Toronto-based Evolve Funds Group Inc. launched a high interest savings account ETF on Thursday.
The new ETF will invest primarily in high interest deposit accounts in order to maximize income while preserving capital, Evolve said in a release.
Potential benefits of the fund include monthly income and daily liquidity, as the high interest rate is calculated daily and paid monthly and provides investors with easy access to cash deposits, the release said.
The ETF’s management expense ratio is 0.15% with an expected gross yield of approximately 2.25%.
The High Interest Savings Account ETF began trading Thursday on the NEO Exchange. The first distribution will be paid on Jan. 8, 2020.