. BIP.UN BIP FRQ
Brookfield Property Partners L.P. BPY.UN BPY FYP
Brookfield Renewable Partners L.P. BEP.UN BEP
CAE Inc. CAE CAE
CCL Industries Inc. Class B Non-Voting Shares CCL.B CCL FCI
CGI Inc. Class A Subordinate Voting Shares GIB.A GIB FGI
CI Financial Corp. CIX CIX FCX
Cameco Corporation CCO CCO FOC
Canada Goose Holdings Inc. GOOS GOOS FSO
Canadian Apartment Properties REIT CAR.UN CAR
Canadian Imperial Bank of Commerce CM CM FCB
Canadian National Railway Company CNR CNR FCN
Canadian Natural Resources Limited CNQ CNQ FCQ
Canadian Pacific Railway Limited CP CP FCP
Canadian Tire Corporation Limited Class A Non-Voting Shares CTC.A CTC FCT
Canadian Utilities Ltd. Class A Non-Voting Shares CU CU FUE
Canadian Western Bank CWB CWB
Canfor Corp. CFP CFP
Canopy Growth Corporation WEED WEED FWD
Capital Power Corp. CPX CPX
Cascades Inc. CAS CAS
Celestica Inc. CLS CLS
Cenovus Energy Inc. CVE CVE FVE
Centerra Gold CG CG
Chartwell Retirement Residences CSH.UN CSH FVH
Cineplex Inc. CGX CGX
Cogeco Communications Inc. CCA CCA FZC
Colliers International Group Inc. CIGI CIGI
Cominar REIT CUF.UN CUF
Crescent Point Energy Corp. CPG CPG FCG
Cronos Group Inc. CRON CRON FNO
Descartes Systems Group Inc. DSG DSG
Dollarama Inc. DOL DOL FDO
Dream Industrial REIT DIR.UN DIR
Dream Office REIT D.UN D
Eldorado Gold Corp. ELD ELD FEL
Element Fleet Management Corp. EFN EFN FEF
Emera Incorporated EMA EMA FMA
Empire Company Limited EMP.A EMP FEM
Enbridge Inc. ENB ENB FEB
Endeavour Mining Corporation EDV EDV
Enerplus Corporation ERF ERF
Finning Intl Inc. FTT FTT FNN
First Capital REIT FCR.UN FCR FFR
First Majestic Silver Corp. FR FR
First Quantum Minerals Ltd. FM FM FMQ
Fortis Inc. FTS FTS FFS
Franco-Nevada Corporation FNV FNV FFV
Genworth MI Canada Inc. MIC MIC FCM
George Weston Limited WN WN FWN
Gibson Energy Inc. GEI GEI
Gildan Activewear Inc. GIL GIL FGW
Granite REIT GRT.UN GRT
Great Canadian Gaming Corp. GC GC
Great-West Lifeco Inc. GWO GWO FWL
H&R REIT HR.UN HR FKH
Home Capital Group Inc. HCG HCG
HudBay Minerals Inc. HBM HBM
Husky Energy Inc. HSE HSE
Hydro One Limited H H FHO
IAMGOLD Corp. IMG IMG
IGM Financial Inc. IGM IGM FGN
Imperial Oil Limited IMO IMO FMO
Innergex Renewable Energy Inc. IMO INE
Intact Financial Corporation IFC IFC FIF
Inter Pipeline Ltd. IPL IPL FPL
Interfor Corporation IFP IFP
Intertape Polymer Group Inc. ITP ITP
Jamieson Wellness Inc. JWEL JWEL
Keyera Corp. KEY KEY FKY
Kinaxis Inc. KXS KXS
Kinross Gold Corporation K K FKK
Kirkland Lake Gold Ltd. KL KL FKJ
Labrador Iron Ore Royalty Corporation LIF LIF
Laurentian Bank of Canada LB LB
Lightspeed POS Inc. Subordinate Voting Shares LSPD LSPD
Linamar Corp. LNR LNR
Loblaw Companies Limited L L FLL
Lundin Mining Corporation LUN LUN FLN
MEG Energy Corp. MEG MEG
Mag Silver Corp. MAG MAG
Magna International Inc. MG MG FMI
Manulife Financial Corporation MFC MFC FMF
Maple Leaf Foods Inc. MFI MFI
Martinrea International Inc. MRE MRE
Methanex Corp. MX MX FMX
Metro Inc. MRU MRU FMU
Morneau Shepell Inc. MSI MSI
Mullen Group Ltd. MTL MTL
National Bank of Canada NA NA FNB
NFI Group Inc. NFI NFI
Norbord Inc. OSB OSB
Northland Power Inc. NPI NPI
Northview Apartment REIT NVU.UN NVU
North West Company Inc. NWC NWC
Northwest Healthcare Properties REIT NWH.UN NWH
Novagold Resources Inc. NG NG
Nutrien Ltd. NTR NTR FNU
OceanaGold Corp. OGC OGC
Onex Corp. Subordinate Voting Shares ONEX ONEX FON
Open Text Corp. OTEX OTEX FOP
Osisko Gold Royalties Ltd. OSK OSK
Pan American Silver Corp. PAAS PAAS
Parex Resources Inc. PXT PXT
Parkland Corporation PKI PKI
Pason Systems Inc. PSI PSI
Pembina Pipeline Corporation PPL PPL FPP
Power Corporation of Canada Subordinate Voting Shares POW POW FPW
PrairieSky Royalty Ltd. PSK PSK FPK
Premium Brands Holdings Corporation PBH PBH
Pretium Resources Inc. PVG PVG
Primo Water Corp. PRMW PRMW
Quebecor Inc. Class B Subordinate Voting Shares QBR.B QBR
Real Matters Inc. REAL REAL
Restaurant Brands International Inc. QSR QSR FQR
RioCan REIT REI.UN REI FRW
Ritchie Bros Auctioneers Inc. RBA RBA
Rogers Communications Inc. Class B Non-Voting Shares RCI.B RCI FIR
Royal Bank of Canada RY RY FRY
Russel Metals Inc. RUS RUS
SNC-Lavalin Group Inc. SNC SNC FCL
SSR Mining Inc. SSRM SSRM
Sandstorm Gold Ltd. SSL SSL
Saputo Inc. SAP SAP FSA
Seven Generations Energy Ltd. VII VII FSG
Shaw Communications Inc. Class B Non-Voting Shares SJR.B SJR FSJ
Shopify Inc. Class A Subordinate Voting Shares SHOP SHOP FSH
Sienna Senior Living Inc. SIA SIA
Silvercorp Metals Inc. SVM SVM
SmartCentres REIT SRU.UN SRU
Spin Master Corp. Subordinate Voting Shares TOY TOY
Stantec Inc. STN STN FNT
Stella-Jones Inc. SJ SJ FJS
Sun Life Financial Inc. SLF SLF FLF
Suncor Energy Inc. SU SU FSU
Superior Plus Corp. SPB SPB
TC Energy Corporation TRP TRP FRP
TELUS Corporation T T FTC
TFI International Inc. TFII TFII FTF
TMX Group Limited X X
Teck Resources Limited Class B Subordinate Voting Shares TECK.B TECK FTK
Thomson Reuters Corporation TRI TRI FRT
Torex Gold Resources Inc. TXG TXG
Toromont Industries Ltd. TIH TIH
Toronto-Dominion Bank (The) TD TD FTD
Tourmaline Oil Corp. TOU TOU FOU
TransAlta Corporation TA TA
TransAlta Renewables Inc. RNW RNW
Transcontinental Inc. Class A Subordinate Voting Shares TCL.A TCL
Tricon Residential Inc. TCN TCN
Vermilion Energy Inc. VET VET FVM
WSP Global Inc. WSP WSP
Waste Connections Inc. WCN WCN FWC
Wesdome Gold Mines Ltd. WDO WDO
West Fraser Timber Co. Ltd. WFT WFT FWT
Westshore Terminals Investment Corporation WTE WTE
Wheaton Precious Metals Corp. WPM WPM FPM
Whitecap Resources Inc. WCP WCP
Winpak Ltd. WPK WPK
Yamana Gold Inc. YRI YRI FYR
iA Financial Corporation Inc. IAG IAG FIA

* The above list of constituents are the ones that have derivatives available on the Montréal Exchange and does not represent the full list of constituents of the index.

S&P/TSX ESG & Environmental Indices
Articles
Through the Turbulence, a New Breed of ESG Indices Delivers
Reid Steadman
S&P DOW JONES INDICES - March 25, 2020
Read more
An Evolution in ESG Indexing
Sarah Kjellberg, Tanvi Pradhan, Thomas Kuh
Read more

Sustainable ETFs Listed on TSX

There are over 30 Sustainable ETFs listed on the TSX representing over $1 billion of assets under management.

Name Symbol
iShares Jantzi Social Index ETF XEN
iShares ESG Canadian Aggregate Bond Index ETF XSAB
iShares ESG Canadian Short Term Bond Index ETF XSTB
iShares ESG Aware MSCI Canada Index ETF XESG
iShares ESG Aware MSCI EAFE Index ETF XSEA
iShares ESG Aware MSCI Emerging Markets Index ETF XSEM
iShares ESG Aware MSCI USA Index ETF XSUS
iShares ESG Advanced MSCI Canada Index ETF XCSR
iShares ESG Advanced MSCI USA Index ETF XUSR
iShares ESG Advanced MSCI EAFE Index ETF XDSR
Name Symbol
BMO Balanced ESG ETF ZESG
BMO ESG Corporate Bond Index ETF ESGB
BMO ESG US Corporate Bond Hedged to CAD Index ETF ESGF
BMO MSCI Canada ESG Leaders Index ETF ESGA
BMO MSCI EAFE ESG Leaders Index ETF ESGE
BMO MSCI Global ESG Leaders Index ETF ESGG
BMO MSCI USA ESG Leaders Index ETF ESGY
BMO Women in Leadership Fund WOMN
Name Symbol
Desjardins RI Canada - Low CO2 Index ETF DRMC
Desjardins RI Canada Multifactor - Low CO2 ETF DRFC
Desjardins RI Developed ex-USA ex-Canada Multifactor - Low CO2 ETF DRFD
Desjardins RI USA - Low CO2 Index ETF DRMU
Desjardins RI USA Multifactor - Low CO2 ETF DRFU
Desjardins RI Active Canadian Bond - Low CO2 ETF DRCU
Desjardins RI Emerging Markets Multifactor - Low CO2 ETF DRFE
Desjardins RI Global Multifactor - Fossil Fuel Reserves Free ETF DRFG
Desjardins RI Developed ex-USA ex-Canada - Low CO2 Index ETF DRMD
Name Symbol
Horizons Global Sustainability Leaders Index ETF ETHI
Name Symbol
Invesco S&P 500 ESG ETF ESG
Invesco S&P/TSX Composite ESG Index ETF ESGC
Name Symbol
NBI Sustainable Canadian Bond ETF NSCB
NBI Sustainable Canadian Equity ETF NSCE
NBI Sustainable Global Equity ETF NSGE

Sustainable Bonds

What is a Sustainable Bond?

Sustainable Bonds are similar to traditional bonds in that they are issued for a fixed period of time, pay an interest rate coupon to the owner and are backed by the issuing entity's credit rating. Sustainable bonds differ from traditional bonds in that the proceeds of the bond issuance, the management of the proceeds and the reporting on the usage of proceeds are made transparent. Additionally, sustainable bonds, such as those made available for trading by the TSX, are all required to have a second opinion performed by a recognized 3rd party firm.

Articles
Canadian Sustainable Bond Market Update
The Climate Bonds Initiative
Read more
Sustainability Bond Guidelines (SBG)
International Capital Markets Association
Read more

Transition Finance

Transition finance is a rapidly emerging theme in Canada and globally. Transition finance broadly refers to investments and/or investing in companies, projects and activities that enable energy intensive companies/industries to lower their GHG emissions profile. Companies and/or projects that are seeking transition financing would typically not qualify for traditional forms of green finance, such as green bonds, as the underlying activity would still produce emissions, albeit a lower amount.

Some companies have already made public commitments to embark on a transition pathway by announcing their intent to achieve net-carbon neutrality. The following is a list of companies that have made such a commitment, and a list of their associated derivative instruments that are available to trade on the Montréal Exchange.

Net-Carbon Neutral Committed Companies Options Futures
Maple Leaf Foods Inc. MFI
Cenovus Energy Inc. CVE FVE
MEG Energy Corp. MEG
Teck Resources Limited TECK FTK
Wheaton PM Corp. WPM FPM

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