Securities Law & Instruments


National Policy 11-203 Process for Exemptive Relief Applications in Multiple Jurisdictions -- exemption from s. 2.3(1.1) of NI 41-101 to file a prospectus more than 90 days after the date of the receipt for the preliminary prospectus.

Applicable Legislative Provisions

National Instrument 41-101 General Prospectus Requirements, s. 2.3(1.1).

December 9, 2013

Horizons ETFs Management (Canada) Inc.

Attention: Greg Sainsbury

Dear Sir:


Horizons ETFS Management (Canada) Inc., Horizons Betapro ETFS III (the Filer)



Preliminary Long Form Prospectus dated August 16, 2013



Horizons BetaPro MSCI Japan Bull Plus ETF and Horizons BetaPro MSCI Japan Bear Plus ETF (collectively, the Funds)



Exemptive Relief Application under Part 19 of National Instrument 41-101 General Prospectus Requirements (NI 41-101)



Application No. 2013/0791; SEDAR Project Number 2098709

By letter dated November 26, 2013 (the Application), the Filer, as manager of the Funds, applied on behalf of the Funds to the Director of the Ontario Securities Commission (the Director) under section 19.1 of NI 41-101 for relief from the operation of subsection 2.3(1.1) of NI 41-101, which prohibits an issuer from filing a final prospectus more than 90 days after the date of the receipt for the preliminary prospectus which relates to the final prospectus.

This letter confirms that, based on the information and representations made in the Application, and for the purposes described in the Application, the Director intends to grant the requested exemption to be evidenced by the issuance of a receipt for the Funds' final prospectus, subject to the condition that the final prospectus be filed by no later than January 31, 2014.

Yours very truly,

"Vera Nunes"
Manager, Investment Funds Branch
Ontario Securities Commission