CI Investments Inc. and The Funds

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions - relief granted under subsection 62(5) of the Securities Act to permit extensions of two prospectus lapse dates by 127 and 161 days to facilitate the consolidation of the funds' prospectuses with the prospectuses of other funds under common management - no conditions.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., s. 62(5).

September 21, 2023

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)

AND

IN THE MATTER OF
THE FUNDS LISTED IN SCHEDULE A
(the Funds)

DECISION

Background

The principal regulator in the Jurisdiction has received an application from the Filer on behalf of the Funds for a decision under the securities legislation of the Jurisdiction (the Legislation) that the respective time limits for the renewal of the long form prospectus of CI Global Minimum Downside Volatility Index ETF, CI U.S. Minimum Downside Volatility Index ETF and CI Utilities Giants Covered Call ETF (the ETFs) dated December 16, 2022 (the ETFs Prospectus) and the renewal of the simplified prospectus of CI Canadian Banks Covered Call Income Corporate Class, CI Energy Giants Covered Call Fund, CI Gold+ Giants Covered Call Fund and CI Tech Giants Covered Call Fund (the Covered Call Funds) dated February 14, 2023 (the Covered Call Funds Prospectus, and together with the ETFs Prospectus, the Prospectuses) be extended to those time limits that would apply as if the lapse dates of the Prospectuses were April 21, 2024 (in the case of the ETFs Prospectus) and July 24, 2024 (in the case of the Covered Call Funds Prospectus) (the Exemption Sought).

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

(a) the Ontario Securities Commission 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 the Jurisdiction, 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 Filer

1. The Filer is a corporation incorporated under the laws of Ontario. The Filer's head office is located in Toronto, Ontario.

2. The Filer is registered as follows:

a. under the securities legislation of all Jurisdictions as a portfolio manager and an exempt market dealer;

b. under the securities legislation of Ontario, Québec, and Newfoundland and Labrador as an investment fund manager; and

c. under the Commodity Futures Act (Ontario) as a commodity trading counsel and a commodity trading manager.

3. The Filer is the investment fund manager and portfolio manager of the Funds.

4. Neither the Filer nor any of the Funds are in default of securities legislation in any of the Jurisdictions.

The Funds

5. Each of the Funds is an open-ended mutual fund trust established under the laws of Ontario. Each of the Funds is a reporting issuer as defined in the securities legislation of each of the Jurisdictions.

6. Securities of the Funds are currently qualified for distribution in each of the Jurisdictions under the Prospectuses. The securities of the ETFs are listed on the Toronto Stock Exchange.

7. Pursuant to subsection 62(1) of the Securities Act (Ontario) (the Act), the lapse date of the ETFs Prospectus is December 16, 2023 (the ETFs Current Lapse Date) and the lapse date of the Covered Call Funds Prospectus is February 14, 2024 (the Covered Call Funds Lapse Date, and together with the ETFs Current Lapse Date, the Current Lapse Dates and each, a Current Lapse Date). Accordingly, under subsection 62(2) of the Act, the distribution of securities of each of the Funds would have to cease on the applicable Current Lapse Date unless: (i) the Funds file a pro forma long form or simplified prospectus, as applicable, at least 30 days prior to the applicable Current Lapse Date; (ii) the final long form or simplified prospectus, as applicable, is filed no later than 10 days after the applicable Current Lapse Date; and (iii) a receipt for the final long form or simplified prospectus, as applicable, is obtained within 20 days after the applicable Current Lapse Date.

Reasons for the Exemption Sought

8. The Filer is the investment fund manager of the Funds. The Filer is also the investment fund manager of (i) approximately forty-four other ETFs (the Affiliated CI ETFs) that currently distribute their securities to the public under a long form prospectus and ETF facts (collectively, the Affiliated CI ETFs Prospectus) with a lapse date of April 21, 2024 and (ii) approximately 134 other funds (the Affiliated CI Funds) that currently distribute their securities to the public under a simplified prospectus and fund facts (collectively, the Affiliated CI Funds Prospectus and together with the Affiliated CI ETFs Prospectus, the Affiliated CI Prospectuses) with a lapse date of July 24, 2024.

9. The Filer wishes to combine (i) the ETFs Prospectus with the Affiliated CI ETFs Prospectus and (ii) the Covered Call Funds Prospectus with the Affiliated CI Funds Prospectus in order to reduce renewal, printing and related costs.

10. Offering (i) the ETFs and the Affiliated CI ETFs under the same renewal long form prospectus and ETF facts and (ii) the Covered Call Funds and the Affiliated CI Funds under the same renewal simplified prospectus and fund facts (collectively, the Renewal Documents) would facilitate the distribution of the Renewal Documents in the Jurisdictions and enable the Filer to streamline disclosure across the Filer's ETF and mutual fund platforms. The Affiliated CI ETFs and the Affiliated CI Funds also share many common operational and administrative features with the ETFs and the Covered Call Funds, respectively, and combining them under the same Renewal Documents will allow investors to compare their features more easily.

11. It would be impractical to alter and modify all of the dedicated systems, procedures and resources required to prepare the Renewal Documents of the Affiliated CI ETFs and the Affiliated CI Funds and unreasonable to incur the costs and expenses associated therewith, so that the Renewal Documents of the Affiliated CI ETFs and the Affiliated CI Funds can be filed earlier with the Renewal Documents of the ETFs and the Covered Call Funds on or before their respective lapse dates.

12. If the Exemption Sought is not granted, it will be necessary to renew the Prospectuses twice within a short period of time in order to consolidate the Prospectuses with the Affiliated CI Prospectuses.

13. The Filer also may make changes to the features of the Affiliated CI ETFs Prospectus and the Affiliated CI Funds Prospectus as part of the process of renewing the Affiliated CI ETFs Prospectus and the Affiliated CI Funds Prospectus. The ability to incorporate the ETFs into the Affiliated CI ETFs Prospectus and the Covered Call Funds into the Affiliated CI Funds Prospectus will ensure that the Filer can make the operational and administrative features of the Funds consistent with the Affiliated CI Prospectuses, if necessary.

14. There have been no material changes in the affairs of the Funds since the dates of the Prospectuses, as applicable. Accordingly, the Prospectuses continue to represent accurate information regarding the Funds, as applicable.

15. Given the disclosure obligations of the Filer and the Funds, should any material change in the affairs of the Funds occur, the Prospectuses or ETF/fund facts document(s) in respect of the applicable Funds, will be amended as required under the Legislation.

16. New investors of the Funds will receive delivery of the most recently filed ETF/fund facts document(s) of the applicable Funds. In addition, the Prospectuses will remain available to investors upon request.

17. The Exemption Sought will not affect the accuracy of the information contained in the Prospectuses or ETF/fund facts document(s) of each of the Funds 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 Exemption Sought is granted.

SCHEDULE A

The Funds

CI Global Minimum Downside Volatility Index ETF

CI U.S. Minimum Downside Volatility Index ETF

CI Utilities Giants Covered Call ETF

CI Canadian Banks Covered Call Income Corporate Class

CI Energy Giants Covered Call Fund

CI Gold+ Giants Covered Call Fund

CI Tech Giants Covered Call Fund