Purpose Investments Announces Proposal to Expand the Investment Objectives of Purpose High Interest Savings Fund

TORONTO, March 17, 2023 (GLOBE NEWSWIRE) -- Purpose Investments Inc. ("Purpose") today announced that its board of directors have approved a proposal to expand the investment objectives of Purpose High Interest Savings Fund (the "Fund"), the world's first high-interest savings ETF, which launched in October 2013 and established a new category of ETFs, as follows (the "Proposal").

Purpose does not expect to make any changes to the Fund's portfolio in the near term as a result of the proposed change to the Fund's investment objectives.

While there will be no change to the underlying holdings of the Fund in the near term, Purpose believes that the change in investment objectives of the Fund will provide unitholders with several benefits, including providing the Fund with the flexibility to diversify its portfolio holdings with high-quality short-term fixed-income investments, if needed to sustain an attractive yield in the long term, which should benefit the Fund and its Unitholders through market cycles.

"With the Purpose High Interest Savings Fund, our firm was the first in the world to offer retail investors a high-interest savings ETF that provided a safe and attractive yield option for their cash balances. Until then, these yields were generally only accessible to high-net-worth individuals. In the spirit of continuing to offer investors best-in-class yield for their cash holdings, we are looking to expand the Fund's investment objectives to have the flexibility to invest in high-quality money market instruments in the future," said Vlad Tasevski, Chief Operating Officer of Purpose.

Purpose has called and will hold a special meeting of unitholders of the Fund on April 21, 2023, to consider and vote upon the Proposal. A management information circular (the "Circular") describing the Proposal is being prepared and will be mailed to the unitholders of the Fund. The Circular will also be available on SEDAR at www.sedar.com and posted on the Fund's website at www.purposeinvest.com. Implementation of the Proposal is subject to required regulatory approvals.  

If the Proposal is approved, as mentioned Purpose does not anticipate any immediate change to the holdings of the Fund and plans to continue to operate the Fund as it has since its inception. The Fund will continue to deposit its assets in high interest deposit accounts with Schedule I Canadian Banks for the foreseeable future. The ability to invest in high-quality money market securities and/or funds is only expected to be used if necessary to ensure the Fund continues to provide unitholders with attractive yields.

About Purpose Investments

Purpose is an asset management company with approximately $15 billion in assets under management. Purpose has an unrelenting focus on client-centric innovation, and offers a range of outcome-focused products. Purpose is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company. For more information, please visit: www.purposeinvest.com.

For further information please contact:

Keera Hart
[email protected]
905-580-1257

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. There is no assurance that any fund will achieve its investment objective, and its net asset value, yield, and investment return will fluctuate from time to time with market conditions. Investment funds are not guaranteed, their values change frequently, and past performance may not be repeated. Investment fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.

Certain statements on this site may be forward-looking. Forward-looking statements ("FLS") are statements that are predictive in nature, depend on or refer to future events or conditions, or that include words such as "may," "will," "should," "could," "expect," "anticipate," intend," "plan," "believe," "estimate" or other similar expressions. Statements that look forward in time or include anything other than historical information are subject to risks and uncertainties, and actual results, actions or events could differ materially from those set forth in the FLS. FLS are not guarantees of future performance and are by their nature based on numerous assumptions. Although the FLS contained in this document are based upon what Purpose believes to be reasonable assumptions, Purpose cannot assure that actual results will be consistent with these FLS. The reader is cautioned to consider the FLS carefully and not to place undue reliance on the FLS. Unless required by applicable law, it is not undertaken, and specifically disclaimed, that there is any intention or obligation to update or revise FLS, whether as a result of new information, future events or otherwise.