Securities Law & Instruments

Headnote

National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- Relief granted to funds for extension of the lapse date of two prospectuses -- Filer will incorporate funds currently qualified for distribution by two separate prospectuses into a third prospectus when it is renewed -- Extension of lapse date will not affect the currency or accuracy of the information contained in the prospectuses.

Applicable Legislative Provisions

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

June 2, 2020

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 FIDELITY INVESTMENTS CANADA ULC (the Filer) AND IN THE MATTER OF THE FUNDS LISTED IN SCHEDULE "A" HERETO (the August Funds) AND THE FUNDS LISTED IN SCHEDULE "B" HERETO (the October Funds, and together with the August Funds, the Funds and each a Fund)

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 time limits for the renewal of each simplified prospectus, fund facts and annual information form of the Funds (each, a Renewal Prospectus) be extended to those time limits that would apply if the lapse date was November 1, 2020 (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 section 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:

1. The Filer is a corporation amalgamated under the laws of Alberta and has its head office in Toronto, Ontario.

2. The Filer is registered as follows: (i) as a portfolio manager and mutual fund dealer in each of the Jurisdictions; (ii) as an investment fund manager in Ontario, Quebec, and Newfoundland and Labrador; and (iii) as a commodity trading manager under the Commodity Futures Act (Ontario).

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

4. Each of the Funds is an open-end mutual fund trust established under the laws of the Province of Ontario, and is a reporting issuer as defined in the securities legislation of each of the Jurisdictions.

5. Neither the Filer nor any of the Funds is in default of securities legislation in any of the Jurisdictions.

6. The August Funds currently distribute securities in the Jurisdictions under a simplified prospectus dated August 28, 2019, as amended November 1, 2019 (the August Funds Prospectus). The October Funds currently distribute securities in the Jurisdictions under a simplified prospectus dated October 9, 2019 (the October Funds Prospectus).

7. Pursuant to subsection 62(1) of the Securities Act (Ontario) (the Act), the lapse date of the August Funds Prospectus is August 28, 2020 and the lapse date of the October Funds Prospectus is October 9, 2020. Accordingly, under subsection 62(2) of the Act, the distribution of securities of each Fund would have to cease on its current lapse date unless: (i) the Funds file a pro forma simplified prospectus at least 30 days prior to its current lapse date; (ii) the final simplified prospectus is filed no later than 10 days after its current lapse date; and (iii) a receipt for the final simplified prospectus is obtained within 20 days after its current lapse date.

8. The Filer is the investment fund manager of certain other mutual funds as listed in Schedule "C" (the Fidelity Funds), that currently distribute their securities under a simplified prospectus with a lapse date of November 1, 2020 (the Fidelity Funds Prospectus).

9. The Funds share many common operational and administrative features with the Fidelity Funds and combining them in the same simplified prospectus will allow investors to more easily compare the features of the Funds and the Fidelity Funds.

10. It would be impractical to alter and modify all the dedicated systems, procedures and resources required to prepare the renewal simplified prospectus, annual information form and fund facts for the Fidelity Funds (the Fidelity Funds Renewal Prospectus Documents), and unreasonable to incur the costs and expenses associated therewith, so that the Fidelity Funds Renewal Prospectus Documents can be filed earlier with any renewal simplified prospectus, annual information form and fund facts documents of the Funds (the Renewal Prospectus Documents).

11. If the Exemption Sought is not granted, it will be necessary to renew the August Funds Prospectus and the October Funds Prospectus twice within a short period of time in order to consolidate the August Funds Prospectus and the October Funds Prospectus with the Fidelity Funds Prospectus.

12. The Filer may make minor changes to the features of the Fidelity Funds as part of the Fidelity Funds Renewal Prospectus Documents. The ability to file the Renewal Prospectus Documents with the Fidelity Funds Renewal Prospectus Documents will ensure that the Filer can make the operational and administrative features of the Funds and the Fidelity Funds consistent with each other.

13. There have been no material changes in the affairs of the Funds since the relevant current prospectus filings, other than as described in the amendments to the August Funds Prospectus. Accordingly:

(a) the August Funds Prospectus and current fund facts document(s) of each of the August Funds represent current information regarding the August Funds, and

(b) the October Funds Prospectus and current fund facts document(s) of each of the October Funds represent current information regarding the October Funds.

14. Given the disclosure obligations of the Funds, should a material change in the affairs of any of the Funds occur, the current simplified prospectus and fund facts document(s) of the applicable Fund(s) will be amended as required under the Legislation.

15. New investors of the Funds will receive delivery of the most recently filed fund facts document(s) of the applicable Fund(s). The August Funds Prospectus and the October Funds Prospectus will still be available upon request.

16. The Exemption Sought will not affect the accuracy of the information contained in the August Funds Prospectus or the October Funds Prospectus and therefore will 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.

"Darren McKall"
Manager, Investment Funds & Structured Products Branch
Ontario Securities Commission

SCHEDULE A

The August Funds

Fidelity Canadian Short Term Corporate Bond ETF Fund

Fidelity Systematic Canadian Bond Index ETF Fund

Fidelity Systematic U.S. High Yield Bond ETF Fund (formerly Fidelity Fundamental High Yield ETF Fund)

Fidelity Systematic U.S. High Yield Bond Currency Neutral ETF Fund (formerly Fidelity Fundamental High Yield Currency Neutral ETF Fund)

Fidelity Global Core Plus Bond ETF Fund (formerly Fidelity Global Core Plus ETF Fund)

SCHEDULE B

The October Funds

Fidelity Floating Rate High Income Currency Neutral Multi-Asset Base Fund

Fidelity Global Credit Ex-U.S. Currency Neutral Multi-Asset Base Fund

Fidelity High Income Commercial Real Estate Currency Neutral Multi-Asset Base Fund

Fidelity Insights Currency Neutral Multi-Asset Base Fund

Fidelity International Equity Currency Neutral Investment Trust

Fidelity International Growth Currency Neutral Multi-Asset Base Fund

Fidelity U.S. Bond Currency Neutral Multi-Asset Base Fund

SCHEDULE C

The Fidelity Funds

Fidelity Canadian Disciplined Equity® Fund

Fidelity Canadian Growth Company Fund

Fidelity Canadian Large Cap Fund

Fidelity Canadian Opportunities Fund

Fidelity Dividend Fund

Fidelity Greater Canada Fund

Fidelity Dividend Plus Fund

Fidelity Special Situations Fund

Fidelity True North® Fund

Fidelity American Disciplined Equity® Fund

Fidelity American Disciplined Equity® Currency Neutral Fund

Fidelity American Equity Fund

Fidelity American Equity Systematic Currency Hedged Fund

Fidelity U.S. Focused Stock Fund

Fidelity U.S. Focused Stock Systematic Currency Hedged Fund

Fidelity Small Cap America Fund

Fidelity Small Cap America Systematic Currency Hedged Fund

Fidelity U.S. Dividend Fund

Fidelity U.S. Dividend Currency Neutral Fund

Fidelity U.S. Dividend Systematic Currency Hedged Fund

Fidelity U.S. Dividend Registered Fund

Fidelity U.S. All Cap Fund

Fidelity Event Driven Opportunities Fund

Fidelity Women's Leadership Fund

Fidelity Women's Leadership Systematic Currency Hedged Fund

Fidelity AsiaStar® Fund

Fidelity China Fund

Fidelity Emerging Markets Fund

Fidelity Europe Fund

Fidelity Far East Fund

Fidelity Global Fund

Fidelity Global Disciplined Equity® Fund

Fidelity Global Disciplined Equity® Currency Neutral Fund

Fidelity Global Dividend Fund

Fidelity Global Large Cap Fund

Fidelity Global Concentrated Equity Fund

Fidelity Global Concentrated Equity Currency Neutral Fund

Fidelity Global Small Cap Fund

Fidelity International Disciplined Equity® Fund

Fidelity International Disciplined Equity® Currency Neutral Fund

Fidelity International Concentrated Equity Fund

Fidelity International Concentrated Equity Currency Neutral Fund

Fidelity Japan Fund

Fidelity Frontier Emerging Markets Fund

Fidelity NorthStar® Fund

Fidelity NorthStar® Currency Neutral Fund

Fidelity International Growth Fund

Fidelity Insights Systematic Currency Hedged Fund

Fidelity Global Consumer Industries Fund

Fidelity Global Financial Services Fund

Fidelity Global Health Care Fund

Fidelity Global Natural Resources Fund

Fidelity Global Real Estate Fund

Fidelity Technology Innovators Fund (formerly Fidelity Global Technology Fund)

Fidelity Global Telecommunications Fund

Fidelity Canadian Asset Allocation Fund

Fidelity Canadian Balanced Fund

Fidelity Monthly Income Fund

Fidelity Income Allocation Fund

Fidelity Global Asset Allocation Fund

Fidelity Global Monthly Income Fund

Fidelity Global Monthly Income Currency Neutral Fund

Fidelity Tactical Strategies Fund

Fidelity U.S. Monthly Income Fund

Fidelity U.S. Monthly Income Currency Neutral Fund

Fidelity Tactical High Income Fund

Fidelity Tactical High Income Currency Neutral Fund

Fidelity NorthStar® Balanced Fund

Fidelity NorthStar® Balanced Currency Neutral Fund

Fidelity American Balanced Fund

Fidelity American Balanced Currency Neutral Fund

Fidelity Conservative Income Fund

Fidelity Income Portfolio

Fidelity Global Income Portfolio

Fidelity Balanced Portfolio

Fidelity Global Balanced Portfolio

Fidelity Growth Portfolio

Fidelity Global Growth Portfolio

Fidelity Balanced Managed Risk Portfolio

Fidelity Conservative Managed Risk Portfolio

Fidelity ClearPath® 2005 Portfolio

Fidelity ClearPath® 2010 Portfolio

Fidelity ClearPath® 2015 Portfolio

Fidelity ClearPath® 2020 Portfolio

Fidelity ClearPath® 2025 Portfolio

Fidelity ClearPath® 2030 Portfolio

Fidelity ClearPath® 2035 Portfolio

Fidelity ClearPath® 2040 Portfolio

Fidelity ClearPath® 2045 Portfolio

Fidelity ClearPath® 2050 Portfolio

Fidelity ClearPath® 2055 Portfolio

Fidelity ClearPath® 2060 Portfolio

Fidelity ClearPath® Income Portfolio

Fidelity Canadian Bond Fund

Fidelity Corporate Bond Fund

Fidelity Canadian Money Market Fund

Fidelity Canadian Short Term Bond Fund

Fidelity Tactical Fixed Income Fund

Fidelity American High Yield Fund

Fidelity American High Yield Currency Neutral Fund

Fidelity U.S. Money Market Fund

Fidelity Floating Rate High Income Fund

Fidelity Floating Rate High Income Currency Neutral Fund

Fidelity Multi-Sector Bond Fund

Fidelity Multi-Sector Bond Currency Neutral Fund

Fidelity Strategic Income Fund

Fidelity Strategic Income Currency Neutral Fund

Fidelity Investment Grade Total Bond Fund

Fidelity Investment Grade Total Bond Currency Neutral Fund

Fidelity Global Bond Fund

Fidelity Global Bond Currency Neutral Fund

Fidelity Canadian High Dividend Index ETF Fund

Fidelity Canadian High Quality Index ETF Fund

Fidelity Canadian Low Volatility Index ETF Fund

U.S. Equity ETF Funds

Fidelity U.S. Dividend for Rising Rates Index ETF Fund

Fidelity U.S. Dividend for Rising Rates Currency Neutral Index ETF Fund

Fidelity U.S. High Dividend Index ETF Fund

Fidelity U.S. High Dividend Currency Neutral Index ETF Fund

Fidelity U.S. High Quality Index ETF Fund

Fidelity U.S. High Quality Currency Neutral Index ETF Fund

Fidelity U.S. Low Volatility Index ETF Fund

Fidelity U.S. Low Volatility Currency Neutral Index ETF Fund

Global and International Equity ETF Funds

Fidelity International High Dividend Index ETF Fund

Fidelity International High Quality Index ETF Fund

Fidelity International Low Volatility Index ETF Fund

Fidelity Sustainable World ETF Fund

Fidelity Tactical Global Dividend ETF Fund

Fidelity U.S. Dividend Private Pool

Fidelity U.S. Growth and Income Private Pool

Fidelity Conservative Income Private Pool

Fidelity Global Asset Allocation Private Pool

Fidelity Global Asset Allocation Currency Neutral Private Pool

Fixed Income Pools

Fidelity Premium Fixed Income Private Pool

Fidelity Premium Money Market Private Pool

Fidelity Premium Tactical Fixed Income Private Pool

Fidelity Canadian Equity Multi-Asset Base Fund (formerly Fidelity Canadian Equity Investment Trust)

Fidelity Canadian Focused Equity Multi-Asset Base Fund (formerly Fidelity Canadian Focused Equity Investment Trust)

Fidelity Canadian Money Market Investment Trust

Fidelity Canadian Real Return Bond Index Multi-Asset Base Fund (formerly Fidelity Canadian Real Return Bond Index Investment Trust)

Fidelity Canadian Short Term Fixed Income Multi-Asset Base Fund (formerly Fidelity Canadian Short Term Fixed Income Investment Trust)

Fidelity Concentrated Canadian Equity Multi-Asset Base Fund (formerly Fidelity Concentrated Canadian Equity Investment Trust)

Fidelity Concentrated Value Investment Trust

Fidelity Convertible Securities Multi-Asset Base Fund (formerly Fidelity Convertible Securities Investment Trust)

Fidelity Dividend Multi-Asset Base Fund (formerly Fidelity Dividend Investment Trust)

Fidelity Emerging Markets Debt Multi-Asset Base Fund (formerly Fidelity Emerging Markets Debt Investment Trust)

Fidelity Emerging Markets Equity Multi-Asset Base Fund (formerly Fidelity Emerging Markets Equity Investment Trust)

Fidelity Emerging Markets Local Currency Debt Multi-Asset Base Fund (formerly Fidelity Emerging Markets Local Currency Debt Investment Trust)

Fidelity Floating Rate High Income Multi-Asset Base Fund (formerly Fidelity Floating Rate High Income Investment Trust)

Fidelity FoundersTM Investment Trust

Fidelity Global Bond Currency Neutral Multi-Asset Base Fund (formerly Fidelity Global Bond Currency Neutral Investment Trust)

Fidelity Global Bond Multi-Asset Base Fund (formerly Fidelity Global Bond Investment Trust)

Fidelity Global Credit Ex-U.S. Investment Trust

Fidelity Global Dividend Investment Trust

Fidelity Global Equity Investment Trust

Fidelity Global Growth and Value Investment Trust

Fidelity Global High Yield Multi-Asset Base Fund (formerly Fidelity Global High Yield Investment Trust)

Fidelity Global Innovators® Investment Trust

Fidelity Global Intrinsic Value Investment Trust

Fidelity Global Real Estate Multi-Asset Base Fund (formerly Fidelity Global Real Estate Investment Trust)

Fidelity High Income Commercial Real Estate Multi-Asset Base Fund (formerly Fidelity High Income Commercial Real Estate Investment Trust)

Fidelity Insights Investment Trust

Fidelity International Equity Investment Trust

Fidelity International Growth Multi-Asset Base Fund (formerly Fidelity International Growth Investment Trust)

Fidelity North American Equity Investment Trust

Fidelity U.S. Bond Multi-Asset Base Fund (formerly Fidelity U.S. Bond Investment Trust)

Fidelity U.S. Dividend Investment Trust

Fidelity U.S. Equity Investment Trust

Fidelity U.S. Money Market Investment Trust

Fidelity U.S. Multi-Cap Multi-Asset Base Fund (formerly Fidelity U.S. Multi-Cap Investment Trust)

Fidelity U.S. Small/Mid-Cap Equity Multi-Asset Base Fund (formerly Fidelity U.S. Small/Mid-Cap Equity Investment Trust)

Fidelity International Equity Multi-Asset Base Fund

Fidelity Canadian Fundamental Equity Multi-Asset Base Fund