The Securities Commission has granted an alternative mutual fund, managed by Tralucent Asset Management Inc., exemption from certain requirements of National Instrument 81-102 Investment Funds (NI 81-102), National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101), National Instrument 41-101 General Prospectus Requirements (NI 41-101), and National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106). This decision allows the fund to include past performance data in its sales communications, fund facts, ETF facts documents, and management reports of fund performance, even though this data is from a period before the fund was distributing securities under a simplified prospectus and had not done so for 12 consecutive months.
The fund, which aims to exceed the growth of the MSCI World Index through long-short investments in exchange-traded securities, has been managed consistently since its inception and will continue to be managed in the same manner as a reporting issuer. The fund has complied with the investment restrictions and practices of NI 81-102 since its establishment.
The relief is conditional upon the fund disclosing that it was not a reporting issuer during the period the past performance data relates to, that expenses would have been higher had it been a reporting issuer, and that the fund received exemptive relief to disclose such past performance data. Additionally, the fund’s financial statements for the relevant period must be available on the Filer’s website and provided to investors upon request.
The exemptions are based on the premise that the past performance data is meaningful for investors and that the fund’s management and fee structure have remained consistent. The decision facilitates the fund’s transition to a reporting issuer while maintaining transparency for investors regarding its historical performance.