June 11, 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
LongPoint Asset Management Inc. (the filer)
AND
IN THE MATTER OF
SavvyLong (2X) SpaceX ETF
SavvyLong (2X) AMD ETF
SavvyLong (2X) Micron ETF
(the Proposed ETFs and each a proposed etf)
AND
SavvyLong (2X) AAPL ETF
SavvyLong (2X) AMZN ETF
SavvyLong (2X) GOOGL ETF
SavvyLong (2X) MSFT ETF
SavvyLong (2X) NVDA ETF
SavvyLong (2X) TSLA ETF
SavvyShort (-2X) NVDA ETF
SavvyShort (-2X) TSLA ETF
SavvyLong (2X) HOOD ETF
SavvyLong (2X) META ETF
SavvyLong (2X) PLTR ETF
SAVVYLONG (2X) COIN ETF
SAVVYSHORT (-2X) COIN ETF
SAVVYLONG (2X) MSTR ETF
SAVVYSHORT (-2X) MSTR ETF
(THE EXISTING ETFS AND EACH AN EXISTING ETF)
AND
SIMILAR FUTURE ETFS MANAGED BY THE FILER
(the Future ETFS, Collectively with the Proposed ETFs AND THE EXISTING ETFS, the ETFS)
Decision
Background
The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the ETFs for exemptive relief: (i) revoking and replacing the Previous Decision (as defined below); and (ii) from subsections 2.1(1) and 2.1(1.1) of National Instrument 81-102 Investment Funds (NI 81-102) (the Concentration Restriction) to permit each ETF to invest in a single Specified Public Issuer (as defined below) in excess of the investment restrictions contained in such sections, in accordance with its fundamental investment objective (together, the Exemption Sought).
The fundamental investment objective of the ETFs is, or will be, to seek to provide daily investment results that endeavour to correspond, before fees and expenses, to up to two times (2X) or two times the inverse, as applicable, the daily percentage change of the price of Portfolio Securities (as defined below).
Under the Process for Exemptive Relief Applications in Multiple Jurisdictions (for a passport application):
(a) the Ontario Securities Commission is the principal regulator for the Application;
(b) the Filer has provided notice that section 4.7(1) of Multilateral Instrument 11-102 Passport System (MI 11-102) is intended to be relied upon in all of the provinces and territories of Canada other than the Jurisdiction (the Other Jurisdictions and, together with the Jurisdiction, the Canadian Jurisdictions).
Interpretation
Terms defined in MI 11-102, National Instrument 14-101 Definitions (NI 14-101), National Instrument 41-101 General Prospectus Requirements (NI 41-101), or in NI 81-102 have the same meaning if used in this decision unless otherwise defined herein.
Absolute Leverage means, with respect to an ETF, the aggregate notional absolute value of the securities and/or financial derivative positions as a ratio of the total assets held by the ETF.
Designated Broker means a registered dealer that has entered, or intends to enter, into an agreement with the Filer to perform certain duties in relation to the ETF, including the posting of a liquid two-way market for the trading of the ETF Securities on an Exchange or another Marketplace.
ETF Security means an exchange-traded unit or share of an ETF.
Exchange means the Toronto Stock Exchange, Cboe Canada Inc. or another exchange recognized by the Ontario Securities Commission.
Marketplace means a “marketplace” as defined in National Instrument 21-101 Marketplace Operation that is located in Canada.
Portfolio Securities means, in relation to an ETF, the securities of a Specified Public Issuer in which the ETF invests or American Depositary Receipts in respect of such Specified Public Issuer which are listed on a Primary Trading Market.
Primary Trading Market means the principal securities or other trading market for the Portfolio Securities: (i) in respect of the Specified Jurisdiction of Denmark, Nasdaq Copenhagen; (ii) in respect of the Specified Jurisdiction of France, Euronext Paris; (iii) in respect of the Specified Jurisdiction of Germany, the Frankfurt Stock Exchange (Borse Frankfurt) or Xetra; (iv) in respect of the Specified Jurisdiction of Japan, the Tokyo Stock Exchange or the Osaka Securities Exchange; (v) in respect of the Specified Jurisdiction of Luxembourg, the Luxembourg Stock Exchange; (vi) in respect of the Specified Jurisdiction of Norway, the Oslo Stock Exchange; (vii) in respect of the Specified Jurisdiction of Spain, the Madrid Stock Exchange (Bolsa de Madrid) or the Barcelona Stock Exchange (Bolsa de Barcelona); (viii) in respect of the Specified Jurisdiction of Sweden, Nasdaq Stockholm; (ix) in respect of the Specified Jurisdiction of Switzerland, the Six Swiss Exchange; (x) in respect of the Specified Jurisdiction of The United Kingdom of Great Britain and Northern Ireland, the Aquis Exchange or the London Stock Exchange; and (xi) in respect of the Specified Jurisdiction of the United States of America, NASDAQ or the NYSE, or in each case, such trading market’s successor.
Prospectus means the prospectus of each ETF.
Securityholders means the beneficial or registered holders of ETF Securities.
Specified Jurisdiction means each of Denmark, France, Germany, Japan, Luxembourg, Norway, Spain, Sweden, Switzerland, The United Kingdom of Great Britain and Northern Ireland or the United States of America.
Specified Public Issuer means a public company that is (A) (i) both incorporated and headquartered in a Specified Jurisdiction; (ii) that has a market capitalization in excess of C$25 billion (or its equivalent in the currency in which the Portfolio Securities are listed for trading) on the date that the ETF Securities are listed on an Exchange; (iii) whose Portfolio Securities are listed on a Primary Trading Market, not suspended or subject to any cease-trade order or trading halt on the trading day immediately prior to the date that the ETF Securities are listed on an Exchange and are not listed for trading on a stock exchange in Canada; (iv) whose Portfolio Securities have an average daily trading volume in the month before the date that the ETF Securities are listed on an Exchange in excess of C$125million (or its equivalent in the currency in which the Portfolio Securities are listed for trading); and (v) whose public disclosure documents are available in the English language; or (B) (i) that is both incorporated and headquartered in a Specified Jurisdiction; (ii) that has a market capitalization in excess of C$250 billion (or its equivalent in the currency in which the Portfolio Securities are listed for trading) on the date that the ETF Securities are listed on an Exchange; (iii) whose Portfolio Securities are listed on a Primary Trading Market, not suspended or subject to any cease-trade order or trading halt on the trading day immediately prior to the date that the ETF Securities are listed on an Exchange and are not listed for trading on a stock exchange in Canada; (iv) whose public disclosure documents are available in the English language; and (v) the gross proceeds of whose initial public offering are expected to exceed C$25 billion (or its equivalent in the currency in which the Portfolio Securities are listed for trading) (either (A) or (B), the Specified Public Issuer Requirements).
Specified Public Issuer Requirements has the meaning ascribed to such term in the definition of Specified Public Issuer.
Representations
This decision is based on the following facts represented by the Filer:
The Filer
The Filer is a corporation formed and organized under the laws of the Province of Ontario. The head office of the Filer is located in Toronto, Ontario.
The Filer is currently registered as (i) an investment fund manager in Ontario, Quebec and Newfoundland and Labrador; and (ii) a portfolio manager, commodity trading manager, and exempt market dealer in Ontario.
The Filer will also be the investment fund manager and portfolio manager of the Proposed ETFs. The Filer or an affiliate of the Filer will be the investment fund manager of the other ETFs.
The Filer is not a reporting issuer in any Jurisdiction and is not in default of securities legislation in any of the Jurisdictions.
The Previous Decision
- In a previous decision dated May 22, 2025 (the Previous Decision), the Filer and the ETFs were granted relief from the Concentration Restriction. The Filer is requesting that the Previous Decision be revoked and replaced with this decision in order to replace the definition of “Specified US Public Issuer” (as defined in the Previous Decision). The adjustments will: (i) permit an ETF to invest in issuers located in jurisdictions, other than the U.S.; and (ii) provide further flexibility and permit an ETF to be launched, where circumstances warrant, relatively sooner that permitted currently.
The ETFs
Each Proposed ETF will be a separate, open-ended corporate class, of LongPoint ETF Corp., a mutual fund corporation established under the federal laws of Canada. Each corporate class is, or will be, a separate investment fund with specific investment objectives and a separate portfolio of investments.
Each ETF is, or will be, an exchange-traded mutual fund that is a trust, corporation or separate class of shares of a mutual fund corporation governed by the laws of a Canadian Jurisdiction.
Each ETF is, or will be, a reporting issuer in the Jurisdiction(s) in which it offers ETF Securities that will be distributed pursuant to a long form prospectus prepared in accordance with NI 41-101 and Form 41-101F2 Information Required in an Investment Fund Prospectus, subject to any exemptions from distribution requirements that may be granted by the applicable securities regulatory authorities.
Each Proposed ETF will be an open-ended alternative mutual fund (as defined in NI 81-102) and each other ETF is, or will be, an open-ended investment fund subject to NI 81-102.
The ETFs will be subject to NI 81-102, subject to any exemptions that may be granted by the applicable securities regulatory authorities.
The Filer has filed, or will file, a simplified prospectus or long form prospectus in respect of each of the ETFs in accordance with National Instrument 81-101 - Mutual Fund Prospectus Disclosure or NI 41-101, subject to any exemptions that may be granted by the applicable securities regulatory authorities.
Each ETF is, or will be, a reporting issuer under the laws of one or more of the Canadian Jurisdictions.
ETF Securities are, or will be (subject to satisfying the original listing requirements of the applicable Exchange), listed on an Exchange.
Designated Brokers will act as intermediaries between investors and the ETFs, performing a market-making function, including by standing in the market with bid and ask prices for the ETF Securities to maintain a liquid market for the ETF Securities. The majority of trading in ETF Securities will occur in the secondary market.
The fundamental investment objective of an ETF will be to seek to provide daily investment results that endeavour to correspond, before fees and expenses, to up to two times (2X) (which will be the case for the Proposed ETFs) or two times the inverse, as applicable, the daily percentage change of the price of Portfolio Securities.
Each ETF will employ Absolute Leverage that will generally not exceed 2.0 times the net asset value of the ETF. Use of leverage by an ETF will be in accordance with NI 81-102, subject to any exemptions that may be granted by the applicable securities regulatory authorities. In order to ensure that a securityholder’s risk is limited to the capital invested, an ETF’s Absolute Leverage will be rebalanced daily and when the Absolute Leverage breaches certain bands. Specifically, an ETF’s Absolute Leverage will be rebalanced back to 200% of the ETF’s NAV within one business day if the ETF’s leverage ratio moves 5% below its daily target Absolute Leverage of 200% or if it is above 200% Absolute Leverage (i.e., if the Absolute Leverage is less than 195% or if the Absolute Leverage is greater than 200%).
In order to achieve its investment objective, an ETF may invest in equity securities and/or other financial instruments, including derivatives. Each ETF may also gain exposure to Portfolio Securities through investment in Canadian Depository Receipts (CDRs) which are linked to the applicable Specified Public Issuer.
The Portfolio Securities and the Specified Public Issuer for the Proposed ETFs and the Existing ETFs are as follows:
ETF Name
Portfolio Securities
Specified Public Issuer
SavvyLong (2X) SpaceX ETF
Common Shares
Space Exploration Technologies Corp.
SavvyLong (2X) AMD ETF
Common Shares
Advanced Micro Devices, Inc.
SavvyLong (2X) Micron ETF
Common Shares
Micron Technology, Inc.
SavvyLong (2X) AAPL ETF
Common Shares
Apple Inc.
SavvyLong (2X) AMZN ETF
Common Shares
Amazon.com, Inc.
SavvyLong (2X) GOOGL ETF
Class A, Common Shares
Alphabet Inc.
SavvyLong (2X) MSFT ETF
Common Shares
Microsoft Corporation
SavvyLong (2X) NVDA ETF
Common Shares
NVIDIA Corporation
SavvyShort (-2X) NVDA ETF
Common Shares
NVIDIA Corporation
SavvyLong (2X) TSLA ETF
Common Shares
Tesla, Inc.
SavvyShort (-2X) TSLA ETF
Common Shares
Tesla, Inc.
SavvyLong (2X) HOOD ETF
Common Shares
Robinhood Markets, Inc.
SavvyLong (2X) META ETF
Common Shares
Meta Platforms, Inc.
SavvyLong (2X) PLTR ETF
Common Shares
Palantir Technologies Inc.
SavvyLong (2X) COIN ETF
Class A, Common Shares
Coinbase Global Inc.
SavvyShort (-2X) COIN ETF
Class A, Common Shares
Coinbase Global Inc.
SavvyLong (2X) MSTR ETF
Common Shares
MicroStrategy Incorporated
SavvyShort (-2X) MSTR ETF
Common Shares
MicroStrategy Incorporated
Each ETF will use a ticker symbol that the Filer believes is unlikely to be confused with the ticker symbol for the Portfolio Securities and the Specified Public Issuer for the ETF.
The distribution of ETF Securities (Distribution) will be conducted without the knowledge or consent of the Specified Public Issuers and the Filer will as a general matter not have direct knowledge or access to material information regarding the Specified Public Issuers or Portfolio Securities other than publicly available information.
Disclosure
- The Prospectus will disclose:
(a) the name of each ETF using the convention reflected in this decision for the Proposed ETFs;
(b) the investment objective and investment strategy of each ETF as well as the risk factors associated therewith, including concentration risk;
(c) the fact that the ETF has obtained the Exemption Sought to permit the purchase of, or exposure to, the Portfolio Securities on the terms described in this decision;
(d) the ways in which, and the extent to which, purchasing and holding the ETF Securities can be expected to be different from directly purchasing and holding the Portfolio Securities and the factors influencing these differences (such as the ETF’s cash-borrowing, option-writing and currency-hedging strategies, as applicable), including in respect of performance, returns and securityholder rights;
(e) that the ETF’s investment in, or exposure to, the Portfolio Securities will be a passive investment or exposure;
(f) as applicable, the Filer’s specific policies and procedures for making proxy voting and tender decisions in respect of the Specified Public Issuer and the expected outcomes for the ETF of such decisions in potential scenarios, such as merger or other restructuring of the Specified Public Issuer, a sale of part or all of its business, or bankruptcy of the Specified Public Issuer and other scenarios; and
(g) prominently a statement substantially similar to the following:
Investors investing, or considering investment, in an ETF (which invests in, or is exposed to, a single underlying corporate issuer) should consider their ongoing obligations with respect to insider trading, insider reporting, and take-over bids under the Ontario Securities Act (the Act) or other relevant securities legislation and National Instruments and as explained in National Policies. Securities regulators may take the view that these provisions extend to the purchase and sale of securities of ETFs that invest in securities of a single issuer, including on a look-through basis.
For example:
Under section 76(1) of the Act, individuals or entities in a special relationship with an issuer are prohibited from purchasing or selling securities of that issuer with knowledge of a material fact or material change that has not been generally disclosed. Securities regulators may take the view that this prohibition extends to the purchase and sale of securities of ETFs that invest in securities of a single issuer;
Securities regulators may take the view that the insider reporting requirements in section 107 of the Act apply in respect of purchases of securities of ETFs that invest in securities of a single issuer; and
Where ETF securities are redeemable for securities of the ETF's single underlying issuer, securities regulators may consider those ETF securities convertible securities under section 1.7 of National Instrument 62-104 Take-Over Bids and Issuer Bids (NI 62-104) that count, on a post conversion-basis in respect of the underlying issuer, towards the early warning reporting thresholds in Part 5 of NI 62-104
Investors are strongly encouraged to seek legal advice or consult with their compliance officers to fully understand their insider trading, insider reporting, and take-over bids obligations and how they relate to investment in these ETFs. Failure to comply with these obligations may result in regulatory scrutiny and enforcement actions. Purchasing a single-issuer ETF is not equivalent to holding the securities of the underlying issuer directly; investors may not have the same rights and may be subject to additional risks, as further referenced in this prospectus.
The Prospectus will provide only abbreviated disclosure in respect of the Portfolio Securities and the Specified Public Issuer based on publicly available information.
The Prospectus will provide that no ETF Securities will be listed for trading on an Exchange until such time as the securities of the Specified Public Issuer that the ETF will invest in are listed on a Primary Trading Market.
The Filer intends to meet the full, true and plain disclosure requirement of the Legislation in connection with the ETF Securities without having responsibility for the accuracy of disclosure issued by the Specified Public Issuer in respect of the Portfolio Securities. The Prospectus will direct investors to public disclosure made available by the Specified Public Issuer in respect of the Portfolio Securities in accordance with applicable legislation. The Prospectus will also clarify that such disclosure and other information made publicly available about the Portfolio Securities and the Specified Public Issuer on the Filer’s website and otherwise cannot be expected to contemplate the Distribution.
The Prospectus will clearly state that the Filer is not the source of disclosure relating to the Portfolio Securities and the Specified Public Issuer and will clearly disclaim the Filer’s responsibility both for verifying the accuracy of such disclosure and for updating such disclosure.
To meet the full, true and plain disclosure requirement, the Prospectus will disclose that the Specified Public Issuer will not receive a direct or indirect financing benefit from the Distribution.
Reasons for the Exemption Sought
The ETFs cannot pursue their fundamental investment objectives without the Exemption Sought.
The Filer submits that each ETF’s strategy to invest in, or be exposed to, Portfolio Securities will be transparent, passive and fully disclosed to investors. An ETF will not be exposed to securities other than Portfolio Securities.
The Filer submits that an ETF that relies on the Exemption Sought would be analogous to an investment fund that relies on the exception to the Concentration Restriction in subsection 2.1(2) of NI 81-102 for purchases of equity securities by a “fixed portfolio investment fund”, as defined in NI 81-102, in accordance with its investment objectives. The Filer submits that the only difference would be that the ETFs are in continuous distribution and the ETF Securities are redeemable on each trading day, accordingly, the ETFs will be exposed to Portfolio Securities as may be required in connection with subscription and redemption requests received by the ETF. However, the Filer submits that the existence of the ETF’s Designated Broker should mean that the ETF Securities (which are listed on an Exchange) will not trade at a discount to the net asset value per ETF Security which may more likely be the case for a “fixed portfolio investment fund”.
The Specified Public Issuers will be among the largest global public issuers. The Portfolio Securities will be some of the most liquid equity securities listed on a Primary Trading Market and will be less likely to be subject to liquidity concerns than the securities of other issuers.
The Filer believes that any risks associated with exposure to only a single Specified Public Issuer in reliance on the Exemption Sought will be mitigated by the fact that the Portfolio Securities are, or will be once they are listed on a Primary Trading Market, highly liquid.
The Filer submits that, given the market price per publicly listed security of the Specified Public Issuers, or expected market price for the Portfolio Securities of the Specified Public Issuers for the Proposed ETFs, many investors would be unable to achieve meaningful exposure to these Specified Public Issuers through direct investment. The ETFs would provide investors with the ability to get access and obtain meaningful exposure to the Portfolio Securities given the expected size of each ETF.
The Filer submits that the Exemption Sought would permit the Filer to offer new ETFs that would provide investors an opportunity to obtain exposure to large-capitalization and mega-capitalization issuers suitable and appropriate for retail investors whose securities trade on a Primary Trading Market in the United States of America, Europe or Japan and that the Filer believes are subject to robust securities regulatory regimes in their respective home jurisdiction.
The Filer submits that similar relief to the Exemption Sought has been granted to the Filer in the Previous Decision and with substantially lower thresholds. Aside from expanding permitted jurisdictions of incorporation, the primary difference between the Previous Decision and the Exemption Sought is the removal of the requirement contained in the definition of “US Public Issuer Requirements” (in the Previous Decision) that the Portfolio Securities have an average daily trading volume in the month before the date that the ETF Securities are listed on an Exchange in excess of C$100 million, as well as index inclusion requirements (the Trading Volume and Index Requirements).
The Filer submits that the Trading Volume and Index Requirements are unnecessary for a Specified Public Issuer because liquidity for a Specified Public Issuer can be demonstrated based on the following:
(a) the size of the Specified Public Issuer, as indicated by the minimum market capitalization threshold under the Specified Public Issuer Requirements (being in excess of C$250 billion and gross proceeds on initial public offering in excess of C$25 billion );
(b) publicly available market data show private fundraising rounds and tender activity in the Specified Public Issuer in excess of $500 million in the last 12 months;
(c) there will be regulated derivatives markets for the Portfolio Securities; and
(d) there will be no mismatch between the liquidity of the Portfolio Securities and the ETF Securities’ redemption terms, nor will there be a mismatch in settlement timing between the ETF Securities and the Portfolio Securities.
The Filer submits that, given the anticipated market prices per publicly listed security of certain of the Specified Public Issuers, many investors would be unable to achieve meaningful exposure to such Specified Public Issuers through direct investment.
In addition, it is also anticipated that an ETF will be able to meet its investment objective to established, or anticipated, liquid options market that exist, or will exist, in respect of Specified Public 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) but for the fact that ETF Securities may be subscribed for or redeemed on each trading day (i.e. the ETFs being in continuous distribution), the ETF otherwise meets the definition of “fixed portfolio investment fund” in NI 81-102;
(ii) any purchase (whether direct or indirect) by the ETF of the Portfolio Securities is in accordance with the investment objectives of the ETF;
(iii) at the time that the applicable ETF Securities are listed on an Exchange, the applicable Specified Public Issuer and its Portfolio Securities satisfy the Specified Public Issuer Requirements;
(iv) the ETF will not purchase Portfolio Securities if the ETF would, as a result of such purchase, become an insider of the applicable Specified Public Issuer;
(v) the ETF’s prospectus contains the disclosure referred to in representations 21 through 26 above;
(vi) the Filer will not permit the ETFs to be used as a financing vehicle by a Specified Public Issuer or to permit an indirect offering of Portfolio Securities into a jurisdiction of Canada;
(vii) an ETF will employ Absolute Leverage within the parameters set out in representation 16, above.
(viii) the ETF may not commence trading on the applicable Exchange nor accept purchase orders for ETF Securities until such time as trading in the Portfolio Securities of the Specified Public Issuer has begun on the Primary Trading Market; and
(ix) the relevant preliminary or final prospectus, registration statement or equivalent disclosure document of the Specified Public Issuer must have been publicly filed before any marketing of the corresponding ETF is undertaken.
“Darren McKall”
Darren McKall
AVP, Investment Management Division
Ontario Securities Commission
Application No. 2026-283
SEDAR+#: 6453798