The Securities Commission has granted an exemption to extend the lapse dates for the prospectuses of three exchange-traded funds (ETFs) managed by Evolve Funds Group Inc. The decision allows for the consolidation of the prospectuses of these funds with those of other funds under the same management, aiming to streamline disclosure and reduce costs.
Key Facts:
– The ETFs in question are established under Ontario law and trade on the Toronto Stock Exchange.
– The original lapse dates for the prospectuses were January 26, 2023, for BANK; January 5, 2023, for EBNK; and February 17, 2023, for TECE.
– The extension aligns the lapse dates with the April 26, 2023, lapse date of another prospectus for six funds managed by the same investment fund manager, referred to as the April Funds.
Reasoning:
– The consolidation is expected to facilitate investor comparison and distribution of the funds.
– There have been no material changes in the funds’ affairs since the date of their respective prospectuses.
– The exemption will not affect the accuracy of the information in the prospectuses and is not seen as prejudicial to the public interest.
Outcome:
– The lapse dates for the prospectuses of BANK, EBNK, and TECE have been extended by 68 days, 90 days, and 111 days, respectively, with no conditions attached.
Relevant Laws and Regulations:
– The exemption is granted under subsection 62(5) of the Securities Act (Ontario).
– The decision was made in accordance with the National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions.