Darren McKall

The applicant, Evolve Funds Group Inc., applied on behalf of the Evolve Canadian Utilities Enhanced Yield Index Fund for exemptive relief to extend the lapse date of the Fund's long form prospectus from August 1, 2025, to August 16, 2025.

The extension was sought to align the Fund's prospectus renewal with 12 other exchange-traded funds managed by the applicant, thereby reducing renewal costs and streamlining disclosure.

The Ontario Securities Commission granted the requested relief, finding that there were no material changes in the Fund's affairs and that the extension would not be prejudicial to the public interest.

TD Asset Management Inc. applied for exemptive relief on behalf of its existing and future mutual funds offering ETF securities.

The requested relief sought exemptions from the requirement to include an underwriter's certificate in the funds' prospectuses and from the take-over bid requirements for purchasers of ETF securities in the normal course on a marketplace.

The Ontario Securities Commission, acting as principal regulator, granted the requested exemptions.

The Filer applied for exemptive relief under National Instrument 81-102 to permit its investment funds to purchase and hold securities of foreign Underlying Funds (SICAV and UCITS funds) that are not subject to NI 81-102 and are not reporting issuers in Canada.

The Ontario Securities Commission granted the relief, finding that the Underlying Funds are subject to substantially similar regulatory oversight in their home jurisdictions and that the investments would provide an efficient way for the Funds to achieve diversification.

The relief was granted subject to conditions, including a 10% limit on the net assets invested in Underlying Funds.

TD Asset Management Inc. applied for exemptive relief on behalf of existing and future mutual funds offering both ETF and mutual fund securities.

The applicant sought an exemption from the requirement to file a long form prospectus for ETF securities, proposing instead to file a simplified prospectus and an ETF facts document.

The applicant also sought permission to treat ETF and mutual fund securities as separate funds for the purpose of compliance with the sales and redemptions requirements under National Instrument 81-102.

The Ontario Securities Commission granted the requested exemptive relief, subject to specified conditions.

Mackenzie Financial Corporation applied for exemptive relief on behalf of several mutual funds (the Top Funds) to permit them to invest in underlying private market funds managed by Northleaf Capital Partners.

The relief sought exemptions from paragraphs 2.5(2)(a), (b), and (c) of National Instrument 81-102, which restrict mutual funds from investing in non-reporting investment funds, funds not subject to NI 81-102, and funds that hold more than 10% of their net asset value in other investment funds.

The Ontario Securities Commission granted the requested relief, subject to several conditions, including that the investments be compatible with the Top Funds' objectives, be approved by the independent review committee, and comply with specific valuation and fee duplication restrictions.

The Filer, CIBC Asset Management Inc., applied for exemptive relief on behalf of its investment funds (the Top Funds) from the Control Restriction in subsection 2.2(1) of National Instrument 81-102.

The relief sought to permit the Top Funds to invest in an underlying real estate investment trust even if the investment would result in holding more than 10% of the underlying fund's outstanding equity securities.

The Ontario Securities Commission granted the exemption, subject to conditions including that the investment be treated as an illiquid asset under section 2.4 of NI 81-102, that no duplicative fees be charged, and that the underlying fund's assets be independently appraised annually.

The applicant, Global X Investments Canada Inc., applied on behalf of two alternative mutual funds for exemptive relief from certain provisions of National Instrument 81-102.

The requested relief would permit the funds to invest in shares of the iShares Bitcoin Trust ETF, which is not subject to NI 81-102 and is not a reporting issuer in Canada.

Additionally, relief was sought to permit one fund to invest in the other, despite the underlying fund holding more than 10% of its net asset value in other investment funds.

The Ontario Securities Commission granted the requested exemptions, subject to conditions ensuring the investments remain consistent with the funds' objectives and the general investment restrictions applicable to alternative mutual funds.

CIBC Asset Management Inc. applied for exemptive relief on behalf of itself and certain investment funds (Top Funds) from various conflict of interest investment restrictions and reporting requirements under securities legislation.

The relief sought to permit the Top Funds to invest a portion of their assets in underlying investment vehicles managed by the Filer or its affiliates.

The Ontario Securities Commission granted the requested exemptions, subject to several conditions including independent review committee approval, specific disclosure requirements, and valuation safeguards.

The applicant, an investment fund manager, applied for exemptive relief from the annual financial statement filing and delivery deadlines under National Instrument 81-106 for several of its mutual funds.

The funds invest in underlying funds with varying financial year-ends, causing delays in obtaining the necessary audited financial statements to complete their own audits.

The Ontario Securities Commission granted the requested relief, extending the filing and delivery deadline to 120 days after the funds' financial year-end, subject to certain conditions.

The applicant, a registered investment fund manager and portfolio manager, applied for exemptive relief from the prohibition against inter-fund trades under s. 13.5(2)(b)(iii) of NI 31-103.

The applicant sought to permit inter-fund trades of private debt securities between its managed funds in order to consolidate portfolios into a master fund structure.

The principal regulator granted the exemption, subject to conditions including independent review committee approval, independent third-party valuation of the private debt securities, and specific disclosure to investors.

Fidelity Investments Canada ULC applied for exemptive relief from the requirement in section 3.2.01 of National Instrument 81-101 to deliver a Fund Facts document to purchasers before accepting instructions for the purchase of mutual fund securities.

The relief was sought in connection with a one-time automatic switch of Family Plan Account Holders' existing holdings from series B, S5, and S8 securities to series F, F5, and F8 securities, which have lower management and administration fees.

The principal regulator granted the exemption, subject to conditions including advance notice to account holders and ensuring that the new series have lower combined fees and no switch fees.

The applicant, BMO Asset Management Inc., applied for exemptive relief on behalf of existing and future mutual funds to permit them to invest in securities of US-listed exchange-traded funds that are not index participation units.

The principal regulator granted the exemption from paragraphs 2.5(2)(a), (a.1), and (c) of National Instrument 81-102, subject to conditions including a 10% net asset value limit on such investments and prospectus disclosure requirements.

FT Portfolios Canada Co. applied on behalf of First Trust Long/Short Equity ETF for exemptive relief from certain provisions of National Instrument 81-102.

The requested exemptions would permit the Fund to invest up to 100% of its net asset value in the First Trust Long/Short Equity ETF, a U.S. exchange-traded fund not subject to NI 81-102 and not a reporting issuer in Canada.

The Ontario Securities Commission granted the requested exemptions, subject to conditions including that the U.S. ETF remains subject to the U.S. Investment Company Act and complies with applicable borrowing and short selling limits.

The Filer applied for exemptive relief on behalf of several alternative mutual funds to permit them to short sell Government Securities up to a maximum of 300% of their net asset value.

The relief was sought to implement an interest rate risk hedging strategy by short selling government securities of the U.K. and Germany, in addition to those permitted under NI 81-102.

The Ontario Securities Commission granted the requested relief, subject to conditions including that the short sales be consistent with the funds' investment objectives and hedging strategies, and that aggregate exposure limits not be exceeded.

Longpoint Asset Management Inc. applied to the Ontario Securities Commission for exemptive relief on behalf of several proposed alternative mutual funds (ETFs) from the concentration restriction in subsection 2.1(1.1) of National Instrument 81-102.

The ETFs seek to provide daily investment results corresponding to up to three times (3X) or three times the inverse (-3X) of the daily percentage change of specific indexes.

The exemption was sought to permit the ETFs to invest more than 20% of their net asset value in securities of a single issuer, as required to replicate the leveraged returns of their respective indexes where a constituent security represents a large portion of the index.

The Commission granted the requested relief, subject to conditions requiring enhanced prospectus disclosure regarding the ETFs' names, investment objectives, concentration risks, and passively-managed nature.

The Filer applied for exemptive relief on behalf of several alternative mutual funds from the concentration restriction in subsection 2.1(1.1) of National Instrument 81-102.

The relief was sought to permit the funds, which seek daily investment results corresponding to 300% or -300% of the daily performance of an index, to invest more than 20% of their net asset value in securities of a single issuer.

The principal regulator granted the requested exemption, subject to conditions including prospectus disclosure of the exemption and associated concentration risks.

The Filer applied for exemptive relief on behalf of existing and future exchange-traded funds from certain provisions of National Instrument 81-102 Investment Funds.

The requested relief would permit the ETFs to borrow cash up to 100% of their net asset value and to engage in securities lending transactions where the aggregate market value of loaned securities exceeds 50% of the net asset value.

The principal regulator granted the requested exemptions, subject to specific conditions regarding leverage limits, collateral requirements, and the appointment of agents for securities lending.

The Filer applied to the Ontario Securities Commission for exemptive relief to extend the lapse date of the simplified prospectus for the Purpose Ether Staking Corp. ETF from June 14, 2025, to August 28, 2025.

The extension was sought to align the Fund's prospectus renewal with other mutual funds managed by the Filer, thereby reducing costs and streamlining disclosure.

The Commission granted the requested exemption, finding it would not be prejudicial to the public interest.

The Filer applied for exemptive relief from subsection 5.1(a) of National Instrument 81-105 to permit it to pay participating dealers for direct costs incurred relating to cooperative marketing initiatives whose primary purpose is to provide educational information concerning financial planning matters.

The Ontario Securities Commission granted the relief, subject to conditions including that the Filer does not require participating dealers to sell its funds and that the materials contain only general educational information.

The Filer applied for exemptive relief on behalf of certain mutual funds to permit them to invest substantially all of their assets in underlying funds in which the Filer or its affiliates may have a significant interest, and where the top funds may become substantial security holders of the underlying funds.

The Ontario Securities Commission granted the requested relief, subject to various conditions including that the securities are distributed solely to accredited investors and that no duplicative management or incentive fees are payable.