Evolve launches high-interest savings account ETF

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.

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