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Purpose launches world’s first high interest savings ETF


Purpose Investments has launched the Purpose High Interest Savings ETF, which has begun trading on the Toronto Stock Exchange.

The Purpose High Interest Savings ETF seeks to maximise monthly income while preserving capital and liquidity. The Fund invests substantially all of its assets in high interest deposit accounts with one or more Chartered Banks and/or Canadian credit unions, providing investors with greater yield than traditional money market funds.

"Our goal at Purpose is to give the highest quality, low cost investment funds for Canadians," says Som Seif, President and CEO, Purpose. "The Purpose High Interest Savings ETF offers a better rate of interest than many money market funds, while offering the safety and security of a savings account."

The Purpose High Interest Savings ETF has closed the initial offering of its units and the units will begin trading on the Toronto Stock Exchange when it opens this morning. The fund will trade on a T+1 (trade date +1 business day) settlement basis.

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