The Ontario Securities Commission has granted Evolve Funds Group Inc., the investment fund manager for Evolve S&P/TSX 60 Enhanced Yield Fund and Evolve S&P 500i Enhanced Yield Fund, an extension of the prospectus lapse date. The extension is for 114 days, moving the lapse date from January 3, 2024, to April 26, 2024. This aligns with the lapse date of another prospectus for eight ETFs under the same management, allowing for consolidation of the prospectuses.
The decision is based on the rationale that consolidating the prospectuses will reduce costs, streamline disclosure, and facilitate investor comparisons. The Securities Commission determined that there have been no material changes in the affairs of the Funds since the last prospectus, ensuring that the information remains current and accurate. The extension is not expected to be prejudicial to the public interest.
The legal framework for this decision includes subsection 62(5) of the Securities Act (Ontario), which governs the lapse date of a prospectus, and the Process for Exemptive Relief Applications in Multiple Jurisdictions. The decision also relies on the understanding that material changes would be disclosed as required by legislation, and that new investors would receive the most recent documents related to the Funds.