NACP is designed to reflect NAACP’s values of justice, equality and inclusivity. The ETF invests in large-cap companies that empower minorities including hiring, pay and promotion practices as well as their products, services and supply chains.
The fund seeks investment results that generally correspond to the price and yield performance of the Morningstar Minority Empowerment Index, built in collaboration with Morningstar and Sustainalytics.
“The ongoing social issues affecting communities of color present us with an opportune time to offer our members another way to advance our mission,” Marvin Owens, senior director of the NAACP Economic Department, said in a statement. “The NACP ETF is the first of its kind in that investors can allocate money to the companies that have a track record of supporting the NAACP’s vision for corporate America and our constituents.
Unlike other ETFs where operating profits are captured by a Wall Street investment firm, Impact Shares will direct its net advisory profits from this ETF back to the NAACP and to our mission as a non-profit.
Bloomberg reports, citing Ethan Powell, the founder of Impact Shares, that this means the NAACP will receive about $5 a year for every $1,000 invested in the fund, which charges investors $7.50.
ProShares Launches ETF Focused on Companies Reshaping Online Shopping
ProShares launched a new ETF that invests only in retailers principally selling online or through other non-store channels.
The ProShares Online Retail ETF (ONLN) focuses on the largest players in the space—such as companies like Amazon and Alibaba. ONLN has an expense ratio of 0.58%.
ONLN tracks the ProShares Online Retail Index, which was designed to measure the performance of publicly traded companies that principally sell online or through other non-store channels, such as mobile or app purchases, rather than through bricks-and-mortar store locations.
The index uses a modified market-capitalization weighting approach. The ProShares Online Retail Index’s constituents may include U.S. and non-U.S. companies listed on a U.S. stock exchange.
Companies in the index must be classified as an online retailer, an e-commerce retailer or an internet or direct marketing retailer, according to standard industry classification systems. These companies also must have a market capitalization of at least $500 million and a six-month daily average value traded of at least $1 million and meet other requirements.
Impax Launches Pax Global Opportunities Fund
Impax Asset Management announced the launch of the Pax Global Opportunities Fund (PXGOX). This is the first product introduction since Pax World Management was acquired by Impax Asset Management Group plc in January 2018.