October 15, 2025

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

Global X Investments Canada Inc.

(the Filer)

AND

IN THE MATTER OF

BetaPro -3x Nasdaq-100 Daily Leveraged Bear Alternative ETF

BetaPro 3x Nasdaq-100 Daily Leveraged Bull Alternative ETF

BetaPro -3x Russell 2000 Daily Leveraged Bear Alternative ETF

BetaPro 3x Russell 2000 Daily Leveraged Bull Alternative ETF

BetaPro -3x S&P 500 Daily Leveraged Bear Alternative ETF

BetaPro 3x S&P 500 Daily Leveraged Bull Alternative ETF

BETAPRO CANADIAN GOLD MINERS -2X DAILY BEAR ETF

BETAPRO CANADIAN GOLD MINERS 2X DAILY BULL ETF

BETAPRO CRUDE OIL INVERSE LEVERAGED DAILY BEAR ETF

BETAPRO CRUDE OIL LEVERAGED DAILY BULL ETF

BETAPRO EQUAL WEIGHT CANADIAN BANK -2X DAILY BEAR ETF

BETAPRO EQUAL WEIGHT CANADIAN BANK 2X DAILY BULL ETF

BETAPRO EQUAL WEIGHT CANADIAN REIT -2X DAILY BEAR ETF

BETAPRO EQUAL WEIGHT CANADIAN REIT 2X DAILY BULL ETF

BETAPRO GOLD BULLION -2X DAILY BEAR ETF

BETAPRO GOLD BULLION 2X DAILY BULL ETF

BETAPRO INVERSE BITCOIN ETF

BETAPRO NASDAQ-100® -2X DAILY BEAR ETF

BETAPRO NASDAQ-100® 2X DAILY BULL ETF

BETAPRO NATURAL GAS INVERSE LEVERAGED DAILY BEAR ETF

BETAPRO NATURAL GAS LEVERAGED DAILY BULL ETF

BETAPRO S&P 500 VIX SHORT-TERM FUTURES™ ETF

BETAPRO S&P 500® -2X DAILY BEAR ETF

BETAPRO S&P 500® 2X DAILY BULL ETF

BETAPRO S&P 500® DAILY INVERSE ETF

BETAPRO S&P/TSX 60™ -2X DAILY BEAR ETF

BETAPRO S&P/TSX 60™ 2X DAILY BULL ETF

BETAPRO S&P/TSX 60™ DAILY INVERSE ETF

BETAPRO S&P/TSX CAPPED ENERGY™ -2X DAILY BEAR ETF

BETAPRO S&P/TSX CAPPED ENERGY™ 2X DAILY BULL ETF

BETAPRO S&P/TSX CAPPED FINANCIALS™ -2X DAILY BEAR ETF

BETAPRO S&P/TSX CAPPED FINANCIALS™ 2X DAILY BULL ETF

BETAPRO SILVER -2X DAILY BEAR ETF

BETAPRO SILVER 2X DAILY BULL ETF

GLOBAL X CANADIAN HIGH DIVIDEND INDEX CORPORATE CLASS ETF

GLOBAL X CANADIAN SELECT UNIVERSE BOND INDEX CORPORATE CLASS ETF

GLOBAL X CASH MAXIMIZER CORPORATE CLASS ETF

GLOBAL X CRUDE OIL ETF

GLOBAL X EMERGING MARKETS EQUITY INDEX CORPORATE CLASS ETF

GLOBAL X EQUAL WEIGHT CANADIAN BANKS INDEX CORPORATE CLASS ETF

GLOBAL X EQUAL WEIGHT CANADIAN REITS INDEX CORPORATE CLASS ETF

GLOBAL X EUROPE 50 INDEX CORPORATE CLASS ETF

GLOBAL X GOLD ETF

GLOBAL X INTL DEVELOPED MARKETS EQUITY INDEX CORPORATE CLASS ETF

GLOBAL X LADDERED CANADIAN PREFERRED SHARE INDEX CORPORATE CLASS ETF

GLOBAL X NASDAQ-100 INDEX CORPORATE CLASS ETF

GLOBAL X NATURAL GAS ETF

GLOBAL X S&P 500 CAD HEDGED INDEX CORPORATE CLASS ETF

GLOBAL X S&P 500 INDEX CORPORATE CLASS ETF

GLOBAL X S&P/TSX 60 INDEX CORPORATE CLASS ETF

GLOBAL X S&P/TSX CAPPED COMPOSITE INDEX CORPORATE CLASS ETF

GLOBAL X S&P/TSX CAPPED ENERGY INDEX CORPORATE CLASS ETF

GLOBAL X S&P/TSX CAPPED FINANCIALS INDEX CORPORATE CLASS ETF

GLOBAL X SILVER ETF

GLOBAL X US 7-10 YEAR TREASURY BOND INDEX CORPORATE CLASS ETF

GLOBAL X US LARGE CAP INDEX CORPORATE CLASS ETF

GLOBAL X USD CASH MAXIMIZER CORPORATE CLASS ETF

(collectively, the Global X ETFs)

AND

SIMILAR FUTURE ETFS MANAGED BY THE FILER OR AN AFFILIATE OR ASSOCIATE OF THE FILER

(the Future ETFs, collectively with the Global X ETFs, the ETFs)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the ETFs, for a decision under the securities legislation of the Jurisdiction (the Legislation) revoking and replacing a previous decision granted to the Filer on February 25, 2020 (the Previous Decision) and granting an exemption to the ETFs from the following provisions of National Instrument 81-102 Investment Funds (NI 81-102):

i. paragraph 2.5(2)(a) (in respect of each ETF that is a mutual fund, other than an alternative mutual fund) and paragraph 2.5(2)(a.1) (in respect of each ETF that is an alternative mutual fund) of NI 81-102 to purchase and/or hold securities of one or more Global X Private Trusts even though the Global X Private Trusts are not subject to NI 81-102; and

ii. paragraph 2.5(2)(c) to permit each ETF to purchase and hold securities of one or more Global X Private Trusts even though the Global X Private Trusts are not reporting issuers in any Canadian Jurisdiction

(collectively, the Exemption Sought).

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

(a) the Ontario Securities Commission (the OSC) 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 (together with Ontario, the Canadian Jurisdictions).

Interpretation

Terms defined in National Instrument 14-101 Definitions (NI 14-101), MI 11-102 and NI 81-102 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:

The Filer

1The Filer is a corporation existing under the laws of Canada with its head office located in Toronto, Ontario. The Filer is a wholly-owned subsidiary of Mirae Asset Global Investments Co., Ltd.

2The Filer is registered as a portfolio manager in Alberta, British Columbia, Ontario and Québec, an exempt market dealer in Alberta, British Columbia, Manitoba, New Brunswick, Newfoundland and Labrador, Nova Scotia, Ontario, Prince Edward Island, Québec and Saskatchewan, a commodity trading manager and a commodity trading adviser in Ontario and an investment fund manager in each of Ontario, Québec and Newfoundland and Labrador.

3The Filer or an affiliate or associate of the Filer acts, or will act, as manager of each ETF. The Filer is the manager, trustee and portfolio manager of certain private investment trusts (each a Global X Private Trust) identified in Appendix "A" hereto.

4The Filer's primary business is to act as manager and investment manager for the ETFs and other exchange traded funds in Canada.

5The Filer is not in default of securities legislation in any of the Canadian Jurisdictions.

The ETFs

6Each ETF is, or will be, an exchange traded mutual fund or alternative mutual fund structured as a separate class of shares of Global X Canada ETF Corp. (formerly Horizons ETF Corp.), a mutual fund corporation established under the federal laws of Canada (Global X MFC).

7Each existing Global X ETF currently consists of a single series of a class of exchange traded fund shares of Global X MFC. Each ETF is, or will be, a separate investment fund having specific investment objectives and is specifically referable to a separate portfolio of investments.

8Securities of the ETFs are, or will be, distributed in each of the Canadian Jurisdictions under long form prospectuses and ETF facts documents prepared in accordance with the requirements of NI 41-101 General Prospectus Requirements (NI 41-101), Form 41-101F2 Information Required in an Investment Fund Prospectus (Form 41-101F2) and NI 81-102, as applicable, and subject to any exemptions obtained therefrom.

9Each ETF is, or will be, an investment fund organized and governed by the laws of Canada or a Canadian Jurisdiction.

10Each ETF is, or will be, a reporting issuer under the applicable securities legislation in one or more Canadian Jurisdictions.

11Each ETF is, or will be, subject to, among other laws and regulations, NI 81-102, National Instrument 81-106 Investment Fund Continuous Disclosure, National Instrument 81-107 Independent Review Committee for Investment Funds and any exemptions therefrom that have been, or may in the future be, granted by the securities regulatory authorities.

12As a result of the Reorganization (as defined below) and for the reasons described below, each Global X ETF became the holder of 100% of the outstanding units of its corresponding Global X Private Trust.

13The ETFs may, from time to time, wish to invest in the Global X Private Trusts.

14The holding by each existing Global X ETF of securities of the corresponding Global X Private Trust was the result of the implementation of the Reorganization (as described below) that was approved by unitholders, and the continued holding by each existing Global X ETF in securities of one or more Global X Private Trusts represents the business judgment of responsible persons uninfluenced by considerations other than the best interests of the Global X ETF and its securityholders.

15Each existing Global X ETF is not in default of applicable securities legislation in any Canadian Jurisdiction.

The Reorganization

16On November 27, 2019 and November 29, 2019, the Filer announced the reorganization of an aggregate forty-four exchange traded funds into Global X MFC, a single multi-class corporate class structure managed by the Filer (the Reorganization). As a result of the Reorganization, these exchange traded funds structured as trusts were delisted, and became trusts solely held by Global X MFC (on behalf of the corresponding Global X ETF and its shareholders).

17Pursuant to a decision of the OSC approving the Reorganization under paragraph 5.5(1)(b) of NI 81-102, the OSC approved the continued existence of the Global X Private Trusts following the Reorganization, in part, because leaving the Global X Private Trusts and their assets in place was represented by the Filer to be necessary to defer the unnecessary realization of taxable income or gains that might otherwise occur on a wind-up of such Global X Private Trust, and/or it would otherwise be beneficial to the shareholders of the Global X ETFs not to wind them up.

18In connection with the implementation of the Reorganization, substantially all of the assets of each Global X Private Trust were transferred to Global X MFC for the benefit of the corresponding Global X ETF, or were left in the Global X Private Trust for the benefit of the corresponding Global X ETF.

19As a result of the Reorganization, the Global X Private Trusts ceased to offer units to the public, holders of units of the Filer's exchange traded funds structured as trusts became holders of shares of the corresponding Global X ETFs, and Global X MFC (on behalf of the corresponding Global X ETF) became the sole unitholder of each Global X Private Trust.

The Global X Private Trusts

20Each Global X Private Trust is an investment trust established under the laws of Ontario.

21Global X MFC (on behalf of the corresponding Global X ETF) is the sole unitholder of each Global X Private Trust.

22The Global X Private Trusts do not carry on any active business. As a result of the Proposed Structure (defined below), the Global X Private Trusts will hold cash and cash equivalents.

23Although units of the Global X Private Trusts are not listed or quoted on any public exchange or market, units of the Global X Private Trusts continue to be liquid as they are redeemable daily on demand by the Global X ETFs.

24Units of the Global X Private Trusts are only available for purchase or issuance to Global X MFC on behalf of the Global X ETFs.

25Each Global X Private Trusts is not a reporting issuer in a Canadian Jurisdiction.

26The Global X Private Trusts are not in default of applicable securities legislation in any of the Canadian Jurisdictions.

Proposed Structure

27ETFs that are alternative mutual funds hold, or will hold, amongst other investments, cash and cash equivalents for the purpose of securing its obligations under certain derivatives transactions with its derivatives counterparties. ETFs that are mutual funds (other than alternative mutual funds) hold, or will hold, amongst other investments, cash and cash equivalents as "cash cover" for certain derivatives transactions in accordance with section 2.8 of NI 81-102.

28In order to utilize the tax loss carryforwards of the Global X Private Trusts, which were preserved as part of the Reorganization, and to realize tax efficiencies for the benefit of the ETFs and their shareholders, subject to the agreement of the derivatives counterparties, the Filer proposes to transfer cash and cash equivalents from the ETFs to one or more Global X Private Trusts as subscription proceeds for additional units of the applicable Global X Private Trusts (the Proposed Structure), which cash and cash equivalents held in the Global X Private Trusts would secure the ETFs' obligations under their derivatives transactions.

29The tax loss carryforwards in the Global X Private Trusts can be used to offset any income earned on the holdings of the Global X Private Trusts, which is expected to have a material tax benefit for the shareholders of the ETFs on an ongoing basis until the losses are entirely used.

30Following the implementation of the Proposed Structure, certain of the ETFs may continue to engage in transactions that require such ETFs to hold cash cover in accordance with the requirements of section 2.8 of NI 81-102. Units of a Global X Private Trust can be considered cash cover to the extent that the Global X Private Trust's investment activities conform to those of a "money market fund" set out under section 2.18 of NI 81-102 such that the Global X Private Trust meets the definition of "money market fund" as defined in section 1.1 of NI 81-102, since the definition of "cash cover" under NI 81-102 includes securities issued by a money market fund. Accordingly, to the extent required, the units of a Global X Private Trust that is a money market fund can be held by an ETF as cash cover to allow the ETF to continue to satisfy any cash cover obligations under section 2.8 of NI 81-102 following the implementation of the Proposed Structure.

31The Filer also initially applied for relief excluding an ETF's holding of units of a Global X Private Trust from consideration as an "illiquid asset" for purposes of section 2.4 of NI 81-102. After discussions with OSC staff, the Filer withdrew its request for such relief given that the Global X Private Trusts are managed by the Filer as money market funds and are redeemable daily at NAV.

32Absent the Fund of Fund Restriction Relief, the continued investment by Global X MFC, on behalf of the existing Global X ETFs, in securities of one or more Global X Private Trusts would be prohibited under paragraph 2.5(2)(a) of NI 81-102 (in respect of each ETF that is a mutual fund, other than an alternative mutual fund), paragraph 2.5(2)(a.1) (in respect of each ETF that is an alternative mutual fund) and under paragraph 2.5(2)(c) of NI 81-102 (in respect of each ETF), since the Global X Private Trusts are not subject to NI 81-102 and the Global X Private Trusts are not reporting issuers.

33As the Global X Private Trusts do not charge any management fees or incentive fees, no ETF will pay any management or incentive fees which to a reasonable person would duplicate a fee payable by a Global X Private Trust for the same service.

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:

i. The investment by the ETFs in securities of the Global X Private Trusts is in accordance with the investment objectives of the ETFs;

ii. the Global X Private Trusts only issue new securities to the ETFs;

iii. the investment of the ETFs in securities of one or more Global X Private Trust otherwise complies with section 2.5 of NI 81-102, with the exception of paragraphs 2.5(2)(a), 2.5(2)(a.1) and 2.5(2)(c) of NI 81-102;

iv. the Global X Private Trusts remain in compliance with NI 81-102, with the exception of Part 12 – Compliance Reports;

v. the Global X Private Trusts hold only cash and cash equivalents;

vi. the Global X Private Trusts are redeemable daily on demand by the ETFs;

vii. units of the Global X Private Trusts will be issued to and redeemed by the ETFs at NAV, in accordance with subsections 9.3(1) and 10.3(1) of NI 81-102.

viii. the prospectus of each ETF discloses, or will disclose at the time of its next renewal, the fact that the ETF has obtained the Exemption Sought to permit the relevant transactions on the terms described in this decision.

"Darren McKall"

Darren McKall, Associate Vice President

Investment Management Division

Ontario Securities Commission

Application #2025/0448

SEDAR+ File #6311217

Appendix A

Global X Private Trusts

BetaPro Canadian Gold Miners -2x Daily Bear ETF

BetaPro Canadian Gold Miners 2x Daily Bull ETF

BetaPro Crude Oil -2x Daily Bear ETF

BetaPro Crude Oil 2x Daily Bull ETF

BetaPro Gold Bullion -2x Daily Bear ETF

BetaPro Gold Bullion 2x Daily Bull ETF

BetaPro Marijuana Companies 2x Daily Bull ETF

BetaPro Marijuana Companies Inverse ETF

BetaPro NASDAQ-100® -2x Daily Bear ETF

BetaPro NASDAQ-100® 2x Daily Bull ETF

BetaPro Natural Gas -2x Daily Bear ETF

BetaPro Natural Gas 2x Daily Bull ETF

BetaPro S&P 500 VIX Short-Term Futures™ ETF

BetaPro S&P 500® -2x Daily Bear ETF

BetaPro S&P 500® 2x Daily Bull ETF

BetaPro S&P 500® Daily Inverse ETF

BetaPro S&P/TSX 60™ -2x Daily Bear ETF

BetaPro S&P/TSX 60™ 2x Daily Bull ETF

BetaPro S&P/TSX 60™ Daily Inverse ETF

BetaPro S&P/TSX Capped Energy™ -2x Daily Bear ETF

BetaPro S&P/TSX Capped Energy™ 2x Daily Bull ETF

BetaPro S&P/TSX Capped Financials™ -2x Daily Bear ETF

BetaPro S&P/TSX Capped Financials™ 2x Daily Bull ETF

BetaPro Silver -2x Daily Bear ETF

BetaPro Silver 2x Daily Bull ETF

Horizons Cdn High Dividend Index ETF

Horizons Cdn Select Universe Bond ETF

Horizons Crude Oil ETF

Horizons Equal Weight Canada Banks Index ETF

Horizons Equal Weight Canada REIT Index ETF

Horizons Europe 50 Index ETF

Horizons Gold ETF

Horizons Intl Developed Markets Equity Index ETF

Horizons Laddered Canadian Preferred Share Index ETF

Horizons NASDAQ-100® Index ETF

Horizons Natural Gas ETF

Horizons S&P 500 CAD Hedged Index ETF

Horizons S&P 500® Index ETF

Horizons S&P/TSX 60™ Index ETF

Horizons S&P/TSX Capped Energy Index ETF

Horizons S&P/TSX Capped Financials Index ETF

Horizons Silver ETF

Horizons US 7-10 Year Treasury Bond ETF