12 Oct Change Finance Launch First ETF
SRI-focused asset manager Change Finance has announced the launch of its first ETF – the Change Finance Diversified Impact US Large Cap Fossil Fuel Free ETF (NYSE Arca: CHGX). The ETF tracks an index that uses the United Nations Sustainable Development Goals (SDGs) to guide its stock selection.
Donna Morton, CEO of Change Finance, commented: “Our investors want alignment with what they care about, without sacrificing performance. Fossil fuel-free is essential, but CHGX then goes further, divesting not only from companies who dig up, refine, burn and service fossil fuels, but also from companies that are serious polluters, that have significant human or labor rights violations, and that fail to meet a variety of other social and environmental standards. No other ETF does this.”
The ETF tracks the Change Finance Diversified Impact US Large Cap Fossil Fuel Free Index. The parent universe of the index is the 1,000 largest companies listed in the US. The index methodology then applies a series of ESG screens to exclude companies that are deemed to be “bad actors,” whether they operate in the oil, gas, coal, or tobacco industries among others, or have engaged in any sort of business malpractice.