The Securities Commission has granted an exemption to CI Investments Inc. (the Filer), on behalf of CI Galaxy Multi-Crypto ETF, CI Bio-Revolution ETF, and CI Digital Security ETF (the ETFs), allowing for an extension of the prospectus lapse dates. This decision is under subsection 62(5) of the Securities Act and is based on the Filer’s intention to streamline and combine the prospectuses of these ETFs with those of other ETFs under common management to reduce costs and facilitate distribution.
The lapse dates for the prospectuses of the January 2022 ETF and the February 2022 ETFs were originally set for January 7, 2023, and February 17, 2023, respectively. The extension aligns these dates with those of the Affiliated Crypto ETFs (March 31, 2023) and the Affiliated CI ETFs (April 21, 2023), which are also managed by the Filer.
The Filer has represented that there have been no material changes in the affairs of the ETFs since the dates of their prospectuses, ensuring that the information remains accurate. The extension is not expected to be prejudicial to the public interest as investors will continue to receive the most recent ETF fact documents, and the prospectuses will be available upon request.
The decision was made in accordance with the National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions, and the Filer has provided notice that subsection 4.7(1) of Multilateral Instrument 11-102 – Passport System will be relied upon in other Canadian provinces and territories. The outcome is that the ETFs are permitted to extend their prospectus lapse dates without any conditions.