Purpose Investments Announces It Will Switch from T+2 to T+1 Settlements on May 27, 2024

TORONTO, May 21, 2024 (GLOBE NEWSWIRE) -- Purpose Investments Inc. (“Purpose Investments” or “Purpose”) is pleased to announce its participation in a significant advancement to the operational framework of the Canadian and U.S. securities markets: the transition from a T+2 to T+1 settlement cycle.

In conjunction with Canadian and U.S. security markets, Purpose will shorten its settlement cycles for several funds to T+1 from T+2, effective May 27, 2024. The decision to transition to T+1 settlements comes as part of Purpose’s ongoing efforts to stay on the leading edge of evolving market trends and regulatory requirements. By reducing settlement times by one business day, Purpose aims to streamline operations and ensure a quicker and smoother experience for clients buying and selling stocks.

The list of Purpose ETFs below will be transitioning to a T+1 settlement schedule. U.K., E.U. and Asian markets have yet to commit to T+1 Settlement but are in discussions to convert to T+1 no earlier than 2025.

Purpose’s Canadian-listed ETFs holding international assets, Purpose Emerging Markets Fund, Purpose International Dividend Fund and Purpose International Tactical Hedged Equity Fund will continue their existing T+2 settlement cycle until further notice.

See below a detailed timeline of the T+1 transition.

The transition from T+2 to T+1 settlements will be implemented in accordance with regulatory requirements and market standards. Purpose will work closely with its partners, clients, and regulatory bodies to ensure a smooth and seamless transition process.

For more information about Purpose Investments and its transition to T+1 settlements, please visit www.purposeinvest.com or contact our operations team at operations@purposeinvest.com.

About Purpose Investments

Purpose Investments Inc. is an asset management company with more than $19 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers 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 company.

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If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.