Purpose Investments, a Toronto-based asset manager, has launched the Purpose US Cash ETF (PSU) on the Toronto Stock Exchange. The fund offers cash-like exposure while seeking to provide better rates of interest than a traditional US dollar money market fund.

The Purpose US Cash ETF seeks to provide better rates of interest than a traditional US dollar money market fund.

The Purpose US Cash exchange traded fund aims to maximise monthly income while preserving capital and liquidity by investing primarily in US dollar-denominated high interest deposit accounts and high-quality money market securities. Securities chosen for inclusion will generally have term maturities of one year or less. The fund has an indicative current yield of 0.35% per annum paid in US dollars which provides an attractive option for investors looking to earn interest on their US dollar cash holdings. Ongoing management fees of 0.10% apply due to a fee waiver of 0.10% until further notice.