February 25, 2026
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 or Manager)
AND
IN THE MATTER OF CI STRUCTURED PREMIUM YIELD FUND (the Fund)
DECISION
Background
The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Fund, for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation) that the time limit for the renewal of the simplified prospectus of the Fund dated January 20, 2025 (the Prospectus) be extended to the time limit that would apply if the lapse date of the Prospectus were July 24, 2027 (the Lapse Date Relief).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):
(i) the Ontario Securities Commission is the principal regulator for this application; and
(ii) 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 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:
The Manager is a corporation incorporated under the laws of Ontario. The Manager’s head office is located in Toronto, Ontario.
The Manager is registered as a portfolio manager and an exempt market dealer in each province of Canada, an investment fund manager in each of Ontario, Québec and Newfoundland and Labrador, and a commodity trading manager and a commodity trading counsel in Ontario. The Manager is the investment fund manager of the Fund.
The Fund is a mutual fund for purposes of National Instrument 81-102 Investment Funds established as a trust under the laws of the Province of Ontario and is a reporting issuer as defined in the securities legislation of each of the Jurisdictions.
The Fund is a new open-end mutual fund that currently distributes Series A, F, I and P units in the Jurisdictions under the Prospectus and a fund facts document, each dated January 20, 2025.
Neither the Manager nor the Fund is in default of securities legislation in any of the Jurisdictions, except as stated herein with respect to the lapse date of the Fund.
On March 3, 2025, amendments to National Instrument 81-101 Mutual Fund Prospectus Disclosure (NI 81-101) came into force which extended the lapse date for the simplified prospectus of a mutual fund in continuous distribution from 12 months to 24 months after the date of the previous prospectus relating to the security (the March 3 Amendment). The transition provisions of the March 3 Amendment provide that where a fund’s simplified prospectus was filed and receipted before March 3, 2025, the lapse date prescribed by the Legislation that was in force on March 2, 2025, applies. As the Fund’s Prospectus was receipted shortly before the coming into force of the March 3 Amendment, the current lapse date of the Prospectus is 12 months from the date of the Prospectus, being January 20, 2026 (the Lapse Date).
Due to an administrative error, the Fund’s Lapse Date was internally recorded as though the March 3 Amendment applied to the Prospectus, and the Filer inadvertently failed to file a proforma prospectus for the Fund in accordance with the prospectus renewal timelines prescribed by the Legislation in force prior to the March 3 Amendment. As a result, the Prospectus lapsed on the Lapse Date.
In the absence of renewing the Prospectus of the Fund in accordance with the timelines prescribed by the Legislation in force prior to the March 3 Amendment, and in the absence of a decision extending the Lapse Date of the Prospectus of the Fund, the distribution of securities of the Fund was required to cease on the Lapse Date.
Due to the inadvertence described above, the Fund continued to distribute securities to investors in the period between the Lapse Date and the date of this decision (the Interim Period).
The Filer is also the investment fund manager of other funds, certain of which (the 2027 CI Funds) currently distribute their securities to the public under a simplified prospectus dated July 24, 2025, which has a lapse date of July 24, 2027 (the CI Funds Prospectus), in accordance with the 24-month prospectus renewal timeline prescribed by the Legislation in force further to the March 3 Amendment.
Given that the Fund and the 2027 CI Funds (together, the Funds) share many common operational and administrative features, the Filer wishes to combine the Prospectus with the CI Funds Prospectus to allow investors to more easily compare the features of the Funds and reduce renewal, printing and related costs. For this purpose, the Filer requests that the Lapse Date of the Fund’s Prospectus be extended to July 24, 2027 (the New Lapse Date), to coincide with the renewal of the CI Funds Prospectus.
Offering the Funds under one prospectus would enable the Manager to streamline disclosure across its fund platform.
It would be inefficient to alter and modify the dedicated systems, procedures and resources required to prepare the renewal of the CI Funds Prospectus, and unnecessary to incur the costs and expenses associated therewith, so that it can be filed earlier than its lapse date.
The Filer may make minor changes to the features of the CI Funds as part of the process of renewing the CI Funds Prospectus. The ability to consolidate the Prospectus with the CI Funds Prospectus will ensure that the Filer can make the operational and administrative features of the Funds consistent with one another, if necessary.
If the Lapse Date Relief is not granted, it will be necessary for the Filer to prepare and file a preliminary prospectus in order to re-qualify the distribution of the Fund’s securities, and in order to subsequently consolidate the Fund’s new prospectus with the CI Funds Prospectus and establish a uniform prospectus filing timeline for the Funds going forward, the Filer would need to file a proforma prospectus for the Fund in June 2027 (ahead of its new 2028 lapse date), to align with the renewal of the CI Funds Prospectus. It would be inefficient for the Manager to incur the costs and expenses associated therewith, given that investors would not be prejudiced by the Lapse Date Relief.
If the Lapse Date Relief is granted, the Filer will file a renewal fund facts document for each class or series of securities of the Fund no earlier than 13 months and no later than 11 months before the New Lapse Date, in accordance with the prospectus renewal requirements prescribed by the Legislation in force further to the March 3 Amendment. As such, the Fund currently expects to provide updated key information about the Fund to investors on or about July 2026, including current fund value, top investment holdings, fund expenses, any initial performance data and other information as prescribed by Form 81-101F3 – Contents of Fund Facts Document.
There have been no material changes in the affairs of the Fund since the date of the Prospectus. Accordingly, the current Prospectus and current fund facts of the Fund continue to provide accurate information regarding the Fund.
Given the disclosure obligations of the Fund, should any material change in the affairs of the Fund occur, the Prospectus and current fund facts of the Fund will be amended as required under the Legislation.
New investors in the Fund will receive delivery of the most recently filed fund facts of the Fund. The Prospectus will still be available upon request.
The Lapse Date Relief will not affect the accuracy of the information contained in the Prospectus or the fund facts and will therefore 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 Lapse Date Relief is granted provided that:
(a) the Fund complies with the investment fund prospectus renewal requirements prescribed by the Legislation in force further to the March 3 Amendment;
(b) every securityholder of record of the Fund who purchased securities of the Fund in any of the Jurisdictions in the Interim Period (each, an Affected Securityholder) is provided with the right
i. to cancel (Cancellation Right) such trades within 90 days of the receipt of a statement (the Statement of Rights) describing the Cancellation Right, which is to be mailed by the Filer to the Affected Securityholder, and
ii. to receive, upon the exercise of a Cancellation Right the purchase price paid on the acquisition of such securities and all fees and expenses incurred in effecting such purchase;
(c) the Filer mails the Statement of Rights and a copy of this decision document to each Affected Securityholder no later than 10 days after the date of this decision; and
(d) if the net asset value per security of the Fund on the date that an Affected Securityholder exercises the Cancellation Right is less than the price per security paid by the Affected Securityholder at the time of purchase, the Filer shall reimburse the difference to the Fund.
“Darren McKall”
Darren McKall
AVP, Investment Management Division
Ontario Securities Commission
Application No. 2026-93; SEDAR+ #6399957