In the Matter of CI Investments Inc., 2026 CanLII 51407

June 1, 2026

(the Jurisdiction)

AND

(the Filer)

AND

(the Existing Funds)

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Existing Funds and such other mutual funds as the Filer, or an affiliate of the Filer, may manage in the future that are subject to the requirements of National Instrument 81-102 Investment Funds (NI 81-102), other than funds that are a money market fund (the Future Funds, and together with the Existing Funds, the Funds, and individually, a Fund), for a decision under the securities legislation of the Jurisdiction of the principal regulator (the Legislation), pursuant to section 19.1 of NI 81-102, that:

(a) revokes and replaces the Previous Decision (as defined below); and

(b) exempts the Filer, or an affiliate of the Filer, and each Fund from paragraphs 2.5(2)(a) and 2.5(2)(c) of NI 81-102 to permit each Fund to purchase and hold securities of exchange-traded funds traded on a stock exchange in Canada or the United States that invest, directly or indirectly through derivatives, in commodities, including but not limited to gold and/or silver on an unlevered basis, or seek to invest in a manner that causes them to replicate the performance of: (A) gold and/or silver on an unlevered basis; (B) the value of a specified derivative the underlying interest of which is gold and/or silver on an unlevered basis; or (C) an unlevered commodity index (collectively, Commodity ETFs) (the Exemption Sought).

Under National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):

(a) the Ontario Securities Commission is the principal regulator (the Principal Regulator) for the 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 all provinces and territories of Canada other than Ontario (together with Ontario, the Jurisdictions).

Interpretation

Terms defined in NI 81-102, 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 Filer

The Filer is a corporation subsisting under the laws of the Province of Ontario with its head office located in Toronto, Ontario.
The Filer is registered as follows:

(a) in each of the Jurisdictions as a portfolio manager and an exempt market dealer;

(b) in Ontario, Québec and Newfoundland and Labrador as an investment fund manager; and

The Filer, or an affiliate of the Filer, is, or will be, the investment fund manager of the Funds.
The Filer is not in default of securities legislation in any of the Jurisdictions.

Previous Decision

The Filer obtained relief that is substantially similar to the Exemption Sought, as evidenced by a decision of the Principal Regulator dated April 15, 2016 (the Previous Decision).
The Filer, operating under the business name CI Global Asset Management, became the investment fund manager, portfolio manager and trustee, as applicable, of certain Funds (the Acquired Funds) when the rights to manage the Acquired Funds were transferred to the Filer by Invesco Canada Ltd. effective June 1, 2026. Certain of the Acquired Funds benefited from relief that is also substantially similar to the Exemption Sought, as evidenced by a decision of the Principal Regulator dated October 22, 2012.
The Filer is seeking to revoke the Previous Decision and to obtain the Exemption Sought to ensure that the Acquired Funds can continue to be managed by the Filer as previously managed by Invesco Canada Ltd.

The Funds

Each Fund is, or will be:

(a) an open-end mutual fund established under the laws of the Province of Ontario;

(b) a reporting issuer under the securities laws of some or all of the Jurisdictions;

(d) not in default of securities legislation in any of the Jurisdictions.

Investments in Commodity ETFs

The Funds are, or will be, funds whose investment objectives and investment strategies provide investors with potential exposure to various asset classes, including equities, bonds and commodities, through investment in mutual funds and exchange-traded funds. Each of the Funds is, or will be, permitted in accordance with its investment objectives and investment strategies to invest in Commodity ETFs.
Other than circumstances in which the securities regulatory authority of one or more of the Jurisdictions has expressly exempted a Fund therefrom, each of the Funds follows the standard investment restrictions and practices established by NI 81-102.
The Filer believes that it would be in the best interests of each Fund to have the flexibility to obtain exposure, from time to time, to certain commodities by investing a portion of its assets in Commodity ETFs.
No more than 10% of the net asset value, in aggregate, of a Fund taken at market value at the time of purchase shall be invested in a combination of Commodity ETFs.
Commodity ETFs are, or will be, attractive investments for the Funds as they provide an efficient and cost-effective means of achieving diversification among various asset classes.
An investment by a Fund in securities of a Commodity ETF will represent the business judgment of responsible persons uninfluenced by considerations other than the best interests of the Fund.
Each Commodity ETF is, or will be, an investment fund (as defined under the Securities Act (Ontario)).
The objective of each Commodity ETF is, or will be, to:

(a) reflect the price of the applicable physical commodity or commodities (less the Commodity ETF's expenses and liabilities) on an unlevered basis; or

(b) track the performance of gold and/or silver on an unlevered basis, the value of a specified derivative the underlying interest of which is gold and/or silver on an unlevered basis, or an index which is intended to reflect the changes in the market value of the physical commodity or commodities sector.

The securities of each Commodity ETF trade, or will trade, on a stock exchange in Canada or the United States. As such, there are no liquidity concerns that should lead to a conclusion that investments in Commodity ETFs need to be prohibited.
The amount of loss that can result from an investment by a Fund in a Commodity ETF will be limited to the amount invested by the Fund in securities of the Commodity ETF.
The Filer, or an affiliate of the Filer, will ensure that any investment by a Fund in Commodity ETFs is in accordance with the investment objectives and investment strategies of such Fund.
If an investment in Commodity ETFs represents a material change to a Fund, the Filer, or an affiliate of the Filer, will comply with the material change reporting obligations for that fund.
Absent the Exemption Sought, paragraph 2.5(2)(a) of NI 81-102 would prohibit a Fund from purchasing or holding securities of certain Commodity ETFs, where such Commodity ETFs are not subject to NI 81-102. Further, paragraph 2.5(2)(c) of NI 81-102 would also prohibit a Fund from purchasing or holding securities of certain Commodity ETFs, where such Commodity ETFs are not a reporting issuer in any of the Jurisdictions.

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 Previous Decision is revoked and the Exemption Sought is granted provided that:

the investment by a Fund in securities of a Commodity ETF is in accordance with the fundamental investment objectives of the Fund;
a Fund does not short sell securities of a Commodity ETF;
the securities of the Commodity ETFs are traded on a stock exchange in Canada or the United States;
a Fund does not purchase Commodity ETFs if, immediately after the transaction, more than 10% of the net asset value, in aggregate, of the Fund, taken at market value at the time of the transaction, would consist of Commodity ETFs; and
the prospectus of each Fund discloses, or will disclose the next time it is renewed:

(a) in the investment strategies section, the fact that the Fund has obtained relief to invest in Commodity ETFs, together with an explanation of what each Commodity ETF is; and

(b) to the extent applicable, the risks associated with such an investment.

“Darren McKall”

Darren McKall, Associate Vice President Investment Management Division Ontario Securities Commission

Application No. 2026-197

SEDAR+ No. 6428785