Clarification: Purpose Investments Clarifies Details Surrounding Fund Merger of Purpose Money Market Fund into Purpose High Interest Savings ETF
TORONTO, Dec. 08, 2022 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) announced on November 22, 2022, its proposal to merge Purpose Money Market Fund into Purpose High Interest Savings ETF (TSX ticker: PSA) as follows.
|Terminating Fund||Continuing Fund|
|Purpose Money Market Fund
||Purpose High Interest Savings ETF
(to be renamed “Purpose High Interest Savings Fund”)
The Class A units and Class F units of Purpose High Interest Savings ETF were newly offered on November 24, 2022, and are now available for purchase.
The press release headline originally stated, “Purpose Investments Announces Fund Merger of Purpose Money Market Fund and Purpose High Interest Savings ETF and Name Change of Purpose High Interest Savings ETF.” Purpose would like to clarify that it intends to merge Purpose Money Market Fund into Purpose High Interest Savings ETF on or about January 27, 2023 (the “Effective Date”).
As a result of the merger, holders of Class A units and Class F units of Purpose Money Market Fund will become holders of Class A units and Class F units, respectively, of the Purpose High Interest Savings ETF on the Effective Date. The current holders of ETF units of the Purpose High Interest Savings ETF will not be affected in any way and will continue to hold ETF units of that fund.
Additionally, the firm intends to change the name of Purpose High Interest Savings ETF into Purpose High Interest Savings Fund. The fund’s name change is expected to be effective on or about January 13, 2023.
The merger will be implemented on a tax-deferred basis. Following the merger, Purpose High Interest Savings ETF will continue to provide an opportunity for preservation of capital and liquidity and monthly distributions.
These funds are designed to provide investors with monthly income while preserving capital and liquidity by investing in high interest deposit accounts. The merger is being implemented in order to more effectively and efficiently manage the fund portfolios as well as to reduce costs for the benefit of unitholders.
About Purpose Investments Inc.
Purpose Investments is an asset management company with more than $14 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation, offering a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent, technology-driven financial services platform that is reshaping the industry by connecting and creating opportunities across asset management, wealth management and small business financial services.
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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.
Purpose cautions the reader not to place undue reliance upon any such forward-looking statements contained herein, which speak only as of the date they are made. Generally, but not always, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “on pace”, “anticipates”, or “does not anticipate”, “believes”, and similar expressions or state that certain actions, events or results “may”, “could”, “would”, “should”, “might”, or “will” be taken, occur or be achieved.
Forward-looking statements are based on information available to management at the time they are made, management’s current plans, estimates, assumptions, judgments and expectations. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Purpose to be materially different from those expressed or implied by such forward-looking information. Such risks and uncertainties include, but are not limited to: general business, economic, competitive, geopolitical, technological and social uncertainties. Although the forward-looking information contained in this press release is based on assumptions that Purpose believes to be reasonable at the date such statements are made, there can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Accordingly, readers should not place undue reliance on forward-looking information. Purpose does not undertake to update or revise any forward-looking information, except in accordance with applicable securities laws.