Toronto-based Purpose Investments Inc. Monday announced the launch of Purpose US Dividend Fund.
The initial public offering of the currency hedged ETF units and non-currency hedged ETF units has closed and the ETF units will commence trading on the Toronto Stock Exchange today under the ticker symbols PUD (currency hedged) and PUD.B (non-currency hedged).
“With the success of the Purpose Core Dividend Fund and the continued demand for income oriented equity solutions, it was important for us to expand our traditional line-up to include the Purpose US Dividend Fund,” said Som Seif, president and CEO.
“For Canadians seeking to increase their exposure to the U.S. economy, this fund is composed entirely of high-quality dividend-paying U.S. equities. The fund will use Purpose’s proven fundamental rules-based security selection to not only select companies that have a consistent history of providing income to shareholders, but more importantly have the fundamentals to continue to grow their businesses and dividends in the future.”
The fund is a diversified portfolio of high quality U.S. companies with the capacity to pay and grow their dividends. It is guided by a fundamental rules-based strategy that provides investors with attractive monthly distributions and the potential for long-term growth.