Ontario Commission des P.O. Box 55, 19th Floor CP 55, 19e étage
Securities valeurs mobilières 20 Queen Street West 20, rue queen ouest
Commission de l’Ontario Toronto ON M5H 3S8 Toronto ON M5H 3S8
Web site: www.osc.gov.on.ca
Headnote National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions – Exemption from section 2.3(1) of National Instrument 41-101 General Prospectus Requirements to permit filing of a final prospectus more than 90 days after the date of receipt for the preliminary prospectus – 90-day extension granted.
Applicable Legislative Provisions
National Instrument 41-101 General Prospectus Requirements, sections 2.3(1) and 19.1.
VIA SEDAR
December 9, 2010
Fasken Martineau Dumoulin LLP
Attention: Munier Saloojee
Dear Sir:
Re: BetaPro Management Inc. (the Manager)
Horizons BetaPro S&P 500 VIX Short-Term Futures Index ETF, and
Horizons BetaPro S&P 500 VIX Short-Term Futures Bull Plus Index ETF (the ETFs)
Exemptive Relief Application under Section 19.1 of National Instrument 41-101 General Prospectus Requirements (NI 41-101)
Application No. 2010/0533, SEDAR Project No. 1581773
By letter dated September 16, 2010 (the Application), the Manager applied on behalf of the ETF to the Director of the Ontario Securities Commission (the Director) pursuant to section 19.1 of NI 41-101 for relief from the operation of subsection 2.3(1) of NI 41-101, which prohibits an issuer from filing a prospectus more than 90 days after the date of the receipt for the preliminary prospectus.
This letter confirms that, based on the information and representations made in the Application, and for the purposes described in the Application, the Director grants the requested exemption to be evidenced by the issuance of a receipt for the ETFs’ prospectus, provided the ETFs’ final prospectus is filed no later than December 18, 2010.
Yours very truly,
Darren McKall
Darren McKall
Assistant Manager, Investment Funds Branch