November 4, 2024

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

CI INVESTMENTS INC.

(the Filer)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of each of the Existing Funds (as defined below) and such other mutual funds that are managed or may be managed by the Filer or an affiliate now or in the future (collectively, the Future Funds, and each, a Future Fund, and together with the Existing Funds, the Funds, and each, a Fund), for a decision under the securities legislation of the Jurisdiction (the Legislation) granting exemptive relief that:

(a) extends the time limits for the renewal of each long form prospectus and ETF Facts or simplified prospectus and Fund Facts, as applicable, to those time limits that would apply if the lapse date was as follows:

i. April 19, 2025 for the Enhanced ETFs (as defined below),

ii. July 5, 2025 for the Crypto ETFs (as defined below), the Auspice Alternative Fund (as defined below) and the Current Alternative Funds (as defined below), and

iii. July 24, 2025 for the First Asset Funds (as defined below) and the WisdomTree Funds (as defined below) (the Lapse Date Relief);

(b) exempts the Filer, any affiliate of the Filer, each of the Auspice Alternative Fund and Current Alternative Funds (collectively, the Current Auspice and Alternative Funds) and each of the Future Funds that are or will be alternative mutual funds (Future Alternative Funds) from the requirement in subsection 5.1(4) of National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101) that states that a simplified prospectus for an alternative mutual fund must not be consolidated with a simplified prospectus of another mutual fund if the other mutual fund is not an alternative mutual fund (the Simplified Prospectus Consolidation Relief);

(c) exempts the Filer, any affiliate of the Filer, each of the Crypto ETFs and each of the Future Funds that offer ETF Securities, either alone or along with Mutual Fund Securities (the Future ETFs), from the requirement in subsection 3.1(2) of National Instrument 41-101 General Prospectus Requirements (NI 41-101) to prepare and file a long form prospectus for the ETF Securities in the form prescribed by Form 41-101F2 Information Required in an Investment Fund Prospectus (Form 41-101F2) provided that the Filer files (i) a prospectus for the ETF Securities in accordance with the provisions of NI 81-101, other than the requirements pertaining to the filing of Fund Facts; and (ii) ETF Facts in accordance with Part 3B of NI 41-101 (the ETF Prospectus Form Relief); and

(d) permits the Filer, any affiliate of the Filer and each Fund that offers both ETF Securities and Mutual Fund Securities to treat the ETF Securities and Mutual Fund Securities as if such securities were separate funds in connection with their compliance with the provisions of Parts 9, 10 and 14 of National Instrument 81-102 Investment Funds (the Sales and Redemptions Relief and, together with the Lapse Date Relief, the Simplified Prospectus Consolidation Relief and the ETF Prospectus Form Relief, 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 subsection 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 other than the Jurisdiction (the Other Jurisdictions and together with the Jurisdiction, the Jurisdictions).

Interpretation

Capitalized terms used herein have the meaning ascribed thereto below (or in National Instrument 14-101 Definitions, MI 11-102 and National Instrument 81-102 Investment Funds (NI 81-102), as applicable), unless otherwise defined in this decision.

Affiliate Dealer means a registered dealer that is an affiliate of an Authorized Dealer or Designated Broker and that participates in the re-sale of Creation Units (as defined below) from time to time.

Auspice Alternative Fund means CI Auspice Alternative Diversified Corporate Class.

Authorized Dealer means a registered dealer, which may be an affiliate of the Filer, that has entered, or intends to enter, into an agreement with the manager of a Fund authorizing the dealer to subscribe for, purchase and redeem Creation Units from one or more Funds on a continuous basis from time to time.

Crypto ETFs means CI Galaxy Bitcoin ETF, CI Galaxy Ethereum ETF and CI Galaxy Multi-Crypto ETF.

Current Alternative Funds means CI Alternative Diversified Opportunities Fund, CI Alternative Investment Grade Credit Fund, CI Alternative Multi-Strategy Fund, CI Alternative North American Opportunities Fund, CI Auspice Broad Commodity Fund, CI Marret Alternative Absolute Return Bond Fund, CI Marret Alternative Enhanced Yield Fund and CI Munro Alternative Global Growth Fund.

Designated Broker means a registered dealer, which may be an affiliate of the Filer, that has entered, or intends to enter, into an agreement with the Filer or an affiliate of the Filer on behalf of a Fund to perform certain duties in relation to the ETF Securities of the Fund, including the posting of a liquid two-way market for the trading of the Fund's ETF Securities on the Exchange or another Marketplace.

Enhanced ETFs means CI U.S. Enhanced Value Index ETF and CI U.S. Enhanced Momentum Index ETF.

ETF Facts means an ETF facts document prepared, filed and delivered in accordance with Part 3B of NI 41- 101.

ETFs means exchange-traded funds.

ETF Securities means securities of an exchange-traded Fund or of an exchange-traded series of a Fund that are listed or will be listed on the Exchange or another Marketplace and that will be distributed pursuant to a simplified prospectus prepared in accordance with NI 81-101 and Form 81-101F1.

Exchange means the Toronto Stock Exchange.

Existing Funds means Auspice Alternative Fund, the Enhanced ETFs, the First Asset Funds, the Crypto ETFs, the Current Alternative Funds and the WisdomTree Funds.

First Asset Funds means CI Canadian Convertible Bond Fund and CI Canadian REIT Fund.

Form 81-101F1 means Form 81-101F1 Contents of Simplified Prospectus.

Fund Facts means a prescribed summary disclosure document required pursuant to NI 81-101 in respect of one or more classes or series of Mutual Fund Securities being distributed under a prospectus.

Marketplace means a “marketplace” as defined in National Instrument 21-101 Marketplace Operation that is located in Canada.

Mutual Fund Securities means securities of a Fund that are not listed or traded on an exchange and that are or will be distributed pursuant to a simplified prospectus prepared in accordance with NI 81-101 and Form 81- 101F1.

Prescribed Number of ETF Securities means, in relation to a Fund, the number of ETF Securities of the Fund determined by the Filer or an affiliate from time to time for the purpose of subscription orders, exchanges, redemptions or for other purposes.

Securityholders means beneficial or registered holders of ETF Securities or Mutual Fund Securities of a Fund, as applicable.

WisdomTree Funds means CI Canada Quality Dividend Growth Index Fund, CI U.S. Quality Dividend Growth Index Fund and CI International Quality Dividend Growth Index Hedged Fund.

Representations

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

The Filer

1. The Filer is a corporation amalgamated under the laws of Ontario. The Filer’s head office is located in Toronto, Ontario.

2. The Filer is registered as follows:

(a) under the securities legislation of all of the Jurisdictions as a portfolio manager and an exempt market dealer;

(b) under the securities legislation of Ontario, Québec, and Newfoundland and Labrador as an investment fund manager; and

(c) under the Commodity Futures Act (Ontario) as a commodity trading counsel and a commodity trading manager.

3. The Filer, or an affiliate of the Filer, is, or will be, the investment fund manager of the Funds.

4. Neither the Filer nor any of the Existing Funds are in default of securities legislation in any of the Jurisdictions.

The Funds

5. Each of the Funds is, or will be, an open-ended mutual fund established as either a trust or a class of shares of a corporation under the laws of a Jurisdiction. Each of the Funds is, or will be, a reporting issuer as defined in the Legislation. Each of the Funds that relies on the ETF Prospectus Form Relief will offer ETF Securities either alone or along with Mutual Fund Securities.

6. Subject to any exemptions therefrom that have been, or may be, granted by the applicable securities regulatory authorities, each Fund is, or will be, subject to NI 81-102 and Securityholders will have the right to vote at a meeting of Securityholders in respect of matters prescribed by NI 81-102.

7. Securities of each of the Enhanced ETFs are currently qualified for distribution in each of the Jurisdictions under a long form prospectus dated December 15, 2023 (the Enhanced ETFs Prospectus). The securities of the Enhanced ETFs are listed on the Exchange.

8. Securities of each of the WisdomTree Funds are currently qualified for distribution in each of the Jurisdictions under a simplified prospectus dated January 15, 2024, as amended on May 23, 2024 (the WisdomTree Funds Prospectus).

9. Securities of the Auspice Alternative Fund are currently qualified for distribution in each of the Jurisdictions under a simplified prospectus dated February 1, 2024, as amended on April 25, 2024 (the Auspice Alternative Fund Prospectus).

10. Securities of each of the Crypto ETFs are currently qualified for distribution in each of the Jurisdictions under a long form prospectus dated March 28, 2024 (the Crypto ETFs Prospectus). The securities of the Crypto ETFs are listed on the Exchange.

11. Securities of each of the First Asset Funds are currently qualified for distribution in each of the Jurisdictions under a simplified prospectus dated May 3, 2024 (the First Asset Funds Prospectus).

12. Securities of each of the Current Alternative Funds are currently qualified for distribution in each of the Jurisdictions under a simplified prospectus dated May 8, 2024 (the Current Alternative Funds Prospectus, and together with the Enhanced ETFs Prospectus, the WisdomTree Funds Prospectus, the Auspice Alternative Fund Prospectus, the Crypto ETFs Prospectus and the First Asset Funds Prospectus, the Prospectuses). The ETF Securities of the Current Alternative Funds are listed on the Exchange.

Lapse Date Relief

13. Pursuant to subsection 62(1) of the Securities Act (the Act), the lapse date of (a) the Enhanced ETFs Prospectus is December 15, 2024 (the Enhanced ETFs Lapse Date); (b) the WisdomTree Funds Prospectus is January 15, 2025 (the WisdomTree Funds Lapse Date); (c) the Auspice Alternative Fund Prospectus is February 1, 2025 (the Auspice Alternative Fund Lapse Date); (d) the Crypto ETFs Prospectus is March 28, 2025 (the Crypto ETFs Lapse Date); (e) the First Asset Funds Prospectus is May 3, 2025 (the First Asset Funds Lapse Date); and, (f) the Current Alternative Funds Prospectus is May 8, 2025 (the Current Alternative Funds Lapse Date, collectively, the Current Lapse Dates and each, a Current Lapse Date). Accordingly, under subsection 62(2) of the Act, the distribution of securities of each of the Funds would have to cease on the applicable Current Lapse Date unless the Funds: (i) file a pro forma long form or simplified prospectus, as applicable, at least 30 days prior to the applicable Current Lapse Date; (ii) file a final long form or simplified prospectus, as applicable, no later than 10 days after the applicable Current Lapse Date; and (iii) obtain a receipt for the final long form or simplified prospectus, as applicable, within 20 days after the applicable Current Lapse Date.

14. The Filer is the investment fund manager of the Existing Funds. The Filer is also the investment fund manager of (a) approximately 47 other ETFs (the CI ETFs) that currently distribute their securities to the public under a long form prospectus (the CI ETFs Prospectus) with a lapse date of April 19, 2025; (b) approximately two funds (the Crypto Funds) that currently distribute their securities to the public under a simplified prospectus (the Crypto Funds Prospectus) with a lapse date of July 5, 2025; (c) approximately 15 funds (the Dual Series Funds) that currently distribute their securities to the public under a simplified prospectus (the Dual Series Funds Prospectus) with a lapse date of June 28, 2025; and, (d) approximately 136 funds (the CI Funds, and together with the CI ETFs, the Crypto Funds and the Dual Series Funds, the Affiliated CI Funds) that currently distribute their securities to the public under a simplified prospectus (the CI Funds Prospectus, and together with the CI ETFs Prospectus, the Crypto Funds Prospectus and the Dual Series Funds Prospectus, the Affiliated CI Prospectuses) with a lapse date of July 24, 2025.

15. The Filer wishes to combine (a) the Enhanced ETFs Prospectus with the CI ETFs Prospectus; (b) the Crypto ETFs Prospectus with the Crypto Funds Prospectus (subject to obtaining the ETF Prospectus Form Relief); (c) the Auspice Alternative Fund Prospectus and the Current Alternative Funds Prospectus with the Dual Series Funds Prospectus (subject to obtaining the Simplified Prospectus Consolidation Relief); and, (d) the WisdomTree Funds Prospectus and First Asset Funds Prospectus with the CI Funds Prospectus, in order to reduce renewal, printing and related costs.

16. Offering the Existing Funds under the same long form or simplified prospectus, as applicable, of the Affiliated CI Funds (the Renewal Documents) would facilitate the distribution of the Funds in the Jurisdictions under the same prospectuses and enable the Filer to streamline disclosure across the Filer’s ETF and mutual fund platforms. Combining the prospectuses allows funds with common operational and administrative features to be consolidated within the same documents, making it easier for investors to compare their features.

17. It would be impractical to alter and modify all of the dedicated systems, procedures and resources required to renew the Prospectuses and unreasonable to incur the costs and expenses associated therewith, so that the renewal of the Prospectuses can be filed earlier than the Renewal Documents on or before their respective lapse dates.

18. The Filer also may make changes to the features of the Affiliated CI Funds as part of the process of renewing the Affiliated CI Funds. The ability to incorporate the Prospectuses with the Affiliated CI Prospectuses will ensure that the Filer can make the operational and administrative features of the Funds and the CI Affiliated Funds consistent with each other, if necessary.

19. If the Lapse Date Relief is not granted, it will be necessary to renew the Prospectuses twice within a short period of time in order to consolidate the Prospectuses with the Affiliated CI Prospectuses and it would be unreasonable for the Filer to incur the costs and expenses associated therewith, given investors would not be prejudiced by the Lapse Date Relief.

20. There have been no material changes in the affairs of the Existing Funds since the date of each Prospectus. Accordingly, the Prospectuses and current Fund Facts or ETF Facts, as applicable, represent current information regarding the Existing Funds.

21. Given the disclosure obligations of the Filer and the Existing Funds, should any material change in the business, operations or affairs of any of the Existing Funds occur, the applicable Prospectus and related Fund Facts or ETF Facts, as applicable, of the impacted Existing Fund(s) will be amended as required under the Legislation.

22. New investors of the Existing Funds will receive delivery of the most recently filed Fund Facts or ETF Facts, as applicable, of the applicable Existing Fund(s). The Prospectuses of the Existing Funds will remain available to investors upon request.

23. The Lapse Date Relief will not affect the accuracy of the information contained in the Prospectuses or Fund Facts or ETF Facts, as applicable, of each of the Existing Funds, and will therefore not be prejudicial to the public interest.

Simplified Prospectus Consolidation Relief

24. The Filer wishes to combine the simplified prospectuses of the Current Auspice and Alternative Funds and Future Alternative Funds with the simplified prospectus of the Dual Series Funds or other conventional mutual funds (the Conventional Funds) existing today or created in the future (i) that are reporting issuers to which NI 81-101 and NI 81-102 apply, (ii) that are not alternative mutual funds, and (iii) for which the Filer acts as the investment fund manager, in order to reduce renewal, printing and related costs. Offering the Current Auspice and Alternative Funds and the Future Alternative Funds using the same simplified prospectus as the Dual Series Funds or other Conventional Funds would facilitate the distribution of the Current Auspice and Alternative Funds and Future Alternative Funds in the Jurisdictions under the same prospectus disclosure and enable the Filer to streamline disclosure across the Filer’s fund platform.

25. Even though the Current Auspice and Alternative Funds and the Future Alternative Funds are, or will be, alternative mutual funds, they share, or will share, many common operational and administrative features with the Dual Series Funds and other Conventional Funds and combining them in the same simplified prospectus will allow investors to more easily compare the features of the Current Auspice and Alternative Funds and Future Alternative Funds with the Dual Series Funds and/or other Conventional Funds.

26. Investors will continue to receive Fund Facts or ETF Facts, as applicable, when purchasing securities of a Current Auspice and Alternative Fund as required by applicable securities legislation. The form and content of the Fund Facts or ETF Facts, as applicable, of the Current Auspice and Alternative Funds will not change as a result of the Simplified Prospectus Consolidation Relief.

27. The simplified prospectus of the Current Auspice and Alternative Funds will continue to be provided to investors, upon request, as required by applicable securities legislation.

28. NI 41-101 does not contain a provision equivalent to subsection 5.1(4) of NI 81-101. Accordingly, an investment fund manager that manages ETFs is permitted to consolidate a prospectus under NI 41-101 for its ETFs that are alternative mutual funds with a prospectus for its ETFs that are conventional mutual funds. The Filer submits that there is no reason why mutual funds filing a prospectus under NI 81-101 should be treated differently from ETFs filing a prospectus under NI 41-101.

ETF Prospectus Form Relief

29. The Crypto ETFs are distributed pursuant to the Crypto ETFs Prospectus in the form prescribed by Form 41-101F2. The securities of the Crypto ETFs are listed on the Exchange.

30. The Crypto Funds are distributed pursuant to the Crypto Funds Prospectus.

31. If the ETF Prospectus Form Relief is granted, it is expected that when the Crypto ETFs Prospectus is renewed in 2025, the Filer will file a simplified prospectus in the form prescribed by Form 81-101F1, in respect of the Crypto ETFs, pursuant to which it will continue to offer ETF Securities of the Crypto ETFs. ETF Facts in the form prescribed by Form 41-101F4 Information Required in an ETF Facts Document (Form 41-101F4) for each class or series of ETF Securities of the Crypto ETFs will be filed. Fund Facts in the form prescribed by Form 81-101F3 Contents of Fund Facts Document (Form 81- 101F3) for each class or series of Mutual Fund Securities of any Future ETF will also be filed.

32. The Filer or an affiliate has applied, or will apply, to list any ETF Securities of each of the Funds that relies on the ETF Prospectus Form Relief on the Exchange or another Marketplace. In the case of a Future ETF, the Filer or an affiliate will not file a final or amended simplified prospectus for any of the Future ETFs in respect of the ETF Securities until the Exchange or other applicable Marketplace has conditionally approved the listing of the ETF Securities.

33. Mutual Fund Securities may be subscribed for or purchased directly from a Crypto Fund or Future ETF, as applicable, through appropriately registered dealers.

34. ETF Securities will be distributed on a continuous basis in one or more of the Jurisdictions under a simplified prospectus. ETF Securities may generally only be subscribed for or purchased directly from the Crypto ETFs and Future ETFs, as applicable (Creation Units) by Authorized Dealers or Designated Brokers. Generally, subscriptions or purchases may only be placed for a Prescribed Number of ETF Securities (or a multiple thereof) on any day when there is a trading session on the Exchange or other Marketplace. Authorized Dealers or Designated Brokers subscribe for Creation Units for the purpose of facilitating investor purchases of ETF Securities on the Exchange or another Marketplace.

35. In addition to subscribing for and reselling their Creation Units, Authorized Dealers, Designated Brokers and Affiliate Dealers will also generally be engaged in purchasing and selling ETF Securities of the same class or series as the Creation Units in the secondary market.

36. Except for Authorized Dealer and Designated Broker subscriptions for Creation Units, as described above, ETF Securities generally will not be able to be purchased directly from a Crypto ETF and Future ETF, as applicable. Investors are generally expected to purchase and sell ETF Securities, directly or indirectly, through dealers executing trades through the facilities of the Exchange or another Marketplace. ETF Securities may also be issued directly to Securityholders upon a reinvestment of distributions of income or capital gains.

37. Securityholders that are not Designated Brokers or Authorized Dealers that wish to dispose of their

ETF Securities may generally do so by selling their ETF Securities on the Exchange or other Marketplace, through a registered dealer, subject only to customary brokerage commissions. A Securityholder that holds a Prescribed Number of ETF Securities or multiple thereof may exchange such ETF Securities for Baskets of Securities and/or cash, securities other than Baskets of Securities and/or cash, or cash only, at the discretion of the Filer or an affiliate. Securityholders may also redeem ETF Securities for cash at a redemption price equal to 95% of the net asset value of the ETF Securities on the date of redemption.

38. The Filer believes it is more efficient and expedient to include all classes or series of the Mutual Fund Securities and ETF Securities in one prospectus form instead of two different prospectus forms and that this presentation will assist in providing full, true and plain disclosure of all material facts relating to the securities of such funds by permitting disclosure relating to all classes or series of securities to be included in one prospectus.

39. The Filer or an affiliate will file ETF Facts in the form prescribed by Form 41-101F4 in respect of each class or series of ETF Securities and will file Fund Facts in the form prescribed by Form 81-101F3 in respect of each class or series of Mutual Fund Securities.

40. The Filer or an affiliate will ensure that any additional disclosure included in the simplified prospectus relating to the ETF Securities will not interfere with an investor’s ability to differentiate between the Mutual Fund Securities and the ETF Securities and their respective attributes.

41. The Crypto ETFs and the Future ETFs will comply with the provisions of NI 81-101 when filing any prospectus or amendment thereto.

42. The Crypto ETFs and the Future ETFs will comply with Part 3B of NI 41-101 when preparing, filing and delivering ETF Facts for the ETF Securities of the Crypto ETFs and the Future ETFs.

Sales and Redemptions Relief

43. Parts 9, 10 and 14 of NI 81-102 do not contemplate both Mutual Fund Securities and ETF Securities being offered in a single fund structure. Accordingly, without the Sales and Redemptions Relief, the Filer or an affiliate and each Fund that offers both ETF Securities and Mutual Fund Securities would not be able to technically comply with those parts of NI 81-102.

44. The Sales and Redemptions Relief will permit the Filer or an affiliate and each Fund that offers both ETF Securities and Mutual Fund Securities to treat the ETF Securities and the Mutual Fund Securities as if such securities were separate funds in connection with their compliance with Parts 9, 10 and 14 of NI 81-102. The Sales and Redemptions Relief will enable each of the ETF Securities and Mutual Fund Securities to comply with Parts 9, 10 and 14 of NI 81-102, as appropriate, for the type of security being offered.

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, provided that:

1. in respect of the ETF Prospectus Form Relief, the Filer or an affiliate complies with the following conditions:

(a) the Filer or an affiliate files a simplified prospectus in respect of the ETF Securities in accordance with the requirements of NI 81-101 and Form 81-101F1, other than the requirements pertaining to the filing of a Fund Facts;

(b) the Filer or an affiliate includes disclosure required pursuant to Form 41-101F2 (that is not contemplated by Form 81-101F1) in respect of the ETF Securities in the simplified prospectus of each Fund that relies on the ETF Prospectus Form Relief; and

(c) the Filer or an affiliate includes disclosure regarding the ETF Prospectus Form Relief under the heading “Additional Information” in the simplified prospectus of each Fund that relies on the ETF Prospectus Form Relief; and

2. in respect of the Sales and Redemptions Relief, the Filer or an affiliate and each Fund comply with the following conditions:

(a) with respect to its Mutual Fund Securities, each Fund complies with the provisions of Parts 9, 10 and 14 of NI 81‑102 that apply to mutual funds that are not exchange‑traded mutual funds; and

(b) with respect to its ETF Securities, each Fund complies with the provisions of Parts 9 and 10 of NI 81‑102 that apply to exchange‑traded mutual funds.

“Darren McKall”

__________________________________________

Darren McKall

Manager, Investment Management Division

Ontario Securities Commission

Application #2024/0600

SEDAR+ File #6193811