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Purpose Investments Inc. et al.

2022-08-31 | Decision | Securities Act | Investment funds and structured products | https://www.osc.ca/en/securities-law/orders-rulings-decisions/purpose-investments-inc-et-al-8

Securities Act, R.S.O. 1990, c. S.5, as am., s. 62(5).


The Securities Commission has granted an extension to the lapse date of the prospectus for certain funds managed by Purpose Investments Inc. This decision allows the funds’ simplified prospectus, originally dated October 1, 2021, to have its lapse date extended to November 19, 2022, aligning it with the lapse date of the prospectus for other funds under the same management. This extension is intended to consolidate the prospectuses, reducing costs and facilitating easier comparison for investors.

The decision is based on subsection 62(5) of the Securities Act (Ontario), which permits such an extension. The rationale for the extension includes the proximity of the original lapse dates, the absence of material changes in the funds’ affairs since the current prospectus, and the commitment to amend the prospectus should any material changes occur. The Commission determined that the extension would not compromise the accuracy of the information in the prospectus nor be prejudicial to the public interest.

The funds involved include Purpose Bitcoin ETF, Purpose Ether ETF, and others listed in Schedule A, such as Purpose Bitcoin Yield ETF, Purpose Ether Yield ETF, and Purpose Crypto Opportunities ETF. The decision was made under the framework of National Policy 11-203 and relies on section 4.7(1) of Multilateral Instrument 11-102 Passport System for application in multiple Canadian jurisdictions.