TORONTO, Aug. 31, 2022 /CNW/ - Evolve Funds Group Inc. ("Evolve" or "the Manager") is pleased to announce the launch and temporary fee reduction on a U.S. dollar savings product that offers daily liquidity and a competitive interest rate. The US High Interest Savings Account Fund ("HISU") has closed its initial offering of units and will begin trading on the Toronto Stock Exchange ("TSX") today under the ticker symbol: HISU.U.
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Effective today, the annual management fee for HISU.U will be temporarily reduced by 10 basis points (0.10%). As a result, through December 31, 2022, the annual management fee of HISU.U will be five basis points (0.05%) plus applicable sales taxes, resulting in a higher yield to investors during this period.
"HISU is a great complement to our existing cash solutions which currently have over $1.2 billion in AUM," says Raj Lala, President and CEO at Evolve. "Cash continues to be an important component of a well-diversified portfolio. HISU will earn an attractive yield which will be calculated as the Fed upper rate + 0.20%, which currently totals 2.70%. Any future Fed rate increases will be reflected in the HISU yield."
HISU offers investors an alternative to traditional savings instruments through daily liquidity and monthly income. HISU is a low-cost investment solution with an attractive yield that is expected to be competitive to other USD high interest savings funds. The investment objective of HISU seeks to maximize monthly income while preserving capital and liquidity by investing primarily in high interest US dollar deposit accounts.
HISU offers Unhedged ETF Units (USD$), Unhedged Class A Mutual Fund Units (USD$), Unhedged Class F Mutual Fund Units (USD$) and Unhedged Class I Mutual Fund Units (USD$).
For more information, visit https://evolveetfs.com/hisu/.
About Evolve Funds Group Inc.
With over $2.4 billion in assets under management, Evolve is one of Canada's fastest growing ETF providers since launching its first ETF in September 2017. Evolve is a leader in thematic ETFs and specializes in bringing innovative ETFs to Canadian investors. Evolve's suite of ETFs provide investors with access to: (i) long term investment themes; (ii) index-based income strategies; and (iii) some of the world's leading investment managers. Established by a team of industry veterans with a proven track record of success, Evolve creates investment products that make a difference. For more information, please visit www.evolveetfs.com.
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Commissions, trailing commissions, management fees and expenses all may be associated with exchange traded funds (ETFs) and mutual funds. Please read the prospectus before investing. There are risks involved with investing in ETFs and mutual funds. Please read the prospectus for a complete description of risks relevant to the ETF and mutual fund. Investors may incur customary brokerage commissions in buying or selling ETF and mutual fund units. Investors should monitor their holdings, as frequently as daily, to ensure that they remain consistent with their investment strategies.
Certain statements contained in this news release constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to a future outlook and anticipated distributions, events or results and may include statements regarding future financial performance. In some cases, forward-looking information can be identified by terms such as "may", "will", "should", "expect", "anticipate", "believe", "intend" or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Evolve undertakes no obligation to update publicly or otherwise revise any forward-looking statement whether as a result of new information, future events or other such factors which affect this information, except as required by law.
SOURCE Evolve ETFs
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