Clarification: Purpose Investments Clarifies Details Surrounding Fund Merger of Purpose Money Market Fund into Purpose High Interest Savings ETF
09 12월 2022 - 6:44AM
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
- Class A units (PFC2000)
- Class F units (PFC2001)
|
Purpose High Interest Savings ETF(to be renamed “Purpose High
Interest Savings Fund”)
- ETF units (PSA)
- Class A units (PFC8500)
- Class F units (PFC8501)
- Class I units (PFC8502)
|
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.
For further information please contact:
Keera HartKeera.Hart@kaiserpartners.com905-580-1257
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.
Forward-Looking Information
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.
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