May 21, 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
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 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
AND
SIMILAR FUTURE ETFS MANAGED BY THE FILER OR AN AFFILIATE OR ASSOCIATE OF THE FILER
(collectively, the Global X 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 October 15, 2025 (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 Global X ETF that is a mutual fund, other than an alternative mutual fund) and paragraph 2.5(2)(a.1) (in respect of each Global X ETF that is an alternative mutual fund) of NI 81-102 to purchase and/or hold securities of one or more private investment trusts (each, a Global X Private Trust) identified in Appendix “A” hereto even though the Global X Private Trusts are not subject to NI 81-102; and
ii. paragraph 2.5(2)(c) to permit each Global X 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
The 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.
The 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.
The Filer or an affiliate or associate of the Filer acts, or will act, as manager of each Global X ETF. The Filer is the manager, trustee and portfolio manager of each Global X Private Trust.
The Filer’s primary business is to act as manager and investment manager for the Global X ETFs and other exchange traded funds in Canada.
The Filer is not in default of securities legislation in any of the Canadian Jurisdictions.
The Global X ETFs
Each Global X 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 corporation established under the federal laws of Canada and a mutual fund corporation for the purposes of the Income Tax Act (Global X MFC).
Each existing Global X ETF currently consists of a single series of a class of exchange traded fund shares of Global X MFC. Each Global X ETF is, or will be, a separate investment fund having specific investment objectives and is specifically referable to a separate portfolio of investments.
Securities of the Global X 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.
Each Global X ETF is, or will be, an investment fund organized and governed by the laws of Canada or a Canadian Jurisdiction.
Each Global X ETF is, or will be, a reporting issuer under the applicable securities legislation in one or more Canadian Jurisdictions.
Each Global X 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.
Each existing Global X ETF is not in default of applicable securities legislation in any Canadian Jurisdiction.
The Reorganization
On 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).
To implement the Reorganization, substantially all of the assets of each Global X Private Trust were distributed to Global X MFC for the benefit of a corresponding Global X ETF, as return of capital or partly as a return of capital and partly for consideration consisting of a promissory note (the Promissory Note) issued by Global X MFC to the Global X Private Trust, or the assets were left in the Global X Private Trust for the benefit of the corresponding Global X ETF.
Pursuant to a decision of the OSC approving the Reorganization under paragraph 5.5(1)(b) of NI 81-102 on February 25, 2020, the OSC approved the continued existence of the Global X Private Trusts following the Reorganization, in part, because leaving the Global X Private Trusts 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 Trusts, and/or it would otherwise be beneficial to the shareholders of the Global X ETFs not to wind them up.
As 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 applicable corresponding Global X ETFs) became the sole unitholder of each Global X Private Trust.
The Global X Private Trusts
Each Global X Private Trust is an investment trust established under the laws of Ontario.
Global X MFC (on behalf of the corresponding Global X ETF) is the sole unitholder of each Global X Private Trust.
The Global X Private Trusts do not carry on any active business.
Although 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.
Units of the Global X Private Trusts are only available for purchase or issuance to Global X MFC on behalf of the Global X ETFs.
Each Global X Private Trusts is not a reporting issuer in a Canadian Jurisdiction.
The Global X Private Trusts are not in default of applicable securities legislation in any of the Canadian Jurisdictions.
Proposed Structure
Global X ETFs that are alternative mutual funds hold, amongst other investments, cash and cash equivalents for the purpose of securing obligations under certain derivatives transactions with its derivatives counterparties. Global X ETFs that are mutual funds (other than alternative mutual funds) 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.
In order to utilize the tax loss carryforwards of certain of the Global X Private Trusts, the Filer proposes to subscribe for additional units of a newly established class of units (the Money Market Class) of certain of the Global X Private Trusts and satisfy the subscription price for such units with cash and cash equivalents (the Proposed Structure).
The tax loss carryforwards in the applicable Global X Private Trusts can then 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 Global X ETFs on an ongoing basis until the available losses are fully utilized.
The amended and restated master declaration of trust that includes the Global X Private Trusts will be amended (the Amended Declaration of Trust) to provide that the cash and cash equivalents used to subscribe for Money Market Class units of a Global X Private Trust will be referable only to the Money Market Class units of the Global X Private Trust.
Additionally, the Amended Declaration of Trust will provide that the Promissory Note that is currently held by such Global X Private Trust will be referable only to the class of units outstanding of the Global X Private Trust prior to the creation of the Money Market Class (the Existing Class).
As a result, the Existing Class and the Money Market Class of each such Global X Private Trust will each be referable to a separate portfolio of assets. Section 1.3(1) of NI 81-102 provides that each section, part, class or series of a class of securities of an investment fund that is referable to a separate portfolio of assets is considered to be a separate investment fund for purposes of NI 81-102. Accordingly, for the purposes of interpreting NI 81-102, the Money Market Class of a Global X Private Trust will be considered a separate investment fund.
To the extent a Global X ETF engages in transactions that require such Global X ETF to hold cash cover in accordance with the requirements of section 2.8 of NI 81-102 following the implementation of the Proposed Structure, the units of the Money Market Class can be considered cash cover for the purposes of the definition thereof in section 1.1 of NI 81-102 to the extent such units are considered to be securities of a “money market fund”. Provided that the assets referable to the Money Market Class conform to those of a “money market fund” set out under section 2.18 of NI 81-102, the units of the Money Market Class can be considered to be securities of a money market fund under NI 81-102. Accordingly, the units of the Money Market Class of a Global X Private Trust can be held by a Global X ETF as cash cover to allow the Global X ETF to continue to satisfy any cash cover obligations under section 2.8 of NI 81-102.
Absent the Fund of Fund Restriction Relief, a Global X ETF would be prohibited from purchasing and/or holding securities of one or more Global X Private Trusts under paragraph 2.5(2)(a) of NI 81-102 (in respect of each Global X ETF that is a mutual fund, other than an alternative mutual fund), paragraph 2.5(2)(a.1) (in respect of each Global X ETF that is an alternative mutual fund) and under paragraph 2.5(2)(c) of NI 81-102 (in respect of each Global X Private Trust), since the Global X Private Trusts are not subject to NI 81-102 and the Global X Private Trusts are not reporting issuers.
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 Global X ETFs in securities of the Global X Private Trusts is in accordance with the investment objectives of the Global X ETFs;
ii. the Global X Private Trusts only issue new securities to the Global X ETFs;
iii. the investment of the Global X 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 and/or the Promissory Note;
vi. the Global X Private Trusts are redeemable daily on demand by the Global X ETFs;
vii. units of the Global X Private Trusts will be issued to and redeemed by the Global X ETFs at NAV, in accordance with subsections 9.3(1) and 10.3(1) of NI 81-102;
viii. the prospectus of each Global X ETF discloses, or will disclose at the time of its next renewal, the fact that the Global X 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 # App2026-210
SEDAR+ Filing # 06429741
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