We recently made a small behind-the-scenes change to the Purpose Cash Management Fund held inside our Savings Fund.

The good news: nothing changes about your day-to-day experience. Your account works the same way, your expected yield stays the same, and the fund continues to do what it’s always done — provide a reliable place for cash inside a portfolio.

That said, we believe in being transparent, so here’s what changed and why.

What changed?

Previously, the Savings Fund held MNY — the ETF version of the Purpose Cash Management Fund.

We’ve now switched that holding to PFC7901, which is the mutual fund version.

Same underlying strategy. Different wrapper.

Why we made the change

The fund itself hasn’t changed, but the mutual fund structure makes distributions simpler and more predictable.

With the ETF version, distributions occasionally included a small return of capital component—meaning part of the payout was a return of the investor’s own money rather than investment income. That isn’t unusual in the ETF world, but it can add complexity and make payouts a little less straightforward.

With the mutual fund version, distributions are cleaner. They more consistently reflect earned interest, without the occasional return of capital element.

Just to underline the most important point:

✅ Your expected yield hasn’t changed
✅ The management fee hasn’t changed

The easiest way to picture it

Think of it like two cups of the same coffee:

• Paper cup = ETF (MNY)
• Ceramic mug = mutual fund (PFC7901)

The coffee tastes exactly the same, but the ceramic mug tends to be steadier and less messy.

Bottom line

Here’s what this means for you:

• The fund you hold remains the same quality and performance you expect
• There is no impact on your account or expected yield
• We switched from the ETF to the mutual fund version to keep distributions more consistent and the structure simpler

Transparency matters

We’ll keep sharing updates like this as they come up, even when they’re small, because we believe good investing is built on trust, clarity, and staying informed.