Fidelity Investments Canada ULC (Re), 2020 CanLII 47969

June 2, 2020

IN THE MATTER OF THE SECURITIES LEGISLATION OF ONTARIO (the Jurisdiction)

AND

IN THE MATTER OF THE PROCESS FOR EXEMPTIVE RELIEF APPLICATIONS IN MULTIPLE JURISDICTIONS

AND

IN THE MATTER OF FIDELITY INVESTMENTS CANADA ULC (the Filer)

AND

IN THE MATTER OF THE FUNDS LISTED IN SCHEDULE “A” HERETO (the August Funds) AND THE FUNDS LISTED IN SCHEDULE “B” HERETO (the October Funds, and together with the August Funds, the Funds and each a Fund)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Funds for a decision under the securities legislation of the Jurisdiction (the Legislation) that the time limits for the renewal of each simplified prospectus, fund facts and annual information form of the Funds (each, a Renewal Prospectus) be extended to those time limits that would apply if the lapse date was November 1, 2020 (the Exemption Sought).

Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator for this application; and

(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in each of the other provinces and territories of Canada (together with Ontario, the Jurisdictions).

Interpretation

Terms defined in National Instrument 14-101 Definitions and MI 11-102 have the same meaning if used in this decision, unless otherwise defined.

Representations

This decision is based on the following facts represented by the Filer:

1. The Filer is a corporation amalgamated under the laws of Alberta and has its head office in Toronto, Ontario.

2. The Filer is registered as follows: (i) as a portfolio manager and mutual fund dealer in each of the Jurisdictions; (ii) as an investment fund manager in Ontario, Quebec, and Newfoundland and Labrador; and (iii) as a commodity trading manager under the Commodity Futures Act (Ontario).

3. The Filer is the trustee and investment fund manager of the Funds.

4. Each of the Funds is an open-end mutual fund trust established under the laws of the Province of Ontario, and is a reporting issuer as defined in the securities legislation of each of the Jurisdictions.

5. Neither the Filer nor any of the Funds is in default of securities legislation in any of the Jurisdictions.

6. The August Funds currently distribute securities in the Jurisdictions under a simplified prospectus dated August 28, 2019, as amended November 1, 2019 (the August Funds Prospectus). The October Funds currently distribute securities in the Jurisdictions under a simplified prospectus dated October 9, 2019 (the October Funds Prospectus).

7. Pursuant to subsection 62(1) of the Securities Act (Ontario) (the Act), the lapse date of the August Funds Prospectus is August 28, 2020 and the lapse date of the October Funds Prospectus is October 9, 2020. Accordingly, under subsection 62(2) of the Act, the distribution of securities of each Fund would have to cease on its current lapse date unless: (i) the Funds file a pro forma simplified prospectus at least 30 days prior to its current lapse date; (ii) the final simplified prospectus is filed no later than 10 days after its current lapse date; and (iii) a receipt for the final simplified prospectus is obtained within 20 days after its current lapse date.

8. The Filer is the investment fund manager of certain other mutual funds as listed in Schedule “C” (the Fidelity Funds), that currently distribute their securities under a simplified prospectus with a lapse date of November 1, 2020 (the Fidelity Funds Prospectus).

9. The Funds share many common operational and administrative features with the Fidelity Funds and combining them in the same simplified prospectus will allow investors to more easily compare the features of the Funds and the Fidelity Funds.

10. It would be impractical to alter and modify all the dedicated systems, procedures and resources required to prepare the renewal simplified prospectus, annual information form and fund facts for the Fidelity Funds (the Fidelity Funds Renewal Prospectus Documents), and unreasonable to incur the costs and expenses associated therewith, so that the Fidelity Funds Renewal Prospectus Documents can be filed earlier with any renewal simplified prospectus, annual information form and fund facts documents of the Funds (the Renewal Prospectus Documents).

11. If the Exemption Sought is not granted, it will be necessary to renew the August Funds Prospectus and the October Funds Prospectus twice within a short period of time in order to consolidate the August Funds Prospectus and the October Funds Prospectus with the Fidelity Funds Prospectus.

12. The Filer may make minor changes to the features of the Fidelity Funds as part of the Fidelity Funds Renewal Prospectus Documents. The ability to file the Renewal Prospectus Documents with the Fidelity Funds Renewal Prospectus Documents will ensure that the Filer can make the operational and administrative features of the Funds and the Fidelity Funds consistent with each other.

13. There have been no material changes in the affairs of the Funds since the relevant current prospectus filings, other than as described in the amendments to the August Funds Prospectus. Accordingly:

(a) the August Funds Prospectus and current fund facts document(s) of each of the August Funds represent current information regarding the August Funds, and

(b) the October Funds Prospectus and current fund facts document(s) of each of the October Funds represent current information regarding the October Funds.

14. Given the disclosure obligations of the Funds, should a material change in the affairs of any of the Funds occur, the current simplified prospectus and fund facts document(s) of the applicable Fund(s) will be amended as required under the Legislation.

15. New investors of the Funds will receive delivery of the most recently filed fund facts document(s) of the applicable Fund(s). The August Funds Prospectus and the October Funds Prospectus will still be available upon request.

16. The Exemption Sought will not affect the accuracy of the information contained in the August Funds Prospectus or the October Funds Prospectus and therefore will not be prejudicial to the public interest.

Decision

The principal regulator is satisfied that the decision meets the test set out in the Legislation for the principal regulator to make the decision.

The decision of the principal regulator under the Legislation is that the Exemption Sought is granted.

“Darren McKall”

Darren McKall Manager, Investment Funds & Structured Products Branch Ontario Securities Commission

Application #: 2020/0250

SCHEDULE A

The August Funds

Fidelity Canadian Short Term Corporate Bond ETF Fund Fidelity Systematic Canadian Bond Index ETF Fund Fidelity Systematic U.S. High Yield Bond ETF Fund (formerly Fidelity Fundamental High Yield ETF Fund) Fidelity Systematic U.S. High Yield Bond Currency Neutral ETF Fund (formerly Fidelity Fundamental High Yield Currency Neutral ETF Fund) Fidelity Global Core Plus Bond ETF Fund (formerly Fidelity Global Core Plus ETF Fund)

SCHEDULE B

The October Funds

Fidelity Floating Rate High Income Currency Neutral Multi-Asset Base Fund Fidelity Global Credit Ex-U.S. Currency Neutral Multi-Asset Base Fund Fidelity High Income Commercial Real Estate Currency Neutral Multi-Asset Base Fund Fidelity Insights Currency Neutral Multi-Asset Base Fund Fidelity International Equity Currency Neutral Investment Trust Fidelity International Growth Currency Neutral Multi-Asset Base Fund Fidelity U.S. Bond Currency Neutral Multi-Asset Base Fund

SCHEDULE C

The Fidelity Funds

Fidelity Canadian Disciplined Equity® Fund Fidelity Canadian Growth Company Fund Fidelity Canadian Large Cap Fund Fidelity Canadian Opportunities Fund Fidelity Dividend Fund Fidelity Greater Canada Fund Fidelity Dividend Plus Fund Fidelity Special Situations Fund Fidelity True North® Fund Fidelity American Disciplined Equity® Fund Fidelity American Disciplined Equity® Currency Neutral Fund Fidelity American Equity Fund Fidelity American Equity Systematic Currency Hedged Fund Fidelity U.S. Focused Stock Fund Fidelity U.S. Focused Stock Systematic Currency Hedged Fund Fidelity Small Cap America Fund Fidelity Small Cap America Systematic Currency Hedged Fund Fidelity U.S. Dividend Fund Fidelity U.S. Dividend Currency Neutral Fund Fidelity U.S. Dividend Systematic Currency Hedged Fund Fidelity U.S. Dividend Registered Fund Fidelity U.S. All Cap Fund Fidelity Event Driven Opportunities Fund Fidelity Women’s Leadership Fund Fidelity Women’s Leadership Systematic Currency Hedged Fund Fidelity AsiaStar® Fund Fidelity China Fund Fidelity Emerging Markets Fund Fidelity Europe Fund Fidelity Far East Fund Fidelity Global Fund Fidelity Global Disciplined Equity® Fund Fidelity Global Disciplined Equity® Currency Neutral Fund Fidelity Global Dividend Fund Fidelity Global Large Cap Fund Fidelity Global Concentrated Equity Fund Fidelity Global Concentrated Equity Currency Neutral Fund Fidelity Global Small Cap Fund Fidelity International Disciplined Equity® Fund Fidelity International Disciplined Equity® Currency Neutral Fund Fidelity International Concentrated Equity Fund Fidelity International Concentrated Equity Currency Neutral Fund Fidelity Japan Fund Fidelity Frontier Emerging Markets Fund Fidelity NorthStar® Fund Fidelity NorthStar® Currency Neutral Fund Fidelity International Growth Fund Fidelity Insights Systematic Currency Hedged Fund Fidelity Global Consumer Industries Fund Fidelity Global Financial Services Fund Fidelity Global Health Care Fund Fidelity Global Natural Resources Fund Fidelity Global Real Estate Fund Fidelity Technology Innovators Fund (formerly Fidelity Global Technology Fund) Fidelity Global Telecommunications Fund Fidelity Canadian Asset Allocation Fund Fidelity Canadian Balanced Fund Fidelity Monthly Income Fund Fidelity Income Allocation Fund Fidelity Global Asset Allocation Fund Fidelity Global Monthly Income Fund Fidelity Global Monthly Income Currency Neutral Fund Fidelity Tactical Strategies Fund Fidelity U.S. Monthly Income Fund Fidelity U.S. Monthly Income Currency Neutral Fund Fidelity Tactical High Income Fund Fidelity Tactical High Income Currency Neutral Fund Fidelity NorthStar® Balanced Fund Fidelity NorthStar® Balanced Currency Neutral Fund Fidelity American Balanced Fund Fidelity American Balanced Currency Neutral Fund Fidelity Conservative Income Fund Fidelity Income Portfolio Fidelity Global Income Portfolio Fidelity Balanced Portfolio Fidelity Global Balanced Portfolio Fidelity Growth Portfolio Fidelity Global Growth Portfolio Fidelity Balanced Managed Risk Portfolio Fidelity Conservative Managed Risk Portfolio Fidelity ClearPath® 2005 Portfolio Fidelity ClearPath® 2010 Portfolio Fidelity ClearPath® 2015 Portfolio Fidelity ClearPath® 2020 Portfolio Fidelity ClearPath® 2025 Portfolio Fidelity ClearPath® 2030 Portfolio Fidelity ClearPath® 2035 Portfolio Fidelity ClearPath® 2040 Portfolio Fidelity ClearPath® 2045 Portfolio Fidelity ClearPath® 2050 Portfolio Fidelity ClearPath® 2055 Portfolio Fidelity ClearPath® 2060 Portfolio Fidelity ClearPath® Income Portfolio Fidelity Canadian Bond Fund Fidelity Corporate Bond Fund Fidelity Canadian Money Market Fund Fidelity Canadian Short Term Bond Fund Fidelity Tactical Fixed Income Fund Fidelity American High Yield Fund Fidelity American High Yield Currency Neutral Fund Fidelity U.S. Money Market Fund Fidelity Floating Rate High Income Fund Fidelity Floating Rate High Income Currency Neutral Fund Fidelity Multi-Sector Bond Fund Fidelity Multi-Sector Bond Currency Neutral Fund Fidelity Strategic Income Fund Fidelity Strategic Income Currency Neutral Fund Fidelity Investment Grade Total Bond Fund Fidelity Investment Grade Total Bond Currency Neutral Fund Fidelity Global Bond Fund Fidelity Global Bond Currency Neutral Fund Fidelity Canadian High Dividend Index ETF Fund Fidelity Canadian High Quality Index ETF Fund Fidelity Canadian Low Volatility Index ETF Fund U.S. Equity ETF Funds Fidelity U.S. Dividend for Rising Rates Index ETF Fund Fidelity U.S. Dividend for Rising Rates Currency Neutral Index ETF Fund Fidelity U.S. High Dividend Index ETF Fund Fidelity U.S. High Dividend Currency Neutral Index ETF Fund Fidelity U.S. High Quality Index ETF Fund Fidelity U.S. High Quality Currency Neutral Index ETF Fund Fidelity U.S. Low Volatility Index ETF Fund Fidelity U.S. Low Volatility Currency Neutral Index ETF Fund Global and International Equity ETF Funds Fidelity International High Dividend Index ETF Fund Fidelity International High Quality Index ETF Fund Fidelity International Low Volatility Index ETF Fund Fidelity Sustainable World ETF Fund Fidelity Tactical Global Dividend ETF Fund Fidelity U.S. Dividend Private Pool Fidelity U.S. Growth and Income Private Pool Fidelity Conservative Income Private Pool Fidelity Global Asset Allocation Private Pool Fidelity Global Asset Allocation Currency Neutral Private Pool Fixed Income Pools Fidelity Premium Fixed Income Private Pool Fidelity Premium Money Market Private Pool Fidelity Premium Tactical Fixed Income Private Pool Fidelity Canadian Equity Multi-Asset Base Fund (formerly Fidelity Canadian Equity Investment Trust) Fidelity Canadian Focused Equity Multi-Asset Base Fund (formerly Fidelity Canadian Focused Equity Investment Trust) Fidelity Canadian Money Market Investment Trust Fidelity Canadian Real Return Bond Index Multi-Asset Base Fund (formerly Fidelity Canadian Real Return Bond Index Investment Trust) Fidelity Canadian Short Term Fixed Income Multi-Asset Base Fund (formerly Fidelity Canadian Short Term Fixed Income Investment Trust) Fidelity Concentrated Canadian Equity Multi-Asset Base Fund (formerly Fidelity Concentrated Canadian Equity Investment Trust) Fidelity Concentrated Value Investment Trust Fidelity Convertible Securities Multi-Asset Base Fund (formerly Fidelity Convertible Securities Investment Trust) Fidelity Dividend Multi-Asset Base Fund (formerly Fidelity Dividend Investment Trust) Fidelity Emerging Markets Debt Multi-Asset Base Fund (formerly Fidelity Emerging Markets Debt Investment Trust) Fidelity Emerging Markets Equity Multi-Asset Base Fund (formerly Fidelity Emerging Markets Equity Investment Trust) Fidelity Emerging Markets Local Currency Debt Multi-Asset Base Fund (formerly Fidelity Emerging Markets Local Currency Debt Investment Trust) Fidelity Floating Rate High Income Multi-Asset Base Fund (formerly Fidelity Floating Rate High Income Investment Trust) Fidelity FoundersTM Investment Trust Fidelity Global Bond Currency Neutral Multi-Asset Base Fund (formerly Fidelity Global Bond Currency Neutral Investment Trust) Fidelity Global Bond Multi-Asset Base Fund (formerly Fidelity Global Bond Investment Trust) Fidelity Global Credit Ex-U.S. Investment Trust Fidelity Global Dividend Investment Trust Fidelity Global Equity Investment Trust Fidelity Global Growth and Value Investment Trust Fidelity Global High Yield Multi-Asset Base Fund (formerly Fidelity Global High Yield Investment Trust) Fidelity Global Innovators® Investment Trust Fidelity Global Intrinsic Value Investment Trust Fidelity Global Real Estate Multi-Asset Base Fund (formerly Fidelity Global Real Estate Investment Trust) Fidelity High Income Commercial Real Estate Multi-Asset Base Fund (formerly Fidelity High Income Commercial Real Estate Investment Trust) Fidelity Insights Investment Trust Fidelity International Equity Investment Trust Fidelity International Growth Multi-Asset Base Fund (formerly Fidelity International Growth Investment Trust) Fidelity North American Equity Investment Trust Fidelity U.S. Bond Multi-Asset Base Fund (formerly Fidelity U.S. Bond Investment Trust) Fidelity U.S. Dividend Investment Trust Fidelity U.S. Equity Investment Trust Fidelity U.S. Money Market Investment Trust Fidelity U.S. Multi-Cap Multi-Asset Base Fund (formerly Fidelity U.S. Multi-Cap Investment Trust) Fidelity U.S. Small/Mid-Cap Equity Multi-Asset Base Fund (formerly Fidelity U.S. Small/Mid-Cap Equity Investment Trust) Fidelity International Equity Multi-Asset Base Fund Fidelity Canadian Fundamental Equity Multi-Asset Base Fund