SOURCE: Purpose Investments Inc.

Purpose Investments Inc.

February 24, 2016 07:30 ET

Purpose Investments Expands Its Innovative Cash Product Family With Two New Funds

TORONTO, ON--(Marketwired - February 24, 2016) - Purpose Investments Inc. is pleased to announce the launch of the Purpose US Cash ETF (TSX: PSU.U) (the "Fund") and the Purpose Premium Money Market Fund. The initial public offering of the Fund's ETF units has closed and the ETF units will commence trading on the Toronto Stock Exchange today under the ticker symbol "PSU.U".

The Purpose US Cash ETF seeks to maximize U.S. dollar monthly income for unitholders while preserving capital and liquidity by investing primarily in high interest deposit accounts and high-quality money market securities denominated in U.S. dollars and generally with term to maturity not exceeding one year. The Fund has an indicative current yield of 0.35% p.a. paid in U.S. dollars which provides an attractive option for investors looking to earn interest on their U.S. dollar cash holdings. 

The Purpose Premium Money Market Fund seeks to maximize monthly income for shareholders while preserving capital and liquidity by investing primarily in high interest deposit accounts and high-quality money market securities generally with term to maturity not exceeding one year. The Purpose Premium Money Market Fund has an indicative current yield of 0.90% p.a. for Series F shares. The Purpose Premium Money Market Fund is available for purchase through FundSERV with Series A Shares listed under FundSERV code PFC2200 and Series F Shares listed under FundSERV code PFC2201.

Both the Purpose US Cash ETF and Purpose Premium Money Market Fund are designed to deliver better rates of interest than traditional U.S. dollar and Canadian dollar money markets funds, respectively.

Purpose will implement a voluntary reduction in the management fees of both funds in the amount of 0.10% for the Purpose US Cash ETF and 0.05% for the Purpose Premium Money Market Fund that will be effective immediately and will remain in place until further notice. Following the reduction, the Purpose US Cash ETF effective management fee will be 0.10% and the Purpose Premium Money Market Fund effective management fee will be 0.20% for the Series F shares and 0.45% for the Series A shares.

About Purpose Investments

Purpose Investments is an asset management firm inspired by the belief that all investors should have access to great investment products along with low fees. Purpose Investments believes in focusing first on managing risk and creating value that is currently missing from the marketplace, thus empowering all Canadians to be better investors. Purpose Investments has approximately $1.8 billion in assets under management and currently offers 17 exchange-traded funds and mutual funds and 6 closed-end funds across multiple asset classes with both traditional and alternative investment strategies.

Purpose Investments is the manager of NexC Partners Corp. (TSX: NXC), an investment corporation which invests in a portfolio of North American dividend-paying equity securities, and also owns an equity stake in Purpose Investments.

The indicative current yield is an annualized yield based on the expected monthly distribution and does not represent an actual one year return. 

Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. The prospectus contains important detailed information about the investment fund. Please read the prospectus before investing. Investment fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.

Contact Information

  • For more information please contact:
    Dan Rubin
    Vice President, Marketing
    Purpose Investments Inc.
    416-583-3853
    danr@purposeinvest.com